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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 26. Segment Reporting Management organizes the business into three reporting segments: –Annuities - consists of fixed, fixed index, and variable annuity products as well as PRT contracts. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. –Property and Casualty (“P&C”) - consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. There are also small amounts of Health insurance, consisting of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters. –Life Insurance - consists primarily of whole, term, universal, indexed and variable life insurance sold through career, multiple-line, and independent agents as well as direct marketing channels. American National ceased selling new life insurance policies through its multiple-line and independent agent distribution channels effective May 31, 2025. American National continues to sell certain life insurance products through its career agent distribution channel. Corporate and other consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations. These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assess its performance. The Company’s CODM has been identified as the BWS Chief Executive Officer and the BWS Chief Financial Officer. The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Annuities, P&C and Life Insurance segments. DOE is calculated as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments. The tables below provide each segment’s results in the format that the CODM reviews its reporting segments to make decisions and assess performance.
| Three Months Ended June 30, 2025
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 445 |  |  | $ | 402 |  |  | $ | 103 |  |  |
Net investment income, including reinsurance funds withheld | 1,238 |  |  | 38 |  |  | 56 |  |  |
Segment revenues (1)(2) | 1,683 |  |  | 440 |  |  | 159 |  |  | $ | 2,282 |
Policyholder benefits, net | 349 |  |  | 318 |  |  | 78 |  |  |
Interest sensitive contract benefits, excluding index credits | 488 |  |  | — |  |  | 6 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 223 |  |  | 100 |  |  | 9 |  |  |
Other insurance and reinsurance expenses (3) | 120 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 131 |  |  | 26 |  |  | 26 |  |  |
Segment DOE | $ | 372 |  |  | $ | (4) |  |  | $ | 40 |  |  | $ | 408 |
Corporate and other DOE |  |  |  |  |  |  | (97) |
Depreciation and amortization expenses |  |  |  |  |  |  | (38) |
Deferred income tax recovery relating to basis and other changes |  |  |  |  |  |  | 30 |
Transaction costs |  |  |  |  |  |  | (5) |
Unrealized net investment gains (losses), including reinsurance funds withheld |  |  |  |  |  |  | (121) |
Mark-to-market gains (losses) within insurance contracts and other net assets |  |  |  |  |  |  | (36) |
Net income |  |  |  |  |  |  | $ | 141 |
| Three Months Ended June 30, 2024
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 536 |  |  | $ | 461 |  |  | $ | 192 |  |  |
Net investment income, including reinsurance funds withheld | 725 |  |  | 44 |  |  | 113 |  |  |
Segment revenues (1)(2) | 1,261 |  |  | 505 |  |  | 305 |  |  | $ | 2,071 |
Policyholder benefits, net | 467 |  |  | 391 |  |  | 121 |  |  |
Interest sensitive contract benefits, excluding index credits | 279 |  |  | — |  |  | 26 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 114 |  |  | 69 |  |  | 16 |  |  |
Other insurance and reinsurance expenses (3) | 23 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 60 |  |  | 69 |  |  | 67 |  |  |
Income tax expense, net | 72 |  |  | (4) |  |  | 12 |  |  |
Segment DOE | $ | 246 |  |  | $ | (20) |  |  | $ | 63 |  |  | $ | 289 |
Corporate and other DOE |  |  |  |  |  |  | (36) |
Depreciation and amortization expenses |  |  |  |  |  |  | (17) |
Deferred income tax recovery relating to basis and other changes |  |  |  |  |  |  | 355 |
Transaction costs |  |  |  |  |  |  | (131) |
Unrealized net investment gains (losses), including reinsurance funds withheld |  |  |  |  |  |  | 361 |
Mark-to-market gains (losses) within insurance contracts and other net assets |  |  |  |  |  |  | (577) |
Net income |  |  |  |  |  |  | $ | 244 |
| Six Months Ended June 30, 2025
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 973 |  |  | $ | 840 |  |  | $ | 204 |  |  |
Net investment income, including reinsurance funds withheld | 2,476 |  |  | 82 |  |  | 107 |  |  |
Segment revenues (1)(2) | 3,449 |  |  | 922 |  |  | 311 |  |  | $ | 4,682 |
Policyholder benefits, net | 810 |  |  | 606 |  |  | 163 |  |  |
Interest sensitive contract benefits, excluding index credits | 960 |  |  | — |  |  | 13 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 445 |  |  | 189 |  |  | 16 |  |  |
Other insurance and reinsurance expenses (3) | 213 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 242 |  |  | 67 |  |  | 47 |  |  |
Segment DOE | $ | 779 |  |  | $ | 60 |  |  | $ | 72 |  |  | $ | 911 |
Corporate and other DOE |  |  |  |  |  |  | (208) |
Depreciation and amortization expenses |  |  |  |  |  |  | (90) |
Deferred income tax recovery (expense) relating to basis and other changes |  |  |  |  |  |  | 172 |
Transaction costs |  |  |  |  |  |  | (37) |
Mark-to-market gains (losses) on investments, including reinsurance funds withheld |  |  |  |  |  |  | (225) |
Mark-to-market gains (losses) on insurance contracts and other net assets |  |  |  |  |  |  | (618) |
Net income (loss) |  |  |  |  |  |  | $ | (95) |
| Six Months Ended June 30, 2024
| Annuities |  | P&C |  | Life Insurance |  | Total
| (Dollars in millions)
Net premiums and other policy related revenues | $ | 1,115 |  |  | $ | 938 |  |  | $ | 392 |  |  |
Net investment income, including reinsurance funds withheld | 1,022 |  |  | 88 |  |  | 224 |  |  |
Segment revenues (1)(2) | 2,137 |  |  | 1,026 |  |  | 616 |  |  | $ | 3,779 |
Policyholder benefits, net | 1,078 |  |  | 711 |  |  | 308 |  |  |
Interest sensitive contract benefits, excluding index credits | 405 |  |  | — |  |  | 26 |  |  |
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 119 |  |  | 215 |  |  | 26 |  |  |
Other insurance and reinsurance expenses (3) | 27 |  |  | — |  |  | — |  |  |
Operating expenses, excluding transactions costs | 85 |  |  | 75 |  |  | 124 |  |  |
Income tax expense (recovery), net | 72 |  |  | (4) |  |  | 12 |  |  |
Segment DOE | $ | 351 |  |  | $ | 29 |  |  | $ | 120 |  |  | $ | 500 |
Corporate and other DOE |  |  |  |  |  |  | (48) |
Depreciation and amortization expenses |  |  |  |  |  |  | (23) |
Deferred income tax recovery (expense) relating to basis and other changes |  |  |  |  |  |  | 327 |
Transaction costs |  |  |  |  |  |  | (132) |
Mark-to-market gains (losses) on investments, including reinsurance funds withheld |  |  |  |  |  |  | 365 |
Mark-to-market gains (losses) on insurance contracts and other net assets |  |  |  |  |  |  | (632) |
Net income (loss) |  |  |  |  |  |  | $ | 357 |
(1)For the three and six months ended June 30, 2025 and 2024, there were no material intersegment revenues. (2)Our consolidated revenues in the Consolidated Statements of Operations principally represent the sum of “Segment revenues” and “Mark-to-market gains (losses) on investments, including reinsurance funds withheld” in the tables above. (3)“Other insurance and reinsurance expenses” primarily represent “Change in fair value of market risk benefits” excluding the effect of changes in market risks (e.g., interest rates, equity markets and equity index volatility). See Note 19 - Market Risk Benefits for the details of market risk benefits. The Company’s Annuities segment offers annuity-based products to individuals and institutions. Total premium revenues recorded within Annuities segment for the three and six months ended June 30, 2025 and 2024 were primarily from PRT transactions with institutions in the United States and United Kingdom. Premiums received from retail annuities are generally recorded as deposits and are not included in net premiums. Our P&C segment provides a broad range of P&C products through American National, which include coverage for property, casualty, specialty and other. Total earned premiums within this segment for the three and six months ended June 30, 2025 and 2024 were primarily from transactions with U.S.-based individuals and institutions. The Company’s Life Insurance business is principally provided by American National. Total premium revenues recorded within this segment for the three and six months ended June 30, 2025 and 2024 were primarily from transactions with U.S. retail customers. In addition to DOE, the CODM also monitors the assets, including investments accounted for using the equity method, liabilities and equity attributable to each segment.
| Annuities |  | P&C |  | Life Insurance |  | Total (1)
| (Dollars in millions)
As of June 30, 2025 |  |  |  |  |  |  |
Assets | $ | 112,272 |  |  | $ | 4,497 |  |  | $ | 9,352 |  |  | $ | 126,121 |
Liabilities | 102,812 |  |  | 2,683 |  |  | 7,222 |  |  | 112,717 |
Equity | 9,460 |  |  | 1,814 |  |  | 2,130 |  |  | 13,404 |
As of December 31, 2024 |  |  |  |  |  |  |
Assets | $ | 107,208 |  |  | $ | 4,742 |  |  | $ | 9,232 |  |  | $ | 121,182 |
Liabilities | 98,851 |  |  | 2,544 |  |  | 6,396 |  |  | 107,791 |
Equity | 8,357 |  |  | 2,198 |  |  | 2,836 |  |  | 13,391 |
(1)Table excludes amounts related to Corporate and other which is not a reportable segment for ANGI. A subsidiary of American National held $1.4 billion and $1.3 billion of assets pledged under a coinsurance reinsurance agreement with a customer domiciled in the United Kingdom as of June 30, 2025 and December 31, 2024, respectively. There were no other material assets held in jurisdictions outside of the United States as of June 30, 2025 and December 31, 2024. There was no material revenue generated in jurisdictions outside of the United States for the three and six months ended June 30, 2025 and 2024.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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