Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

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 nine months ended September 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 September 30, 2023
	American National, Historical		Reclassification to Conform Presentation		Notes	American National, Conformed
	(Dollars in millions)
Net investment income	$	339	$	36	2(f), (j)	$	375
Investment related gains (losses)	—		(12)		2(d)	(12)
Net realized investment gains (losses)	(15)		15		2(d)	—
Increase in investment credit loss	20		(20)		2(d)	—
Net gains (losses) on equity securities	(13)		13		2(d)	—

Policyholder benefits and claims incurred	(713)		(4)		2(f)	(717)
Interest credited to policyholders' account balances	(155)		155		2(f)	—
Interest sensitive contract benefits	—		(133)		2(j)	(133)
Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired	—		(136)		2(g), (i)	(136)
Change in fair value of insurance-related derivatives and embedded derivatives	—		(54)		2(f)	(54)
Change in fair value of market risk benefits	14		—		2(j)	14
Future policy benefit remeasurement losses	(4)		4		2(j)	—
Commissions for acquiring and servicing policies	(197)		197		2(h)	—
Other operating expenses	(187)		187		2(e)	—
Operating expenses	—		(147)		2(e), (g), (h), (i)	(147)
Interest expense	—		(27)		2(e)	(27)
Change in deferred policy acquisition	72		(72)		2(i)	—
Other components of net periodic pension benefit (costs), net of tax	2		(2)		2(j)	—
	$	(837)	$	—		$	(837)

	Nine Months Ended September 30, 2023
	American National, Historical		Reclassification to Conform Presentation		Notes	American National, Conformed
	(Dollars in millions)
Net investment income	$	1,062	$	(42)	2(f), (j)	$	1,020
Investment related gains (losses)	—		(32)		2(d)	(32)
Net realized investment gains (losses)	(65)		65		2(d)	—
Increase in investment credit loss	7		(7)		2(d)	—
Net gains (losses) on equity securities	30		(30)		2(d)	—

Policyholder benefits and claims incurred	(2,404)		(2)		2(f)	(2,406)
Interest credited to policyholders' account balances	(431)		431		2(f)	—
Interest sensitive contract benefits	—		(338)		2(j)	(338)
Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired	—		(399)		2(g), (i)	(399)
Change in fair value of insurance-related derivatives and embedded derivatives	—		(54)		2(f)	(54)
Change in fair value of market risk benefits	22		(1)		2(j)	21
Future policy benefit remeasurement losses	(3)		3		2(j)	—
Commissions for acquiring and servicing policies	(590)		590		2(h)	—
Other operating expenses	(556)		556		2(e)	—
Operating expenses	—		(450)		2(e), (g), (h), (i)	(450)
Interest expense	—		(73)		2(e)	(73)
Change in deferred policy acquisition	214		(214)		2(i)	—
Other components of net periodic pension benefit (costs), net of tax	3		(3)		2(j)	—
	$	(2,711)	$	—		$	(2,711)