American National reports Q1 GAAP net loss of $236M; distributable operating earnings up 97% to $392M

American National Group Inc.

GAAP net loss $236M vs Q1 2024 net income $113M; total revenue $2.34B up 40% YoY.
Distributable operating earnings $392M (+97% YoY); annuity segment DOE $407M (+288% YoY).
Total assets $123.4B (+231% YoY) reflecting American Equity acquisition in May 2024.
Net annuity sales $3.8B in Q1; annuity investment spread 1.8% for trailing 12 months.
Redeemed Series A preferred stock with $19M non-recurring charge included in preferred dividends.

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