American National Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>American National Group Inc. (ANG-PD) has submitted its Q1 2024 10-Q filing, detailing financial performance and position as of March 31, 2024.</b>

AI Summary

American National Group Inc. (ANG-PD) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. American National Group Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Life Insurance. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components like Retained Earnings, Accumulated Other Comprehensive Income, and Noncontrolling Interest are detailed for various periods.

Why It Matters

For investors and stakeholders tracking American National Group Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational details of American National Group Inc., crucial for assessing the company's current health and future prospects. The detailed financial statements and disclosures within the 10-Q allow stakeholders to understand the company's financial position, including its assets, liabilities, equity, and changes therein, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — American National Group Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company in the life insurance sector, which inherently carries market and regulatory risks, but no immediate red flags are apparent from the header information alone.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and any emerging risks or opportunities.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-12-31 — Previous Year End (Balance Sheet Date)

Key Players & Entities

• American National Group Inc. (company) — FILER
• AMERICAN EQUITY INVESTMENT LIFE HOLDING CO (company) — FORMER COMPANY
• IA (location) — STATE OF INCORPORATION
• WEST DEMOINES (location) — CITY

FAQ

Industry Context

American National Group Inc. operates within the Life Insurance industry, a sector characterized by long-term financial commitments and regulatory oversight.

Regulatory Implications

The Life Insurance industry is subject to stringent state and federal regulations concerning solvency, consumer protection, and market conduct.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to the prior quarter and year.
2. Review the income statement for revenue trends, profitability, and expense management.
3. Examine disclosures related to investments, reserves, and any significant accounting policies or estimates.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the 10-K filing for the fiscal year ended December 31, 2023.

Key Financial Figures

• $1 — ich registered Common stock, par value $1 AEL New York Stock Exchange Depositary

Filing Documents

• ael-20240331.htm (10-Q) — 3632KB
• a2024-03x31ex311.htm (EX-31.1) — 12KB
• a2024-03x31ex312.htm (EX-31.2) — 12KB
• a2024-03x31ex321.htm (EX-32.1) — 6KB
• a2024-03x31ex322.htm (EX-32.2) — 6KB
• 0001039828-24-000071.txt (&nbsp;) — 18749KB
• ael-20240331.xsd (EX-101.SCH) — 86KB
• ael-20240331_cal.xml (EX-101.CAL) — 127KB
• ael-20240331_def.xml (EX-101.DEF) — 608KB
• ael-20240331_lab.xml (EX-101.LAB) — 966KB
• ael-20240331_pre.xml (EX-101.PRE) — 777KB
• ael-20240331_htm.xml (XML) — 4628KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements: 2 Consolidated Balance Sheets 2 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Stockholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Note 1. Significant Accounting Policies 9 Note 2. Fair Values of Financial Instruments 10 Note 3. Investments 19 Note 4. Mortgage Loans on Real Estate 24 Note 5. Variable Interest Entities 29 Note 6. Derivative Instruments 30 Note 7. Deferred Policy Acquisition Costs and Deferred Sales Inducements 33 Note 8. Policyholder Liabilities 34 Note 9. Notes and Loan Payable 40 Note 10. Commitments and Contingencies 40 Note 11. Earnings (Loss) Per Common Share and Stockholders' Equity 41 N ote 12. Subsequent Events 42

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 44

: Quantitative and Qualitative Disclosures about Market Risk

Item 3: Quantitative and Qualitative Disclosures about Market Risk 64

: Controls and Procedures

Item 4: Controls and Procedures 66

— OTHER INFORMATION

PART II — OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 66

: Risk Factors

Item 1A: Risk Factors 66

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 67

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 67

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 67

: Other Information

Item 5: Other Information 67

: Exhibits

Item 6: Exhibits 68

Signatures

Signatures 69 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Investments: Fixed maturity securities, available for sale, at fair value (amortized cost of $ 36,009,821 as of 2024 and $ 38,537,462 as of 2023; allowance for credit losses of $ 3,518 as of 2024 and $ 4,030 as of 2023) $ 32,044,379 $ 34,780,482 Mortgage loans on real estate (net of allowance for credit losses of $ 42,013 as of 2024 and $ 38,135 as of 2023) 7,281,831 7,537,594 Real estate investments (2024 and 2023 include $ 1,353,864 and $ 1,327,704 related to consolidated variable interest entities) 1,363,604 1,334,247 Limited partnerships and limited liability companies (2024 and 2023 include $ 501,084 and $ 506,685 related to consolidated variable interest entities) 1,066,273 1,089,591 Derivative instruments 1,617,000 1,207,288 Other investments (2024 includes $ 150,001 related to consolidated variable interest entities) 1,624,752 2,277,822 Total investments 44,997,839 48,227,024 Cash and cash equivalents (2024 and 2023 include $ 33,602 and $ 35,745 related to consolidated variable interest entities) 13,495,847 9,772,586 Coinsurance deposits (net of allowance for credit losses of $ 1,096 as of 2024 and $ 1,149 as of 2023) 14,743,795 14,582,728 Market risk benefits 524,598 479,694 Accrued investment income (2024 and 2023 include $ 4,136 and $ 2,862 related to consolidated variable interest entities) 431,105 459,332 Deferred policy acquisition costs 3,184,757 3,070,280 Deferred sales inducements 2,440,714 2,367,224 Deferred income taxes 115,245 152,652 Income taxes recoverable 24,342 37,854 Other assets (2024 and 2023 include $ 20,184 and $ 18,681 related to consolidated variable interest entities) 821,281 768,928 Total assets $ 80,779,523 $ 79,918,302 2 Table of Contents AMERICAN EQUITY INV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) 1. Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements of American Equity Investment Life Holding Company ("we", "us", "our" or the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include variable interest entities ("VIE") in which we are the primary beneficiary. All of the adjustments in the consolidated financial statements are normal recurring items which are necessary to present fairly our financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for the three month periods ended March 31, 2024 are not necessarily indicative of the results that may be expected for any other period, including for the year ended December 31, 2024. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements requires management estimates and assumptions using subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Our actual results could differ from these estimates. For further information related to a description of areas of judgment and estimates and other information necessary to understand our financial position and results of operations, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. Adopted Accounting Pronouncements Troubled Debt Restructurings and Vintage Disclosures In March 2022, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") on troubled debt restructurings ("TDR") and vintage disclosures rel

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