American National Group Inc. Annual Report - How They Did This Year

I’ve put together a plain-English guide to help you understand how American National Group Inc. (ANGI) performed this year. My goal is to turn complex financial filings into clear information so you can decide if this company fits your investment goals.

1. What does this company do?

American National Group acts as a financial anchor for retirement planning. They focus on two main areas: Annuities (which made up about 92% of their revenue in 2025) and Life Insurance. They collect premiums from policyholders and invest that money, aiming to earn more from these investments than they pay out in interest to their customers.

2. Major changes this year: A new identity

The biggest news is the company’s transformation. After being bought by Brookfield Reinsurance Ltd. for $5.1 billion, the company is now a key part of Brookfield Wealth Solutions.

They are streamlining their business to focus on their strengths. They stopped selling most new life insurance policies through independent agents to prioritize their most profitable areas. This caused life insurance sales to drop by 40% over the last two years. Today’s American National is a leaner, more focused company that prioritizes efficiency over market share.

3. How they make money

Their annuity business is the engine of the company. They offer products like Fixed Index Annuities, which let customers earn interest based on stock market gains without the risk of losing their original deposit if the market falls.

The numbers tell a clear story:

• Annuities: This segment is booming. Revenue grew to $7.2 billion in 2025, up from $6.8 billion in 2024 and $2.0 billion in 2023. This growth comes from high demand for retirement income in a high-interest-rate environment.
• Life Insurance: This segment is shrinking as they pivot. Revenue fell to $603 million in 2025, down from $1.0 billion in 2024 and $1.2 billion in 2023.

They partner with Brookfield Asset Management to find high-yield, private-credit investments. They aim to keep a profit margin of 1.5% to 2% between their investment returns and the interest they pay customers.

4. Financial health and risks

• The Good News: They hold strong "A" ratings from A.M. Best and Fitch. These ratings show they have a solid balance sheet with over $30 billion in assets, ensuring they can meet their long-term promises to policyholders.
• The Risks:
  • Market Sensitivity: Profits depend on how well their annuity products perform. If interest rates drop or the market behaves unexpectedly, their profit margins shrink.
  • Competition: They face stiff competition from global giants like Prudential and MetLife, as well as new, low-cost digital startups.
  • Concentration: By focusing almost entirely on annuities, they have less variety in their business. If the annuity market struggles, they lack other insurance lines to help balance out the losses.

5. Is it a good investment?

The company is now a private subsidiary, so you cannot buy shares of the company itself. However, you can still invest in their Series D Preferred Stock (ANGpD). Think of this as a bond-like investment. It provides steady, predictable income rather than explosive growth. It is a way to benefit from their stability, though these shares are sensitive to interest rate changes and the financial health of their parent company, Brookfield Reinsurance.

Investor Tip: If you are looking for steady income, the Series D Preferred Stock is the primary way to gain exposure to American National’s operations. Before buying, check the current interest rate environment, as these shares tend to fluctuate in price when market rates change.