American National Group Inc. — Q2 2026 Earnings Summary

Financial Performance

• GAAP net income attributable to common stockholders was $198 million in Q2 2026, a 40% increase year-over-year from $141 million in Q2 2025; Year-to-Date (YTD) 2026 net income was $191 million compared to a loss of $95 million in YTD 2025 (301% change).
• Distributable operating earnings (DOE) were $291 million in Q2 2026, down 5% quarter-over-quarter and 9% year-over-year; YTD 2026 DOE was $597 million, down 10% from $661 million in YTD 2025.
• Total revenue was $1.706 billion in Q2 2026, up 7% quarter-over-quarter and 1% year-over-year; YTD 2026 revenue was $3.306 billion, down 7% from $3.570 billion in YTD 2025.
• Net investment income was $1.289 billion in Q2 2026, flat quarter-over-quarter and up 13% year-over-year; YTD 2026 net investment income was $2.578 billion, up 8% from $2.390 billion in YTD 2025.
• Non-GAAP net investment income was $1.384 billion in Q2 2026, up 2% quarter-over-quarter and 12% year-over-year; YTD 2026 non-GAAP net investment income was $2.736 billion, up 11% from $2.476 billion in YTD 2025.
• Total benefits and expenses were $1.426 billion in Q2 2026, down 10% quarter-over-quarter and 8% year-over-year; YTD 2026 total benefits and expenses were $3.006 billion, down 19% from $3.722 billion in YTD 2025.
• Total assets were $131.714 billion at June 30, 2026, up 4% year-over-year from $126.345 billion; total liabilities were $123.045 billion, up 6% year-over-year.
• Total common stockholders' equity was $8.253 billion at June 30, 2026, down 13% year-over-year from $9.494 billion; total adjusted common stockholders' equity was $9.441 billion, down 5% year-over-year.
• The annuity investment spread was 1.7% for the twelve months ended June 30, 2026.
• Non-GAAP net investment income yield on net invested assets was 5.9% for the twelve months ended June 30, 2026, with an aggregate cost of funds of 4.2%.

Guidance and Future Outlook

• No forward guidance, future growth targets, or long-term goals were explicitly stated in the provided financial supplement.

Business Segments and Product Lines

• Gross annuity sales were $3.713 billion in Q2 2026, down 3% quarter-over-quarter and 13% year-over-year; YTD 2026 gross annuity sales were $7.523 billion, down 7% from $8.090 billion in YTD 2025.
• Retail fixed index annuity sales were $1.631 billion in Q2 2026, down 35% year-over-year; YTD 2026 sales were $3.322 billion, down 24%.
• Retail fixed rate annuity sales were $1.175 billion in Q2 2026, up 12% year-over-year; YTD 2026 sales were $2.554 billion, up 22%.
• Institutional pension risk transfer sales were $30 million in Q2 2026, down 89% year-over-year; YTD 2026 sales were $94 million, down 85%.
• Institutional funding agreements sales were $700 million in Q2 2026, up 75% year-over-year; YTD 2026 sales were $1.200 billion, up 33%.
• Total commercial mortgage loans were $9.082 billion at June 30, 2026, with non-performing loans at $179 million (2% of total).
• Total private loans were $8.949 billion at June 30, 2026, with an allowance for credit losses of $125 million.

Market and Competitive Landscape

• The document does not contain specific information regarding market share, competitive positioning, or broader market trends.
• Credit ratings for American National Group Inc. are BBB (S&P) and BBB+ (Fitch); senior unsecured notes are BBB/BBB; preferred stock and subordinated notes are BB+/BB+.
• Subsidiary financial strength ratings are predominantly "A" from AM Best, S&P, and Fitch.

Risks and Challenges

• Total equity decreased 15% year-over-year, driven largely by a 60% decrease in accumulated other comprehensive income (AOCI) to $433 million.
• Premiums were $142 million in Q2 2026, down 60% year-over-year; YTD premiums were $287 million, down 65% from $812 million.
• Interest-sensitive contract benefits increased 57% year-over-year to $762 million in Q2 2026; YTD 2026 benefits were $1.307 billion, up 31%.
• Change in fair value of insurance-related derivatives and embedded derivatives resulted in a $232 million benefit in Q2 2026, compared to a $131 million expense in Q2 2025.
• Change in fair value of market risk benefits resulted in a $109 million expense in Q2 2026, compared to a $47 million benefit in Q2 2025.

Management Commentary and Tone

• The document contains no management commentary, quotes, or tone analysis; it is a financial data supplement.

Analyst Questions and Answers

• No analyst questions or answers are included in the provided text.

Other Key Points

• Total long-term borrowings were $2.957 billion at June 30, 2026, representing 26% of total capitalization.
• Preferred stock dividends and redemptions were $6 million in Q2 2026, down 45% year-over-year; YTD 2026 dividends were $12 million, down 71%.
• Cash and cash equivalents were $8.416 billion at June 30, 2026, down 28% year-over-year from $11.660 billion.
• Available-for-sale fixed maturity securities were $61.598 billion at June 30, 2026, up 6% year-over-year.
• Equity securities were $595 million at June 30, 2026, down 50% year-over-year from $1.179 billion.
• The weighted average years remaining in the protected surrender charge period is approximately 6 years.
• Total account value subject to surrender charges was $84.496 billion at June 30, 2026, with an average surrender charge of 8%.