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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number: 001-31911

American National Group Inc.

(Exact name of Registrant as specified in its charter)


Delaware						42-1447959
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1201 Louisiana Street, Suite 2900

Houston, Texas 77002-5607

(Address of principal executive offices, including zip code)

(888) 221-1234

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Depositary Shares, each representing a 1/1,000th interest in a share of 7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series D

ANGpD

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 12, 2026, 10,000 shares of our common shares were outstanding, all of which are held by Brookfield Wealth Solutions Ltd. and its affiliates.

American National Group Inc. meets the conditions set forth in General Instruction (H)(1)(a) and (b) for Form 10-Q and therefore is filing this Form 10-Q in the reduced disclosure format.

TABLE OF CONTENTS


			Page
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements (unaudited):
Condensed Consolidated Statements of Financial Position (unaudited)			2
Condensed Consolidated Statements of Operations (unaudited)			4
Condensed Consolidated Statements of Comprehensive Income (unaudited)			5
Condensed Consolidated Statements of Changes in Equity (unaudited)			6
Condensed Consolidated Statements of Cash Flows (unaudited)			8
Notes to Condensed Consolidated Financial Statements (unaudited)			10
Note 1. Organization and Description of the Company			10
Note 2. Summary of Significant Accounting Policies			10
Note 3. Available-For-Sale Fixed Maturity Securities			12
Note 4. Equity Securities			15
Note 5. Mortgage Loans on Real Estate			15
N ote 6. Private Loans			19
Note 7. Investment Real Estate and Real Estate Partnerships			19
Note 8 . Variable Interest Entities and Equity Method Investments			20
Note 9 . Derivative Instruments			21
Note 1 0 . Net Investment Income and Investment Related Gains (Losses)			25
Note 1 1 . Fair Value of Financial Instruments			26
Note 1 2 . Reinsurance			32
Note 1 3 . Separate Account Assets and Liabilities			33
Note 1 4 . Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired			34
Note 1 5 . Intangible Assets			36
Note 1 6 . Future Policy Benefits			36
Note 1 7 . Policyholders' Account Balances			39
Note 1 8 . Market Risk Benefits			41
Note 1 9 . Long Term Borrowings			42
Note 2 0 . Income Taxes			42
Note 2 1 . Stockholders' Equity			42
Note 2 2 . Accumulated Other Comprehensive Income			43
Note 2 3 . Related Party Transactions			43
Note 2 4 . Segment Reporting			44
Note 2 5 . Financial Commitments and Contingencies			45
Note 2 6 . Discontinued Operations			46
Note 2 7 . Subsequent Events			46
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations			47
Item 3: Quantitative and Qualitative Disclosures about Market Risk			57
Item 4: Controls and Procedures			59

PART II - OTHER INFORMATION
Item 1: Legal Proceedings			59
Item 1A: Risk Factors			59
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds			59
Item 3: Defaults Upon Senior Securities			59
Item 4: Mine Safety Disclosures			59
Item 5: Other Information			59
Item 6: Exhibits			60

Signatures			61

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements


AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Dollars in millions, except share and per share data)

(Unaudited)

	June 30, 2026		December 31, 2025
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $0 and $3, respectively; amortized cost of $61,429 and $56,854, respectively)	$	61,598	$	57,992
Equity securities, at fair value	595		1,179
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $112 and $100, respectively)	11,554		11,113
Private loans, at amortized cost (net of allowance for credit loss of $125 and $149, respectively)	8,949		8,926
Investment real estate and real estate partnerships (net of accumulated depreciation of $218 and $228, respectively)	6,225		5,800

Investment funds	3,605		3,187
Policy loans	238		234
Short-term investments, at estimated fair value	484		600
Other invested assets	2,203		1,485
Total investments	95,451		90,516

Cash and cash equivalents	8,416		11,660
Accrued investment income	834		799
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	11,665		11,513



Deferred tax asset	435		460
Reinsurance recoverables and deposit assets	8,831		9,255
Property and equipment (net of accumulated depreciation of $129 and $352, respectively)	70		161
Intangible assets (net of accumulated amortization of $324 and $154, respectively)	1,480		1,501
Goodwill	748		748
Other assets	2,910		2,822
Separate account assets	874		822

Total assets	$	131,714	$	130,257


AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Dollars in millions, except share and per share data)

(Unaudited)

	June 30, 2026		December 31, 2025
Liabilities
Future policy benefits	$	10,879	$	10,962
Policyholders’ account balances	96,064		92,992
Policy and contract claims	298		410

Market risk benefits	4,751		4,536

Due to related parties	105		103
Other policyholder funds	355		353
Notes payable	206		205

Long term borrowings	2,957		2,951
Funds withheld for reinsurance liabilities	2,887		3,088
Other liabilities	3,669		4,166
Separate account liabilities	874		822

Total liabilities	123,045		120,588

Commitments and Contingencies (Note 25)

Equity


Preferred stock, Series D; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2026 - 12,000 shares 2025 - 12,000 shares	292		292
Additional paid-in capital	5,865		6,404
Accumulated other comprehensive income, net of taxes	433		1,094
Retained earnings	1,955		1,759
Non-controlling interests	124		120
Total equity	8,669		9,669
Total liabilities and equity	$	131,714	$	130,257

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Net premiums	$	142	$	354	$	287	$	812
Other policy revenue	190		172		352		321
Net investment income	1,289		1,139		2,578		2,390
Investment related gains (losses)	59		(11)		29		(8)

Other income	26		27		60		55
Total revenues	1,706		1,681		3,306		3,570

Policyholder benefits and claims incurred	244		510		475		1,112
Interest sensitive contract benefits	762		485		1,307		997
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	271		246		543		484
Change in fair value of insurance-related derivatives and embedded derivatives	(232)		131		(94)		330
Change in fair value of market risk benefits	109		(47)		248		314

Operating expenses	230		168		436		392
Interest expense	42		49		91		93
Total benefits and expenses	1,426		1,542		3,006		3,722
Net income (loss) before income taxes	280		139		300		(152)
Income tax expense (benefit)	72		27		89		(35)
Income (loss) from continuing operations	208		112		211		(117)
Income from discontinuing operations, net of tax	—		42		—		68
Net income (loss)	208		154		211		(49)
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax	4		2		8		5

Net income (loss) attributable to American National Group Inc. stockholders	204		152		203		(54)
Less: Preferred stock dividends and redemption	6		11		12		41
Net income (loss) attributable to American National Group Inc. common stockholder	$	198	$	141	$	191	$	(95)

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	208	$	154	$	211	$	(49)
Other comprehensive income (loss), net of tax:
Change in net unrealized investment gains (losses)	(88)		127		(755)		434
Change in discount rate for future policy benefits	(61)		(53)		83		(76)
Change in instrument-specific credit risk for market risk benefits	(123)		(78)		20		(29)
Defined benefit pension plan adjustment	(3)		(2)		(6)		(5)
Total other comprehensive income (loss)	(275)		(6)		(658)		324
Comprehensive income (loss)	(67)		148		(447)		275
Less: Comprehensive income attributable to noncontrolling interests	4		2		8		5
Comprehensive income (loss) attributable to American National Group Inc. stockholders	$	(71)	$	146	$	(455)	$	270

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Dollars in millions)

(Unaudited)


	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the three months ended June 30, 2026
Balance at March 31, 2026	$	292	$	6,467	$	711	$	1,756	$	170	$	9,396
Net income for period	—		—		—		204		4		208
Other comprehensive loss	—		—		(275)		—		—		(275)
Contributions from (distributions to) shareholders, net of tax	—		(604)		—		—		—		(604)
Consolidations (deconsolidations) of noncontrolling interests	—		—		—		—		(118)		(118)
Contributions from (distributions to) noncontrolling interests	—		—		—		—		68		68
Dividends	—		—		—		(6)		—		(6)


Other	—		2		(3)		1		—		—
Balance at June 30, 2026	$	292	$	5,865	$	433	$	1,955	$	124	$	8,669

	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the three months ended June 30, 2025
Balance at March 31, 2025	$	588	$	7,571	$	670	$	1,133	$	83	$	10,045
Net income for period	—		—		—		152		2		154
Other comprehensive loss	—		—		(6)		—		—		(6)

Consolidations (deconsolidations) of noncontrolling interests	—		—		—		—		58		58
Contributions from (distributions to) noncontrolling interests	—		—		—		—		(8)		(8)
Dividends	—		—		—		(11)		—		(11)


Other	—		(24)		—		9		—		(15)
Balance at June 30, 2025	$	588	$	7,547	$	664	$	1,283	$	135	$	10,217

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)

(Dollars in millions)

(Unaudited)


	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the six months ended June 30, 2026
Balance at December 31, 2025	$	292	$	6,404	$	1,094	$	1,759	$	120	$	9,669
Net income for period	—		—		—		203		8		211
Other comprehensive loss	—		—		(658)		—		—		(658)
Contributions from (distributions to) shareholders, net of tax	—		(560)		—		—		—		(560)
Consolidations (deconsolidations) of noncontrolling interests	—		—		—		—		(66)		(66)
Contributions from (distributions to) noncontrolling interests	—		—		—		—		62		62
Dividends	—		—		—		(12)		—		(12)


Other	—		21		(3)		5		—		23
Balance at June 30, 2026	$	292	$	5,865	$	433	$	1,955	$	124	$	8,669

	Preferred Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interest		Total Equity
For the six months ended June 30, 2025
Balance at December 31, 2024	$	685	$	7,569	$	340	$	1,356	$	78	$	10,028
Net income (loss) for period	—		—		—		(54)		5		(49)
Other comprehensive income	—		—		324		—		—		324

Consolidations (deconsolidations) of noncontrolling interests	—		—		—		—		58		58
Contributions from (distributions to) noncontrolling interests	—		—		—		—		(6)		(6)
Dividends	—		—		—		(30)		—		(30)
Preferred stock issuance	292		—		—		—		—		292
Preferred stock redemption	(389)		—		—		(11)		—		(400)
Other	—		(22)		—		22		—		—
Balance at June 30, 2025	$	588	$	7,547	$	664	$	1,283	$	135	$	10,217

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(Unaudited)


	Six Months Ended June 30,
	2026		2025

Operating activities:
Net income (loss)	$	211	$	(49)
Less: Net income from discontinued operations	—		(68)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other policy revenue	(352)		(321)
Accretion on investments	(262)		(405)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	543		484
Deferral of policy acquisition costs	(437)		(570)
Gains (losses) on investments and derivatives	(288)		158
Other losses (gains)	13		(3)
Provisions for credit losses	(5)		—
Income from equity method investments	(121)		(163)
Distributions from equity method investments	132		165
Interest credited to policyholders' account balances	1,307		997
Change in fair value of embedded derivatives	163		228
Depreciation and amortization	71		83
Deferred income taxes	84		32
Changes in operating assets and liabilities:
Insurance-related liabilities	120		924
Premiums due and other receivables	—		(26)
Funds withheld for reinsurance liabilities	(171)		(156)
Reinsurance recoverables and deposit assets	485		493
Accrued investment income	(35)		19
Working capital and other	(68)		(457)
Cash used by operating activities - discontinued operations	—		(159)
Cash flows provided by operating activities	1,390		1,206

Investing activities:
Acquisition of subsidiary, net of cash acquired	—		6

Purchase of investments:
Available-for-sale fixed maturity securities	(7,713)		(6,072)
Equity securities	(7)		(5)
Mortgage loans on real estate	(1,909)		(579)
Private loans	(1,516)		(1,570)
Investment real estate and real estate partnerships	(578)		(1,053)
Investment funds	(604)		(1,035)
Short-term investments	(570)		(10,831)
Other invested assets	(311)		(78)
Proceeds from sales and maturities of investments:
Available-for-sale fixed maturity securities	3,131		4,604
Equity securities	24		—
Mortgage loans on real estate	1,372		1,532
Private loans	1,363		750
Investment real estate and real estate partnerships	231		65
Investment funds	201		164
Short-term investments	492		10,786
Other invested assets	87		196

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in millions)

(Unaudited)


	Six Months Ended June 30,
	2026		2025

Purchases of derivatives	(584)		(465)
Proceeds from sales and maturities of derivatives	825		547
Purchase of intangibles and property and equipment	(30)		(25)
Proceeds from sales of intangibles and property and equipment	21		—

Distributions from equity accounted investments	—		(1)
Change in collateral held for derivatives	(90)		(306)
Other	(84)		37
Cash from investing activities - discontinued operations	—		195
Cash flows used in investing activities	(6,249)		(3,138)

Financing activities:
Contributions from (distributions to) shareholders	(10)		—
Issuance of preferred equity	—		292
Redemption of preferred equity	—		(400)
Dividends paid to stockholders	(12)		(30)
Borrowings from related parties	18		212
Repayment of borrowings to related parties	(30)		(91)
Borrowings from external parties	1		711
Repayment of borrowings to external parties	—		(700)

Repayment of borrowings issued to reinsurance entities	—		2
Deposits on policyholders’ account	7,298		7,417
Withdrawals on policyholders’ account	(5,582)		(4,751)
Debt issuance costs	—		(6)
Issuance of equity, noncontrolling interests	72		62
Distributions to noncontrolling interests	(140)		(7)
Cash from financing activities - discontinued operations	—		(5)
Cash flows provided by financing activities	1,615		2,706

Cash and cash equivalents
Cash and cash equivalents, beginning of period	11,660		11,330
Net change during the period	(3,244)		774

Cash and cash equivalents, end of period	8,416		12,104
Less: Cash and cash equivalents of discontinued operations	—		490
Cash and cash equivalents, end of period	$	8,416	$	11,614

Supplementary cash flow disclosure:
Cash taxes paid (net of refunds received)	$	16	$	52
Cash interest paid	91		85

Non-cash transactions:




Investments received as in-kind consideration from sales of investment funds	$	—	$	786

Distribution to Parent of promissory notes, other assets, and property and casualty related assets	491		—
Issuance of private loans as a result of refinancing	418		—

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2026

(Unaudited)

1. Organization and Description of the Company

American National Group Inc., together with its subsidiaries (collectively, “ANGI”, “we”, “our”, “us”, or the “Company”) is focused on securing the financial futures of individuals and institutions through a range of insurance and retirement services. We conduct our business in 50 states, the District of Columbia, Bermuda, Guam, and Puerto Rico. ANGI is an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions Ltd.

On October 1, 2025, the Company completed the transfer of all of its property and casualty subsidiaries, including American National Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company and their wholly-owned subsidiaries (collectively, the “P&C Subsidiaries”) to Argo Group International Holdings, Inc., which was subsequently renamed to Clearbrook Group Holdings Inc. (“Clearbrook”). Clearbrook and the Company are both wholly-owned subsidiaries of Brookfield Wealth Solutions Ltd. Amounts in the financial statements and notes thereto have been retrospectively adjusted and reported as discontinued operations. Refer to Note 26 - Discontinued Operations in the notes to the condensed consolidated financial statements for more information.

2. Summary of Significant Accounting Policies

The unaudited condensed consolidated financial statements and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2025 audited consolidated financial statements of the Company included in the Form 10-K, filed with the SEC on March 30, 2026. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results for any subsequent period or the entire fiscal year ending December 31, 2026. These financial statements reflect all adjustments (consisting of normal recurring adjustments, including reclassifications) which are, in the opinion of management, necessary for a fair and comparable statement of results for the interim periods presented in accordance with GAAP.

The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require the use of estimates are fair value of certain financial assets, future policy benefits (“FPB”), market risk benefits (“MRB”), valuation of embedded derivatives in policyholders’ account balances (“PAB”), and deferred income taxes, including the recoverability of deferred tax assets. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

Basis of Consolidation

These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities where the Company has a controlling financial interest by either holding a majority voting interest or being the primary beneficiary of the variable interest entity (“VIE”). Entities that are determined not to be VIEs are voting interest entities (“VOEs”), which are evaluated under the voting interest model, under which a controlling financial interest is established through a majority voting interest or through other means.

The consolidation assessment depends on the specific facts and circumstances for each entity and requires judgment. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Refer to Note 2 of the Company’s December 31, 2025 audited consolidated financial statements for a further description of the Company’s accounting policies regarding consolidation.

Out-of-Period Adjustment

During the quarter ended June 30, 2026, the Company identified an immaterial error that existed in the previously issued financial statements due to the incorrect initial classification of certain investments resulting in the impacted investments being held as equity securities rather than equity method investments within investment funds. The Company evaluated the materiality of the error from both a quantitative and qualitative perspective in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, and concluded that the error was not material to any period. The Company corrected the cumulative effect of the error with an out-of-period adjustment in the financial statements for the quarter ended June 30, 2026. The out-of-period adjustment resulted in a $22 million increase in “Net income (loss)”, a $101 million decrease in “Total investments”, which includes a $540 million decrease in “Equity securities, at fair value”, and a $439 million increase in "Other invested assets”, a $21 million increase in “Deferred tax asset”, and a $80 million decrease in “Total equity”, which includes a $107 million decrease in “Additional paid-in capital”, a $22 million increase in “Retained earnings”, and a $5 million increase in “Accumulated other comprehensive income, net of taxes”. The impact to “Additional paid-in capital” is reflected in the “Contributions from (distributions to) shareholders, net of tax” line within the Condensed Consolidated Statement of Changes in Equity for the three and six months ended June 30, 2026.

Adoption of New Accounting Pronouncements

In the current period, the Company did not adopt any Accounting Standard Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that was material in presentation or amount.

Accounting Policies

The following is a subset of the Company’s significant accounting policies and should be read in conjunction with its significant accounting policies described in Note 2 of its December 31, 2025 audited consolidated financial statements.

Segments – In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company uses a management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocation of resources and assessing performance. The Company’s CODM has been identified as the Brookfield Wealth Solutions Ltd. Chief Executive Officer and the Brookfield Wealth Solutions Ltd. Chief Financial Officer who review the results of operations when making decisions about capital allocation and investment strategies, as well as product mix and pricing of insurance products. Starting in the second quarter of 2026, the Company’s operations are managed on a consolidated basis (see Note 24 - Segment Reporting).

Recently Issued Accounting Pronouncements

The Company continues to assess the impacts on the financial statements of the following ASUs issued but not yet adopted as of June 30, 2026. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

ASU 2024-03 – On November 4, 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, to be applied on either a retrospective or prospective basis subject to certain exceptions, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. However, as they apply to disclosure requirements, the adoption of this ASU is not anticipated to have a material impact on our profitability, financial position or cash flows.

ASU 2025-06 – On September 18, 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to Accounting for Internal-Use Software. The amendments in this ASU aim to simplify and modernize the guidance for internal-use software costs by removing stage-based development references and introducing a principle-based approach for capitalization criteria. Among other things, it clarifies when costs should be capitalized versus expensed, eliminates certain terminology, and aligns the guidance more closely with current software development practices. This ASU will be effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and should be applied prospectively, with early adoption permitted. Entities may also elect retrospective application or a modified retrospective application. The Company is currently assessing the potential impact of adopting this standard on its consolidated financial statements and related disclosures.

3. Available-For-Sale Fixed Maturity Securities

The total amortized cost, fair value, allowance for credit losses, and gross unrealized gains and losses of available-for-sale fixed maturity securities are shown below:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(Dollars in millions)
June 30, 2026
U.S. treasury and government	$	69	$	—	$	(1)	$	—	$	68
U.S. state and municipal	2,829		78		(21)		—		2,886
Foreign governments	3,238		24		(24)		—		3,238
Corporate debt securities	44,021		523		(401)		—		44,143
Residential mortgage-backed securities	862		36		(2)		—		896
Commercial mortgage-backed securities	2,830		68		(38)		—		2,860
Collateralized debt securities	7,580		63		(136)		—		7,507
Total fixed maturity securities	$	61,429	$	792	$	(623)	$	—	$	61,598

December 31, 2025
U.S. treasury and government	$	68	$	—	$	—	$	—	$	68
U.S. state and municipal	2,866		105		(19)		(3)		2,949
Foreign governments	1,118		51		—		—		1,169
Corporate debt securities	42,310		974		(143)		—		43,141
Residential mortgage-backed securities	966		44		(2)		—		1,008
Commercial mortgage-backed securities	3,051		101		(31)		—		3,121
Collateralized debt securities	6,475		108		(47)		—		6,536
Total fixed maturity securities	$	56,854	$	1,383	$	(242)	$	(3)	$	57,992

The amortized cost and fair value of available-for-sale fixed maturity securities at June 30, 2026, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential mortgage-backed securities, commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.


	Available-For-Sale
	Amortized Cost		Fair Value
	(Dollars in millions)
Due in one year or less	$	1,789	$	1,793
Due after one year through five years	20,843		20,932
Due after five years through ten years	12,719		12,702
Due after ten years	14,806		14,908
	50,157		50,335
Residential mortgage-backed securities	862		896
Commercial mortgage-backed securities	2,830		2,860
Collateralized debt securities	7,580		7,507
Total	$	61,429	$	61,598

Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Proceeds from sales of available-for-sale fixed maturity securities	$	2,221	$	3,397	$	3,131	$	4,604
Gross realized gains	12		8		27		9
Gross realized (losses)	(4)		(58)		(8)		(59)

The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $10.4 billion as of June 30, 2026 and December 31, 2025.

In accordance with various regulations, the Company has securities on deposit with regulatory authorities with a carrying value of $52 million as of June 30, 2026 and December 31, 2025. There are no restrictions on these assets.

As of June 30, 2026 there were no amounts loaned under reverse repurchase agreements. As of December 31, 2025, amounts loaned under reverse repurchase agreements were $400 million and the fair value of the collateral, comprised of equity securities, was $872 million.

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:


	Less than 12 months					12 months or more					Total
	Number of Issues	Gross Unrealized Losses (1)		Fair Value		Number of Issues	Gross Unrealized Losses (1)		Fair Value		Number of Issues	Gross Unrealized Losses (1)		Fair Value
	(Dollars in millions)
June 30, 2026
U.S. treasury and government	7	$	—	$	13	3	$	(1)	$	35	10	$	(1)	$	48
U.S. state and municipal	77	(7)		535		28	(14)		170		105	(21)		705
Foreign governments	23	(24)		2,514		2	—		11		25	(24)		2,525
Corporate debt securities	2,370	(305)		19,388		208	(96)		1,372		2,578	(401)		20,760
Residential mortgage-backed securities	54	(1)		136		14	(1)		45		68	(2)		181
Commercial mortgage-backed securities	59	(13)		496		27	(25)		203		86	(38)		699
Collateralized debt securities	135	(87)		3,697		22	(49)		319		157	(136)		4,016
Total	2,725	$	(437)	$	26,779	304	$	(186)	$	2,155	3,029	$	(623)	$	28,934

December 31, 2025
U.S. treasury and government	1	$	—	$	2	3	$	—	$	37	4	$	—	$	39
U.S. state and municipal	43	(5)		345		32	(14)		190		75	(19)		535
Foreign governments	6	—		148		2	—		12		8	—		160
Corporate debt securities	930	(74)		5,737		237	(69)		1,661		1,167	(143)		7,398
Residential mortgage-backed securities	22	—		64		16	(2)		95		38	(2)		159
Commercial mortgage-backed securities	29	(8)		196		29	(23)		290		58	(31)		486
Collateralized debt securities	62	(17)		577		17	(30)		225		79	(47)		802
Total	1,093	$	(104)	$	7,069	336	$	(138)	$	2,510	1,429	$	(242)	$	9,579

(1)Unrealized losses have been reduced to exclude the allowance for credit losses of $0 million and $3 million as of June 30, 2026 and December 31, 2025, respectively.

The unrealized losses at June 30, 2026 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at June 30, 2026. Approximately 95% and 92% of the unrealized losses on fixed maturity securities shown in the above table for June 30, 2026 and December 31, 2025, respectively, are on securities that are rated investment grade, defined as being the highest two National Association of Insurance Commissioners (“NAIC”) designations.

The Company expects to recover the amortized cost on all securities except for those securities on which we recognized an allowance for credit loss. In addition, as the Company did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that the Company would be required to sell these securities prior to recovery of the amortized cost, which may occur at maturity, the Company did not write down these investments to fair value through the Condensed Consolidated Statements of Operations.

Allowance for Credit Losses

Several assumptions and underlying estimates are made in the evaluation of allowance for credit losses. Examples include financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities for which an allowance for credit loss was not recorded were concentrated within the financials sector as of June 30, 2026 and December 31, 2025.

The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below:


	Three Months Ended June 30, 2026
	U.S. State and Municipal		Corporate Debt Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	(4)	$	—	$	—	$	—	$	(4)




Changes in previously recorded allowance	4		—		—		—		4


Balance as of June 30, 2026	$	—	$	—	$	—	$	—	$	—

	Three Months Ended June 30, 2025
	U.S. State and Municipal		Corporate Debt Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	—	$	(7)	$	(1)	$	(1)	$	(9)

Credit losses recognized on securities for which credit losses were not previously recorded	—		(3)		—		(1)		(4)


Changes in previously recorded allowance	—		11		1		1		13

Recoveries of amounts previously written off	—		(2)		—		—		(2)
Balance as of June 30, 2025	$	—	$	(1)	$	—	$	(1)	$	(2)

	Six Months Ended June 30, 2026
	U.S. State and Municipal		Corporate Debt Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	(3)	$	—	$	—	$	—	$	(3)




Changes in previously recorded allowance	3		—		—		—		3


Balance as of June 30, 2026	$	—	$	—	$	—	$	—	$	—

	Six Months Ended June 30, 2025
	U.S. State and Municipal		Corporate Debt Securities		Residential Mortgage Backed Securities		Collateralized Debt Securities		Total
	(Dollars in millions)
Beginning balance	$	—	$	(24)	$	(1)	$	—	$	(25)

Credit losses recognized on securities for which credit losses were not previously recorded	—		(9)		—		(2)		(11)
Reductions for securities sold during the period	—		16		—		—		16

Changes in previously recorded allowance	—		18		1		1		20

Recoveries of amounts previously written off	—		(2)		—		—		(2)
Balance as of June 30, 2025	$	—	$	(1)	$	—	$	(1)	$	(2)

No accrued interest receivables were written off as of June 30, 2026 and December 31, 2025.

4. Equity Securities

The net gains on equity securities recognized in “Investment related gains (losses)” on the Condensed Consolidated Statements of Operations are shown below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Unrealized gains on equity securities	$	84	$	29	$	32	$	33
Net losses on equity securities sold	—		(2)		—		—
Net gains on equity securities	$	84	$	27	$	32	$	33

Equity securities by market sector distribution are shown below, based on carrying value:


	June 30, 2026		December 31, 2025
Consumer goods	1	%	—	%
Education	45	%	21	%
Energy and utilities	10	%	6	%
Finance	10	%	49	%
Healthcare	9	%	4	%
Industrials	3	%	9	%
Information technology	14	%	7	%
Other	8	%	4	%
Total	100	%	100	%

5. Mortgage Loans on Real Estate

The Company disaggregates its mortgage loan investments into two portfolio segments: commercial and residential. Commercial mortgage loans include agricultural mortgage loans. The breakdown of mortgage loans on real estate by portfolio segment is as follows:


	June 30, 2026		December 31, 2025
	(Dollars in millions)
Commercial mortgage loans	$	9,082	$	8,800
Residential mortgage loans	2,584		2,413
Total	11,666		11,213
Allowance for credit losses	(112)		(100)
Total, net of allowance	$	11,554	$	11,113

The Company’s commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:


	June 30, 2026				December 31, 2025
	Amount		Percentage		Amount		Percentage
	(Dollars in millions)
Geographic distribution:
Pacific	$	2,684	30	%	$	2,230	25	%
Mountain	1,472		16	%	1,400		16	%
West North Central	204		2	%	232		3	%
West South Central	1,250		14	%	1,173		13	%
East North Central	679		7	%	800		9	%
East South Central	191		2	%	135		2	%
Middle Atlantic	647		7	%	658		7	%
South Atlantic	1,649		18	%	1,805		20	%
New England	140		2	%	140		2	%

Other (multi-region and other non-US countries)	166		2	%	227		3	%
	9,082		100	%	8,800		100	%
Allowance for credit losses	(92)				(87)
Total, net of allowance	$	8,990			$	8,713

Property type distribution:
Agricultural	$	336	4	%	$	349	4	%
Apartment	3,132		34	%	2,346		27	%
Hotel	866		10	%	967		11	%
Industrial	1,635		17	%	1,797		21	%
Office	1,430		16	%	1,435		16	%
Parking	176		2	%	207		2	%
Retail	1,238		14	%	1,352		15	%
Storage	103		1	%	114		1	%
Other	166		2	%	233		3	%
	9,082		100	%	8,800		100	%
Allowance for credit losses	(92)				(87)
Total, net of allowance	$	8,990			$	8,713

Interest income recognized on loans in non-accrual status and impaired loans were not significant for any of the periods presented.

Allowance for Credit Losses

The Company establishes a valuation allowance to provide for the risk of credit losses inherent in its mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. The Company does not measure a credit loss allowance on accrued interest receivable, and any uncollectible accrued interest receivable balances are written off to net investment income in a timely manner. The amount of uncollectible accrued interest receivable on its commercial or residential mortgage loan portfolios that was written off was not significant for any of the periods presented.

The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2026 and 2025 is shown below:


	2026				2025
	Commercial Mortgage Loans		Residential Mortgage Loans		Commercial Mortgage Loans		Residential Mortgage Loans
	(Dollars in millions)
Balance, as of January 1	$	(87)	$	(13)	$	(144)	$	(9)

Provision	(4)		(6)		(1)		(1)
Writeoffs charged against the allowance	12		1		3		—

Balance, as of March 31	(79)		(18)		(142)		(10)

Recovery (provision)	(15)		(3)		15		(3)
Writeoffs charged against the allowance	2		1		—		—
Recoveries of amounts previously written off	—		—		4		—
Balance, as of June 30	$	(92)	$	(20)	$	(123)	$	(13)

Credit Quality Indicators

Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by property type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination and aging category is shown below:


	Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Total
As of June 30, 2026:	(Dollars in millions)
Commercial mortgage loans
Current	$	424	$	894	$	512	$	298	$	2,405	$	4,178	$	8,711
30 - 59 days past due	—		—		—		45		—		95		140
60 - 89 days past due	—		—		—		—		—		44		44
Non-accrual	—		8		—		—		25		154		187
Residential mortgage loans
Current	307		501		268		271		682		272		2,301
30 - 59 days past due	3		9		8		20		42		18		100
60 - 89 days past due	—		2		2		2		11		1		18
Non-accrual	—		2		9		65		68		21		165
Total mortgage loans on real estate	$	734	$	1,416	$	799	$	701	$	3,233	$	4,783	11,666
Allowance for credit losses													(112)
Total, net of allowance													$	11,554

	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
As of December 31, 2025:	(Dollars in millions)
Commercial mortgage loans
Current	$	1,093	$	354	$	442	$	1,929	$	978	$	3,647	$	8,443
30 - 59 days past due	—		83		—		94		—		—		177
60 - 89 days past due	—		—		29		10		—		2		41
Non-accrual	—		—		—		9		33		97		139
Residential mortgage loans
Current	376		300		390		764		182		114		2,126
30 - 59 days past due	3		9		18		34		11		5		80
60 - 89 days past due	1		2		11		22		2		2		40
Non-accrual	1		4		76		66		10		10		167
Total mortgage loans on real estate	$	1,474	$	752	$	966	$	2,928	$	1,216	$	3,877	11,213
Allowance for credit losses													(100)
Total, net of allowance													$	11,113

It is the Company’s policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. As of June 30, 2026 and December 31, 2025, 264 mortgage loans and 275 mortgage loans, respectively, were past due over 90 days or in nonaccrual status.

The Company’s commercial and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into the Company’s allowance methodology. However, if the Company grants a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. The carrying amount of mortgage loans experiencing financial difficulty, for which modifications have been granted, was $19 million and $89 million for the six months ended June 30, 2026 and 2025, respectively.

6. Private Loans

The following table summarizes the credit ratings of our private loans:


	June 30, 2026		December 31, 2025
	(Dollars in millions)
A or higher	$	1,809	$	2,006
BBB	1,322		1,316
BB and below	2,522		2,587
Unrated (1)	3,296		3,017
Total	$	8,949	$	8,926

(1)Due to the private nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.

Allowance for Credit Losses

The rollforward of the allowance for credit losses for private loans is shown below for the three and six months ended June 30, 2026 and 2025:


	2026		2025
	(Dollars in millions)
Balance at January 1	$	(149)	$	(63)

Recovery (provision)	2		(11)


Balance at March 31	(147)		(74)

Recovery (provision)	16		(8)
Writeoffs charged against the allowance	6		(2)

Balance at June 30	$	(125)	$	(84)

The Company’s private loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulties and could include term extensions. For the six months ended June 30, 2026 and 2025, the Company did not have a significant amount of private loans that it modified to borrowers experiencing financial difficulty. Impaired loans were not significant for any of the periods presented.

7. Investment Real Estate and Real Estate Partnerships

The carrying amounts of investment real estate and real estate partnerships are as follows:


	June 30, 2026				December 31, 2025
	Investment Real Estate				Investment Real Estate
	Amount		Percentage		Amount		Percentage
	(Dollars in millions)
Hotel	$	176	6	%	$	178	6	%
Industrial	—		—	%	56		2	%
Land	1,175		39	%	807		28	%
Office	147		5	%	174		6	%
Retail	134		4	%	161		6	%
Apartments	46		2	%	46		2	%

Single family residential	1,302		42	%	1,311		46	%
Other	55		2	%	112		4	%
Total investment real estate	3,035		100	%	2,845		100	%
Real estate partnerships	3,190				2,955
Total investment real estate and real estate partnerships	$	6,225			$	5,800

As of June 30, 2026 and December 31, 2025, real estate investments of $56 million and $63 million, respectively, met the criteria as held-for-sale.

8. Variable Interest Entities and Equity Method Investments

Through our investment activities, we regularly invest in various entities including limited partnerships (“LPs”) and limited liability companies (“LLCs”) and frequently participate in the design with their sponsor, but in most cases, our involvement is limited to financing. Some of these investments have been determined to be VIEs. In certain instances, in addition to an economic interest in the entity, the Company holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary. The Company consolidates all VIEs for which it is the primary beneficiary. The assets of consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as the Company’s obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these consolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2026 and December 31, 2025.

In addition to investment activities, certain of the Company’s subsidiaries are deemed VIEs. The Company is the primary beneficiary and consolidates these entities in the same manner as other entities in which the Company has a controlling financial interest by holding a majority voting interest.

Consolidated Variable Interest Entities

The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows:


	June 30, 2026		December 31, 2025
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	226	$	74
Equity securities	187		693
Mortgage loans on real estate, net of allowance	458		248
Private loans, net of allowance	1,953		2,007
Investment real estate	2,875		2,660
Real estate partnerships	1,668		1,479
Investment funds	3,052		2,604
Short-term investments	—		2
Other invested assets	831		326
Cash and cash equivalents	350		293
Other assets	143		166
Total assets of consolidated VIEs	$	11,743	$	10,552

Notes payable	$	206	$	205
Other liabilities	751		733
Total liabilities of consolidated VIEs	$	957	$	938

Unconsolidated Variable Interest Entities

For certain of the Company’s investments in various entities that are determined to be VIEs, the Company is not the primary beneficiary. In some instances, a consolidated VIE involves one or more underlying entities for which the Company is not the primary beneficiary because it does not have the power to direct the most significant activities of these entities. These unconsolidated VIEs that are part of consolidated VIEs are reported primarily in “Investment real estate and real estate partnerships” on the Condensed Consolidated Statements of Financial Position. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as the Company’s obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these unconsolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2026 and December 31, 2025.

The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows:


	June 30, 2026				December 31, 2025
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	4,612	$	5,149	$	2,829	$	3,137

Mortgage loans on real estate, net of allowance	494		494		562		562
Private loans, net of allowance	2,157		2,184		1,809		1,809

Real estate partnerships	2,691		2,695		2,681		2,685
Investment funds	3,532		5,602		2,182		3,470

Other invested assets	1,017		1,164		524		524

Total	$	14,503	$	17,288	$	10,587	$	12,187

Equity Method Investments

Our investments in investment funds, real estate partnerships, and other partnerships, of which substantially all are LLCs or LPs, are accounted for using the equity method of accounting, except for certain investments that are fair valued due to the application of fair value option under ASC 825 or the consolidation of investment company VIEs under ASC 946. The fair value of certain investments is estimated using net asset value (“NAV”) as a practical expedient.

The Company’s investments that would require the use of equity method accounting, absent the election of the fair value option under ASC 825, were $7.7 billion and $6.4 billion as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, these equity method investments are primarily composed of $3.2 billion and $2.9 billion of real estate partnerships, $3.5 billion and $3.0 billion of investment funds, and $1.1 billion and $0.5 billion of other invested assets, respectively, within the Consolidated Statements of Financial Position. Balance as of June 30, 2026 includes $431 million of common stock of Brookfield Business Corporation (“BBUC”) for which a quoted market price is available. The aggregate value of our interest in BBUC based on the quoted market price as of June 30, 2026 was $509 million.

The Company generally recognizes its share of earnings in its equity method investments within “Net investment income”. For the three and six months ended June 30, 2026 and 2025, net investment income for Real estate partnerships and Investment funds in Note 10 - Net Investment Income and Investment Related Gains (Losses) principally represents our share of earnings in our equity method investments, including fair value changes from investments under ASC 825.

9. Derivative Instruments

The Company manages risks associated with certain assets and liabilities by using derivative financial instruments. Derivative financial instruments are financial contracts whose value is derived from underlying interest rates, exchange rates or other financial instruments. The Company does not invest in derivatives for speculative purposes.

Foreign exchange forwards, cross currency and interest rate swaps, and equity-indexed options are over-the-counter contractual agreements negotiated between counterparties. The Company purchases equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. Foreign exchange forwards, cross currency swaps, and interest rate swaps are used to manage our exposure to foreign currency risk, interest rate risk or both.

The notional principal represents the amount to which a rate or price is applied to determine the cash flows to be exchanged periodically and does not represent credit exposure. Maximum credit risk is the estimated cost of replacing derivative financial instruments which have a positive value, should the counterparty default.

Derivatives, except for embedded derivatives, are included in “Other invested assets” or “Other liabilities”, at fair value in the Condensed Consolidated Statements of Financial Position. Embedded derivative liabilities on funds withheld and modified coinsurance (“Modco”) arrangements and embedded derivative liabilities on indexed annuity products are included in the Condensed Consolidated Statements of Financial Position within the “Funds withheld for reinsurance liabilities” and “Policyholders’ account balances” lines respectively, at fair value.

The notional and fair values of derivative instruments, presented in the Condensed Consolidated Statements of Financial Position, are shown below:


	Primary Underlying Risk	Location in the Condensed Consolidated Statements of Financial Position	June 30, 2026						December 31, 2025
			Notional Amount		Carrying Value / Fair Value (1)				Notional Amount		Carrying Value / Fair Value (1)
					Assets		Liabilities				Assets		Liabilities
			(Dollars in millions)
Derivatives Designated as Hedging Instruments:


Foreign exchange forwards	Foreign currency	Other invested assets, Other liabilities	$	751	$	9	$	5	$	656	$	—	$	11


Interest rate swaps	Interest rate	Other invested assets, Other liabilities	2,914		6		35		1,797		12		—

Derivatives Not Designated as Hedging Instruments:
Equity-indexed options	Equity	Other invested assets, Other liabilities	47,200		1,601		—		46,883		1,570		—

Foreign exchange forwards	Foreign currency	Other invested assets, Other liabilities	4,149		57		13		3,218		4		24
Cross currency swaps	Foreign currency	Other invested assets, Other liabilities	1,036		7		18		949		35		14






Embedded Derivatives:
Indexed annuity products	Interest rate	Policyholders’ account balances	—		—		6,625		—		—		6,414
Funds withheld and Modco arrangements	Interest rate	Funds withheld for reinsurance liabilities	—		—		20		—		—		74
			$	56,050	$	1,680	$	6,716	$	53,503	$	1,621	$	6,537

(1)The asset and liability balances are presented on a gross basis. Amounts are reported as “Other invested assets” and “Other liabilities” in the Condensed Consolidated Statements of Financial Position after the evaluation for rights of offset. See “Derivative Exposure” section of this note for further details.

Derivatives Designated as Hedging Instruments

The Company has designated and accounted for certain foreign exchange forwards (“foreign currency derivatives”) as fair value hedges to protect a portion of the available-for-sale fixed maturity securities against changes in fair value due to changes in exchange rates. The Company has also designated and accounted for certain interest rate swaps (“interest rate derivatives”) as fair value hedges to convert a portion of PAB from a fixed rate liability to a floating rate liability.

For derivative financial instruments that were designated and qualified as fair value hedges, the gain or loss on the portion of the derivative instrument included in the assessment of hedge effectiveness and the offsetting gain or loss on the hedged item attributable to the hedged risk were recognized in the same line item in the Condensed Consolidated Statements of Operations. The unrealized gain or loss attributable to changes in exchange rates on the available-for-sale fixed maturity securities that were designated as part of the hedge were reclassified out of other comprehensive income (“OCI”) into “Investment related gains (losses)” in the Condensed Consolidated Statements of Operations. The remaining change in unrealized gain or loss on the hedged item not associated with the risk being hedged remained as a component of OCI. The gains (losses) on interest rate derivatives designated as hedging instruments for certain PAB are included in “Interest sensitive contract benefits” in the Condensed Consolidated Statements of Operations.

The following represents the amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedges:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Foreign currency derivatives:
Hedged items	$	(12)	$	45	$	(30)	$	72
Derivatives designated as hedging instruments	12		(45)		30		(72)
Interest rate derivatives:
Hedged items	29		8		42		18
Derivatives designated as hedging instruments	(29)		(8)		(42)		(18)
Gains (losses) on fair value hedges	$	—	$	—	$	—	$	—

The amortized cost of available-for-sale fixed maturity securities designated and qualifying as hedged items in fair value hedges in relation to foreign currency derivatives was $540 million and $593 million as of June 30, 2026 and December 31, 2025, respectively.

The following table presents the carrying amount and cumulative fair value hedging adjustments for a portion of PAB designated and qualifying as hedged items in fair value hedges in relation to interest rate derivatives:


	Carrying Amount of the Hedged Assets (Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedge Assets (Liabilities)
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
	(Dollars in millions)
Location in the Condensed Consolidated Statements of Financial Position:

Policyholders’ account balances	$	(3,307)	$	(2,224)	$	35	$	(11)

Derivatives Not Designated as Hedging Instruments

The following represents the financial statement location and amount of gains (losses) related to derivatives not designated as hedging instruments:


	Location in the Condensed Consolidated Statements of Operations	Derivative Gains (Losses) Recognized in Income
		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
		(Dollars in millions)
Equity-indexed options	Change in fair value of insurance-related derivatives and embedded derivatives	$	694	$	232	$	258	$	(102)

Foreign exchange forwards	Investment related gains (losses)	15		(124)		57		(189)
Cross currency swaps	Investment related gains (losses)	8		15		(30)		15






Embedded derivatives:
Indexed annuity products	Change in fair value of insurance-related derivatives and embedded derivatives	(483)		(354)		(218)		(199)
Funds withheld and Modco arrangements	Change in fair value of insurance-related derivatives and embedded derivatives	21		(9)		54		(29)
		$	255	$	(240)	$	121	$	(504)

Derivative Exposure

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The minimum credit rating of our counterparties is A- as of June 30, 2026 and A- as of December 31, 2025, and all derivatives have been appropriately collateralized by the Company and the counterparties in accordance with the terms of the derivative agreements. The Company holds collateral in cash and notes secured by U.S. government-backed assets. The non-performance risk is the net counterparty exposure based on fair value of open contracts less fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. A right of offset has been applied to collateral that supports credit risk and has been recorded in the Condensed Consolidated Statements of Financial Position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. A right of offset has also been applied to derivative assets and liabilities with the same counterparty under the same master netting agreement, and such derivative instruments are presented on a net basis in the Condensed Consolidated Statements of Financial Position.

Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:


			Gross Amounts Offset in the Condensed Consolidated Statements of Financial Position
	Gross Amount of Derivative Instruments (1)		Counterparty Netting (2)		Cash Collateral (3)		Net Amount Presented in the Consolidated Statements of Financial Position		Collateral (Received) Pledged in Invested Assets (3)		Net Amount After Collateral
	(Dollars in millions)
As of June 30, 2026
Total derivative assets	$	1,680	$	(56)	$	(1,554)	$	70	$	—	$	70
Total derivative liabilities	(71)		56		—		(15)		1		(14)

As of December 31, 2025
Total derivative assets	$	1,621	$	(35)	$	(1,548)	$	38	$	(28)	$	10
Total derivative liabilities	(49)		35		—		(14)		—		(14)

(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

(3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2026 and December 31, 2025, the Company held excess collateral of $5 million and $115 million, respectively.

10. Net Investment Income and Investment Related Gains (Losses)

Net investment income is shown below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	824	$	567	$	1,627	$	1,203
Equity securities	2		(1)		10		5
Mortgage loans	172		186		350		386
Private loans	182		111		358		202
Investment real estate	23		19		34		20
Real estate partnerships	14		(10)		48		15
Investment funds	40		69		77		129
Policy loans	5		6		11		12
Short-term investments, cash and cash equivalents	65		168		149		310
Other invested assets and investment expenses	(38)		24		(86)		108
Total net investment income	$	1,289	$	1,139	$	2,578	$	2,390

Net unrealized and realized investment gains (losses) are shown below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	(4)	$	49	$	(20)	$	110
Equity securities	84		27		32		33
Mortgage loans	(29)		(6)		(18)		(2)
Private loans	(6)		30		(18)		33
Investment real estate	(3)		7		39		(1)
Real estate partnerships	—		(8)		—		(8)
Investment funds	(3)		(2)		(5)		(1)
Short-term and other investments (1)	20		(108)		19		(172)
Total investment related gains (losses), net	$	59	$	(11)	$	29	$	(8)

(1)Includes derivatives gains (losses). See Note 9 - Derivative Instruments for details.

11. Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction as of the measurement date from the perspective of a market participant. The Company has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 - Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation

The fair value hierarchy measurements for assets and liabilities measured at fair value on a recurring basis are shown below:


	Total Fair Value		Level 1		Level 2		Level 3
	(Dollars in millions)
June 30, 2026
Assets
Available-for-sale fixed maturity securities:
U.S. treasury and government	$	68	$	57	$	11	$	—
U.S. state and municipal	2,886		—		2,886		—
Foreign governments	3,238		—		3,187		51
Corporate debt securities	44,143		1		42,479		1,663
Residential mortgage-backed securities	896		—		878		18
Commercial mortgage-backed securities	2,860		—		2,839		21
Collateralized debt securities	7,507		—		1,761		5,746
Total available-for-sale fixed maturity securities	61,598		58		54,041		7,499
Equity securities:
Common stock	144		52		2		90
Preferred stock	441		6		43		392

Total equity securities	585		58		45		482
Investment real estate at fair value (1)	1,245		—		—		1,245
Real estate partnerships at fair value (1)	1,920		—		—		1,920
Investment funds (2)	150		—		—		150
Short-term investments (3)	484		—		484		—
Other invested assets:
Derivative assets	1,624		—		1,431		193
Collaterals received on derivatives (excluding excess collateral)	(1,554)		(1,554)		—		—
Separately managed accounts	49		—		—		49
Other (4)	577		—		—		577
Cash and cash equivalents	8,416		8,416		—		—
Reinsurance recoverables and deposit assets – market risk benefits	604		—		—		604


Other assets – market risk benefit assets	1,167		—		—		1,167
Separate account assets	874		857		17		—
Total assets	$	77,739	$	7,835	$	56,018	$	13,886

Liabilities
Policyholders’ account balances - embedded derivative	$	6,625	$	—	$	—	$	6,625
Market risk benefits	4,751		—		—		4,751
Funds withheld for reinsurance liabilities - embedded derivative	20		—		—		20
Other liabilities - derivative liabilities	15		—		15		—
Separate account liabilities	874		857		17		—
Total liabilities	$	12,285	$	857	$	32	$	11,396

(1)Balances represent real estate partnerships in which the Company has elected the fair value option under ASC 825. Real estate partnerships accounted for as equity method investments are $1.3 billion and real estate held at amortized cost is $1.8 billion as of June 30, 2026.

(2)Balances represent financial assets that are fair valued as a result of consolidation of investment company VIEs in accordance with ASC 946. Investment funds accounted for as equity method investments are $3.1 billion and investment funds measured using NAV as a practical expedient are $330 million as of June 30, 2026.

(3)There were no amounts loaned under reverse repurchase agreements as of June 30, 2026.

(4)Other invested assets accounted for as equity method investments, and therefore excluded from the table, are $660 million as of June 30, 2026.


	Total Fair Value		Level 1		Level 2		Level 3
	(Dollars in millions)
December 31, 2025
Assets
Available-for-sale fixed maturity securities:
U.S. treasury and government	$	68	$	54	$	14	$	—
U.S. state and municipal	2,949		—		2,949		—
Foreign governments	1,169		—		1,147		22
Corporate debt securities	43,141		—		41,915		1,226
Residential mortgage-backed securities	1,008		—		989		19
Commercial mortgage-backed securities	3,121		—		3,012		109
Collateralized debt securities	6,536		—		2,247		4,289
Total available-for-sale fixed maturity securities	57,992		54		52,273		5,665
Equity securities:
Common stock	757		670		2		85
Preferred stock	414		5		63		346

Total equity securities	1,171		675		65		431
Investment real estate at fair value (1)	1,253		—		—		1,253
Real estate partnerships at fair value (1)	1,894		—		—		1,894
Investment funds (2)	152		—		—		152
Short-term investments (3)	600		—		379		221
Other invested assets:
Derivative assets	1,586		—		1,383		203
Collaterals received on derivatives (excluding excess collateral)	(1,548)		(1,548)		—		—
Separately managed accounts	54		—		—		54
Other (4)	410		—		—		410
Cash and cash equivalents	11,660		11,660		—		—
Reinsurance recoverables and deposit assets – market risk benefits	605		—		—		605

Other assets – market risk benefit assets	1,174		—		—		1,174
Separate account assets	822		804		18		—
Total assets	$	77,825	$	11,645	$	54,118	$	12,062

Liabilities
Policyholders’ account balances – embedded derivative	$	6,414	$	—	$	—	$	6,414
Market risk benefits	4,536		—		—		4,536
Funds withheld for reinsurance liabilities – embedded derivatives	74		—		—		74
Other liabilities – derivative liabilities	14		—		14		—
Separate account liabilities	822		804		18		—
Total liabilities	$	11,860	$	804	$	32	$	11,024

(1)Balances represent real estate partnerships in which the Company has elected the fair value option under ASC 825. Real estate partnerships accounted for as equity method investments are $1.1 billion and directly held real estate is $2.8 billion as of December 31, 2025.

(2)Balances represent financial assets that are fair valued as a result of consolidation of investment company VIEs in accordance with ASC 946. Investment funds accounted for as equity method investments are $2.4 billion and investment funds measured using NAV as a practical expedient are $640 million as of December 31, 2025.

(3)Balance as of December 31, 2025 includes $400 million of amounts loaned under reverse repurchase agreements. The fair value of the collateral received under these agreements was $872 million as of December 31, 2025.

(4)Other invested assets accounted for as equity method investments, and therefore excluded from the table, are $215 million as of December 31, 2025.

The carrying amount and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below. The table below excludes accrued investment income, which is recorded at amortized cost in the statements of financial position, as their carrying amounts approximate fair values due to their short-term nature.


	Carrying Amount		Fair Value		Fair Value Hierarchy Level
					Level 1		Level 2		Level 3
	(Dollars in millions)
June 30, 2026
Assets
Mortgage loans on real estate, net of allowance	$	11,554	$	11,510	$	—	$	—	$	11,510
Private loans, net of allowance	8,949		9,099		—		41		9,058
Policy loans	238		238		—		—		238
Deposit assets, included in reinsurance recoverables and deposit assets (1)	4,376		4,326		—		—		4,326
Other invested assets	847		847		—		427		420
Total assets	$	25,964	$	26,020

Liabilities
Policyholders' account balances – excluding embedded derivative (1)	$	86,295	$	86,295	$	—	$	—	$	86,295
Long term borrowings	2,957		2,979		—		—		2,979
Notes payable	206		206		—		—		206
Funds withheld for reinsurance liabilities - excluding embedded derivative	2,867		2,867		—		—		2,867

Total liabilities	$	92,325	$	92,347

	Carrying Amount		Fair Value		Fair Value Hierarchy Level
					Level 1		Level 2		Level 3
	(Dollars in millions)
December 31, 2025
Assets
Mortgage loans on real estate, net of allowance	$	11,113	$	11,211	$	—	$	—	$	11,211
Private loans, net of allowance	8,926		8,982		—		74		8,908
Policy loans	234		234		—		—		234
Deposit assets, included in reinsurance recoverables and deposit assets (1)	4,835		4,747		—		—		4,747
Other invested assets	768		768		—		417		351
Total assets	$	25,876	$	25,942

Liabilities
Policyholders' account balances – excluding embedded derivative (1)	$	83,782	$	83,782	$	—	$	—	$	83,782

Long term borrowings	2,951		3,045		—		—		3,045
Notes payable	205		205		—		—		205
Funds withheld for reinsurance liabilities - excluding embedded derivative	3,014		3,014		—		—		3,014

Total liabilities	$	89,952	$	90,046

(1)Excludes balances associated with contracts that involve significant mortality or morbidity risks, as these fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

For assets and liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below:


	Three Months Ended June 30, 2026
	Assets				Liabilities (2)
	Invested Assets (1)		Derivative Assets		Policyholders’ Account Balances – Embedded Derivative		Funds Withheld for Reinsurance Liabilities - Embedded Derivative
	(Dollars in millions)
Balance, beginning of period	$	10,389	$	145	$	6,060	$	41

Fair value changes in net income	46		71		167		(21)
Fair value changes in other comprehensive income	(110)		—		—		—
Purchases	2,010		43		—		—
Sales	(357)		—		—		—
Settlements or maturities	(55)		(66)		—		—
Premiums less benefits	—		—		398		—
Transfers into Level 3	(1)		—		—		—

Balance, end of period	$	11,922	$	193	$	6,625	$	20

	Three Months Ended June 30, 2025
	Assets				Liabilities (2)
	Invested Assets (1)		Derivative Assets		Policyholders’ Account Balances – Embedded Derivative		Funds Withheld for Reinsurance Liabilities - Embedded Derivative
	(Dollars in millions)
Balance, beginning of period	$	9,636	$	149	$	948	$	55

Fair value changes in net income	49		66		242		8
Fair value changes in other comprehensive income	(11)		—		—		—
Purchases	1,207		34		—		—
Sales	(1,508)		—		—		—
Settlements or maturities	(133)		(61)		—		—
Premiums less benefits	—		—		1		—
Transfers into Level 3	235		—		5,066		—
Transfers out of Level 3	(1,625)		—		—		—
Balance, end of period	$	7,850	$	188	$	6,257	$	63


	Six Months Ended June 30, 2026
	Assets				Liabilities (2)
	Invested Assets (1)		Derivative Assets		Policyholders’ Account Balances – Embedded Derivative		Funds Withheld for Reinsurance Liabilities - Embedded Derivative
	(Dollars in millions)
Balance, beginning of year	$	10,080	$	203	$	6,414	$	74

Fair value changes in net income	112		36		(144)		(54)
Fair value changes in other comprehensive income	(139)		—		—		—
Purchases	2,445		80		—		—
Sales	(428)		—		—		—
Settlements or maturities	(382)		(126)		—		—
Premiums less benefits	—		—		355		—
Transfers into Level 3	342		—		—		—
Transfers out of Level 3	(108)		—		—		—
Balance, end of period	$	11,922	$	193	$	6,625	$	20

	Six Months Ended June 30, 2025
	Assets				Liabilities (2)
	Invested Assets (1)		Derivative Assets		Policyholders’ Account Balances – Embedded Derivative		Funds Withheld for Reinsurance Liabilities - Embedded Derivative
	(Dollars in millions)
Balance, beginning of year	$	8,880	$	223	$	1,123	$	37

Fair value changes in net income	103		28		(26)		26
Fair value changes in other comprehensive income	15		—		—		—
Purchases	1,367		67		—		—
Sales	(1,553)		—		—		—
Settlements or maturities	(146)		(130)		—		—
Premiums less benefits	—		—		94		—
Transfers into Level 3	930		—		5,066		—
Transfers out of Level 3	(1,746)		—		—		—
Balance, end of period	$	7,850	$	188	$	6,257	$	63

(1)Balance includes separately managed accounts.

(2)See Note 18 - Market Risk Benefits for the reconciliation of the beginning and ending balances for market risk benefits.

Transfers into and out of Level 3 during the three and six months ended June 30, 2026 were primarily the result of changes in observable pricing. The Company’s valuation of financial instruments categorized as Level 3 in the fair value hierarchy are based on valuation techniques that use significant inputs that are unobservable or had a decline in market activity that obscured observability. The fair values of these assets and liabilities are subject to significant management judgment and estimation, and inherently, the use of different assumptions or valuation methodologies may have a material effect on such value. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and discounted cash flow methodology based on spread/yield assumptions.

12. Reinsurance

The Company reinsures its business through a diversified group of reinsurers (“reinsurance ceded”) and assumes certain business by entering into agreements with third-party insurers (“reinsurance assumed”). Under reinsurance ceded transactions, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances is evaluated by monitoring ratings and the financial strength of its reinsurers.

The effect of reinsurance on the applicable line items on our Condensed Consolidated Statements of Operations is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Premiums earned:
Gross amounts, including reinsurance assumed	$	201	$	438	$	422	$	952
Reinsurance ceded	(59)		(84)		(135)		(140)
Net amount	$	142	$	354	$	287	$	812

Other policy revenue:
Gross amounts, including reinsurance assumed	$	242	$	252	$	456	$	480
Reinsurance ceded	(52)		(80)		(104)		(159)
Net amount	$	190	$	172	$	352	$	321

Policyholder benefits and claims incurred:
Gross amounts, including reinsurance assumed	$	360	$	683	$	773	$	1,393
Reinsurance ceded	(116)		(173)		(298)		(281)
Net amount	$	244	$	510	$	475	$	1,112

Change in fair value of market risk benefits:
Gross amounts, including reinsurance assumed	$	119	$	(26)	$	247	$	366
Reinsurance ceded	(10)		(21)		1		(52)
Net amount	$	109	$	(47)	$	248	$	314

Interest sensitive contract benefits:
Gross amounts, including reinsurance assumed	$	865	$	544	$	1,447	$	1,094
Reinsurance ceded	(103)		(59)		(140)		(97)
Net amount	$	762	$	485	$	1,307	$	997

The following summarizes our significant life and annuity reinsurance treaties and related recoverables:


	Reinsurance Recoverable				Agreement Type	Products Covered
	June 30, 2026		December 31, 2025
	(Dollars in millions)
Principal Reinsurers:
Athene Life Re Ltd.	$	1,150	$	1,367	Coinsurance Funds Withheld, Modified Coinsurance	Certain Fixed Annuities and Multi-Year Guaranteed Annuities
AeBe ISA LTD	3,633		3,860		Coinsurance Funds Withheld, Coinsurance	Certain Fixed Index and Fixed Rate Annuities
Reinsurance Group of America Inc. (RGA)	3,642		3,569		Coinsurance	Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies
	$	8,425	$	8,796

There were no significant changes to third party or intercompany reinsurance agreements for the three and six months ended June 30, 2026.

13. Separate Account Assets and Liabilities

The following table presents the changes in the Company’s separate account assets and liabilities:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Balance, beginning of period	$	780	$	1,253	$	822	$	1,343
Additions (deductions):


Policyholder deposits	13		14		29		33
Net investment income	—		9		19		32
Net realized capital gains (losses) on investments	113		78		78		35
Policyholder benefits and withdrawals	(31)		(22)		(65)		(53)
Net transfer from (to) general account	3		(6)		(1)		(60)
Policy charges	(4)		(4)		(8)		(8)
Total changes	94		69		52		(21)
Balance, end of period	$	874	$	1,322	$	874	$	1,322

Cash surrender value	$	847	$	747	$	847	$	747

14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

The following tables present a rollforward of deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”) and value of business acquired (“VOBA”) for the periods indicated:


	Three Months Ended June 30, 2026
	Annuities		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	2,068	$	387	$	2,455
Additions	187		10		197
Amortization	(50)		(6)		(56)
Net change	137		4		141
Balance, end of period	2,205		391		2,596

DSI
Balance, beginning of period	1,224		—		1,224
Additions	124		—		124
Amortization	(26)		—		(26)
Net change	98		—		98
Balance, end of period	1,322		—		1,322

VOBA
Balance, beginning of period	7,876		60		7,936


Amortization	(188)		(1)		(189)


Balance, end of period	7,688		59		7,747
Total DAC, DSI, and VOBA Asset	$	11,215	$	450	$	11,665

	Three Months Ended June 30, 2025
	Annuities		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	1,100	$	317	$	1,417
Additions	289		27		316
Amortization	(35)		(9)		(44)
Net change	254		18		272
Balance, end of period	1,354		335		1,689

DSI
Balance, beginning of period	528		—		528
Additions	206		—		206
Amortization	(11)		—		(11)
Net change	195		—		195
Balance, end of period	723		—		723

VOBA
Balance, beginning of period	8,654		64		8,718


Amortization	(190)		(1)		(191)


Balance, end of period	8,464		63		8,527
Total DAC, DSI, and VOBA Asset	$	10,541	$	398	$	10,939


	Six Months Ended June 30, 2026
	Annuities		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	1,893	$	377	$	2,270
Additions	412		25		437
Amortization	(100)		(11)		(111)
Net change	312		14		326
Balance, end of period	2,205		391		2,596

DSI
Balance, beginning of period	1,114		—		1,114
Additions	258		—		258
Amortization	(50)		—		(50)
Net change	208		—		208
Balance, end of period	1,322		—		1,322

VOBA
Balance, beginning of period	8,068		61		8,129


Amortization	(380)		(2)		(382)


Balance, end of period	7,688		59		7,747
Total DAC, DSI, and VOBA Asset	$	11,215	$	450	$	11,665

	Six Months Ended June 30, 2025
	Annuities		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	892	$	306	$	1,198
Additions	525		45		570
Amortization	(63)		(16)		(79)
Net change	462		29		491
Balance, end of period	1,354		335		1,689

DSI
Balance, beginning of period	393		—		393
Additions	349		—		349
Amortization	(19)		—		(19)
Net change	330		—		330
Balance, end of period	723		—		723

VOBA
Balance, beginning of period	8,848		65		8,913


Amortization	(384)		(2)		(386)


Balance, end of period	8,464		63		8,527
Total DAC, DSI, and VOBA Asset	$	10,541	$	398	$	10,939

The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2026:


Years	(Dollars in millions)
2026 (1)	$	363
2027	679
2028	623
2029	568
2030	520
Thereafter	4,994
Total amortization expense	$	7,747

(1)Expected amortization for the remainder of 2026.

15. Intangible Assets

The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination.


	June 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Dollars in millions)
Definite-lived intangible assets:
Distributor relationships	$	1,440	$	(128)	$	1,312	$	1,445	$	(103)	$	1,342
Trade name	58		(14)		44		58		(11)		47

Software and other	279		(182)		97		125		(40)		85

Total definite-lived intangible assets	1,777		(324)		1,453		1,628		(154)		1,474

Indefinite-lived intangible assets:
Insurance licenses	27		—		27		27		—		27
Total indefinite-lived intangible assets	27		—		27		27		—		27
Total intangible assets	$	1,804	$	(324)	$	1,480	$	1,655	$	(154)	$	1,501

No impairment expenses of intangible assets were recognized for the three and six months ended June 30, 2026 and 2025. The Company estimates that its intangible assets do not have any significant residual value in determining their amortization. Amortization expenses for definite-lived intangible assets were $151 million and $170 million for the three and six months ended June 30, 2026, and $21 million and $50 million for the three and six months ended June 30, 2025, respectively.

The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of June 30, 2026.


Years	(Dollars in millions)
2026 (1)	$	52
2027	94
2028	86
2029	76
2030	71
Thereafter	1,074
Total amortization expense	$	1,453

(1)Expected amortization for the remainder of 2026.

16. Future Policy Benefits

The reconciliation of the balances described in the table below to “Future policy benefits” in the Condensed Consolidated Statements of Financial Position is as follows.


	June 30, 2026		December 31, 2025
	(Dollars in millions)
Future policy benefits:
Annuities	$	7,021	$	7,142
Life Insurance	1,934		1,917
Deferred profit liability:
Annuities	82		76
Life Insurance	101		99
Other contracts and VOBA liability	1,741		1,728
Total future policy benefits	$	10,879	$	10,962

Future Policy Benefits

The balances and changes in the liability for future policy benefits are as follows:


	Six Months Ended June 30,
	2026								2025
	Annuities			Life Insurance			Total		Annuities			Life Insurance			Total
	(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period	$	—		$	2,183		$	2,183	$	—		$	2,353		$	2,353
Beginning balance at original discount rate	—			2,302			2,302		—			2,507			2,507
Effect of changes in cash flow assumptions (1)	—			(17)			(17)		—			65			65
Effect of actual variances from expected experience	2			(7)			(5)		(1)			(55)			(56)
Adjusted beginning of period balance	2			2,278			2,280		(1)			2,517			2,516

Issuances	180			12			192		666			5			671
Interest accrual	1			46			47		5			48			53
Net premiums collected	(186)			(158)			(344)		(673)			(148)			(821)
Derecognitions (lapses and withdrawals)	3			—			3		3			—			3

Ending balance at original discount rate	—			2,178			2,178		—			2,422			2,422
Effect of changes in discount rate assumptions	—			(107)			(107)		—			(114)			(114)
Balance, end of period	$	—		$	2,071		$	2,071	$	—		$	2,308		$	2,308

Present Value of Expected Future Policy Benefits:
Balance, beginning of period	$	7,142		$	4,100		$	11,242	$	5,532		$	4,169		$	9,701
Beginning balance at original discount rate	7,135			4,459			11,594		5,668			4,601			10,269
Effect of changes in cash flow assumptions (1)	31			(53)			(22)		6			77			83
Effect of actual variances from expected experience	(43)			11			(32)		(34)			(56)			(90)
Adjusted beginning of period balance	7,123			4,417			11,540		5,640			4,622			10,262

Issuances	188			12			200		669			5			674
Interest accrual	154			90			244		138			89			227
Benefit payments	(334)			(177)			(511)		(265)			(153)			(418)
Derecognitions (lapses and withdrawals)	9			—			9		28			—			28
Foreign currency translation	(21)			—			(21)		107			—			107
Ending balance at original discount rate	7,119			4,342			11,461		6,317			4,563			10,880
Effect of changes in discount rate assumptions	(98)			(337)			(435)		(45)			(360)			(405)

Balance, end of period	$	7,021		$	4,005		$	11,026	$	6,272		$	4,203		$	10,475

Liability for future policy benefits	$	7,021		$	1,934		$	8,955	$	6,272		$	1,895		$	8,167
Less: Reinsurance recoverables	(2)			(1,266)			(1,268)		(1)			(1,311)			(1,312)
Net liability for future policy benefits, after reinsurance recoverables	$	7,019		$	668		$	7,687	$	6,271		$	584		$	6,855

Weighted-average liability duration of future policy benefits (years)	8 years			13 years					6 years			14 years

Weighted average interest accretion rate	5.36		%	4.75		%			5.28		%	4.77		%
Weighted average current discount rate	5.51		%	5.67		%			5.36		%	5.69		%

(1)For the six months ended June 30, 2026 and 2025, the Company recognized liability remeasurement losses of $60 million and $31 million, respectively, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the Condensed Consolidated Statements of Operations.

The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:


	June 30, 2026				June 30, 2025
	Undiscounted		Discounted		Undiscounted		Discounted
	(Dollars in millions)
Annuities
Expected future benefit payments	$	12,266	$	7,021	$	10,620	$	6,245
Expected future gross premiums	—		—		—		—

Life Insurance
Expected future benefit payments	8,161		4,005		8,675		4,203
Expected future gross premiums	4,978		2,938		5,482		3,259

Total
Expected future benefit payments	20,427		11,026		19,295		10,448
Expected future gross premiums	4,978		2,938		5,482		3,259

The amount of revenue and interest recognized in the Condensed Consolidated Statements of Operations follows:


	Six Months Ended June 30,
	2026		2025		2026		2025
	Gross Premiums or Assessments				Interest Expense
	(Dollars in millions)
Annuities	$	192	$	687	$	153	$	118
Life Insurance	185		206		44		41

17. Policyholders' Account Balances

Policyholders’ account balances relate to investment-type contracts and universal life-type policies as well as balances relating to funding agreements. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and group annuity contracts.

The balances and changes in policyholders’ account balances are as follows:


	Six Months Ended June 30,
	2026								2025
	Annuities			Life Insurance			Total		Annuities			Life Insurance			Total
	(Dollars in millions)
Balance, beginning of period	$	86,999		$	2,193		$	89,192	$	80,046		$	2,107		$	82,153
Issuances	6,229			7			6,236		7,062			26			7,088

Premiums received	63			216			279		62			218			280
Policy charges	(313)			(181)			(494)		(287)			(189)			(476)
Surrenders and withdrawals	(5,550)			(64)			(5,614)		(5,037)			(55)			(5,092)
Interest credited	1,726			64			1,790		1,441			51			1,492
Benefit payments	(640)			—			(640)		(538)			—			(538)

Other	(5)			—			(5)		4			—			4
Balance, end of period	$	88,509		$	2,235		$	90,744	$	82,753		$	2,158		$	84,911

Reconciling items:
Funding agreements	$	3,509		$	—		$	3,509	$	930		$	—		$	930
Supplemental contracts	956			—			956		496			—			496
Embedded derivative and other	761			94			855		508			89			597
Total PAB balance, end of period	$	93,735		$	2,329		$	96,064	$	84,687		$	2,247		$	86,934

Weighted-average crediting rate	3.60		%	5.55		%			3.40		%	5.17		%
Net amount at risk (1)	$	13,803		$	38,083				$	12,907		$	38,673
Cash surrender value	$	81,571		$	2,024				$	76,292		$	1,919

(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.


		June 30, 2026
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 - 50 Basis Points Above		51 - 150 Basis Points Above		> 150 Basis Points Above		Other (1)		Total
		(Dollars in millions)
Annuities	0% - 1%	$	2,997	$	2,450	$	3,866	$	5,601	$	—	$	14,914
	1% - 2%	2,262		254		787		1,026		—		4,329
	2% - 3%	1,800		515		369		17,167		—		19,851
	Greater than 3%	252		5		11		5		—		273
Products with either a fixed rate or no guaranteed minimum crediting rate		—		—		—		—		49,142		49,142
	Total	$	7,311	$	3,224	$	5,033	$	23,799	$	49,142	$	88,509

Life Insurance	0% - 1%	$	—	$	—	$	—	$	—	$	—	$	—
	1% - 2%	42		6		68		900		—		1,016
	2% to 3%	378		—		222		—		—		600
	Greater than 3%	602		—		—		17		—		619
Products with either a fixed rate or no guaranteed minimum crediting rate		—		—		—		—		—		—
	Total	$	1,022	$	6	$	290	$	917	$	—	$	2,235

		June 30, 2025
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 - 50 Basis Points Above		51 - 150 Basis Points Above		> 150 Basis Points Above		Other (1)		Total
		(Dollars in millions)
Annuities	0% - 1%	$	3,715	$	2,668	$	4,170	$	4,868	$	—	$	15,421
	1% - 2%	1,569		307		1,008		1,596		—		4,480
	2% - 3%	1,931		373		217		11,323		—		13,844
	Greater than 3%	270		5		6		11		—		292
Products with either a fixed rate or no guaranteed minimum crediting rate		—		—		—		—		48,716		48,716
	Total	$	7,485	$	3,353	$	5,401	$	17,798	$	48,716	$	82,753

Life Insurance	0% - 1%	$	—	$	—	$	—	$	—	$	—	$	—
	1% - 2%	38		2		66		791		—		897
	2% to 3%	423		—		221		—		—		644
	Greater than 3%	617		—		—		—		—		617
Products with either a fixed rate or no guaranteed minimum crediting rate		—		—		—		—		—		—
	Total	$	1,078	$	2	$	287	$	791	$	—	$	2,158

(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.

18. Market Risk Benefits

The net balance of market risk benefit (MRB) assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts is as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	3,362	$	2,799
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	3,349		2,549

Issuances	(5)		(6)
Interest accrual	79		70
Attributed fees collected	153		121

Effect of changes in interest rates	(111)		49
Effect of changes in equity markets	120		98
Effect of changes in equity index volatility	2		(43)

Effect of changes in future expected policyholder behavior	7		68
Effect of changes in other future expected assumptions	2		7
Balance, end of period, before effect of changes in the instrument-specific credit	3,596		2,913
Effect of changes in the ending instrument-specific credit risk	(12)		279
Balance, end of period	3,584		3,192
Less: Reinsured MRB, end of period	(600)		(576)
Balance, end of period, net of reinsurance	$	2,984	$	2,616

Net amount at risk (1)	$	13,341	$	12,460
Weighted average attained age of contract holders (years)	71 years		71 years

(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.

The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the Condensed Consolidated Statements of Financial Position follows.


	June 30, 2026
	Asset		Liability		Net Liability
	(Dollars in millions)
Market risk benefits	$	1,167	$	4,751	$	3,584


	December 31, 2025
	Asset		Liability		Net Liability
	(Dollars in millions)
Market risk benefits	$	1,174	$	4,536	$	3,362

19. Long Term Borrowings

The following is a summary of our long term borrowings:


	June 30, 2026		December 31, 2025
	(Dollars in millions)
Term Loan Credit Facility - due May 25, 2027	$	99	$	98
5.000% Senior Notes - due June 15, 2027	494		490
5.750% Senior Notes - due October 1, 2029	597		596
6.144% Senior Notes - due June 13, 2032	497		497
6.000% Senior Notes - due July 15, 2035	692		692
5.000% American Equity Capital Trust II - due June 1, 2047	84		84
7.000% Fixed-Rate Reset Junior Subordinated Notes - due December 1, 2055	494		494
Total	$	2,957	$	2,951

The agreements above require the Company and its subsidiaries to maintain minimum net worth covenants. As of June 30, 2026 and December 31, 2025, the Company was in compliance with its financial covenants.

20. Income Taxes

For the three and six months ended June 30, 2026, the effective tax rates on pre-tax income were 25.7% and 29.7%, respectively. For the three and six months ended June 30, 2026, the Company’s effective rate was higher than the statutory rate of 21% for both periods primarily due to the impact of changes to our Bermuda deferred tax asset and tax credit project expenses charged to tax expense.

For the three and six months ended June 30, 2025, the effective tax rates on pre-tax income were 19.4% and 23.0%, respectively. For the three month period, the effective tax rate was not materially different from the statutory rate of 21%. For the six months ended June 30, 2025, the effective tax rate was higher than the statutory rate of 21% due to pre-tax losses incurred during the period, which generated a tax benefit, and normal tax benefits that further increased our tax benefit.

Pillar Two and Bermuda Corporate Income Tax Regime

In December 2023, the Government of Bermuda enacted a corporate income tax (“CIT”) regime, designed to align with the Organization for Economic Cooperation and Development's ("OECD's") global minimum tax rules. The Corporate Income Tax Act 2023 came into operation in its entirety on January 1, 2025. The regime applies a 15% CIT to Bermuda businesses that are part of Multinational Enterprise Groups with annual revenue of €750 million or more, which includes ANGI. As of June 30, 2026, we had a current tax asset of $44 million and a deferred tax asset of $435 million and as of December 31, 2025, we had a current tax asset of $44 million and a deferred tax asset of $457 million related to this regime.

The Company continues to evaluate the impact of the global minimum tax requirements by monitoring the legislative changes and future developments in relation to Pillar Two across jurisdictions in which the Company operates and assessing their impact on our operations and financial statements.

21. Stockholders' Equity

Common Stock

The Company has 10,000 shares of common stock with a par value of $0.01 per share authorized and outstanding, all of which are held by Brookfield Wealth Solutions Ltd. and its affiliates. See Note 1 - Organization and Description of the Company for additional information.

Preferred Stock - Dividends

Dividends on the Series D preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the 15th day of January, April, July and October of each year, commencing on April 15, 2025. The Series D preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.

During the three months ended June 30, 2026 and 2025, we accrued for dividends totaling $6 million and $6 million for the Series D preferred stock. For the six months ended June 30, 2026 and 2025, we paid dividends totaling $6 million and $6 million for Series D preferred stock.

For the six months ended June 30, 2025, we paid dividends totaling $8 million for Series A preferred stock.

For the three and six months ended June 30, 2025, we paid dividends totaling $5 million and $10 million for Series B preferred stock.

Distribution to Parent

Effective June 17, 2026, the Company approved a distribution to Brookfield Wealth Solutions Ltd. primarily composed of $433 million in promissory notes receivable and other assets. The remainder of the distribution includes property and casualty related assets that will be ultimately transferred to Clearbrook. The impact to stockholders’ equity as a result of this transaction was a decrease of $491 million.

22. Accumulated Other Comprehensive Income

The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below:


	Change in Net Unrealized Investment Gains (Losses)		Change in Discount Rate for Future Policy Benefits		Change in Instrument- Specific Credit Risk for Market Risk Benefits		Defined Benefit Pension Plan Adjustment		Total
	(Dollars in millions)
Balance as of December 31, 2025	$	880	$	159	$	(15)	$	70	$	1,094
Other comprehensive income (loss) before reclassifications	(853)		183		182		(4)		(492)
Amounts reclassified to net income	8		—		—		—		8
Deferred income tax benefit (expense)	178		(39)		(39)		1		101
Balance at March 31, 2026	213		303		128		67		711
Other comprehensive loss before reclassifications	(124)		(77)		(156)		(4)		(361)
Amounts reclassified to net income	7		—		—		—		7
Deferred income tax benefit	26		16		33		1		76
Balance at June 30, 2026	$	122	$	242	$	5	$	64	$	433









Balance as of December 31, 2024	$	154	$	279	$	(196)	$	103	$	340
Other comprehensive income (loss) before reclassifications	397		(35)		68		(4)		426
Amounts reclassified from net income	(7)		—		—		—		(7)
Deferred income tax benefit (expense)	(83)		12		(19)		1		(89)
Balance at March 31, 2025	461		256		(147)		100		670
Other comprehensive income (loss) before reclassifications	191		(57)		(104)		(3)		27
Amounts reclassified from net income	(34)		—		—		—		(34)
Deferred income tax benefit (expense)	(30)		4		26		1		1
Balance at June 30, 2025	$	588	$	203	$	(225)	$	98	$	664

23. Related Party Transactions

The Company has entered into recurring transactions and agreements with certain related parties. The impact on the Condensed Consolidated Financial Statements of significant related party transactions is discussed below.

Investment Management

For the three and six months ended June 30, 2026, the Company paid investment management fees pursuant to investment management agreements with an affiliate of Brookfield Asset Management Ltd. (“BAM”) of $65 million and $127 million, respectively. For the three and six months ended June 30, 2025 the Company paid investment management fees pursuant to investment management agreements with an affiliate of Brookfield Asset Management Ltd. (“BAM”) of $52 million and $99 million, respectively. The Company had $62 million and $57 million of investment management fees payable to an affiliate of BAM as of June 30, 2026 and December 31, 2025, respectively, which are included in “Due to related parties” on the Condensed Consolidated Statements of Financial Position.

Other Related Party Transactions

As of June 30, 2026 and December 31, 2025, we held investments in related parties of $9.6 billion and $9.6 billion, respectively, not including equity method investments. See Note 8 - Variable Interest Entities and Equity Method Investments for details on our equity method investments. Our investments in related parties as of June 30, 2026 and December 31, 2025 include approximately $3.8 billion and $4.2 billion respectively, of private loans with subsidiaries of Brookfield Corporation. The Company’s investments in related parties are net of maturities, prepayments and sales that occurred during the year and reflect any other changes in carrying values during the year, such as fair value changes for investments carried at fair value.

Our investment transactions with related parties for the six months ended June 30, 2026 include the refinancing of an existing $450 million loan provided to subsidiaries of Brookfield Infrastructure Partners L.P. For the six months ended June 30, 2025, we did not have significant investment transactions with related parties.

Subsidiaries of the Company had demand deposit agreements with Brookfield Treasury Management Ltd. (“BTML”), a subsidiary of Brookfield Corporation and BWS US Holdings LLC (“BWS US”), an indirect wholly-owned subsidiary of Brookfield Wealth Solutions Ltd. As of June 30, 2026 and December 31, 2025, the balance under the BTML agreement was $272 million and $265 million, respectively. The balance outstanding under the agreement with BWS US at June 30, 2026 and December 31, 2025 was $357 million and $532 million, respectively. These amounts are included in “Cash and cash equivalents” in the Company's Condensed Consolidated Statements of Financial Position. For the three and six months ended June 30, 2026, the Company earned interest income from these agreements of $11 million and $20 million, respectively, and $8 million and $17 million for the three and six months ended June 30, 2025, respectively.

On April 1, 2026, Brookfield Wealth Solutions Ltd. closed on the acquisition of Just Group plc (“Just”). One of the Company’s subsidiaries had a pre-existing coinsurance reinsurance agreement with Just, and following the acquisition, Just is now considered a related party of ANGI. There is no financial statement impact or change to the existing reinsurance agreement as a result of this transaction.

24. Segment Reporting

ANGI operates as one reporting segment which is managed on a consolidated basis and consists of fixed deferred and fixed index annuity products, as well as PRT contracts, funding agreements, and life contracts. Products are primarily sold through independent agents, brokers, and financial institutions.

Prior to October 1, 2025, the Company was organized into three segments, annuities, life insurance, and property and casualty. As discussed in Note 26 - Discontinued Operations, the Company completed the transfer of the P&C Subsidiaries on October 1, 2025. Subsequently during Q2 2026, it was announced that the sale of new life insurance products by American National Insurance Company (“American National”) through its career agent distribution channel would be terminated. American National had previously ceased selling new life insurance policies through its multiple-line and independent agent distribution channels in 2025. The transfer of the P&C Subsidiaries and withdrawal from the life insurance business represent strategic shifts for ANGI. Accordingly, the property and casualty and life insurance businesses are no longer reported as the Company’s chief operating decision maker (“CODM”) now allocates resources to ANGI on a consolidated basis. The prior period disclosures below have been recast to present segment information on a comparative basis.

The ANGI segment is regularly reviewed by the Company’s CODM for the purpose of allocating resources to the segment and assessing its performance. The Company’s CODM has been identified as the Brookfield Wealth Solutions Ltd. Chief Executive Officer and the Brookfield Wealth Solutions Ltd. Chief Financial Officer.

The key measure used by the CODM in assessing performance and in making resource allocation decisions is income from continuing operations, net of tax (“net income”) on the Condensed Consolidated Statements of Operations. Net income provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Company.

The tables below provide consolidated results in the format that the CODM uses to make decisions and assess performance.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Net premiums and other policy related revenues (revenue from external customers)	$	332	$	526	$	639	$	1,133
Net investment income	1,289		1,139		2,578		2,390
Investment related gains (losses)	59		(11)		29		(8)
Other income	26		27		60		55
Total revenue	1,706		1,681		3,306		3,570
Policyholder benefits and claims incurred	244		510		475		1,112
Interest sensitive contract benefits	762		485		1,307		997
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	271		246		543		484
Change in fair value of market risk benefits	109		(47)		248		314
Interest expense	42		49		91		93
Other segment items (1)	(2)		299		342		722


Income tax expense (benefit)	72		27		89		(35)
Income (loss) from continuing operations	$	208	$	112	$	211	$	(117)

(1)Other segment items reflects the difference between segment revenues and significant segment expenses and includes the change in fair value of insurance-related derivatives and embedded derivatives as well as operating expenses which are presented on the Condensed Consolidated Statements of Operations.

The CODM uses total consolidated assets as the measure of segment assets as reported on the Condensed Consolidated Statements of Financial Position.

A subsidiary held $1.4 billion of assets pledged under a coinsurance reinsurance agreement with Just, who is domiciled in the United Kingdom, as of June 30, 2026 and December 31, 2025. There were no other material assets held in jurisdictions outside of the United States as of June 30, 2026 and December 31, 2025.

There was no material revenue generated in jurisdictions outside of the United States for the three and six months ended June 30, 2026 and 2025.

25. Financial Commitments and Contingencies

Commitments

As of June 30, 2026, the Company and its subsidiaries, in aggregate, had outstanding unfunded commitments to purchase, expand or improve real estate and to fund mortgage loans, private loans as well as investment funds of $7.1 billion.

The Company’s subsidiaries lease office space, technological equipment and automobiles. The remaining long-term lease commitments as of June 30, 2026 were approximately $122 million and are included in the Company’s Condensed Consolidated Statements of Financial Position within “Other liabilities”.

Federal Home Loan Bank (“FHLB”) Agreements

Certain of the Company’s subsidiaries have access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of June 30, 2026, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $780 million and commercial mortgage loans of approximately $1.0 billion were on deposit with the FHLB as collateral for borrowing. As of June 30, 2026, the collateral provided borrowing capacity of approximately $1.4 billion. The deposited securities and commercial mortgage loans are included in the Condensed Consolidated Statements of Financial Position within “Available-for-sale fixed maturity securities” and “Mortgage loans on real estate”, respectively.

Funding Agreements

Starting in 2025, we have a funding agreement-backed note (“FABN”) program under which a statutory trust that is not consolidated or affiliated with us issues senior secured medium-term notes. The FABN notes are underwritten and marketed by major investment banks’ broker-dealer operations and are sold to institutional investors for the purposes of generating a spread-based return. This trust uses the net proceeds from each sale to purchase one or more funding agreements from a subsidiary of the Company. As of June 30, 2026, we had $2.7 billion outstanding under the FABN program. The maximum aggregate principal amount permitted to be outstanding at any one time is $4.0 billion. In addition, we had $815 million outstanding under other funding agreements at June 30, 2026.

Litigation

Certain of the Company’s subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain lawsuits include claims for compensatory and punitive damages. The Company provides accruals for these items to the extent it deems the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on the statements of financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future.

Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on the Company’s financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to the Company is remote. Accruals for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, an accrual is recorded based on the lowest amount of the range.

26. Discontinued Operations

As discussed in Note 1 - Organization and Description of the Company, the Company completed the transfer of the P&C Subsidiaries on October 1, 2025. The results of the P&C Subsidiaries have been presented as discontinued operations as the transfer represented a strategic shift for ANGI. The transfer of the P&C Subsidiaries resulted in the removal of the P&C segment which is further discussed in Note 24 - Segment Reporting.

The following table summarizes the major components of net income from discontinued operations, net of tax related to the distribution, for the three and six months ended June 30, 2025.


	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
	(Dollars in millions)
Net premiums	$	398	$	829
Net investment income	21		45
Investment related gains	84		77
Other income	2		4
Total revenues	505		955

Policyholder benefits and claims incurred	318		604
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	86		166
Operating expenses	48		99
Total benefits and expenses	452		869

Net income before income taxes from discontinued operations	53		86
Income tax expense	11		18
Net income from discontinued operations	$	42	$	68

27. Subsequent Events

The Company evaluated all events and transactions through August 13, 2026, the date the accompanying condensed consolidated financial statements were issued.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's discussion and analysis reviews our unaudited condensed consolidated financial position at June 30, 2026 compared with December 31, 2025, and our unaudited condensed consolidated results of operations for the three and six months ended June 30, 2026 and 2025, and where appropriate, factors that may affect future financial performance. This analysis should be read in conjunction with our unaudited condensed consolidated financial statements, notes thereto and selected condensed consolidated financial data appearing elsewhere in this Form 10-Q as well as the December 31, 2025 audited consolidated financial statements included in the Form 10-K, filed with the SEC on March 30, 2026. Interim operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results expected for the entire year. Preparation of financial statements requires use of management estimates and assumptions.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this report and elsewhere (such as in filings by us with the SEC, press releases, presentations by us or management or oral statements) may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as anticipate, assume, believe, can, continue, could, enable, estimate, expect, foreseeable, goal, improve, intend, likely, may, model, objective, opportunity, outlook, plan, potential, project, remain, risk seek, should, strategy, target, will, would, and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things:

•results differing from assumptions, estimates, and models.

•interest rate condition changes.

•investments losses or failures to grow as quickly as expected due to market, credit, liquidity, concentration, default, and other risks.

•option costs increases.

•counterparty credit risks.

•third-party service-provider failures to perform or to comply with legal or regulatory requirements.

•poor attraction and retention of customers or distributors due to competitors’ greater resources, broader array of products, and higher ratings.

•information technology and communication systems failures or security breaches.

•credit or financial strength downgrades.

•inability to raise additional capital to support our business and sustain our growth on favorable terms.

•U.S. and global capital market and economic deterioration due to major public health issues, including political or social developments, or otherwise.

•failure to authorize and pay dividends on our preferred stock.

•subsidiaries’ inability to pay dividends or make other payments to us.

•failure at reinsurance, investment management, or third-party capital arrangements.

•failure to prevent excessive risk-taking.

•failure of policies and procedures to protect from operational risks.

•increased litigation, regulatory examinations, and tax audits.

•changes to laws, regulations, accounting, and benchmarking standards.

•takeover or combination delays or deterrence by laws, corporate governance documents, or change-in-control agreements.

•effects of climate change, or responses to it.

•failure of efforts to meet environmental, social, and governance standards and to enhance sustainability.

For a detailed discussion of these and other factors that might affect our performance, see Item 1A of this report.

Overview of our Business

Through our insurance subsidiaries, our Company is focused on being a source of certainty for individuals and institutions through a range of insurance and retirement services.

Prior to October 1, 2025, the Company was organized into three segments, annuities, life insurance, and property and casualty. As discussed in Note 26 - Discontinued Operations, the Company completed the transfer of the P&C Subsidiaries on October 1, 2025. Subsequently during Q2 2026, it was announced that the sale of new life insurance products by American National through its career agent distribution channel would be terminated. American National had previously ceased selling new life insurance policies through its multiple-line and independent agent distribution channels in 2025. The transfer of the P&C Subsidiaries and withdrawal from the life insurance business represent strategic shifts for ANGI and accordingly, the property and casualty and life insurance segments are no longer reportable segments as the Company’s chief operating decision maker (“CODM”) is no longer allocating resources to those businesses and rather is focused on ANGI consolidated. See Note 24 - Segment Reporting for more information.

Key Financial Data

The following table presents key financial data of the Company:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Total assets	$	131,714	$	126,345	$	131,714	$	126,345
Net income (loss) attributable to American National Group Inc. common stockholder	198		141		191		(95)
Distributable operating earnings (1)	291		320		597		661

(1)Distributable Operating Earnings is a Non-GAAP measure. See “Reconciliation of Non-GAAP Measures”.

Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025

Net Premiums

The breakdown of premiums by product, net of ceded premiums is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Annuities:
Retail (1)

Fixed Rate	$	—	$	—	$	—	$	2

Total Retail Annuities	—		—		—		2
Institutional:
Pension Risk Transfer (2)	25		260		87		636

Total Institutional Annuities	25		260		87		636

Total Annuities	25		260		87		638

Life	117		94		200		174

Total net premiums	$	142	$	354	$	287	$	812

(1)Premiums received from retail annuities are generally recorded as deposits and are not included in net premiums on the Condensed Consolidated Statements of Operations.

(2)Premiums differ from gross annuity sales in Pension Risk Transfer (PRT), since premiums are recognized as revenue when due while they are included in sales upon deal close, which is confirmed by the counterparty.

Comparison of Three Months Ended June 30, 2026 vs. 2025

For the three months ended June 30, 2026, we reported total net premiums of $142 million, compared to net premiums of $354 million for the same period in 2025. The decrease of $212 million is a result of a smaller PRT market during 2026 and our pricing discipline related to expected returns on this business.

Comparison of Six Months Ended June 30, 2026 vs. 2025

For the six months ended June 30, 2026, we reported total net premiums of $287 million, compared to net premiums of $812 million for the same period in 2025. The decrease of $525 million is a result of a smaller PRT market during 2026 and our pricing discipline related to expected returns on this business as noted above.

Gross Annuity Sales

Gross annuity sales are comprised of directly written retail and institutional annuity deposits, which generally are not included in revenues on the Condensed Consolidated Statements of Operations.

The breakdown of gross annuity sales is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Retail:
Fixed Index	$	1,631	$	2,513	$	3,322	$	4,348
Fixed Rate	1,175		1,052		2,554		2,095
Other (1)	177		57		353		103
Total Retail Annuities	2,983		3,622		6,229		6,546

Institutional:
Pension Risk Transfer (2)	30		262		94		644
Funding Agreements	700		400		1,200		900
Total Institutional Annuities	730		662		1,294		1,544

Total gross annuity sales	$	3,713	$	4,284	$	7,523	$	8,090

(1)Other retail annuities represent sales of single premium immediate annuities and structured settlement annuities.

(2)Gross annuity sales differ from premiums in Pension Risk Transfer, since premiums are recognized as revenue when due while they are included in sales upon deal close, which is confirmed by the counterparty.

Comparison of Three Months Ended June 30, 2026 vs. 2025

For the three months ended June 30, 2026, we reported total gross annuity sales of $3.7 billion, compared to gross annuity sales of $4.3 billion for the same period in 2025. The decrease of $571 million is primarily due to decreased sales activity in some of our fixed index retail annuity product coupled with a decline in PRT sales due to a smaller PRT market in 2026 and our pricing discipline related to expected returns on the PRT business.

Comparison of Six Months Ended June 30, 2026 vs. 2025

For the six months ended June 30, 2026, we reported total gross annuity sales of $7.5 billion, compared to gross annuity sales of $8.1 billion in the prior year period. Annuity sales declined quarter over quarter due to decreased sales in our fixed index annuity product. Additionally, PRT sales decreased due to a smaller PRT market during 2026 and our pricing discipline related to expected returns on the business.

The following table summarizes the financial results of our business for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Net premiums	$	142	$	354	$	287	$	812
Other policy revenue	190		172		352		321
Net investment income	1,289		1,139		2,578		2,390
Investment related gains (losses)	59		(11)		29		(8)

Other income	26		27		60		55
Total revenues	1,706		1,681		3,306		3,570

Policyholder benefits and claims incurred	244		510		475		1,112
Interest sensitive contract benefits	762		485		1,307		997
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	271		246		543		484
Change in fair value of insurance-related derivatives and embedded derivatives	(232)		131		(94)		330
Change in fair value of market risk benefits	109		(47)		248		314

Operating expenses	230		168		436		392
Interest expense	42		49		91		93
Total benefits and expenses	1,426		1,542		3,006		3,722
Net income (loss) before income taxes	280		139		300		(152)
Income tax expense (benefit)	72		27		89		(35)
Income (loss) from continuing operations	208		112		211		(117)
Income from discontinuing operations, net of tax	—		42		—		68
Net income (loss)	208		154		211		(49)
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax	4		2		8		5

Net income (loss) attributable to American National Group Inc. stockholders	204		152		203		(54)
Less: Preferred stock dividends and redemption	6		11		12		41
Net income (loss) attributable to American National Group Inc. common stockholder	$	198	$	141	$	191	$	(95)

Comparison of Three Months Ended June 30, 2026 vs. 2025

For the three months ended June 30, 2026, we reported net income of $204 million, compared to net income of $152 million for the same period in 2025. The increase of $52 million was primarily driven by a benefit from the change in fair value of insurance-related derivatives and embedded derivatives as a result of equity market and interest rate movements, a decrease in policyholder benefits and claims incurred, and an increase in net investment income. Those impacts were partially offset by an increase in interest sensitive contract benefits due to higher index credits during the current period, an increase in the change fair value of market risk benefits, a decrease in net premiums, and an increase in operating expenses.

Net premiums and other policy revenue were $332 million for the three months ended June 30, 2026, compared to $526 million for the same period in 2025. The decrease of $194 million was primarily attributable to lower PRT sales in the quarter as compared to the prior year.

Net investment income increased by $150 million for the three months ended June 30, 2026, compared to the same period in 2025. Net investment income comprise interest and dividends recognized on financial instruments, equity investments and other miscellaneous fee income. The increase in 2026 was driven by the increase in assets under management due to growth of the business as well as the continued rotation into higher yielding investment strategies.

We recorded $59 million of investment related gains for the three months ended June 30, 2026, an increase of $70 million compared to the same period in 2025. The increase was primarily driven by the change in unrealized gains (losses) on equity securities as well as an increase in realized gains recognized on investments in certain limited partnerships and limited liability companies.

Policyholder benefits and claims incurred were $244 million for the three months ended June 30, 2026, compared to $510 million for the same period in 2025. The decrease of $266 million was primarily due to a decrease in PRT sales which resulted in lower reserve changes.

Interest sensitive contract benefits represent interest credited to policyholders’ account balances from our investment contracts with customers. During the three months ended June 30, 2026, interest sensitive contract benefits increased $277 million over the same period in 2025 due to new annuity business issued and an increase in index credits as a result of equity market movements, partially offset by surrender and withdrawal activities.

Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired increased by $25 million compared to the same period in 2025, primarily due to the continued growth of the annuity business which increases the deferred acquisition cost and deferred sales inducements assets.

Change in fair value of insurance-related derivatives and embedded derivatives decreased by $363 million for the three months ended June 30, 2026 compared to the same period of 2025. The decrease was primarily due to the impact of interest rates and equity market performance on the fair value of the embedded derivatives and equity-indexed options.

Change in fair value of market risk benefits represents the mark-to-market movements of our liability based on protection to the policyholder from capital market risk. The increase in the fair value of market risk benefits of $156 million for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to the impact of interest rates and equity markets on the valuation of these liabilities.

Operating expenses were $230 million for the three months ended June 30, 2026, compared to $168 million for the same period in 2025, a increase of $62 million. The increase was primarily driven by a one-time impairment of office property as well as approximately $17 million of non-recurring expenses related to the termination of the sale of new life insurance products through its career agent distribution channel.

The decrease of $7 million of interest expense on borrowings compared to the same period in 2025 was mainly due to the consolidation impact of certain investments in variable interest entities.

Income tax expense was $72 million for the three months ended June 30, 2026, resulting in an effective tax rate of 25.7%. This is compared to a $27 million tax expense and a 19.4% effective tax rate for the same period in 2025. For the three months ended June 30, 2026, the Company’s effective rate was higher than the statutory rate of 21% primarily due to changes to our Bermuda deferred tax asset and tax credit project expenses charged to tax expense. For the three month period ended June 30, 2025, the Company’s effective tax rate was not materially different from the statutory rate of 21%.

Income from discontinuing operations, net of tax was $0 million for the three months ended June 30, 2026 compared to $42 million for the same period in 2025. Income from discontinuing operations in the prior period was primarily attributable to unrealized gains on the equity securities portfolio coupled with net premiums in excess of policyholder benefits and claims incurred due to improved loss experience arising from underwriting actions implemented on the property casualty block of business which was disposed of during 2025 as discussed in Note 26 - Discontinued Operations.

Comparison of Six Months Ended June 30, 2026 vs. 2025

For the six months ended June 30, 2026, we reported a net income of $203 million, compared to a net loss of $(54) million for the same period in 2025. The change in net income (loss) is primarily driven by decreases in the expense associated with the change in fair value of market risk benefits and the expense associated with the change in fair value of insurance-related derivatives and embedded derivatives as a result of equity market and interest rate movements. Additionally, there was an increase in net investment income due to continued rotation into higher yielding investment strategies and a decrease in policyholder benefits and claims incurred, partially offset by a decrease in net premiums, due to lower PRT sales. Those impacts were partially offset by an increase in interest sensitive contract benefits due to an increase in index credits from changes in the equity market and an increase in amortization of DAC, DSI, and VOBA which are a result of continued growth of the annuity business.

Net premiums and other policy revenue of $639 million decreased by $494 million for the six months ended June 30, 2026, compared to the same period in 2025 primarily due to lower PRT sales as compared to the prior year period due to a smaller PRT market during 2026 and our pricing discipline related to expected return on this business.

Net investment income increased by $188 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase was primarily driven by the increase in assets under management due to sustained growth of the business as well as continued rotation into higher yielding investment strategies.

The Company realized investment related gains of $29 million for the six months ended June 30, 2026, compared to losses of $8 million for the same period in 2025. The increase in investment gains of $37 million was primarily due to the change in unrealized gains/losses on equity securities during 2026 as well as realized gains on investments in certain limited partnerships and limited liability corporations.

Policyholder benefits and claims incurred decreased by $637 million for the six months ended June 30, 2026, compared to the same period in 2025. The decrease is primarily due to a reduction in PRT sales which resulted in lower reserve changes.

For the six months ended June 30, 2026, interest sensitive contract benefits increased by $310 million compared to the same period in 2025 primarily driven by an increase in the in-force block of annuity business due to continued growth of the business as well as higher index credits driven by the change in equity market activity.during the period.

Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired increased by $59 million compared to the same period in 2025, primarily due to continued growth of the annuity business which increases the deferred acquisition cost and deferred sales inducements assets.

Change in fair value of insurance-related derivatives and embedded derivatives decreased by $424 million for the six months ended June 30, 2026 compared to the same period of 2025. The decrease was primarily due to the impact of interest rates and equity market performance on the fair value of the embedded derivatives and equity-indexed options.

The decrease in the change in fair value of market risk benefit of $66 million for the six months ended June 30, 2026 compared to the same period of 2025 was primarily due to the impact of interest rates and equity markets on the valuation of these liabilities.

Operating expenses increased by $44 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by a one-time impairment of office property as well as non-recurring expenses related to the termination of the sale of new life insurance products through its career agent distribution channel in Q2 2026.

Interest expense on borrowings decreased by $2 million for the six months ended June 30, 2026 compared to the same period in 2025 primarily as a result of recurring repayments of the term loan during 2025 partially offset by increased borrowings with senior notes issued in June 2025 and junior subordinated notes entered into in August 2025.

Income tax expense was $89 million for the six months ended June 30, 2026, resulting in an effective tax rate of 29.7%. This is compared to a $(35) million tax benefit and a 23.0% effective tax rate for the same period in 2025. For the six months ended June 30, 2026, the Company’s effective rate was higher than the statutory rate of 21% primarily due to changes to our Bermuda deferred tax asset and tax credit project expenses charged to tax expense. For the six month period ended June 30, 2025, the Company’s effective tax rate was not materially different from the statutory rate of 21%.

Income from discontinuing operations, net of tax was $0 million for the six months ended June 30, 2026 compared to $68 million for the same period in 2025. Income from discontinuing operations in the prior period was primarily attributable to unrealized gains on the equity securities portfolio coupled with net premiums in excess of policyholder benefits and claims incurred due to improved loss experience arising from underwriting actions implemented on the property casualty block of business which was disposed of during 2025 as discussed in Note 26 - Discontinued Operations.

Distributable Operating Earnings

We measure operating performance primarily using Distributable Operating Earnings (“DOE”) which is a Non-GAAP metric which measures our ability to acquire net insurance assets at a positive margin, and invest these assets at a return that is greater than the cost of policyholder liabilities. See “Performance Measures Used by Management” for the reconciliation of GAAP consolidated net income to DOE.

The following table presents DOE of our reporting segment for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Distributable Operating Earnings	$	291	$	320	$	597	$	661

Comparison of Three Months Ended June 30, 2026 vs. 2025

DOE decreased by $29 million for the three months ended June 30, 2026 compared to the same period in 2025. The decrease is primarily attributable to an increase in the cost of funds due to higher option costs and crediting rates and a decrease in product charges as a result of lower surrender activity in 2026 partially offset by increased net investment income from our continued deployment into higher yielding investment strategies.

Comparison of Six Months Ended June 30, 2026 vs. 2025

DOE decreased by $64 million for the six months ended June 30, 2026 compared to the same period in 2025. The decrease is primarily attributable to an increase in cost of funds as a result of increased new business option costs and fixed interest. These changes were partially offset by increased investment income from our continued deployment into higher yielding investment strategies coupled with an increased asset base from annuity sales over the past twelve months.

Financial Condition

Comparison as of June 30, 2026 and December 31, 2025

The following table summarizes the financial position as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
	(Dollars in millions)
Assets
Investments	$	95,451	$	90,516
Cash and cash equivalents	8,416		11,660
Accrued investment income	834		799
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	11,665		11,513



Deferred tax asset	435		460
Reinsurance recoverables and deposit assets	8,831		9,255
Property and equipment	70		161
Intangible assets	1,480		1,501
Other assets	2,910		2,822
Goodwill	748		748
Separate account assets	874		822
Total assets	$	131,714	$	130,257

Liabilities
Future policy benefits	$	10,879	$	10,962
Policyholders’ account balances	96,064		92,992
Policy and contract claims	298		410

Market risk benefits	4,751		4,536

Due to related parties	105		103
Other policyholder funds	355		353
Notes payable	206		205

Long term borrowings	2,957		2,951
Funds withheld for reinsurance liabilities	2,887		3,088
Other liabilities	3,669		4,166
Separate account liabilities	874		822
Total liabilities	123,045		120,588

Equity


Preferred stock, Series D	292		292
Additional paid-in capital	5,865		6,404
Accumulated other comprehensive income, net of taxes	433		1,094
Retained earnings	1,955		1,759
Non-controlling interests	124		120
Total equity	8,669		9,669
Total liabilities and equity	$	131,714	$	130,257

June 30, 2026 vs. December 31, 2025

Total assets increased by $1.5 billion during the period to $131.7 billion. The increase is primarily driven by net annuity inflows which results in increased investment purchases as well as additional capitalization of deferred policy acquisition costs and deferred sales inducements due to continued strong annuity sales.

Total investments increased by $4.9 billion from December 31, 2025 to June 30, 2026. The increase is primarily driven by net annuity inflows and deployment of cash and cash equivalents into fixed maturity investments resulting in increased investment purchases, partially offset by the change in net unrealized investment losses.

Cash and cash equivalents decreased by $3.2 billion from December 31, 2025 to June 30, 2026. The decrease is primarily driven by the deployment of funds into our investments. We continue to maintain a strong liquidity position across our business. For further information, refer to “Liquidity and Capital Resources” section within this MD&A.

Deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”) and value of business acquired (“VOBA”) are capitalized costs directly related to writing new policyholder contracts and include the VOBA intangible assets. During the year, the balance increased by $152 million primarily driven by deferrals associated with writing new business during the period.

Deferred tax assets decreased by $25 million from December 31, 2025 to June 30, 2026. The decrease is primarily due to changes in the deferred tax asset related to the Bermuda corporate income tax.

Reinsurance recoverables and deposit assets are estimated amounts due to the Company from reinsurers and include reinsurance receivables and recoverables from reinsurers and deposit assets associated with reinsurance agreements. The amount decreased by $424 million primarily driven by a reduction in the associated insurance liabilities as well as the run off of certain blocks of business ceded to external reinsurers.

Intangible assets decreased by $21 million during the year, primarily due to the amortization of intangible assets during the period.

Other assets increased by $88 million during the year to $2.9 billion. The balance includes current tax asset, market risk benefit asset, as well as other miscellaneous receivables, and is primarily attributable to investment transaction settlement timing and change in volume partially offset by a decrease in the current tax assets as a result of changes to net income (loss) before income taxes.

Separate account assets and liabilities both increased by $52 million during 2026, primarily due to net realized capital gains on investments during the period, partially offset by policyholder benefits and withdrawals.

Future policy benefits and policyholders’ account balances increased by $3.0 billion during 2026 primarily driven by annuity sales during the period and the impact of changes in interest rates and equity markets on the valuation of the embedded derivatives during the period.

Market risk benefits increased by $215 million during 2026 primarily due to the impact of changes in interest rates and equity markets.

Funds withheld for reinsurance liabilities decreased by $201 million during 2026 as a result of decrements on the existing ceded liabilities and the corresponding funds withheld payable as flow business is not being ceded to external reinsurers.

Other liabilities decreased by $497 million during 2026. The balance includes the reinsured market risk benefits liability, accrued interest on debt and other miscellaneous payables. The decrease during 2026 is primarily driven by a decrease in deferred tax liabilities as a result of changes in unrealized gains or losses and the timing and change in volume of investment transaction settlements.

Liquidity and Capital Resources

Capital Resources

We strive to maintain sufficient financial liquidity at all times so that we are able to participate in attractive opportunities as they arise, better withstand sudden adverse changes in economic circumstances within our operating subsidiaries and maintain payments to policyholders. Our principal sources of liquidity are cash flows from our operations and access to the Company’s third-party credit facilities. We proactively manage our liquidity position to meet liquidity needs and continue to develop relationships with lenders who provide borrowing capacity at competitive rates, while looking to minimize adverse impacts on investment returns. We look to structure the ownership of our assets to enhance our ability to monetize them to provide additional liquidity, if needed. Our liquidity for the periods noted below consisted of the following:


	June 30, 2026		December 31, 2025
	(Dollars in millions)
Cash and cash equivalents	$	8,416	$	11,660
Liquid financial assets	43,047		42,041
Undrawn credit facilities	1,371		1,505
Total liquidity (1)	$	52,834	$	55,206

(1)Total Liquidity is a Non-GAAP measure. See “Performance Measures used by Management.”

Today, we have significant liquidity within our insurance portfolios, giving us flexibility to secure attractive investment opportunities. In addition to a portfolio of highly liquid financial assets, our operating companies have additional access to liquidity from sources such as the Federal Home Loan Bank (“FHLB”) and access to a sub-allocation under the Brookfield Wealth Solutions Ltd. revolving credit facility. As of June 30, 2026, the Company had no drawings and a total of $1.4 billion undrawn commitment available related to the FHLB program, and access to $500 million of capacity under the revolving credit facility.

Liquidity within our insurance subsidiaries may be restricted from time to time due to regulatory constraints. As of June 30, 2026, the Company’s total liquidity was $52.8 billion, which included $422 million of cash and cash equivalents held outside of the regulated insurance companies.

Comparison of the Six Months Ended June 30, 2026 and 2025

The following table presents a summary of our cash flows and ending cash balances for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Operating activities	$	1,390	$	1,206
Investing activities	(6,249)		(3,138)
Financing activities	1,615		2,706
Cash and cash equivalents:
Cash and cash equivalents, beginning of period	11,660		11,330
Net change during the period	(3,244)		774

Cash and cash equivalents, end of period	8,416		12,104
Less: Cash and cash equivalents of discontinued operations	—		490
Cash and cash equivalents, end of period	$	8,416	$	11,614

Operating Activities

For the six months ended June 30, 2026, we generated $1.4 billion of cash from operating activities compared to $1.2 billion during 2025, primarily due to an increase in net investment income due to continued rotation into higher yielding investment strategies, partially offset by an increase in operating expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 as detailed above.

Investing Activities

For the six months ended June 30, 2026, cash outflows arose as we deployed cash and cash equivalents held as of December 31, 2025 to primarily available-for-sale fixed maturity securities and mortgage loans as we continued to rotate our investment portfolio into higher yielding investment strategies. This resulted in net deployment of $6.2 billion of cash from investing activities, compared to net deployment of $3.1 billion in the prior year.

Financing Activities

For the six months ended June 30, 2026, we recorded a net cash inflow of $1.6 billion from our financing activities, compared to net inflow of $2.7 billion recorded in 2025. The proceeds in the current year period were mainly a result of $1.7 billion net payments received on policyholders’ account deposits partially offset by withdrawals on such accounts. Net cash inflows decreased from 2025 to 2026 due to both lower policyholders’ account deposits and withdrawals in 2026.

Financial Instruments

To the extent that we believe it is economically prudent to do so, our strategy is to hedge a portion of our equity investments and/or cash flows exposed to foreign currencies. The following key principles form the basis of our foreign currency hedging strategy:

•We leverage any natural hedges that may exist within our operations;

•We utilize local currency debt financing to the extent possible; and

•We may utilize derivative contracts to the extent that natural hedges are insufficient.

Future Capital Obligations and Requirements

As of June 30, 2026, the Company and its subsidiaries, in aggregate, had outstanding investment commitments of $7.1 billion. The funded commitments are primarily recognized as mortgage loans, private loans, investment funds, investment real estate and other invested assets. For additional information, see Note 25 - Financial Commitments and Contingencies of the financial statements.

The following is the maturity by year on long term borrowings:


	Payments Due by Year
	Total		Unamortized Discount and Issuance Costs		Less Than 1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		More Than 5 Years
	(Dollars in millions)
As of June 30, 2026

Long term borrowings	$	2,957	$	(43)	$	600	$	—	$	—	$	600	$	—	$	1,800

As of December 31, 2025

Long term borrowings	$	2,951	$	(49)	$	—	$	600	$	—	$	600	$	—	$	1,800

For additional information, See Note 19 - Long Term Borrowings of the financial statements.

Capital Management

Capital management is the on-going process of determining and maintaining the quantity and quality of capital appropriate to take advantage of the Company’s growth opportunities, to support the risks associated with the business and to optimize shareholder returns while fully complying with the regulatory capital requirements.

The Company and its subsidiaries take an integrated approach to risk management that involves the Company’s risk appetite and capital requirements. The operating capital levels are determined by the Company’s risk appetite and Own Risk and Solvency Assessment (“ORSA”). Furthermore, additional stress techniques are used to evaluate the Company’s capital adequacy under sustained adverse scenarios.

The Company’s insurance subsidiaries are required to follow Risk Based Capital (“RBC”) requirements based on guidelines of the National Association of Insurance Commissioners (“NAIC”). RBC is a method of measuring the level of capital appropriate for an insurance company to support its overall business operations, in light of its size and risk profile. It provides a means of assessing capital adequacy, where the degree of risk taken by the insurer is the primary determinant.

The Company has determined that it is in compliance with all capital requirements as of June 30, 2026 and December 31, 2025.

Performance Measures Used by Management

To measure performance, we focus on net income and total assets, as well as certain Non-GAAP measures, including DOE and Total Liquidity, which we believe are useful to investors to provide additional insights into assets within the business available for redeployment. See “Results of Operations”, “Financial Condition,” and “Liquidity and Capital Resources” sections of this MD&A for further discussion on our performance and Non-GAAP measures for the three and six months ended June 30, 2026 and 2025.

Non-GAAP Measures

We regularly monitor certain Non-GAAP measures that are used to evaluate our performance and analyze underlying business performance and trends. We use these measures to establish budgets and operational goals, manage our business and evaluate our performance. We also believe that these measures help investors compare our operating performance with our results in prior years. These Non-GAAP financial measures are provided as supplemental information to the financial measures presented in this MD&A that are calculated and presented in accordance with GAAP. These Non-GAAP measures are not comparable to GAAP and may not be comparable to similarly described Non-GAAP measures reported by other companies, including those within our industry.

Consequently, our Non-GAAP measures should not be evaluated in isolation, but rather, should be considered together with the most directly comparable GAAP measure in our condensed consolidated financial statements for the years presented. The Non-GAAP financial measures we present in this MD&A should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP.

Distributable Operating Earnings

We use DOE to assess operating results and the performance of our businesses. We define DOE as net income after applicable taxes, excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, 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 Liquidity

Total Liquidity is a measure of our liquidity position and includes cash and cash equivalents, undrawn revolving credit facilities and liquid financial assets held by our regulated insurance entities.

The following table contains further details regarding our use of our Non-GAAP measures, as well as a reconciliation of GAAP consolidated net income from continuing operations to DOE:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in millions)
Income (loss) from continuing operations (1)	$	198	$	99	$	191	$	(163)
Mark-to-market losses (gains) on investments, including reinsurance funds withheld (2)	76		186		213		261
Mark-to-market losses (gains) on insurance contracts and other net assets (3)(4)	(49)		36		113		618
Deferred income tax expense (recovery) relating to basis and other changes	9		(44)		(42)		(182)
Transaction costs	28		5		54		37
Depreciation and amortization expenses	29		38		68		90
DOE	$	291	$	320	$	597	$	661

(1)Income (loss) from continuing operations is net income (loss) attributable to American National Group Inc. common stockholder less income from discontinuing operations, net of tax.

(2)“Mark-to-market losses (gains) on investments, including reinsurance funds withheld” primarily represent mark-to-market gains or losses on our investments and reinsurance funds withheld. Mark-to-market gains or losses on our invested assets are presented as “Investment related gains (losses)” on the Condensed Consolidated Statements of Operations. See Note 10 - Net Investment Income and Investment Related Gains (Losses) in the notes to the condensed consolidated financial statements for additional details.

(3)“Mark-to-market losses (gains) on insurance contracts and other net assets” principally represents the mark-to-market effect on insurance-related liabilities, net of reinsurance, due to changes in market risks (e.g., interest rates, equity markets and equity index volatility). These mark-to-market effects are primarily included in “Interest sensitive contract benefits”, “Change in fair value of insurance-related derivatives and embedded derivatives” and “Change in fair value of market risk benefits” on the Condensed Consolidated Statements of Operations. See the following notes to the condensed consolidated financial statements for additional information: (i) Note 9 - Derivative Instruments; (ii) Note 17 - Policyholders' Account Balances; and (iii) Note 18 - Market Risk Benefits.

(4)Included in “Mark-to-market losses (gains) on insurance contracts and other net assets” are “returns on equity invested in certain variable interest entities” and “our share of adjusted earnings from our investments in certain associates” as stated in the definition of DOE. “Returns on equity invested in certain variable interest entities” primarily represent equity-accounted income from our investments in real estate partnerships and investment funds and are included in “Net investment income” on the Condensed Consolidated Statements of Operations.

New Accounting Pronouncements

See Note 2 - Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements in this Form 10-Q, which is incorporated by reference in this Item 2.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Risk

Our Condensed Consolidated Statements of Financial Position within our financial statements include substantial amounts of assets and liabilities whose fair values are subject to market risks. Our significant market risks are primarily associated with interest rates, foreign currency exchange rates and credit risk. The fair values of our investment portfolios remain subject to considerable volatility. The following sections address the significant market risks associated with our business activities.

Foreign Exchange Rate Risk

The Company’s obligations under its insurance contracts are predominantly denominated in U.S. dollars, but a portion of the assets supporting these liabilities are denominated in non-U.S. dollars. In addition, we have exposure to foreign currency risk in connection with a U.K. pension risk transfer transaction that we are reinsuring. We manage foreign exchange risk primarily using foreign exchange forwards and cross currency swaps. Our investment policy sets out the foreign currency exposure limits and types of derivatives permitted for hedging purposes. Our net assets are subject to financial statement translation into U.S. dollars. All of our financial statement translation-related impact from changes in foreign currency rates is recorded in other comprehensive income. Gains and losses from foreign currency transactions of the Company’s invested assets are reported in “Investment related gains (losses)” in the Condensed Consolidated Statements of Operations. The impact on net income resulting from a hypothetical 10% decrease in foreign currencies against the U.S. Dollar, net of the impact of foreign exchange hedging strategies, would not be expected to be material.

Interest Rate Risk

Substantial and sustained increases or decreases in interest rates may cause certain market dislocations that could negatively impact our financial performance.

We manage interest rate risk through our asset liability management, which we refer to as ALM, the framework whereby the effective and key rate durations of the investment portfolio are closely matched to those of the insurance liabilities. Within the context of the ALM framework, we use derivatives including interest rate swaps, options and futures to reduce market risk. For the annuities business, where the timing and amount of the benefit payment obligations can be readily determined, the matching of asset and liability cash flows is effectively controlled through this comprehensive duration management process.

Other Price Risk

Other price risk is the risk of variability in fair value due to movements in equity prices or other market prices such as commodity prices and credit spreads.

The Company’s exposure to the equity markets is managed by sector and individual security, and the Company mitigates the equity price risk by diversification of the investment portfolio.

The Company also has equity price risk associated with the equity-indexed life and annuity products the Company issues and assumes. The Company has entered into derivative transactions, primarily over-the-counter equity call options, to hedge the exposure to equity-index changes.

Credit Risk

Credit risk is the risk of loss from amounts owed by counterparties and arises any time funds are extended, committed, owed or invested through actual or implied contractual arrangements, including reinsurance. The Company is primarily exposed to credit risk through its fixed income investments, which include debt securities and private loans.

We manage exposure to credit risk by establishing concentration limits by counterparty, credit rating and asset class. To further minimize credit risk, the financial condition of the counterparties is monitored on a regular basis. These requirements are outlined in our investment policy.

Insurance Risk

The Company makes assumptions and estimates when assessing insurance and reinsurance risks, and significant deviations, particularly with regards to mortality, morbidity, longevity and other policyholder behavior, could adversely affect our business, financial condition, results of operations, liquidity and cash flows. All transaction terms are likely to be determined by qualitative and quantitative factors, including our estimates.

We manage insurance risk through choosing whether to purchase reinsurance for certain amounts of risk underwritten in our business.

Legal Risk

In the future, we may be parties in actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. We are also involved from time to time in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our financial statements.

Operational Risk

Operational risk is the potential for loss resulting from inadequate or failed internal processes, people and systems, or from external events. The Company’s internal control processes are supported by the maintenance of a risk register and independent internal audit review. The risk of fraud is managed through a number of processes including background checks on staff on hire, annual code of conduct confirmations, anti-bribery training and segregation of duties.

We have outsourcing arrangements in respect of certain administrative and operational functions. These arrangements are subject to agreements with formal service levels, operate within agreed authority limits and are subject to regular review by senior management. Material outsourcing arrangements are approved and monitored by the Board of Directors.

Disaster recovery and business continuity plans have also been established to manage the Company’s ability to operate under adverse conditions.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In accordance with Exchange Act Rules 13a-15(e) and 15d-15(e), our management, under the supervision of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report on Form 10-Q. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded the design and operation of our disclosure controls and procedures were effective as of June 30, 2026 in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act.

There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See Note 25 - Financial Commitments and Contingencies to the unaudited condensed consolidated financial statements in this Form 10-Q, which is incorporated by reference in this Item 1, for any required disclosure.

Item 1A. Risk Factors

We describe certain factors that may affect our business or operations under "Risk Factors" in Part I, Item 1A, of our 2025 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

During the three months ended June 30, 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities intended to satisfy the conditions of the affirmative defense provided by Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

Note Regarding Reliance on Statements in Our Contracts and Other Exhibits: We include agreements and other exhibits to this report to provide information regarding their terms and not to provide any other factual or disclosure information about us, our subsidiaries or affiliates, or the other parties to the agreements, or for any other purpose. The agreements and other exhibits may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement or other arrangement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have in many cases been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or other exhibit, or such other date or dates as may be specified in the document and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time.


Exhibit Number						Description
3.1						Certificate of Incorporation of American National Group Inc. (Incorporated by reference to Exhibit 3.2 to Form 8-K filed on May 8, 2024)
3.2						Certificate of Amendment to the Certificate of Incorporation of American National Group Inc. (including the Certificate of Designations with respect to the Series D Preferred Stock of the Company) (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on January 10, 2025)
3.3						Bylaws of American National Group Inc. (Incorporated by reference to Exhibit 3.3 to Form 8-K filed on May 8, 2024)
31.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						The following materials from American National Group Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Position, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Condensed Unaudited Consolidated Financial Statements.
104						The cover page from American National Group Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2026 formatted in iXBRL and contained in Exhibit 101.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:

August 13, 2026

AMERICAN NATIONAL GROUP INC.

By:

/s/ Reza Syed

Reza Syed

Chief Financial Officer & Executive Vice President