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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables and explanatory notes present adjustments within the statement of financial position as of December 31, 2023 and statement of operating results for the three and six months ended June 30, 2023 to conform the presentation to that of ANGI’s.

						December 31, 2023
						American National, Historical						Reclassification to Conform Presentation						Notes						American National, Conformed
						(Dollars in millions)
Available-for-sale fixed maturity securities, at fair value						$	13,071					$	(194)					2(b)						$	12,877
Private loans						—						194						2(b)						194
Market risk benefit asset						34						(34)						2(a)						—
Current tax receivable						98						(98)						2(a)						—
Prepaid pension						248						(248)						2(a)						—
Intangible assets						—						44						2(a)						44
Other assets						205						336						2(a)						541
Liability for retirement benefits						26						(26)						2(c)						—
Other liabilities						441						26						2(c)						467
						$	14,123					$	—											$	14,123

						Three Months Ended June 30, 2023
						American National, Historical						Reclassification to Conform Presentation						Notes						American National, Conformed
						(Dollars in millions)
Net investment income						$	382					$	(40)					2(f), (j)						$	342
Investment related gains (losses)						—						41						2(d)						41
Net realized investment gains (losses)						(28)						28						2(d)						—
Increase in investment credit loss						(2)						2						2(d)						—
Net gains (losses) on equity securities						71						(71)						2(d)						—
Other income						13						(13)						2(j)						—
Policyholder benefits and claims incurred						(972)						(17)						2(f)						(989)
Interest credited to policyholders' account balances						(136)						136						2(f)						—
Interest sensitive contract benefits						—						(116)						2(j)						(116)
Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired						—						(132)						2(g), (i)						(132)
Change in fair value of insurance-related derivatives and embedded derivatives						—						26						2(f)						26
Change in fair value of market risk benefits						(5)						17						2(j)						12
Commissions for acquiring and servicing policies						(214)						214						2(h)						—
Other operating expenses						(191)						191						2(e)						—
Operating expenses						—						(148)						2(e), (g), (h), (i)						(148)
Interest expense						—						(22)						2(e)						(22)
Change in deferred policy acquisition						94						(94)						2(i)						—
Other components of net periodic pension benefit (costs), net of tax						2						(2)						2(j)						—
						$	(986)					$	—											$	(986)
						Six Months Ended June 30, 2023
						American National, Historical						Reclassification to Conform Presentation						Notes						American National, Conformed
						(Dollars in millions)
Net investment income						$	723					$	(57)					2(f), (j)						$	666
Investment related gains (losses)						—						(20)						2(d)						(20)
Net realized investment gains (losses)						(50)						50						2(d)						—
Increase in investment credit loss						(13)						13						2(d)						—
Net gains (losses) on equity securities						43						(43)						2(d)						—
Other income						21						(21)						2(j)						—
Policyholder benefits and claims incurred						(1,691)						2						2(f)						(1,689)
Interest credited to policyholders' account balances						(276)						276						2(f)						—
Interest sensitive contract benefits						—						(205)						2(j)						(205)
Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired						—						(263)						2(g), (i)						(263)
Change in fair value of insurance-related derivatives and embedded derivatives						—						—						2(f)						—
Change in fair value of market risk benefits						8						(1)						2(j)						7
Future policy benefit remeasurement losses						1						(1)						2(j)						—
Commissions for acquiring and servicing policies						(393)						393						2(h)						—
Other operating expenses						(369)						369						2(e)						—
Operating expenses						—						(303)						2(e), (g), (h), (i)						(303)
Interest expense						—						(46)						2(e)						(46)
Change in deferred policy acquisition						142						(142)						2(i)						—
Other components of net periodic pension benefit (costs), net of tax						1						(1)						2(j)						—
						$	(1,853)					$	—											$	(1,853)

Schedule of Deferred Policy Acquisition Cost - Amortization Basis

Product(s)						Amortization Base
Traditional life products						Nominal face amount
Life contingent payout annuities						Annualized benefit amount in force
Health products						Original annual premium
Fixed deferred annuities, fixed index annuities, variable annuities						Policy count
Universal life products						Initial face amount
Property and Casualty						Earned premium

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Deferred Policy Acquisition Cost - Amortization Basis

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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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