American National Group Inc. Q2 2024 10-Q Filing

TL;DR

**ANGP Q2 2024 10-Q filed. Financials and operations detailed.**

AI Summary

American National Group Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial financial insights into American National Group Inc.'s performance for the second quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial information and potential for market-moving disclosures.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point for financial performance from the prior fiscal year-end.)

Key Players & Entities

• American National Group Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Filing date
• 6000 WESTOWN PARKWAY (location) — Business and mailing address
• WEST DES MOINES (location) — City of business and mailing address
• IA (location) — State of business and mailing address
• 50266 (location) — ZIP code of business and mailing address
• 5152210002 (phone_number) — Business phone number

FAQ

Filing Documents

• angpa-20240630.htm (10-Q) — 4810KB
• a2024-06x30ex311.htm (EX-31.1) — 11KB
• a2024-06x30ex312.htm (EX-31.2) — 12KB
• a2024-06x30ex321.htm (EX-32.1) — 6KB
• a2024-06x30ex322.htm (EX-32.2) — 6KB
• 0001039828-24-000074.txt ( ) — 29434KB
• angpa-20240630.xsd (EX-101.SCH) — 120KB
• angpa-20240630_cal.xml (EX-101.CAL) — 250KB
• angpa-20240630_def.xml (EX-101.DEF) — 747KB
• angpa-20240630_lab.xml (EX-101.LAB) — 1459KB
• angpa-20240630_pre.xml (EX-101.PRE) — 1118KB
• angpa-20240630_htm.xml (XML) — 7443KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

: Financial Statements (unaudited)

Item 1: Financial Statements (unaudited): Consolidated Statements of Financial Position (unaudited) 2 Consolidated Statements of Operations (unaudited) 4 Consolidated Statements of Comprehensive Income (unaudited) 5 Consolidated Statements of Changes in Equity (unaudited) 6 Consolidated Statements of Cash Flows (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Note 1. Organization and Description of the Company 9 Note 2. Summary of Significant Accounting Policies 9 Note 3. Investments in Available-For-Sale Fixed Maturity Securities 22 Note 4. Equity Securities 25 Note 5. Mortgage Loans on Real Estate 25 Note 6. Private Loans 29 Note 7. Real Estate and Real Estate Partnerships 30 Note 8. Variable Interest Entities and Equity Method Investments 31 Note 9. Derivative Instruments 32 Note 10. Net Investment Income and Investment Related Gains (Losses) 35 Note 11. Fair Value of Financial Instruments 36 Note 12. Reinsurance 46 Note 13. Separate Account Assets and Liabilities 47 Note 14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired 48 Note 15. Intangible Assets 50 Note 16. Acquisitions 51 Note 17. Future Policy Benefits 52 Note 18. Policyholders' Account Balances 55 Note 19. Market Risk Benefits 57 Note 20. Liability for Unpaid Claims and Claim Adjustment Expenses 58 Note 21. Notes Payable and Long Term Borrowings 59 Note 22. Income Taxes 60 Note 23. Stockholders' Equity 62 Note 24. Accumulated Other Comprehensive Income 63 Note 25. Statutory Financial Information and Dividend Restrictions 63 Note 26. Related Party Transactions 64 Note 27. Segment Reporting 66 Note 28. Financial Commitments and Contingencies 68 Note 29. Subsequent Events 69

: 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 70

: Quantitative and Qualitative Disclosures about Market Risk

Item 3: Quantitative and Qualitative Disclosures about Market Risk 82

: Controls and Procedures

Item 4: Controls and Procedures 83

- OTHER INFORMATION

PART II - OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 84

A : Risk Factors

Item 1 A : Risk Factors 84

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 104

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 104

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 104

: Other Information

Item 5: Other Information 105

: Exhibits

Item 6: Exhibits 106

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Dollars in millions, except share and per share data) (Unaudited) June 30, 2024 December 31, 2023 Assets Investments: Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $ 37 and $ 24 , respectively; amortized cost of $ 46,480 and $ 13,281 , respectively) $ 46,480 $ 12,877 Equity securities, at fair value 1,200 1,404 Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $ 54 and $ 53 , respectively) 12,042 5,658 Private loans, at amortized cost (net of allowance for credit loss of $ 21 and $ 8 , respectively) 1,724 194 Real estate and real estate partnerships (net of accumulated depreciation of $ 255 and $ 320 , respectively) 6,329 3,611 Investment funds 2,642 1,592 Policy loans 401 390 Short-term investments 1,945 2,397 Other invested assets 955 120 Total investments 73,718 28,243 Cash and cash equivalents 13,895 3,192 Accrued investment income 684 196 Deferred policy acquisition costs, deferred sales inducements and value of business acquired 8,355 944 Premiums due and other receivables 430 484 Ceded unearned premiums 166 45 Deferred tax asset 233 291 Reinsurance recoverables and deposit assets 15,261 427 Property and equipment (net of accumulated depreciation of $ 340 and $ 333 , respectively) 189 168 Intangible assets (net of accumulated amortization of $ 15 and $ 2 , respectively) 1,612 44 Goodwill 754 121 Other assets 2,055 541 Separate account assets 1,266 1,189 Total assets $ 118,618 $ 35,885 2 AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Dollars in millions, except share and per share data) (Unaudited) June 30, 2024 December 31, 2023 Liabilities Future policy benefits $ 7,227 $ 6,108 Policyholders' account balances 80,489 17,177 Policy and contract cl

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) 1. Organization and Description of the Company American National Group Inc., together with its subsidiaries (collectively, "ANGI", "we", "our", "us", or the "Company") is a leading insurance company that offers a broad portfolio of insurance products including individual and group life insurance, annuities, pension risk transfer ("PRT"), health insurance and property and casualty insurance. Business is conducted in 50 states, the District of Columbia and Puerto Rico. On May 2, 2024, the Company's predecessor, American Equity Investment Life Holding Company, an Iowa corporation ("AEL" or "American Equity") merged with and into Arches Merger Sub Inc. ("Merger Sub"), an indirect wholly-owned subsidiary of Brookfield Reinsurance Ltd. ("Brookfield Reinsurance"), with AEL surviving and becoming an indirect wholly-owned subsidiary of Brookfield Reinsurance (the "Merger"). In connection with the Merger, each issued and outstanding share of AEL's common stock was converted into the right to receive cash and class A limited voting shares of Brookfield Asset Management Ltd. ("BAM"). On May 7, 2024, American National Group, LLC, an indirect, wholly-owned subsidiary of Brookfield Reinsurance ("American National"), merged with and into AEL, with AEL surviving as an indirect, wholly-owned subsidiary of Brookfield Reinsurance (the "Post-Effective Merger"). Subsequently, AEL discontinued its existence as an Iowa corporation and continued its existence as a corporation incorporated in the State of Delaware (the "Reincorporation"). In connection with the Reincorporation, AEL changed its name to American National Group Inc. ANGI is an indirect, wholly-owned subsidiary of Brookfield Reinsurance. For purposes of these notes to the unaudited consolidated financial statements ("financial statements"), the "Company" refers to either ANGI or AEL, as required by the context. As a result of the Post-Effective Merger, t

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