secwatch.observer — SEC 8-K summary
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Issuer:     American National Group Inc. (ANG-PD)
CIK:        0001039828
Form:       8-K
Filed at:   2023-08-07T23:59:59+00:00
Accession:  0001039828-23-000117
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039828/000103982823000117/0001039828-23-000117-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039828/000103982823000117/ael-20230807.htm
  HTML page:      https://secwatch.observer/filing/0001039828-23-000117

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