American National Group Q3 2024 10-Q Filed

TL;DR

ANGP Q3 10-Q is in. Financials look steady, check the details.

AI Summary

American National Group Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and positions, including preferred stock series and mortgage receivables. The company, formerly American Equity Investment Life Holding Co., is based in West Des Moines, IA.

Why It Matters

This filing provides investors with a detailed look at American National Group's financial health and operational status as of the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• 2024-09-30 — Reporting Period End (As of this date, financial positions are reported.)
• 2023-12-31 — Prior Year End (Comparative financial data from the end of the previous fiscal year.)

Key Players & Entities

• American National Group Inc. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-15 (date) — Filing Date
• American Equity Investment Life Holding Co. (company) — Former Company Name
• West Des Moines, IA (location) — Company Headquarters

FAQ

Filing Documents

• angpa-20240930.htm (10-Q) — 4550KB
• a2024-09x30ex311.htm (EX-31.1) — 11KB
• a2024-09x30ex312.htm (EX-31.2) — 12KB
• a2024-09x30ex321.htm (EX-32.1) — 6KB
• a2024-09x30ex322.htm (EX-32.2) — 6KB
• 0001039828-24-000079.txt ( ) — 28068KB
• angpa-20240930.xsd (EX-101.SCH) — 113KB
• angpa-20240930_cal.xml (EX-101.CAL) — 232KB
• angpa-20240930_def.xml (EX-101.DEF) — 729KB
• angpa-20240930_lab.xml (EX-101.LAB) — 1378KB
• angpa-20240930_pre.xml (EX-101.PRE) — 1056KB
• angpa-20240930_htm.xml (XML) — 7172KB

- 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. Available-For-Sale Fixed Maturity Securities 14 Note 4. Equity Securities 17 Note 5. Mortgage Loans on Real Estate 17 Note 6. Private Loans 21 Note 7. Real Estate and Real Estate Partnerships 23 Note 8. Variable Interest Entities and Equity Method Investments 23 Note 9. Derivative Instruments 25 Note 10. Net Investment Income and Investment Related Gains (Losses) 29 Note 11. Fair Value of Financial Instruments 30 Note 12. Reinsurance 40 Note 13. Separate Account Assets and Liabilities 41 Note 14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired 42 Note 15. Intangible Assets 44 Note 16. Acquisitions 45 Note 17. Future Policy Benefits 46 Note 18. Policyholders' Account Balances 49 Note 19. Market Risk Benefits 51 Note 20. Liability for Unpaid Claims and Claim Adjustment Expenses 52 Note 21. Notes Payable and Long Term Borrowings 53 Note 22. Income Taxes 54 Note 23. Stockholders' Equity 54 Note 24. Accumulated Other Comprehensive Income 55 Note 25. Statutory Financial Information and Dividend Restrictions 55 Note 26. Related Party Transactions 58 Note 27. Segment Reporting 59 Note 28. Financial Commitments and Contingencies 61 Note 29. Subsequent Events 62

: 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 63

: Quantitative and Qualitative Disclosures about Market Risk

Item 3: Quantitative and Qualitative Disclosures about Market Risk 75

: Controls and Procedures

Item 4: Controls and Procedures 76

- OTHER INFORMATION

PART II - OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 76

: Risk Factors

Item 1A: Risk Factors 76

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 76

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 76

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 76

: Other Information

Item 5: Other Information 76

: Exhibits

Item 6: Exhibits 77

- 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) September 30, 2024 December 31, 2023 Assets Investments: Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $ 22 and $ 24 , respectively; amortized cost of $ 43,949 and $ 13,281 , respectively) $ 45,683 $ 12,877 Equity securities, at fair value 1,522 1,404 Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $ 88 and $ 53 , respectively) 11,866 5,658 Private loans, at amortized cost (net of allowance for credit loss of $ 26 and $ 8 , respectively) 2,725 194 Real estate and real estate partnerships (net of accumulated depreciation of $ 235 and $ 320 , respectively) 6,474 3,611 Investment funds 2,661 1,592 Policy loans 277 390 Short-term investments 3,674 2,397 Other invested assets 1,142 120 Total investments 76,024 28,243 Cash and cash equivalents 13,873 3,192 Accrued investment income 688 196 Deferred policy acquisition costs, deferred sales inducements and value of business acquired 8,376 944 Premiums due and other receivables 503 484 Ceded unearned premiums 165 45 Deferred tax asset 288 291 Reinsurance recoverables and deposit assets 18,015 427 Property and equipment (net of accumulated depreciation of $ 346 and $ 333 , respectively) 187 168 Intangible assets (net of accumulated amortization of $ 35 and $ 2 , respectively) 1,599 44 Goodwill 754 121 Other assets 1,885 541 Separate account assets 1,302 1,189 Total assets $ 123,659 $ 35,885 2 AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Dollars in millions, except share and per share data) (Unaudited) September 30, 2024 December 31, 2023 Liabilities Future policy benefits $ 7,179 $ 6,108 Policyholders' account balances 82,413 17,177 Policy and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 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 Wealth Solutions Ltd. ("Brookfield Wealth Solutions"), with AEL surviving and becoming an indirect wholly-owned subsidiary of Brookfield Wealth Solutions (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 ("American National"), an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions, merged with and into AEL, with AEL surviving as an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions (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 Wealth Solutions. On September 4, 2024, Brookfield Wealth Solutions changed its name from Brookfield Reinsurance Ltd. to Brookfield Wealth Solutions Ltd. and, on September 6, 2024, changed its trading sym

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View this 10-Q filing on SEC EDGAR