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Segment Reporting
 9 Months Ended
Sep. 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 September 30, 2025
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$308 $364 $96 
Net investment income, including reinsurance funds withheld1,285 41 49 
Segment revenues (1)(2)1,593 405 145 $2,143 
Policyholder benefits, net221 255 69 
Interest sensitive contract benefits, excluding index credits529 — 10 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired247 83 15 
Other insurance and reinsurance expenses (3)100 — — 
Operating expenses, excluding transactions costs107 29 14 
Segment DOE$389 $38 $37 $464 
Corporate and other DOE(110)
Depreciation and amortization expenses(35)
Deferred income tax recovery relating to basis and other changes(25)
Transaction costs10 
Unrealized net investment gains (losses), including reinsurance funds withheld(117)
Mark-to-market gains (losses) within insurance contracts and other net assets21 
Net income (loss)$208 
Three Months Ended September 30, 2024
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$471 $473 $164 
Net investment income, including reinsurance funds withheld1,034 43 80 
Segment revenues (1)(2)1,505 516 244 $2,265 
Policyholder benefits, net443 329 117 
Interest sensitive contract benefits, excluding index credits402 — 8 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired175 99 15 
Other insurance and reinsurance expenses (3)44 — — 
Operating expenses, excluding transactions costs99 65 62 
Segment DOE$342 $23 $42 $407 
Corporate and other DOE(47)
Depreciation and amortization expenses(25)
Deferred income tax recovery relating to basis and other changes105 
Transaction costs(32)
Unrealized net investment gains (losses), including reinsurance funds withheld128 
Mark-to-market gains (losses) within insurance contracts and other net assets(835)
Net income (loss)$(299)
Nine Months Ended September 30, 2025
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$1,281 $1,204 $300 
Net investment income, including reinsurance funds withheld3,761 123 156 
Segment revenues (1)(2)5,042 1,327 456 $6,825 
Policyholder benefits, net1,031 861 232 
Interest sensitive contract benefits, excluding index credits1,489 — 23 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired692 272 31 
Other insurance and reinsurance expenses (3)313 — — 
Operating expenses, excluding transactions costs349 96 61 
Segment DOE$1,168 $98 $109 $1,375 
Corporate and other DOE(318)
Depreciation and amortization expenses(125)
Deferred income tax recovery (expense) relating to basis and other changes147 
Transaction costs(27)
Mark-to-market gains (losses) on investments, including reinsurance funds withheld(342)
Mark-to-market gains (losses) on insurance contracts and other net assets(597)
Net income (loss)$113 
Nine Months Ended September 30, 2024
AnnuitiesP&CLife
Insurance		Total
(Dollars in millions)
Net premiums and other policy related revenues$1,586 $1,411 $556 
Net investment income, including reinsurance funds withheld2,056 131 304 
Segment revenues (1)(2)3,642 1,542 860 $6,044 
Policyholder benefits, net1,521 1,040 425 
Interest sensitive contract benefits, excluding index credits807 — 34 
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired294 314 41 
Other insurance and reinsurance expenses (3)71 — — 
Operating expenses, excluding transactions costs186 141 186 
Income tax expense (recovery), net72 (4)12 
Segment DOE$691 $51 $162 $904 
Corporate and other DOE(92)
Depreciation and amortization expenses(49)
Deferred income tax recovery (expense) relating to basis and other changes432 
Transaction costs(163)
Mark-to-market gains (losses) on investments, including reinsurance funds withheld487 
Mark-to-market gains (losses) on insurance contracts and other net assets(1,461)
Net income (loss)$58 
(1)For the three and nine months ended September 30, 2025 and 2024, there were no material intersegment revenues.
(2)Our consolidated revenues in the Condensed 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 nine months ended September 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 nine months ended September 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 nine months ended September 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.
AnnuitiesP&CLife
Insurance		Total (1)
(Dollars in millions)
As of September 30, 2025
Assets$115,143 $4,339 $9,670 $129,152 
Liabilities105,507 2,252 7,469 115,228 
Equity9,636 2,087 2,201 13,924 
As of December 31, 2024
Assets$107,208 $4,742 $9,232 $121,182 
Liabilities98,851 2,544 6,396 107,791 
Equity8,357 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 September 30, 2025 and December 31, 2024, respectively. There were no other material assets held in jurisdictions outside of the United States as of September 30, 2025 and December 31, 2024. There was no material revenue generated in jurisdictions outside of the United States for the three and nine months ended September 30, 2025 and 2024.