American National Group Inc.

What they do

ANGI operates through insurance subsidiaries and, prior to October 1, 2025, was organized into annuities, life insurance, and property and casualty segments. It transferred all property and casualty subsidiaries to Clearbrook Group Holdings Inc. on October 1, 2025, and in Q2 2026 announced termination of new life insurance sales through its career agent channel. Following these moves, annuities and life insurance are no longer reportable segments, and the chief operating decision maker focuses on ANGI consolidated.

Revenue drivers

• Fixed index annuities — Retail annuities where policyholders earn index credits subject to caps or participation rates, with some products offering premium bonuses. This is part of the Annuities segment, which is the remaining core operating business after the P&C transfer.
• Fixed rate annuities — Includes annual reset, multi-year rate guaranteed (MYGA), and single premium deferred annuities (SPDA), with crediting rates guaranteed for an initial period. Part of the Annuities segment.
• Life insurance (run-off) — American National ceased selling new life policies through multiple-line and independent agent channels in 2025 and announced in Q2 2026 that career agent channel sales of new life products would be terminated. No longer a reportable segment.

Recent performance

For Q2 2026, GAAP net income was $198 million, up 40% year over year from $141 million, while Q1 2026 had a net loss of $7 million. Distributable operating earnings were $291 million in Q2 2026, down 9% year over year from $320 million. Total assets were $131.7 billion at June 30, 2026, up 4% from $126.3 billion a year earlier. Total equity fell 15% year over year to $8.67 billion, and total common stockholders' equity fell 13% to $8.25 billion. The twelve-month annuity investment spread through June 30, 2026 was 1.7%.

Strategy

ANGI has narrowed its business, transferring all property and casualty subsidiaries to Clearbrook on October 1, 2025 and exiting new life insurance sales, leaving annuities as the core operating segment. The company operates as an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions following the 2024 mergers involving American Equity and American National. Management's stated focus is a range of insurance and retirement services for individuals and institutions. Remaining reportable segment disclosure now centers on ANGI consolidated rather than separate annuities and life segments.

Risks

• Interest rate sensitivity — Changes in interest rate conditions are cited as a factor that could cause actual results to differ from forward-looking statements, affecting annuity spreads and investment returns.
• Investment losses — The company cites investment losses or failure to grow as expected due to market, credit, liquidity, concentration, and default risks.
• Option cost increases — Rising option costs are specifically listed as a risk factor that could affect results, relevant to the fixed index annuity business.
• Dividend dependence — The company cites failure to authorize and pay dividends on preferred stock and subsidiaries' inability to pay dividends or make other payments to the parent as risks.

Outlook

The filings do not include a specific management outlook or guidance in the provided excerpts. The company notes that interim results for the three and six months ended June 30, 2026 are not necessarily indicative of the results expected for the entire year. Following the P&C transfer and life insurance exit, the chief operating decision maker is focused on ANGI consolidated rather than separate segments.