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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 7, 2025
AMERICAN NATIONAL GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware001-3191142-1447959
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
One Moody Plaza
Galveston, TX 77550
(Address of principal executive offices and zip code)
(888) 221-1234
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AANGpANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series BANGpBNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐





Item 2.02  Results of Operations and Financial Condition
On January 7, 2025, American National Group Inc. (the "Company") made available on its website the Company's financial supplement for the third quarter ended September 30, 2024, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.
The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.
Item 9.01.  Financial Statements and Exhibits
Exhibit
Number
Description
99.1
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURE
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 hereunto duly authorized.
Date: January 7, 2025
 AMERICAN NATIONAL GROUP INC. 
    
    
By:/s/ Reza Syed 
 Reza Syed 
 Chief Financial Officer and Executive Vice President 


Exhibit 99.1
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American National Group Inc.
September 30, 2024
Financial Supplement


Table of Contents
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Financial Summary
GAAP Balance Sheet
Income Statement
Distributable Operating Income Reconciliation
Invested Assets
Credit Quality of Investments
Mortgage Loans
Financial Strength Ratings
Capitalization
Annuity Investment Spread
Annuity Cost of Funds Reconciliation
Annuity Sales
Surrender Charge Exposure
Legal Notice
Non-GAAP Financial Disclosures


Financial Summary
(Dollars in millions)
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Historical DataPercentage ChangeYear-to-DatePercentage
Change
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023QoQYoY20242023YTD
Income
GAAP net income$(299)$244 $113 $229 $54 (223)%(654)%$58 $163 (64)%
Distributable operating earnings360 253 199 176 140 42 %157 %812 447 82 %
Balance Sheet
Total assets$123,659 $118,618 $37,339 $35,885 $34,876 4 %255 %$123,659 $34,876 255 %
Total liabilities113,677 109,361 31,272 29,986 29,435 4 %286 %113,677 29,435 286 %
Total equity9,982 9,257 6,067 5,899 5,441 8 %83 %9,982 5,441 83 %
Less: AOCI1,481 445 (59)(109)(333)233 %545 %1,481 (333)545 %
Total equity, excluding AOCI$8,501 $8,812 $6,126 $6,008 $5,774 (4)%47 %$8,501 $5,774 47 %
Twelve Months Ended September 30, 2024
Annuity investment spread1.8 %
3

GAAP Balance Sheet
(Dollars in millions)
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Historical DataPercentage
Change
September 30, 2024December 31, 2023YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value$45,683 $12,877 255 %
Equity securities, at fair value1,522 1,404 8 %
Mortgage loans on real estate, at amortized cost11,866 5,658 110 %
Other invested assets16,953 8,304 104 %
Total investments76,024 28,243 169 %
Cash and cash equivalents13,873 3,192 335 %
Accrued investment income688 196 251 %
Deferred policy acquisition costs, deferred sales inducements and value of business acquired8,376 944 787 %
Reinsurance recoverables and deposit assets18,015 427 4119 %
Intangible assets1,599 44 3534 %
Goodwill754 121 523 %
Other assets3,028 1,529 98 %
Separate account assets1,302 1,189 10 %
Total assets$123,659 $35,885 245 %
Liabilities
Future policy benefits$7,179 $6,108 18 %
Policyholders' account balances82,413 17,177 380 %
Policy and contract claims1,903 1,870 2 %
Market risk benefits3,725 34 10856 %
Unearned premium reserve1,164 1,139 2 %
Long term borrowings 2,959 1,493 98 %
Funds withheld for reinsurance liabilities8,812 — 100 %
Other liabilities4,220 976 332 %
Separate account liabilities1,302 1,189 10 %
Total liabilities113,677 29,986 279 %
Equity
Preferred stock, Series A389 — 100 %
Preferred stock, Series B296 — 100 %
Additional paid-in capital6,942 5,185 34 %
Accumulated other comprehensive income (loss), net of taxes1,481 (109)1459 %
Retained earnings709 716 (1)%
Non-controlling interests165 107 54 %
Total equity9,982 5,899 69 %
Total liabilities and equity$123,659 $35,885 245 %
4

GAAP Income Statement
(Dollars in millions)
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Historical DataPercentage ChangeYear-to-DatePercentage
Change
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023QoQYoY20242023YTD
Revenues
Premiums$888 $1,005 $1,144 $956 $784 (12)%13 %$3,037 $2,567 18 %
Other policy revenue208 184 112 108 106 13 %96 %504 306 65 %
Net investment income1,024 924 448 365 375 11 %173 %2,396 1,020 135 %
Investment related gains (losses)(128)2 (34)26 (12)(6500)%(967)%(160)(32)(400)%
Other income12 — — 51 11 100 %9 %12 32 (63)%
Total revenue2,004 2,115 1,670 1,506 1,264 (5)%59 %5,789 3,893 49 %
Benefits and Expenses
Policyholder benefits and claims incurred846 1,030 1,086 883 717 (18)%18 %2,962 2,406 23 %
Interest sensitive contract benefits523 390 155 142 133 34 %293 %1,068 338 216 %
Amortization of DAC, DSI and VOBA289 199 161 126 136 45 %113 %649 399 63 %
Change in FV of insurance-related derivatives and embedded derivatives344 21 (19)18 54 1538 %537 %346 54 541 %
Change in fair value of market risk benefits134 139 19 (48)(14)(4)%1057 %292 (21)1490 %
Total benefits2,136 1,779 1,402 1,121 1,026 20 %108 %5,317 3,176 67 %
Operating expenses228 335 103 111 147 (32)%55 %666 450 48 %
Interest expense49 43 22 25 27 14 %81 %114 73 56 %
Total benefits and expenses2,413 2,157 1,527 1,257 1,200 12 %101 %6,097 3,699 65 %
Income tax expense (benefit)(77)(289)29 18 9 73 %(956)%(337)28 (1304)%
Net income(332)247 114 231 55 (234)%(704)%29 166 (83)%
Less: Net income (loss) attributable to noncontrolling assets(44)(8)1 2 1 (450)%(4500)%(51)3 (1800)%
Net income (loss) attributable to American National Group Inc. stockholders(288)255 113 229 54 (213)%(633)%80 163 (51)%
   Less: Preferred stock dividends11 11 — — — — %100 %22 — 100 %
Net income (loss) attributable to American National Group Inc. common stockholder$(299)$244 $113 $229 $54 (223)%(654)%$58 $163 (64)%
5

Distributable Operating Earnings Reconciliation
(Dollars in millions)
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Historical DataPercentage ChangeYear-to-DatePercentage
Change
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023QoQYoY20242023YTD
Net income (loss)$(299)$244 $113 $229 $54 (223)%(654)%$58 $163 (64)%
Net investment gains (losses), including reinsurance funds withheld(128)(361)(4)(87)200 65 %(164)%(493)296 (267)%
Mark-to-market on insurance contracts and other net assets835 577 55 — (114)45 %832 %1,467 (30)4990 %
Deferred income tax expense (recovery)(105)(355)28 25 (10)70 %(950)%(432)(4)(10700)%
Depreciation25 17 6 4 5 47 %400 %48 15 220 %
Transaction costs32 131 1 5 5 (76)%540 %164 7 2243 %
Distributable operating earnings (a)$360 $253 $199 $176 $140 42 %157 %$812 $447 82 %
Pre-Tax Distributable Operating Earnings by Segment
Annuity$404 $291 $105 $80 $95 39 %326 %$800 $304 163 %
Life 52 56 57 52 63 (8)%(18)%165 146 13 %
Property & casualty (P&C)27 (10)49 73 (8)366 %433 %65 2 3160 %
Corporate & Other(51)(27)14 (28)17 (86)%(404)%(63)46 (237)%
Pre-tax distributable operating earnings (a)432 310 225 177 167 39 %159 %966 498 94 %
   Tax expense(72)(57)(26)(1)(27)(26)%(168)%(155)(51)(203)%
Distributable operating earnings$360 $253 $199 $176 $140 42 %157 %$812 $447 82 %
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19.
6

Invested Assets
(Dollars in millions)
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September 30, 2024December 31, 2023
GAAP
Carrying
Value		Book
Value		Unrealized
Gain/(Loss)		GAAP
Carrying
Value		Book
Value		Unrealized
Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government$78 $78 $— $62 $63 $(1)
U.S. states and political subdivisions3,383 3,184 199 578 594 (16)
Foreign governments414 383 31 9 9 — 
Corporate debt securities29,398 28,209 1,189 10,784 11,144 (360)
Residential mortgage-backed securities905 859 46 126 131 (5)
Commercial mortgage-backed securities2,625 2,544 81 — — — 
Collateralized debt securities5,699 5,624 75 1,318 1,340 (22)
Total fixed maturity, available-for-sale42,502 40,881 1,621 12,877 13,281 (404)
Equity securities:
Common and preferred stock1,518 1,497 21 1,404 1,319 85 
Private equity and other4 4 — — — — 
Total equity securities1,522 1,501 21 1,404 1,319 85 
Other investments:
Mortage loans on real estate, net of allowance11,800 11,800 — 5,658 5,658 — 
Private loans2,688 2,687 1 194 194 — 
Real estate and real estate partnerships6,474 6,474 — 3,611 3,611 — 
Investments funds2,660 2,660 — 1,592 1,592 — 
Policy loans277 277 — 390 390 — 
Short-term investments3,675 3,675 — 2,397 2,397 — 
Other invested assets1,142 1,142 — 120 120 — 
Total investments, net of coinsurance funds withheld investments72,740 71,097 1,643 28,243 28,562 (319)
Coinsurance funds withheld investments (a)3,284 3,172 112 — — — 
Total investments$76,024 $74,269 $1,755 $28,243 $28,562 $(319)
(a)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.
7

Credit Quality of Investments
(Dollars in millions)
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September 30, 2024December 31, 2023
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$23,631 31 %$6,216 22 %
216,728 22 %5,797 21 %
31,399 2 %583 2 %
4282 — %93 — %
5128 — %25 — %
61 — %4 — %
Total fixed maturities, available-for-sale42,169 55 %12,718 45 %
Assets without NAIC Designation
Fixed maturities, at fair value333 — %159 1 %
Equity securities, at fair value1,522 2 %1,404 5 %
Mortgage loans11,800 16 %5,658 20 %
Private Loans2,688 4 %194 1 %
Real estate and real estate partnerships6,474 9 %3,611 13 %
Investment funds2,660 3 %1,592 6 %
Policy loans277 — %390 1 %
Short-term investments3,675 5 %2,397 8 %
Other invested assets1,142 2 %120 — %
30,571 40 %15,525 55 %
Total investments, net of coinsurance funds withheld investments72,740 95 %28,243 100 %
Coinsurance funds withheld investments (a)3,284 5 %— — %
Total investments$76,024 100 %$28,243 100 %
(a)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.
8

Credit Quality of Investments - Detail
(Dollars in millions)
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September 30, 2024December 31, 2023
GAAP
Carrying
Value		% of GAAP
Carrying Value		GAAP
Carrying
Value		% of GAAP
Carrying Value
Available-for-sale:
U.S. treasury and government (a)$78 — %$62 — %
U.S. states and political subdivisions (a)3,383 7 %578 4 %
Foreign governments (a)414 1 %9 — %
Corporate debt securities29,398 64 %10,784 84 %
Residential mortgage-backed securities905 2 %126 1 %
Commercial mortgage-backed securities2,625 6 %— — %
Collateralized debt securities5,699 12 %1,318 10 %
Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments42,502 93 %12,877 100 %
Coinsurance funds withheld investments (b)3,181 7 %— — %
Total fixed maturities, available-for-sale$45,683 100 %$12,877 100 %
 
Corporate debt securities
NAIC designation
1$12,840 44 %$4,682 43 %
214,930 51 %5,390 50 %
3981 3 %466 4 %
4230 1 %70 1 %
5103 — %15 — %
6300 1 %161 1 %
Total U.S. corporate debt securities (c)$29,384 100 %$10,784 100 %
Residential mortgage-backed securities
NAIC designation
1$826 91 %$66 52 %
239 4 %37 29 %
329 3 %22 17 %
49 1 %— — %
52 — %1 1 %
6— — %— — %
Total Residential mortgage-backed securities$905 100 %$126 100 %
Commercial mortgage-backed securities
NAIC designation
1$2,419 92 %$— — %
2128 5 %— — %
334 1 %— — %
421 1 %— — %
54 — %— — %
619 1 %— — %
Total Commercial mortgage-backed securities$2,625 100 %$— — %
9

Credit Quality of Investments - Detail
(Dollars in millions)
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September 30, 2024December 31, 2023
GAAP
Carrying
Value		% of GAAP
Carrying Value		GAAP
Carrying
Value		% of GAAP
Carrying Value
Collateralized debt securities
NAIC designation
1$4,049 71 %$878 67 %
21,307 23 %316 24 %
3322 6 %95 7 %
418 — %23 2 %
52 — %5 — %
61 — %1 — %
Total Collateralized debt securities$5,699 100 %$1,318 100 %
(a)Over 90% 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 residual tranche securities that are not rated with a carrying value of $14 million.

10

Mortgage Loans
(Dollars in millions)
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September 30, 2024December 31, 2023
GAAP
Carrying
Value		% of GAAP
Carrying Value		GAAP
Carrying
Value		% of GAAP
Carrying Value
Commercial Mortgage Loans
Apartment$2,076 23 %$1,091 19 %
Hotel1,219 13 %966 17 %
Industrial1,905 21 %1,052 18 %
Office1,178 13 %999 17 %
Parking331 3 %414 7 %
Retail1,527 16 %781 14 %
Storage157 2 %118 2 %
Agricultural469 5 %— — %
Other241 3 %290 5 %
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)9,103 99 %5,711 100 %
Coinsurance funds withheld investments (b)66 1 %— — %
Total commercial mortgage loans$9,169 100 %$5,711 100 %
Non-performing mortgage loans
Total non-performing mortgage loans$290 3 %$15 — %
(a)Total commercial mortgage loans, net of coinsurance funds withheld investments excludes the allowance for credit losses of $80 million and $53 million at September 30, 2024 and December 31, 2023, respectively.
(b)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.
11

Financial Strength and Credit Ratings
(Dollars in millions)
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Financial strength ratings
AM BestStandard & Poor'sFitchLine of BusinessSeptember 30, 2024 Statutory Liability Balance
American Equity Life Insurance CompanyAAA-Retail Annuity$46,470 
American National Insurance CompanyAAARetail Annuity, PRT, Life29,453 
Eagle Life Insurance CompanyAAA-Retail Annuity3,538 
American National Life Insurance Company of New YorkAAARetail Annuity, PRT, Life2,113 
American Equity Life Insurance Company of New YorkANRA-Retail Annuity84 
American National Property and Casualty CompanyANRNRP&C1,353 
Farm Family Casualty Insurance CompanyANRNRP&C1,120 
United Farm Family Insurance CompanyANRNRP&C105 
American National General Insurance CompanyANRNRP&C85 
American National Lloyds Insurance CompanyANRNRP&C53 
American National County Mutual Insurance CompanyANRNRP&C13 
American National Life Insurance Company of TexasANRNRAccident & Health12 
Garden State Life Insurance CompanyAuNRNRLife7 
Credit ratings
American National Group Inc.NRBBBBBB+
12

Capitalization
(Dollars in millions)
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Amount% Total
Capitalization		Facility Ratings
(S&P / Fitch)		RatesIssue DateMaturity
Term Loan$1,897 17 %SOFR + 1.25%May 2024May 2027
Senior Unsecured Bonds - 144A496 4 %BBB / BBB6.144%June 2022June 2032
Senior Unsecured Bonds - SEC Registered482 4 %BBB / BBB5.00%June 2017June 2027
Subordinated Debentures84 1 %5.00%October 1999June 2047
Total Long Term Borrowings2,959 26 %
Perpetual Preferred Shares - Series A (a)389 3 %BB+ / BB+5.95%November 2019Perp rate reset
Perpetual Preferred Shares - Series B (b) 296 3 %BB+ / BB+6.63%June 2020Perp rate reset
Total Common Stockholders' Equity9,297 82 %
Total Equity9,982 88 %
Accumulated Other Comprehensive Income (AOCI)1,481 13 %
Non-Controlling Interests (NCI)165 1 %
Total Equity, Excluding AOCI and NCI (c)8,336 74 %
Total Capitalization, Excluding AOCI and NCI (c)$11,295 100 %
(a)Rate reset to 8.571% on December 1, 2024. Rate will be reset to 4.322% plus 5 year Treasury Index effective December 1, 2029.
(b)Rate will be reset to 6.297% plus 5 year Treasury Index effective September 1, 2025.
(c)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19.
13

Annuity Investment Spread
(Dollars in millions)
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Historical DataPercentage ChangeYear-to-DatePercentage
Change
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023QoQYoY20242023YTD
Non-GAAP net investment income (a)$1,021 $740 $282 $274 $255 38 %301 %$2,043 $709 188 %
Cost of funds616 449 178 194 160 37 %286 %1,243 404 207 %
Total net investment spread$404 $291 $105 $80 $95 39 %326 %$800 $304 163 %
Average invested assets$69,878 $70,233 $26,991 $24,965 $24,982 (1)%180 %$69,878 $24,982 180 %
Twelve Months Ended September 30, 2024
Yield on net invested assets4.8 %
Aggregate cost of funds3.0 %
Total net investment spread1.8 %
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19. The net impact of the adjustments disclosed on page 19 were $3 million in Q3 2024, $184 million in Q2 2024, $166 million in Q1 2024, $91 million in Q4 2023, and $120 million in Q3 2023.
14

Reconciliation of Benefits and Expenses to Cost of Funds
(Dollars in millions)
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Historical DataYear-to-Date
Q3 2024Q2 2024Q1 2024Q4 2023Q3 202320242023
US GAAP benefits and expenses$2,413 $2,157 $1,527 $1,257 $1,200 $6,097 $3,699 
Premiums(888)(1,005)(1,144)(956)(784)(3,037)(2,567)
Product charges(208)(184)(112)(108)(106)(504)(306)
Change in fair value of insurance-related derivatives and embedded derivatives(344)(21)19 (18)(54)(346)(54)
Change in fair value of MRB - capital market impacts(123)(115)(19)48 14 (257)21 
Policy and other operating expenses(169)(95)(16)24 14 (280)13 
Benefits and expenses on non-annuity segments(65)(288)(77)(53)(124)(430)(402)
Total adjustments to arrive at cost of funds(1,797)(1,708)(1,349)(1,063)(1,040)(4,854)(3,295)
Total annuity cost of funds (a)$616 $449 $178 $194 $160 $1,243 $404 
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19.
15

Annuity Sales
(Dollars in millions)
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Historical DataPercentage ChangeYear-to-DatePercentage
Change
Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023QoQYoY20242023YTD
Gross Annuity Sales
Retail
    Fixed Index$2,027 $1,483 $167 $119 $184 37 %1002 %$3,677 $587 526 %
    Fixed Rate1,799 1,522 695 242 1,245 18 %44 %4,016 3,611 11 %
 Variable (a)17 14 16 3 17 21 %— %47 48 (2)%
    Total Retail Annuities3,843 3,019 878 364 1,446 27 %166 %7,740 4,246 82 %
Institutional
    Pension Risk Transfer289 273 671 308 148 6 %95 %1,233 700 76 %
    Total Institutional Annuities289 273 671 308 148 6 %95 %1,233 700 76 %
Total Gross Annuity Sales (b)4,132 3,292 1,549 672 1,594 26 %159 %8,973 4,946 81 %
Ceded(10)(25)— — — 60 %(100)%(35)— (100)%
Total Net Annuity Sales$4,122 $3,267 $1,549 $672 $1,594 26 %159 %$8,938 $4,946 81 %
(a)Variable sales represent additional premiums on previously issued policies.
(b)American Equity gross annuity sales for the nine months ended September 30, 2024 were $6,416 million. American Equity gross annuity sales since the acquisition on May 2, 2024 were $3,222 million which is included in the table above.
16

Surrender Charge Exposure
(Dollars in millions)
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Q3 2024Q4 2023
Account Value (a)Average Surrender ChargeAccount Value (a)Average Surrender Charge
Years of surrender charge remaining (b)
No surrender charge remaining$9,413 — %$3,205 — %
Greater than 0 to less than 312,865 4 %950 2 %
3 to less than 612,888 7 %2,142 4 %
6 to less than 918,505 11 %8,223 8 %
9 or greater12,295 14 %651 10 %
$65,966 8 %$15,171 5 %
(a)Account value excludes claims in-course of settlement, the life line of business, and single premium immediate annuities.
(b)The weighted average years remaining in the protected surrender charge period is approximately 6 years.
17

Legal Notice
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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 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.
18

Non-GAAP Financial Disclosures
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In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures together with the relevant US GAAP measures provides information that may enhance a user’s understanding of our results of operations and the underlying profitability drivers of our business. These measures should be considered supplementary to our results in accordance with US GAAP and should not be view as a substitute for the corresponding US GAAP measures.
Distributable Operating Earnings
Distributable operating earnings (“DOE”) is a non-GAAP measure used by management to assess operating results and the performance of the business. DOE is defined as net income after applicable taxes, excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits. DOE is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by GAAP. DOE is, therefore, unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of DOE also provides investors enhanced comparability of our ongoing performance across years.
Total Equity, Excluding AOCI and NCI and Total Capitalization, Excluding AOCI and NCI
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.
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.
19
v3.24.4
Cover Page
Jan. 07, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 07, 2025
Entity Registrant Name AMERICAN NATIONAL GROUP INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-31911
Entity Tax Identification Number 42-1447959
Entity Address, Address Line One One Moody Plaza
Entity Address, City or Town Galveston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77550
City Area Code 888
Local Phone Number 221-1234
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001039828
Amendment Flag false
Preferred Stock, Series A  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Trading Symbol ANGpA
Security Exchange Name NYSE
Preferred Stock, Series B  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Trading Symbol ANGpB
Security Exchange Name NYSE
American National (NYSE:ANG-B)
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