American National Q3 GAAP net income $208M vs loss of $299M YoY; distributable earnings $354M

American National Group Inc.

GAAP net income attributable to common stockholders $208M in Q3 2025 vs -$299M in Q3 2024; YTD 2025 $113M vs $58M.
Distributable operating earnings $354M (Q3 2025), down 2% YoY; YTD 2025 $1,057M, up 30% YoY.
Annuity segment distributable earnings $389M; gross annuity sales $4.85B, up 17% YoY led by fixed index ($2.53B) and fixed rate ($2.13B).
Total assets $130.6B, up 6% YoY; total equity $10.98B, up 10% YoY; total adjusted common equity $10.29B, up 19% YoY.
Non-performing commercial mortgage loans $205M (2% of portfolio) vs $117M (1%) at Dec 2024; allowance for credit losses $125M.

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