$ANG-PD

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO

CIK:0001039828|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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	0	42	0	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)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ 211	$ (49)
Less: Net income from discontinued operations	0	(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)	0
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	0	(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	0	(159)
Cash flows provided by operating activities	1,390	1,206
Investing activities:
Acquisition of subsidiary, net of cash acquired	0	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	0
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
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	0
Distributions from equity accounted investments	0	(1)
Change in collateral held for derivatives	(90)	(306)
Other	(84)	37
Cash from investing activities - discontinued operations	0	195
Cash flows used in investing activities	(6,249)	(3,138)
Financing activities:
Contributions from (distributions to) shareholders	(10)	0
Issuance of preferred equity	0	292
Redemption of preferred equity	0	(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	0	(700)
Repayment of borrowings issued to reinsurance entities	0	2
Deposits on policyholders’ account	7,298	7,417
Withdrawals on policyholders’ account	(5,582)	(4,751)
Debt issuance costs	0	(6)
Issuance of equity, noncontrolling interests	72	62
Distributions to noncontrolling interests	(140)	(7)
Cash from financing activities - discontinued operations	0	(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	0	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	0	786
Distribution to Parent of promissory notes, other assets, and property and casualty related assets	491	0
Issuance of private loans as a result of refinancing	$ 418	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
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
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
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
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
Separate account liabilities	874	822
Total liabilities	123,045	120,588
Commitments and Contingencies (Note 25)
Equity
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
Series D Preferred Stock
Equity
Preferred stock	292	292
Related Party
Investments:
Total investments	9,600	9,600
Liabilities
Due to related parties	105	103
Nonrelated Party
Liabilities
Other liabilities	3,669	4,166
Mortgage loans on real estate, net of allowance
Investments:
Mortgage loans on real estate and Private loans, at amortized cost	11,554	11,113
Private loans, net of allowance
Investments:
Mortgage loans on real estate and Private loans, at amortized cost	$ 8,949	$ 8,926