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American National Group Inc.
June 30, 2026
Financial Supplement
Table of Contents
Financial Summary
GAAP Balance Sheet
Income Statement
Distributable Operating Income Reconciliation
Adjusted Equity Reconciliation
Invested Assets
Credit Quality of Investments
Mortgage Loans
Private Loans
Financial Strength Ratings
Capitalization
Annuity Investment Spread
Annuity Cost of Funds Reconciliation
Annuity Sales
Surrender Charge Exposure
Legal Notice
Non-GAAP Financial Disclosures
3
Financial Summary
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
QoQ
YoY
2026
2025
YTD
Income
GAAP net income (loss)
$198
$(7)
$356
$208
$141
NM
40%
$191
$(95)
301%
Distributable operating earnings (a)
291
306
360
329
320
(5)%
(9)%
597
661
(10)%
Balance Sheet
Total assets
$131,714
$130,406
$130,257
$130,559
$126,345
1%
4%
$131,714
$126,345
4%
Total liabilities
123,045
121,010
120,588
119,578
116,128
2%
6%
123,045
116,128
6%
Total equity
8,669
9,396
9,669
10,981
10,217
(8)%
(15)%
8,669
10,217
(15)%
Total common stockholders' equity (a)
8,253
8,934
9,257
10,170
9,494
(8)%
(13)%
8,253
9,494
(13)%
Total adjusted common stockholders'
equity (a)
9,441
9,812
9,533
10,325
9,961
(4)%
(5)%
9,441
9,961
(5)%
Twelve Months
Ended June 30,
2026
Annuity investment spread
1.7%
Note: “NM” represents changes that are not meaningful.
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
4
GAAP Balance Sheet
(Dollars in millions)
Historical Data
Percentage
Change
June 30, 2026
December 31, 2025
YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value
$61,598
$57,992
6%
Equity securities, at fair value
595
1,179
(50)%
Mortgage loans on real estate, at amortized cost
11,554
11,113
4%
Other invested assets
21,704
20,232
7%
Total investments
95,451
90,516
5%
Cash and cash equivalents
8,416
11,660
(28)%
Accrued investment income
834
799
4%
Deferred policy acquisition costs, deferred sales inducements and
value of business acquired
11,665
11,513
1%
Reinsurance recoverables and deposit assets
8,831
9,255
(5)%
Intangible assets
1,480
1,501
(1)%
Other assets
4,163
4,191
(1)%
Separate account assets
874
822
6%
Total assets
$131,714
$130,257
1%
Liabilities
Future policy benefits
$10,879
$10,962
(1)%
Policyholders' account balances
96,064
92,992
3%
Policy and contract claims
298
410
(27)%
Market risk benefits
4,751
4,536
5%
Long term borrowings
2,957
2,951
—%
Funds withheld for reinsurance liabilities
2,887
3,088
(7)%
Other liabilities
4,335
4,827
(10)%
Separate account liabilities
874
822
6%
Total liabilities
123,045
120,588
2%
Equity
Preferred stock
292
292
—%
Additional paid-in capital
5,865
6,404
(8)%
Accumulated other comprehensive income (loss), net of taxes
433
1,094
(60)%
Retained earnings
1,955
1,759
11%
Non-controlling interests
124
120
3%
Total equity
8,669
9,669
(10)%
Total liabilities and equity
$131,714
$130,257
1%
5
GAAP Income Statement
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
QoQ
YoY
2026
2025
YTD
Revenues
Premiums
$142
$145
$698
$206
$354
(2)%
(60)%
$287
$812
(65)%
Other policy revenue
190
162
189
181
172
17%
10%
352
321
10%
Net investment income
1,289
1,289
1,256
1,242
1,139
—%
13%
2,578
2,390
8%
Investment related gains (losses)
59
(30)
133
(33)
(11)
297%
636%
29
(8)
463%
Other income
26
34
23
22
27
(24)%
(4)%
60
55
9%
Total revenue
1,706
1,600
2,299
1,618
1,681
7%
1%
3,306
3,570
(7)%
Benefits and Expenses
Policyholder benefits and claims incurred
244
231
828
270
510
6%
(52)%
475
1,112
(57)%
Interest sensitive contract benefits
762
545
506
523
485
40%
57%
1,307
997
31%
Amortization of DAC, DSI and VOBA
271
272
256
268
246
—%
10%
543
484
12%
Change in FV of insurance-related derivatives and
embedded derivatives
(232)
138
73
(187)
131
(268)%
(277)%
(94)
330
(128)%
Change in fair value of market risk benefits
109
139
101
310
(47)
(22)%
332%
248
314
(21)%
Total benefits
1,154
1,325
1,764
1,184
1,325
(13)%
(13)%
2,479
3,237
(23)%
Operating expenses
230
206
215
118
168
12%
37%
436
392
11%
Interest expense
42
49
43
47
49
(14)%
(14)%
91
93
(2)%
Total benefits and expenses
1,426
1,580
2,022
1,349
1,542
(10)%
(8)%
3,006
3,722
(19)%
Income tax expense (benefit)
72
17
(94)
109
27
324%
167%
89
(35)
354%
Income (loss) from continuing operations
208
3
371
160
112
NM
86%
211
(117)
280%
Income from discontinuing operations, net of tax
—
—
—
58
42
—%
(100)%
—
68
(100)%
Net income (loss)
208
3
371
218
154
NM
35%
211
(49)
531%
Less: Net income (loss) from continuing
operations attributable to noncontrolling
interests, net of tax
4
4
3
(1)
2
—%
100%
8
5
60%
Net income (loss) attributable to American National
Group Inc. stockholders
204
(1)
368
219
152
NM
34%
203
(54)
476%
Less: Preferred stock dividends and redemption
6
6
12
11
11
—%
(45)%
12
41
(71)%
Net income (loss) attributable to American National
Group Inc. common stockholder
$198
$(7)
$356
$208
$141
NM
40%
$191
$(95)
301%
6
Distributable Operating Earnings Reconciliation
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
QoQ
YoY
2026
2025
YTD
Income (loss) from continuing operations (a)
$198
$(7)
$356
$150
$99
NM
100%
$191
$(163)
217%
Net investment gains, including reinsurance
funds withheld
76
137
33
165
186
(45)%
(59)%
213
261
(18)%
Mark-to-market on insurance contracts and other
net assets
(49)
162
70
(21)
36
(130)%
(236)%
113
618
(82)%
Deferred income tax expense (recovery)
9
(51)
(171)
10
(44)
118%
120%
(42)
(182)
77%
Depreciation
29
39
45
35
38
(26)%
(24)%
68
90
(24)%
Transaction costs
28
26
27
(10)
5
8%
460%
54
37
46%
Distributable operating earnings (b)
$291
$306
$360
$329
$320
(5)%
(9)%
$597
$661
(10)%
(a)Income (loss) from continuing operations is net income (loss) attributable to American National Group Inc. common stockholder less income (loss) from discontinuing operations, net of tax.
(b)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
7
Adjusted Equity Reconciliation
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
QoQ
YoY
2026
2025
YTD
Total equity
$8,669
$9,396
$9,669
$10,981
$10,217
(8)%
(15)%
$8,669
$10,217
(15)%
Non-controlling interests
(124)
(170)
(120)
(223)
(135)
27%
8%
(124)
(135)
8%
Equity available to preferred stockholders
(292)
(292)
(292)
(588)
(588)
—%
50%
(292)
(588)
50%
Total common stockholders' equity (a)
8,253
8,934
9,257
10,170
9,494
(8)%
(13)%
8,253
9,494
(13)%
Accumulated other comprehensive income
(AOCI)
(433)
(711)
(1,094)
(1,132)
(664)
39%
35%
(433)
(664)
35%
Accumulated impact of mark-to-market losses
(gains) on derivatives and insurance contracts
1,621
1,589
1,370
1,287
1,131
2%
43%
1,621
1,131
43%
Total adjusted common stockholders' equity (a)
$9,441
$9,812
$9,533
$10,325
$9,961
(4)%
(5)%
$9,441
$9,961
(5)%
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
8
Invested Assets
(Dollars in millions)
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
Book
Value
Unrealized
Gain/(Loss)
GAAP
Carrying
Value
Book
Value
Unrealized
Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government
$68
$69
$(1)
$68
$68
$—
U.S. states and political subdivisions
2,859
2,802
57
2,910
2,827
83
Foreign governments
3,238
3,238
—
1,169
1,118
51
Corporate debt securities
42,734
42,646
88
41,514
40,745
769
Residential mortgage-backed securities
616
585
31
678
641
37
Commercial mortgage-backed securities
2,741
2,711
30
3,015
2,946
69
Collateralized debt securities
6,810
6,866
(56)
5,855
5,801
54
Total fixed maturity, available-for-sale
59,066
58,917
149
55,209
54,146
1,063
Equity securities:
Common and preferred stock
577
545
32
1,161
1,083
78
Total equity securities
577
545
32
1,161
1,083
78
Other investments:
Mortgage loans on real estate, net of
allowance
11,465
11,465
—
11,030
11,030
—
Private loans, net of allowance
8,924
8,924
—
8,886
8,886
—
Real estate and real estate partnerships
6,225
6,225
—
5,800
5,800
—
Investments funds
3,605
3,605
—
3,187
3,187
—
Policy loans
238
238
—
234
234
—
Short-term investments
484
484
—
600
600
—
Other invested assets
2,203
2,203
—
1,485
1,485
—
Total investments, net of coinsurance funds
withheld investments
92,787
92,606
181
87,592
86,451
1,141
Coinsurance funds withheld investments (a)
2,664
2,644
20
2,924
2,849
75
Total investments
$95,451
$95,250
$201
$90,516
$89,300
$1,216
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
9
Credit Quality of Investments
(Dollars in millions)
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Assets with NAIC Designation
Fixed maturities, available-for-sale, at fair value:
1
$31,650
34%
$29,481
32%
2
25,239
26%
23,414
26%
3
1,362
1%
1,374
2%
4
462
—%
475
1%
5
62
—%
59
—%
6
16
—%
18
—%
Total fixed maturities, available-for-sale
58,791
61%
54,821
61%
Assets without NAIC Designation
Fixed maturities, at fair value
275
—%
388
—%
Equity securities, at fair value
577
1%
1,161
1%
Mortgage loans
11,465
12%
11,030
12%
Private Loans
8,924
9%
8,886
10%
Real estate and real estate partnerships
6,225
7%
5,800
6%
Investment funds
3,605
4%
3,187
4%
Policy loans
238
—%
234
—%
Short-term investments
484
1%
600
1%
Other invested assets
2,203
2%
1,485
2%
33,996
36%
32,771
36%
Total investments, net of coinsurance funds withheld
investments
92,787
97%
87,592
97%
Coinsurance funds withheld investments (a)
2,664
3%
2,924
3%
Total investments
$95,451
100%
$90,516
100%
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
10
Credit Quality of Investments - Detail
(Dollars in millions)
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Available-for-sale:
U.S. treasury and government (a)
$68
—%
$68
—%
U.S. states and political subdivisions (a)
2,859
5%
2,910
5%
Foreign governments (a)
3,238
5%
1,169
2%
Corporate debt securities
42,734
69%
41,514
72%
Residential mortgage-backed securities
616
1%
678
1%
Commercial mortgage-backed securities
2,741
5%
3,015
5%
Collateralized debt securities
6,810
11%
5,855
10%
Total fixed maturities, available-for-sale, net of
coinsurance funds withheld investments
59,066
96%
55,209
95%
Coinsurance funds withheld investments (b)
2,532
4%
2,783
5%
Total fixed maturities, available-for-sale
$61,598
100%
$57,992
100%
Corporate debt securities
NAIC designation
1
$20,401
48%
$19,778
48%
2
21,095
50%
20,288
50%
3
899
2%
923
2%
4
98
—%
180
—%
5
12
—%
4
—%
6
—
—%
—
—%
Total U.S. corporate debt securities (c)
$42,505
100%
$41,173
100%
Residential mortgage-backed securities
NAIC designation
1
$602
98%
$659
96%
2
5
1%
2
—%
3
2
—%
4
2%
4
2
—%
2
—%
5
5
1%
11
2%
6
—
—%
—
—%
Total Residential mortgage-backed securities
$616
100%
$678
100%
Commercial mortgage-backed securities
NAIC designation
1
$2,363
88%
$2,613
88%
2
187
7%
206
7%
3
76
3%
77
2%
4
49
1%
45
2%
5
5
—%
9
—%
6
16
1%
17
1%
Total Commercial mortgage-backed securities (d)
$2,696
100%
$2,967
100%
11
Credit Quality of Investments - Detail
(Dollars in millions)
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Collateralized debt securities
NAIC designation
1
$2,615
38%
$2,744
47%
2
3,502
52%
2,512
43%
3
357
5%
334
6%
4
314
5%
248
4%
5
22
—%
17
—%
6
—
—%
—
—%
Total Collateralized debt securities
$6,810
100%
$5,855
100%
(a)Over 99% of available-for-sale fixed maturity U.S. treasury and government, U.S. states and political subdivisions, and foreign governments securities
are rated NAIC 1 or 2.
(b)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(c)Excludes securities that are not rated with a carrying value of $24 million at June 30, 2026 and $294 million at December 31, 2025. Also excludes $205
million of investments in variable interest entities not directly held by American National Group Inc. at June 30, 2026 and $47 million at December 31,
2025.
(d)Excludes securities that are not rated with a carrying value of $24 million at June 30, 2026 and $21 million at December 31, 2025. Also excludes $21
million of investments in variable interest entities not directly held by American National Group Inc. at June 30, 2026 and $27 million at December 31,
2025.
12
Mortgage Loans
(Dollars in millions)
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans
Agricultural
$336
4%
$349
4%
Apartment
3,090
34%
2,294
26%
Hotel
866
9%
967
11%
Industrial
1,611
18%
1,775
21%
Office
1,417
15%
1,435
16%
Parking
176
2%
207
2%
Retail
1,238
14%
1,352
15%
Storage
103
1%
114
1%
Other
156
2%
224
3%
Total commercial mortgage loans, net of coinsurance funds
withheld investments
8,993
99%
8,717
99%
Coinsurance funds withheld investments (a)
89
1%
83
1%
Total commercial mortgage loans (b)
$9,082
100%
$8,800
100%
Non-performing commercial mortgage loans
Total non-performing commercial mortgage loans
$179
2%
$114
1%
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(b)Total commercial mortgage loans excludes the allowance for credit losses of $92 million and $87 million at June 30, 2026 and December 31, 2025,
respectively.
13
Mortgage Loans - Exposure
(Dollars in millions)
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans - Exposure by LTV
0-50%
$2,678
31%
$2,668
32%
50-60%
2,550
30%
3,118
37%
60-70%
2,508
30%
1,863
22%
70% +
683
8%
699
8%
Total commercial mortgage loans, net of coinsurance
funds withheld investments
8,419
99%
8,348
99%
Coinsurance funds withheld investments (a)
89
1%
82
1%
Total commercial mortgage loans (b) (c)
$8,508
100%
$8,430
100%
Average LTV
51%
52%
June 30, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans - Exposure by CM Rating
CM1
$3,221
38%
$3,579
43%
CM2
3,141
37%
2,699
32%
CM3
1,542
18%
1,780
21%
CM4
336
4%
116
1%
CM5
—
—%
50
1%
CM6
169
2%
105
1%
CM7
10
—%
19
—%
Total commercial mortgage loans, net of coinsurance
funds withheld investments
8,419
99%
8,348
99%
Coinsurance funds withheld investments (a)
89
1%
82
1%
Total commercial mortgage loans (b) (c)
$8,508
100%
$8,430
100%
Median CM Rating
CM2
CM2
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(b)Excludes $574 million and $370 million investments in variable interest entities not directly held by American National Group Inc.’s regulated
insurance entities at June 30, 2026 and December 31, 2025, respectively.
(c)Total commercial mortgage loans excludes the allowance for credit losses of $92 million and $87 million at June 30, 2026 and December 31, 2025,
respectively.
14
Private Loans by Credit Rating and Industry Sector
(Dollars in millions)
June 30, 2026
A or higher
BBB
BB and below
Unrated (a)
Total
Asset-based finance
$713
$—
$—
$114
$827
Consumer
—
—
207
51
258
Financials
597
15
80
372
1,064
Industrial
—
89
833
931
1,853
Real estate
47
1,013
160
1,319
2,539
Software
—
—
382
18
400
Telecommunications
—
—
412
71
483
Utilities
439
193
448
420
1,500
Total private loans, net of coinsurance funds
withheld investments
1,796
1,310
2,522
3,296
8,924
Coinsurance funds withheld investments (b)
13
12
—
—
25
Total private loans (c)
$1,809
$1,322
$2,522
$3,296
$8,949
December 31, 2025
A or higher
BBB
BB and below
Unrated (a)
Total
Asset-based finance
$712
$—
$—
$31
$743
Consumer
172
—
92
15
279
Financials
649
38
283
383
1,353
Industrial
—
88
850
1,032
1,970
Real estate
28
1,013
213
1,277
2,531
Software
—
—
380
—
380
Telecommunications
—
—
418
66
484
Utilities
416
166
351
213
1,146
Total private loans, net of coinsurance funds
withheld investments
1,977
1,305
2,587
3,017
8,886
Coinsurance funds withheld investments (b)
29
11
—
—
40
Total private loans (c)
$2,006
$1,316
$2,587
$3,017
$8,926
(a)Due to the 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.
(b)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(c)Total private loans includes the allowance for credit losses of $125 million and $149 million at June 30, 2026 and December 31, 2025, respectively.
15
Financial Strength and Credit Ratings
(Dollars in millions)
Financial Strength Ratings
AM
Best
Standard
& Poor's
Fitch
Line of Business
June 30,
2026
Statutory
Liability
Balance
American Equity Investment Life Insurance Company
A
A
A
Life & retirement
$59,201
American National Insurance Company
A
A
A
Life & retirement
41,319
Eagle Life Insurance Company
A
A
A
Life & retirement
4,835
American National Life Insurance Company of New York
A
A
A
Life & retirement
1,881
American Equity Investment Life Insurance Company of
New York
A
-
A
Life & retirement
71
American National Life Insurance Company of Texas
A
-
-
Life & retirement
5
Garden State Life Insurance Company
Au
-
-
Life & retirement
3
Freestone Re Ltd. (a)
-
A
-
Life & retirement reinsurance
—
Credit ratings
American National Group Inc.
-
BBB
BBB+
American National Group Inc.:
— Senior Unsecured Notes
-
BBB
BBB
— Preferred Stock
-
BB+
BB+
— Subordinated Notes
-
BB+
BB+
American National Global Funding:
— Senior Secured Notes
-
A
A
(a)Freestone Re Ltd. has modified coinsurance agreements with subsidiaries of American National Group Inc. There were $56,719 million of statutory
liabilities associated with these agreements at June 30, 2026.
16
Capitalization
(Dollars in millions)
Amount
% Total
Capitalization
Facility Ratings
(S&P / Fitch)
Rates
Issue Date
Maturity
Senior Unsecured Bonds - SEC Registered
$692
6%
BBB / BBB
6.00%
June 2025
July 2035
Term Loan
99
1%
SOFR + 1.25%
May 2024
May 2027
Senior Unsecured Bonds - SEC Registered
597
5%
BBB / BBB
5.75%
October 2024
October 2029
Senior Unsecured Bonds - 144A
497
5%
BBB / BBB
6.144%
June 2022
June 2032
Junior Subordinated Debentures - SEC Registered (a)
494
4%
BB+ / BB+
7.00%
August 2025
August 2055
Senior Unsecured Bonds - SEC Registered
494
4%
BBB / BBB
5.00%
June 2017
June 2027
Subordinated Debentures
84
1%
5.00%
October 1999
June 2047
Total Long Term Borrowings
2,957
26%
Perpetual Preferred Shares - Series D
292
3%
BB+ / BB+
7.38%
January 2025
Perpetual
Total Common Stockholders' Equity
8,377
76%
Total Equity
8,669
79%
Accumulated Other Comprehensive Income (AOCI)
433
4%
Non-Controlling Interests (NCI)
124
1%
Total Equity, Excluding AOCI and NCI (b)
8,112
74%
Total Capitalization, Excluding AOCI and NCI (b)
$11,069
100%
(a)Rate will be reset to 3.183% plus five-year U.S. Treasury Rate effective December 1, 2030.
(b)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
17
Annuity Investment Spread
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
QoQ
YoY
2026
2025
YTD
Non-GAAP net investment income (a)
$1,384
$1,352
$1,347
$1,285
$1,238
2%
12%
$2,736
$2,476
11%
Cost of funds
992
970
918
899
868
2%
14%
1,962
1,792
10%
Total net investment spread
$392
$382
$429
$386
$370
3%
6%
$774
$684
13%
Average invested assets
$93,933
$92,329
$89,678
$85,993
$83,173
2%
13%
$93,933
$83,173
13%
Twelve Months
Ended June 30,
2026
Yield on net invested assets
5.9%
Aggregate cost of funds
4.2%
Total net investment spread
1.7%
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22. The net impact of the adjustments disclosed on page 22 were $95 million in Q2 2026, $63 million in Q1
2026, $91 million in Q4 2025, $43 million in Q3 2025, and $99 million in Q2 2025.
18
Reconciliation of Benefits and Expenses to Cost of Funds
(Dollars in millions)
Historical Data
Year-to-Date
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
2026
2025
US GAAP benefits and expenses
$1,426
$1,580
$2,022
$1,349
$1,542
$3,006
$3,722
Premiums
(142)
(145)
(698)
(206)
(354)
(287)
(812)
Product charges
(190)
(162)
(189)
(181)
(172)
(352)
(321)
Change in fair value of insurance-related derivatives and embedded
derivatives
232
(138)
(73)
187
(131)
94
(330)
Change in fair value of MRB - capital market impacts
2
(31)
(3)
(197)
127
(29)
(141)
Policy and other operating expenses
(278)
23
(13)
(16)
(7)
(255)
(108)
Premiums, benefits and expenses on non-annuity segments
(58)
(157)
(128)
(37)
(137)
(215)
(218)
Total adjustments to arrive at cost of funds
(434)
(610)
(1,104)
(450)
(674)
(1,044)
(1,930)
Total annuity cost of funds (a)
$992
$970
$918
$899
$868
$1,962
$1,792
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
19
Annuity Sales
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
QoQ
YoY
2026
2025
YTD
Gross Annuity Sales
Retail
    Fixed Index
$1,631
$1,691
$2,337
$2,528
$2,513
(4)%
(35)%
$3,322
$4,348
(24)%
    Fixed Rate
1,175
1,379
1,904
2,147
1,052
(15)%
12%
2,554
2,097
22%
    Other (a)
177
176
148
79
57
1%
211%
353
101
250%
    Total Retail Annuities
2,983
3,246
4,389
4,754
3,622
(8)%
(18)%
6,229
6,546
(5)%
Institutional
    Pension Risk Transfer
30
64
788
100
262
(53)%
(89)%
94
644
(85)%
    Funding Agreements
700
500
1,389
—
400
40%
75%
1,200
900
33%
    Total Institutional Annuities
730
564
2,177
100
662
29%
10%
1,294
1,544
(16)%
Total Gross Annuity Sales
3,713
3,810
6,566
4,854
4,284
(3)%
(13)%
7,523
8,090
(7)%
Ceded
(1)
(2)
(15)
(14)
(9)
(50)%
(89)%
(3)
(16)
(81)%
Total Net Annuity Sales
$3,712
$3,808
$6,551
$4,840
$4,275
(3)%
(13)%
$7,520
$8,074
(7)%
(a)Other retail annuities represent sales of single premium immediate annuities and structured settlement annuities.
20
Surrender Charge Exposure
(Dollars in millions)
Q2 2026
Q1 2026
Account Value (a)
Average
Surrender
Charge
Account Value (a)
Average
Surrender
Charge
Years of surrender charge remaining (b)
No surrender charge remaining
$11,339
—%
$11,231
—%
Greater than 0 to less than 3
12,565
4%
12,371
4%
3 to less than 6
15,234
8%
15,567
8%
6 to less than 9
33,679
11%
31,735
11%
9 or greater
11,679
13%
12,621
13%
$84,496
8%
$83,525
8%
(a)Account value excludes claims in-course of settlement and single premium immediate annuities.
(b)The weighted average years remaining in the protected surrender charge period is approximately 6 years.
21
Legal Notice
This document has been prepared solely for the information of investors. This document does not purport to provide complete and current information about American National Group Inc.
(“ANGI”) or a complete description of ANGI and the risks of investing in ANGI (including risks described in offering documents previously provided to investors). Under no circumstances
is this document or the information contained herein to be construed as a prospectus, offering memorandum or advertisement, and no part of this document or any information or statement
contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By reading or reviewing this document, you agree to be bound by the
following limitations.
You should not rely on this document as the basis on which to make any investment decision. Neither this document nor any part of it may be reproduced or redistributed, passed on, or the
contents otherwise divulged, directly or indirectly, to any other person (excluding the recipient’s professional advisers) or published in whole or in part for any purpose without the prior
written consent of ANGI.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
The summary descriptions and other information included in this document are intended only for informational purposes and convenient reference. The information contained in this
document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.
Past performance is not indicative of future results.
The statements contained in this document are made as of the date of the release of this report, unless another time is specified in relation to them, and access to this document at any given
time shall not give rise to any implication that there has not been a change in the facts set forth in this document since that date. Certain information set forth in this document has been
developed internally or obtained from sources believed by ANGI to be reliable; however, ANGI does not give any representation or warranty (express or implied) as to the accuracy,
adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.
22
Non-GAAP Financial Disclosures
In addition to our results presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”), we present certain financial
information that includes non-GAAP measures. Management believes the use of these non-GAAP measures together with the relevant US GAAP measures provides information that may
enhance a user’s understanding of our results of operations and the underlying profitability drivers of our business. These measures should be considered supplementary to our results in
accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.
Distributable Operating Earnings
Distributable operating earnings (“DOE”) is a non-GAAP measure used by management to assess operating results and the performance of the business. DOE is defined as net income after
applicable taxes, excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and transaction costs, as well as certain investment and
insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for
future policy benefits and change in market risk benefits. DOE is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our
investments in certain associates. DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by GAAP.
DOE is, therefore, unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements investors’
understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our
presentation of DOE also provides investors enhanced comparability of our ongoing performance across years.
Total Equity, Excluding AOCI and NCI, Total Capitalization, Excluding AOCI and NCI, and Total Adjusted Common Stockholders’ Equity
Total equity, excluding AOCI and NCI and total capitalization, excluding AOCI and NCI are non-GAAP measures based on stockholders’ equity excluding the effect of AOCI and NCI.
Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful
supplemental information. NCI is excluded in order to provide a view of equity and capitalization attributable to American National Group Inc.
Total adjusted common stockholder's equity is a non-GAAP financial measure based on common stockholders' equity excluding the impact of AOCI and the accumulated after tax impact of
certain adjustments related to mark-to market gains and losses on derivatives and insurance contracts. These adjustments primarily include certain insurance reserve gains and losses,
including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and changes in
market risk benefits. We believe our presentation of this non-GAAP metric is useful to investors because it supplements investors' understanding of our operating performance by providing
information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of this non-GAAP metric provides investors
enhanced comparability of our ongoing performance across years.
Non-GAAP Net Investment Income
Non-GAAP net investment income is comprised of GAAP net investment income adjusted to exclude net investment income on non-annuity segments, exclude depreciation on investment
real estate, include mark to market gain/loss on alternative investments, include realized gain/loss on certain investments, and include the tax benefit of tax exempt investment income.
Annuity Cost of Funds
Annuity cost of funds is a non-GAAP measure which includes liability costs related to cost of crediting on fixed deferred and fixed indexed annuities as well as other liability costs. Cost of
crediting on fixed deferred annuities is the interest credited to the policyholders on our fixed strategies. Cost of crediting on fixed indexed annuities is the cost of option purchased to fund the
index credit and the impact of over or under hedging for the index credits. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit fair value changes, and
operating expenses net of premiums and product charge revenue. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying
profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.