American Equity Q2 net income $344M; non-GAAP op income $1.62; FIA sales $1.9B; private assets 25%

American National Group Inc.

2023-Q2 EPS reported $2.17 revenue$1,514,187,000

Net income $344.4M ($4.36/diluted) vs $752.4M ($8.06) YoY; non-GAAP operating income $127.6M ($1.62) flat per share YoY.
Total sales $2.0B, FIA sales $1.9B up 95% sequentially; private assets now 24.9% of portfolio ($12B+).
Investment spread 2.57% (down from 2.67% Q1); cost of money 1.85% (up 4bp); avg yield 4.42% (down 6bp).
Merger with Brookfield Reinsurance valued at ~$4.3B expected to close H1 2024; capital return plan suspended.
Cash at holdco $390M; excess capital at insurance sub >$600M; building cash position to $7-10B.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

American National Group Inc. reported the quarter ended June 30, 2023 results: net income $344.4 million, EPS $4.36 per diluted common share.

Period: the quarter ended June 30, 2023
Net income: $344.4 million
EPS: $4.36 per diluted common share
Result: reported results

Exact text from the filing

Second quarter 2023 net income available to common stockholders of $344.4 million, or $4.36 per diluted common share compared to net income of $752.4 million, or $8.06 per diluted common share for second quarter 2022 restated for the adoption of Accounting Standards Update 2018-12 — more commonly known as Long Duration Targeted Improvements or LDTI.

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13 earnings releases filed in the last 30 days. Browse all earnings releases →

American National Group Inc. filing history →

Source: SEC EDGAR

accession 0001039828-23-000117

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