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American National Group Inc.

September 30, 2025

Financial Supplement

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Table of Contents

Financial Summary			3
GAAP Balance Sheet			4
Income Statement			5
Distributable Operating Income Reconciliation			6
Adjusted Equity Reconciliation			7
Invested Assets			8
Credit Quality of Investments			9
Mortgage Loans			12
Financial Strength Ratings			14
Capitalization			15
Annuity Investment Spread			16
Annuity Cost of Funds Reconciliation			17
Annuity Sales			18
Surrender Charge Exposure			19
Legal Notice			20
Non-GAAP Financial Disclosures			21

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Financial Summary (Dollars in millions)
			Historical Data																														Percentage Change												Year-to-Date												Percentage Change
			Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024						QoQ						YoY						2025						2024						YTD
Income
GAAP net income (loss)			$	208					$	141					$	(236)					$	638					$	(299)					48		%				170		%				$	113					$	58					95		%
Distributable operating earnings (a)			354						311						392						424						360						14		%				(2)		%				1,057						812						30		%
Balance Sheet
Total assets			$	130,559					$	126,345					$	123,434					$	121,221					$	123,659					3		%				6		%				$	130,559					$	123,659					6		%
Total liabilities			119,578						116,128						113,389						111,193						113,677						3		%				5		%				119,578						113,677						5		%
Total equity			10,981						10,217						10,045						10,028						9,982						7		%				10		%				10,981						9,982						10		%
Total common stockholders' equity (a)			10,170						9,494						9,374						9,265						9,132						7		%				11		%				10,170						9,132						11		%
Total adjusted common stockholders' equity (a)			10,292						9,965						9,684						9,360						8,624						3		%				19		%				10,292						8,624						19		%
			Twelve Months Ended September 30, 2025
Annuity investment spread			1.7		%

Note: “NM” represents changes that are not meaningful.

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

3

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GAAP Balance Sheet (Dollars in millions)
						Historical Data												Percentage Change
						September 30, 2025						December 31, 2024						YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value						$	55,408					$	47,292					17		%
Equity securities, at fair value						1,212						1,142						6		%
Mortgage loans on real estate, at amortized cost						11,090						12,117						(8)		%
Other invested assets						22,018						20,204						9		%
Total investments						89,728						80,755						11		%
Cash and cash equivalents						11,568						11,330						2		%
Accrued investment income						786						761						3		%
Deferred policy acquisition costs, deferred sales inducements and value of business acquired						11,384						10,631						7		%
Reinsurance recoverables and deposit assets						9,531						10,055						(5)		%
Intangible assets						1,541						1,545						—		%
Other assets						4,826						4,801						1		%
Separate account assets						1,195						1,343						(11)		%
Total assets						$	130,559					$	121,221					8		%
Liabilities
Future policy benefits						$	10,345					$	9,170					13		%
Policyholders' account balances						89,469						83,079						8		%
Policy and contract claims						1,811						1,867						(3)		%
Market risk benefits						4,505						3,655						23		%
Unearned premium reserve						733						1,044						(30)		%
Long term borrowings						3,449						2,957						17		%
Funds withheld for reinsurance liabilities						3,131						3,321						(6)		%
Other liabilities						4,940						4,757						4		%
Separate account liabilities						1,195						1,343						(11)		%
Total liabilities						119,578						111,193						8		%
Equity
Preferred stock						588						685						(14)		%
Additional paid-in capital						7,558						7,569						—		%
Accumulated other comprehensive income (loss), net of taxes						1,132						340						233		%
Retained earnings						1,480						1,356						9		%
Non-controlling interests						223						78						186		%
Total equity						10,981						10,028						10		%
Total liabilities and equity						$	130,559					$	121,221					8		%

4

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GAAP Income Statement (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024						QoQ						YoY						2025						2024						YTD
Revenues
Premiums						$	566					$	752					$	889					$	2,482					$	888					(25)		%				(36)		%				$	2,207					$	3,037					(27)		%
Other policy revenue						181						172						149						153						208						5		%				(13)		%				502						504						—		%
Net investment income						1,285						1,160						1,275						1,232						1,024						11		%				25		%				3,720						2,396						55		%
Investment related gains (losses)						2						73						(4)						(186)						(128)						(97)		%				102		%				71						(160)						144		%
Other income						24						29						30						33						12						(17)		%				100		%				83						12						592		%
Total revenue						2,058						2,186						2,339						3,714						2,004						(6)		%				3		%				6,583						5,789						14		%
Benefits and Expenses
Policyholder benefits and claims incurred						527						828						888						2,399						846						(36)		%				(38)		%				2,243						2,962						(24)		%
Interest sensitive contract benefits						523						485						512						677						523						8		%				—		%				1,520						1,068						42		%
Amortization of DAC, DSI and VOBA						345						332						318						290						289						4		%				19		%				995						649						53		%
Change in FV of insurance-related derivatives and embedded derivatives						(187)						131						199						(440)						344						(243)		%				(154)		%				143						346						(59)		%
Change in fair value of market risk benefits						310						(47)						361						(295)						134						760		%				131		%				624						292						114		%
Total benefits						1,518						1,729						2,278						2,631						2,136						(12)		%				(29)		%				5,525						5,317						4		%
Operating expenses						156						216						275						214						228						(28)		%				(32)		%				647						666						(3)		%
Interest expense						47						49						44						51						49						(4)		%				(4)		%				140						114						23		%
Total benefits and expenses						1,721						1,994						2,597						2,896						2,413						(14)		%				(29)		%				6,312						6,097						4		%
Income tax expense (benefit)						119						38						(55)						167						(77)						213		%				255		%				102						(337)						130		%
Net income (loss)						218						154						(203)						651						(332)						42		%				166		%				169						29						483		%
Less: Net income (loss) attributable to noncontrolling assets						(1)						2						3						2						(44)						(150)		%				98		%				4						(51)						108		%
Net income (loss) attributable to American National Group Inc. stockholders						219						152						(206)						649						(288)						44		%				176		%				165						80						106		%
Less: Preferred stock dividends and redemption (a)						11						11						30						11						11						—		%				—		%				52						22						136		%
Net income (loss) attributable to American National Group Inc. common stockholder						$	208					$	141					$	(236)					$	638					$	(299)					48		%				170		%				$	113					$	58					95		%

(a)Preferred stock dividends and redemption for Q1 2025 includes a non-recurring $19 million impact related to the redemption of the Series A preferred stock.

5

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Distributable Operating Earnings Reconciliation (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024						QoQ						YoY						2025						2024						YTD
Net income (loss)						$	208					$	141					$	(236)					$	638					$	(299)					48		%				170		%				$	113					$	58					95		%
Net investment gains (losses), including reinsurance funds withheld						117						121						104						965						(128)						(3)		%				191		%				342						(493)						169		%
Mark-to-market on insurance contracts and other net assets						(21)						36						582						(1,300)						835						(158)		%				(103)		%				597						1,467						(59)		%
Deferred income tax expense (recovery)						25						(30)						(142)						68						(105)						183		%				124		%				(147)						(432)						66		%
Depreciation						35						38						52						28						25						(8)		%				40		%				125						48						160		%
Transaction costs						(10)						5						32						25						32						(300)		%				(131)		%				27						164						(84)		%
Distributable operating earnings (a)						$	354					$	311					$	392					$	424					$	360					14		%				(2)		%				$	1,057					$	812					30		%
Pre-Tax Distributable Operating Earnings by Segment
Annuity						$	389					$	372					$	407					$	346					$	404					5		%				(4)		%				$	1,168					$	800					46		%
Property & casualty (P&C)						38						(4)						64						81						27						NM						41		%				98						66						48		%
Life						37						40						32						41						52						(8)		%				(29)		%				109						165						(34)		%
Pre-tax segment distributable operating earnings (a)						464						408						503						468						483						14		%				(4)		%				1,375						1,031						33		%
Corporate and other DOE						(31)						(29)						(24)						(40)						(51)						(7)		%				39		%				(84)						(64)						(31)		%
Tax expense						(79)						(68)						(87)						(4)						(72)						(16)		%				(10)		%				(234)						(155)						(51)		%
Distributable operating earnings						$	354					$	311					$	392					$	424					$	360					14		%				(2)		%				$	1,057					$	812					30		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

6

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Adjusted Equity Reconciliation (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024						QoQ						YoY						2025						2024						YTD
Total equity						$	10,981					$	10,217					$	10,045					$	10,028					$	9,982					7		%				10		%				$	10,981					$	9,982					10		%
Non-controlling interests						(223)						(135)						(83)						(78)						(165)						(65)		%				(35)		%				(223)						(165)						(35)		%
Equity available to preferred stockholders						(588)						(588)						(588)						(685)						(685)						—		%				14		%				(588)						(685)						14		%
Total common stockholders' equity (a)						10,170						9,494						9,374						9,265						9,132						7		%				11		%				10,170						9,132						11		%
Accumulated other comprehensive income (AOCI)						(1,132)						(664)						(670)						(340)						(1,481)						(70)		%				24		%				(1,132)						(1,481)						24		%
Accumulated impact of mark-to-market losses (gains) on derivatives and insurance contracts						1,254						1,135						980						435						973						10		%				29		%				1,254						973						29		%
Total adjusted common stockholders' equity (a)						$	10,292					$	9,965					$	9,684					$	9,360					$	8,624					3		%				19		%				$	10,292					$	8,624					19		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

7

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Invested Assets (Dollars in millions)
						September 30, 2025																		December 31, 2024
						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government						$	93					$	92					$	1					$	86					$	87					$	(1)
U.S. states and political subdivisions						3,104						3,013						91						3,182						3,174						8
Foreign governments						1,240						1,199						41						1,539						1,566						(27)
Corporate debt securities						39,759						38,846						913						30,918						30,869						49
Residential mortgage-backed securities						696						661						35						854						836						18
Commercial mortgage-backed securities						3,204						3,132						72						2,687						2,646						41
Collateralized debt securities						4,550						4,481						69						5,067						5,023						44
Total fixed maturity, available-for-sale						52,646						51,424						1,222						44,333						44,201						132
Equity securities:
Common and preferred stock						1,194						1,050						144						1,120						1,176						(56)
Private equity and other						—						—						—						4						4						—
Total equity securities						1,194						1,050						144						1,124						1,180						(56)
Other investments:
Mortgage loans on real estate, net of allowance						11,023						11,023						—						12,055						12,055						—
Private loans, net of allowance						8,322						8,322						—						5,653						5,653						—
Real estate and real estate partnerships						6,061						6,061						—						4,992						4,992						—
Investments funds						3,809						3,809						—						3,015						3,015						—
Policy loans						253						253						—						274						274						—
Short-term investments						1,435						1,435						—						4,176						4,176						—
Other invested assets						2,073						2,073						—						2,014						2,014						—
Total investments, net of coinsurance funds withheld investments						86,816						85,450						1,366						77,636						77,560						76
Coinsurance funds withheld investments (a)						2,912						2,830						82						3,119						3,086						33
Total investments						$	89,728					$	88,280					$	1,448					$	80,755					$	80,646					$	109

(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

8

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Credit Quality of Investments (Dollars in millions)
						September 30, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Assets with NAIC Designation
Fixed maturities, available-for-sale, at fair value:
1						$	29,366					33		%				$	25,699					32		%
2						21,756						25		%				16,521						21		%
3						1,048						1		%				1,473						2		%
4						243						—		%				329						—		%
5						113						—		%				117						—		%
6						3						—		%				2						—		%
Total fixed maturities, available-for-sale						52,529						59		%				44,141						55		%
Assets without NAIC Designation
Fixed maturities, at fair value						117						—		%				192						—		%
Equity securities, at fair value						1,194						1		%				1,124						1		%
Mortgage loans						11,023						12		%				12,055						15		%
Private Loans						8,322						10		%				5,653						7		%
Real estate and real estate partnerships						6,061						7		%				4,992						6		%
Investment funds						3,809						4		%				3,015						4		%
Policy loans						253						—		%				274						—		%
Short-term investments						1,435						2		%				4,176						5		%
Other invested assets						2,073						2		%				2,014						3		%
						34,287						38		%				33,495						41		%
Total investments, net of coinsurance funds withheld investments						86,816						97		%				77,636						96		%
Coinsurance funds withheld investments (a)						2,912						3		%				3,119						4		%
Total investments						$	89,728					100		%				$	80,755					100		%

(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

9

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Credit Quality of Investments - Detail (Dollars in millions)
						September 30, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Available-for-sale:
U.S. treasury and government (a)						$	93					—		%				$	86					—		%
U.S. states and political subdivisions (a)						3,104						6		%				3,182						7		%
Foreign governments (a)						1,240						2		%				1,539						3		%
Corporate debt securities						39,759						72		%				30,918						65		%
Residential mortgage-backed securities						696						1		%				854						2		%
Commercial mortgage-backed securities						3,204						6		%				2,687						6		%
Collateralized debt securities						4,550						8		%				5,067						11		%
Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments						52,646						95		%				44,333						94		%
Coinsurance funds withheld investments (b)						2,762						5		%				2,959						6		%
Total fixed maturities, available-for-sale						$	55,408					100		%				$	47,292					100		%
Corporate debt securities
NAIC designation
1						$	19,318					49		%				$	14,708					48		%
2						19,543						49		%				14,707						48		%
3						629						2		%				1,051						3		%
4						174						—		%				260						1		%
5						10						—		%				62						—		%
6						—						—		%				—						—		%
Total U.S. corporate debt securities (c)						$	39,674					100		%				$	30,788					100		%
Residential mortgage-backed securities
NAIC designation
1						$	682					98		%				$	806					95		%
2						1						—		%				7						1		%
3						3						1		%				27						3		%
4						9						1		%				11						1		%
5						1						—		%				2						—		%
6						—						—		%				1						—		%
Total Residential mortgage-backed securities						$	696					100		%				$	854					100		%
Commercial mortgage-backed securities
NAIC designation
1						$	2,579					81		%				$	2,339					89		%
2						365						11		%				184						7		%
3						169						6		%				37						2		%
4						29						1		%				34						1		%
5						31						1		%				30						1		%
6						1						—		%				1						—		%
Total Commercial mortgage-backed securities (d)						$	3,174					100		%				$	2,625					100		%

10

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Credit Quality of Investments - Detail (Dollars in millions)
						September 30, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Collateralized debt securities
NAIC designation
1						$	2,802					61		%				$	3,417					68		%
2						1,453						32		%				1,306						26		%
3						211						5		%				324						6		%
4						70						2		%				19						—		%
5						14						—		%				1						—		%
6						—						—		%				—						—		%
Total Collateralized debt securities						$	4,550					100		%				$	5,067					100		%

(a)Over 95% of available-for-sale fixed maturity U.S. treasury and government, U.S. states and political subdivisions, and foreign governments securities are rated NAIC 1 or 2.

(b)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

(c)Excludes securities that are not rated with a carrying value of $40 million at September 30, 2025 and $102 million at December 31, 2024. Also excludes $45 million of investments in variable interest entities not directly held by American National Group Inc. at September 30, 2025 and $28 million at December 31, 2024.

(d)Excludes securities that are not rated with a carrying value of $0 million at September 30, 2025 and $39 million at December 31, 2024. Also excludes $30 million of investments in variable interest entities not directly held by American National Group Inc. at September 30, 2025 and $23 million at December 31, 2024.

11

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Mortgage Loans (Dollars in millions)
						September 30, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans
Agricultural						$	361					4		%				$	447					5		%
Apartment						2,204						25		%				2,276						24		%
Hotel						931						11		%				1,246						13		%
Industrial						1,839						21		%				1,846						19		%
Office						1,274						14		%				1,425						15		%
Parking						250						3		%				326						3		%
Retail						1,421						16		%				1,572						16		%
Storage						140						2		%				176						2		%
Other						229						3		%				200						2		%
Total commercial mortgage loans, net of coinsurance funds withheld investments						8,649						99		%				9,514						99		%
Coinsurance funds withheld investments (a)						67						1		%				62						1		%
Total commercial mortgage loans (b)						$	8,716					100		%				$	9,576					100		%
Non-performing commercial mortgage loans
Total non-performing commercial mortgage loans						$	205					2		%				$	117					1		%

(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

(b)Total commercial mortgage loans excludes the allowance for credit losses of $125 million and $146 million at September 30, 2025 and December 31, 2024, respectively.

12

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Mortgage Loans - Exposure (Dollars in millions)
						September 30, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans - Exposure by LTV
0-50%						$	2,711					32		%				$	3,297					35		%
50-60%						3,000						36		%				3,055						33		%
60-70%						1,934						23		%				2,654						28		%
70% +						676						8		%				314						3		%
Total commercial mortgage loans, net of coinsurance funds withheld investments						8,321						99		%				9,320						99		%
Coinsurance funds withheld investments (a)						67						1		%				62						1		%
Total commercial mortgage loans (b) (c)						$	8,388					100		%				$	9,382					100		%
Average LTV						51		%										49		%
						September 30, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans - Exposure by CM Rating
CM1						$	3,368					40		%				$	3,777					40		%
CM2						2,583						31		%				3,176						34		%
CM3						1,867						22		%				2,047						22		%
CM4						241						3		%				186						2		%
CM5						50						1		%				84						1		%
CM6						111						1		%				49						—		%
CM7						101						1		%				1						—		%
Total commercial mortgage loans, net of coinsurance funds withheld investments						8,321						99		%				9,320						99		%
Coinsurance funds withheld investments (a)						67						1		%				62						1		%
Total commercial mortgage loans (b) (c)						$	8,388					100		%				$	9,382					100		%
Median CM Rating						CM2												CM2

(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

(b)Excludes $328 million and $194 million investments in variable interest entities not directly held by American National Group Inc.’s regulated insurance entities at September 30, 2025 and December 31, 2024, respectively.

(c)Total commercial mortgage loans excludes the allowance for credit losses of $125 million and $146 million at September 30, 2025 and December 31, 2024, respectively.

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Financial Strength and Credit Ratings (Dollars in millions)

Financial Strength Ratings

AM Best

Standard & Poor's

Fitch

Line of Business

September 30, 2025 Statutory Liability Balance

American Equity Life Insurance Company

A

A

A

Life & retirement

$

60,290

American National Insurance Company

A

A

A

Life & retirement

34,403

Eagle Life Insurance Company

A

A

A

Life & retirement

4,333

American National Life Insurance Company of New York

A

A

A

Life & retirement

1,976

American Equity Life Insurance Company of New York

A

-

A

Life & retirement

76

American National Life Insurance Company of Texas

A

-

-

Life & retirement

7

Garden State Life Insurance Company

A u

-

-

Life & retirement

2

Freestone Re Ltd. (a)

-

A

-

Life & retirement reinsurance

—

Farm Family Casualty Insurance Company

A

-

-

Property & casualty

1,295

American National Property and Casualty Company

A

-

-

Property & casualty

845

United Farm Family Insurance Company

A

-

-

Property & casualty

163

American National General Insurance Company

A

-

-

Property & casualty

45

American National Lloyds Insurance Company

A

-

-

Property & casualty

26

American National County Mutual Insurance Company

A

-

-

Property & casualty

8

Credit ratings

American National Group Inc.

-

BBB

BBB+

(a)Freestone Re Ltd. has modified coinsurance agreements with subsidiaries of American National Group Inc. There were $52,382 million of statutory liabilities associated with these agreements at September 30, 2025.

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Capitalization (Dollars in millions)
						Amount						% Total Capitalization						Facility Ratings (S&P / Fitch)						Rates						Issue Date						Maturity
Senior Unsecured Bonds - SEC Registered						$	692					5		%				BBB / BBB						6.00%						June 2025						July 2035
Term Loan						598						5		%										SOFR + 1.25%						May 2024						May 2027
Senior Unsecured Bonds - SEC Registered						596						5		%				BBB / BBB						5.75%						October 2024						October 2029
Senior Unsecured Bonds - 144A						497						4		%				BBB / BBB						6.144%						June 2022						June 2032
Junior Subordinated Debentures - SEC Registered (a)						493						4		%				BB+ / BB+						7.00%						August 2025						August 2055
Senior Unsecured Bonds - SEC Registered						489						4		%				BBB / BBB						5.00%						June 2017						June 2027
Subordinated Debentures						84						1		%										5.00%						October 1999						June 2047
Total Long Term Borrowings						3,449						28		%
Perpetual Preferred Shares - Series B (b)						296						2		%				BB+ / BB+						10.07%						June 2020						Perp rate reset
Perpetual Preferred Shares - Series D						292						2		%				BB+ / BB+						7.38%						January 2025						Perpetual
Total Common Stockholders' Equity						10,393						79		%
Total Equity						10,981						83		%
Accumulated Other Comprehensive Income (AOCI)						1,132						9		%
Non-Controlling Interests (NCI)						223						2		%
Total Equity, Excluding AOCI and NCI (c)						9,626						72		%
Total Capitalization, Excluding AOCI and NCI (c)						$	13,075					100		%

(a)Rate will be reset to 3.183% plus five-year U.S. Treasury Rate effective December 1, 2030.

(b)Series B was redeemed on October 6, 2025 using proceeds from the issuance of the Senior Unsecured Bonds issued in August 2025.

(c)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

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Annuity Investment Spread (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024						QoQ						YoY						2025						2024						YTD
Non-GAAP net investment income (a)						$	1,285					$	1,238					$	1,238					$	1,083					$	1,021					4		%				26		%				$	3,761					$	2,043					84		%
Cost of funds						899						868						924						748						616						4		%				46		%				2,691						1,243						116		%
Total net investment spread						$	386					$	370					$	314					$	335					$	405					4		%				(5)		%				$	1,070					$	800					34		%
Average invested assets						$	85,993					$	83,173					$	80,139					$	74,356					$	69,878					3		%				23		%				$	85,993					$	69,878					23		%
						Twelve months ended September 30, 2025
Yield on net invested assets						6.0		%
Aggregate cost of funds						4.3		%
Total net investment spread						1.7		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21. The net impact of the adjustments disclosed on page 21 were less than $1 million in Q3 2025, $78 million in Q2 2025, $37 million in Q1 2025, $149 million in Q4 2024, and $3 million in Q3 2024.

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Reconciliation of Benefits and Expenses to Cost of Funds (Dollars in millions)
						Historical Data																																				Year-to-Date
						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024																		2025						2024
US GAAP benefits and expenses						$	1,721					$	1,994					$	2,597					$	2,896					$	2,413																	$	6,312					$	6,097
Premiums						(566)						(752)						(889)						(2,482)						(888)																		(2,207)						(3,037)
Product charges						(181)						(172)						(149)						(153)						(208)																		(502)						(504)
Change in fair value of insurance-related derivatives and embedded derivatives						187						(131)						(199)						440						(344)																		(143)						(346)
Change in fair value of MRB - capital market impacts						(197)						127						(268)						429						(123)																		(338)						(257)
Policy and other operating expenses						(16)						(7)						(101)						(337)						(169)																		(124)						(280)
Premiums, benefits and expenses on non-annuity segments						(49)						(191)						(67)						(45)						(65)																		(307)						(430)
Total adjustments to arrive at cost of funds						(822)						(1,126)						(1,673)						(2,148)						(1,797)																		(3,621)						(4,854)
Total annuity cost of funds (a)						$	899					$	868					$	924					$	748					$	616																	$	2,691					$	1,243

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

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Annuity Sales (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024						QoQ						YoY						2025						2024						YTD
Gross Annuity Sales
Retail
Fixed Index						$	2,528					$	2,513					$	1,835					$	1,797					$	2,027					1		%				25		%				$	6,876					$	3,677					87		%
Fixed Rate						2,125						1,029						1,043						916						1,799						107		%				18		%				4,197						4,016						5		%
Variable (a)						101						80						46						16						17						26		%				494		%				227						47						383		%
Total Retail Annuities						4,754						3,622						2,924						2,729						3,843						31		%				24		%				11,300						7,740						46		%
Institutional
Pension Risk Transfer						100						262						382						1,918						289						(62)		%				(65)		%				744						1,233						(40)		%
Funding Agreements						—						400						500						—						—						(100)		%				—		%				900						—						100		%
Total Institutional Annuities						100						662						882						1,918						289						(85)		%				(65)		%				1,644						1,233						33		%
Total Gross Annuity Sales (b)						4,854						4,284						3,806						4,647						4,132						13		%				17		%				12,944						8,973						44		%
Ceded						(14)						(9)						(7)						(3)						(10)						56		%				40		%				(30)						(35)						(14)		%
Total Net Annuity Sales						$	4,840					$	4,275					$	3,799					$	4,644					$	4,122					13		%				17		%				$	12,914					$	8,938					44		%

(a)Variable sales represent additional premiums on previously issued policies.

(b)American Equity gross annuity sales for the year ended December 31, 2024 were $8,425 million. American Equity gross annuity sales from the acquisition on May 2, 2024 to December 31, 2024 were $5,217 million which is included in the table above.

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Surrender Charge Exposure (Dollars in millions)
						Q3 2025												Q2 2025
						Account Value (a)						Average Surrender Charge						Account Value (a)						Average Surrender Charge
Years of surrender charge remaining (b)
No surrender charge remaining						$	10,455					—		%				$	10,081					—		%
Greater than 0 to less than 3						13,005						4		%				13,021						4		%
3 to less than 6						15,477						7		%				15,485						7		%
6 to less than 9						28,826						12		%				27,157						12		%
9 or greater						12,717						14		%				12,159						13		%
						$	80,480					8		%				$	77,903					8		%

(a)Account value excludes claims in-course of settlement, the life insurance segment, and single premium immediate annuities.

(b)The weighted average years remaining in the protected surrender charge period is approximately 6 years.

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Legal Notice

This document has been prepared solely for the information of investors. This document does not purport to provide complete and current information about American National Group Inc. (“ANGI”) or a complete description of ANGI and the risks of investing in ANGI (including risks described in offering documents previously provided to investors). Under no circumstances is this document or the information contained herein to be construed as a prospectus, offering memorandum or advertisement, and no part of this document or any information or statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By reading or reviewing this document, you agree to be bound by the following limitations.

You should not rely on this document as the basis on which to make any investment decision. Neither this document nor any part of it may be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the recipient’s professional advisers) or published in whole or in part for any purpose without the prior written consent of ANGI.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

The summary descriptions and other information included in this document are intended only for informational purposes and convenient reference. The information contained in this document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

Past performance is not indicative of future results.

The statements contained in this document are made as of the date of the release of this report, unless another time is specified in relation to them, and access to this document at any given time shall not give rise to any implication that there has not been a change in the facts set forth in this document since that date. Certain information set forth in this document has been developed internally or obtained from sources believed by ANGI to be reliable; however, ANGI does not give any representation or warranty (express or implied) as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.

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Non-GAAP Financial Disclosures

In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures together with the relevant US GAAP measures provides information that may enhance a user’s understanding of our results of operations and the underlying profitability drivers of our business. These measures should be considered supplementary to our results in accordance with US GAAP and should not be view as a substitute for the corresponding US GAAP measures.

Distributable Operating Earnings

Distributable operating earnings (“DOE”) is a non-GAAP measure used by management to assess operating results and the performance of the business. DOE is defined as net income after applicable taxes, excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits. DOE is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by GAAP. DOE is, therefore, unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of DOE also provides investors enhanced comparability of our ongoing performance across years.

Total Equity, Excluding AOCI and NCI, Total Capitalization, Excluding AOCI and NCI, and Total Adjusted Common Stockholders’ Equity

Total equity, excluding AOCI and NCI and total capitalization, excluding AOCI and NCI are non-GAAP measures based on stockholders’ equity excluding the effect of AOCI and NCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. NCI is excluded in order to provide a view of equity and capitalization attributable to American National Group Inc.

Total adjusted common stockholder's equity is a non-GAAP financial measure based on common stockholders' equity excluding the impact of AOCI and the accumulated after tax impact of certain adjustments related to mark-to market gains and losses on derivatives and insurance contracts. These adjustments primarily include certain insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and changes in market risk benefits. We believe our presentation of this non-GAAP metric is useful to investors because it supplements investors' understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of this non-GAAP metric provides investors enhanced comparability of our ongoing performance across years.

Non-GAAP Net Investment Income

Non-GAAP net investment income is comprised of GAAP net investment income adjusted to exclude net investment income on non-annuity segments, exclude depreciation on investment real estate, include mark to market gain/loss on alternative investments, include realized gain/loss on certain investments, and include the tax benefit of tax exempt investment income.

Annuity Cost of Funds

Annuity cost of funds is a non-GAAP measure which includes liability costs related to cost of crediting on fixed deferred and fixed indexed annuities as well as other liability costs. Cost of crediting on fixed deferred annuities is the interest credited to the policyholders on our fixed strategies. Cost of crediting on fixed indexed annuities is the cost of option purchased to fund the index credit and the impact of over or under hedging for the index credits. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit fair value changes, and operating expenses net of premiums and product charge revenue. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

21