American National Group Inc. (ANG-PD) is an insurance holding company that underwrites and administers annuity and life insurance products through multiple subsidiaries, including American Equity Investment Life Insurance Company, American National Insurance Company, and Eagle Life Insurance Company. Revenue comes from spread-based insurance products, primarily fixed index annuities, fixed rate annuities including multi-year rate guaranteed products, and pension risk transfer group annuity contracts, where the company earns the difference between investment returns on its asset portfolio and crediting rates paid to policyholders. As of December 31, 2025, the company held $130.3 billion in total assets, with policyholder account balances of $93.0 billion and investments of $90.5 billion. Segment distributable operating earnings were $1.75 billion in FY2025, up from $1.27 billion in FY2024. The company operates in both retail and institutional channels and competes in a highly competitive insurance market subject to consolidation pressure. Subsidiaries carry an A financial strength rating (6th of 21) from at least one rating agency as of the filing dated March 31, 2026.

Revenue model

Spread-based earnings: the company credits policyholders an interest rate on annuity and insurance account balances while investing premiums in a broader asset portfolio, capturing the net investment spread. Additional revenue sources include pension risk transfer single-premium group annuity contracts and Funding Agreement Backed Notes. Crediting rates on fixed rate products are reset annually or at stated guarantee periods at management's discretion, subject to guaranteed minimums.

Products and services

Fixed index annuities (retail), fixed rate deferred annuities including multi-year rate guaranteed products (MYGAs) and single premium deferred annuities (SPDAs), pension risk transfer (PRT) group annuity contracts, life insurance products, and separate account products. Subsidiaries include American Equity Investment Life Insurance Company, American National Insurance Company, Eagle Life Insurance Company, American National Life Insurance Company of New York, American Equity Life Insurance Company of New York, Freestone Re Ltd., and American National Global Funding.

Customers and end markets

Individual retail policyholders purchasing annuity and life insurance products through independent sales intermediaries. Institutional customers including corporate pension plan sponsors transferring pension liabilities through PRT group annuity contracts. Products sold across retail and institutional channels.

Value-chain role

Insurance underwriter and asset accumulation vehicle. Collects premiums, manages a large investment portfolio ($90.5 billion as of December 31, 2025), prices and administers insurance and annuity contracts, and manages longevity and investment risk. Uses reinsurance and derivatives (options, swaps, forwards) to hedge product guarantees and business risks. Distributes through independent sales intermediaries.

Geographic exposure

Primarily United States, with operations subject to state licensing and regulatory requirements across multiple jurisdictions. Some international data processing and operations referenced in the filing. Specific country or state revenue breakdown not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

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