Exhibit 99.1

American National Group Inc.

September 30, 2024

Financial Supplement

Table of Contents

Financial Summary			3
GAAP Balance Sheet			4
Income Statement			5
Distributable Operating Income Reconciliation			6
Invested Assets			7
Credit Quality of Investments			8
Mortgage Loans			11
Financial Strength Ratings			12
Capitalization			13
Annuity Investment Spread			14
Annuity Cost of Funds Reconciliation			15
Annuity Sales			16
Surrender Charge Exposure			17
Legal Notice			18
Non-GAAP Financial Disclosures			19

Financial Summary (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2024						Q2 2024						Q1 2024						Q4 2023						Q3 2023						QoQ						YoY						2024						2023						YTD
Income
GAAP net income						$	(299)					$	244					$	113					$	229					$	54					(223)		%				(654)		%				$	58					$	163					(64)		%
Distributable operating earnings						360						253						199						176						140						42		%				157		%				812						447						82		%
Balance Sheet
Total assets						$	123,659					$	118,618					$	37,339					$	35,885					$	34,876					4		%				255		%				$	123,659					$	34,876					255		%
Total liabilities						113,677						109,361						31,272						29,986						29,435						4		%				286		%				113,677						29,435						286		%
Total equity						9,982						9,257						6,067						5,899						5,441						8		%				83		%				9,982						5,441						83		%
Less: AOCI						1,481						445						(59)						(109)						(333)						233		%				545		%				1,481						(333)						545		%
Total equity, excluding AOCI						$	8,501					$	8,812					$	6,126					$	6,008					$	5,774					(4)		%				47		%				$	8,501					$	5,774					47		%
						Twelve Months Ended September 30, 2024
Annuity investment spread						1.8		%

3

GAAP Balance Sheet (Dollars in millions)
						Historical Data												Percentage Change
						September 30, 2024						December 31, 2023						YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value						$	45,683					$	12,877					255		%
Equity securities, at fair value						1,522						1,404						8		%
Mortgage loans on real estate, at amortized cost						11,866						5,658						110		%
Other invested assets						16,953						8,304						104		%
Total investments						76,024						28,243						169		%
Cash and cash equivalents						13,873						3,192						335		%
Accrued investment income						688						196						251		%
Deferred policy acquisition costs, deferred sales inducements and value of business acquired						8,376						944						787		%
Reinsurance recoverables and deposit assets						18,015						427						4119		%
Intangible assets						1,599						44						3534		%
Goodwill						754						121						523		%
Other assets						3,028						1,529						98		%
Separate account assets						1,302						1,189						10		%
Total assets						$	123,659					$	35,885					245		%
Liabilities
Future policy benefits						$	7,179					$	6,108					18		%
Policyholders' account balances						82,413						17,177						380		%
Policy and contract claims						1,903						1,870						2		%
Market risk benefits						3,725						34						10856		%
Unearned premium reserve						1,164						1,139						2		%
Long term borrowings						2,959						1,493						98		%
Funds withheld for reinsurance liabilities						8,812						—						100		%
Other liabilities						4,220						976						332		%
Separate account liabilities						1,302						1,189						10		%
Total liabilities						113,677						29,986						279		%
Equity
Preferred stock, Series A						389						—						100		%
Preferred stock, Series B						296						—						100		%
Additional paid-in capital						6,942						5,185						34		%
Accumulated other comprehensive income (loss), net of taxes						1,481						(109)						1459		%
Retained earnings						709						716						(1)		%
Non-controlling interests						165						107						54		%
Total equity						9,982						5,899						69		%
Total liabilities and equity						$	123,659					$	35,885					245		%

4

GAAP Income Statement (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2024						Q2 2024						Q1 2024						Q4 2023						Q3 2023						QoQ						YoY						2024						2023						YTD
Revenues
Premiums						$	888					$	1,005					$	1,144					$	956					$	784					(12)		%				13		%				$	3,037					$	2,567					18		%
Other policy revenue						208						184						112						108						106						13		%				96		%				504						306						65		%
Net investment income						1,024						924						448						365						375						11		%				173		%				2,396						1,020						135		%
Investment related gains (losses)						(128)						2						(34)						26						(12)						(6500)		%				(967)		%				(160)						(32)						(400)		%
Other income						12						—						—						51						11						100		%				9		%				12						32						(63)		%
Total revenue						2,004						2,115						1,670						1,506						1,264						(5)		%				59		%				5,789						3,893						49		%
Benefits and Expenses
Policyholder benefits and claims incurred						846						1,030						1,086						883						717						(18)		%				18		%				2,962						2,406						23		%
Interest sensitive contract benefits						523						390						155						142						133						34		%				293		%				1,068						338						216		%
Amortization of DAC, DSI and VOBA						289						199						161						126						136						45		%				113		%				649						399						63		%
Change in FV of insurance-related derivatives and embedded derivatives						344						21						(19)						18						54						1538		%				537		%				346						54						541		%
Change in fair value of market risk benefits						134						139						19						(48)						(14)						(4)		%				1057		%				292						(21)						1490		%
Total benefits						2,136						1,779						1,402						1,121						1,026						20		%				108		%				5,317						3,176						67		%
Operating expenses						228						335						103						111						147						(32)		%				55		%				666						450						48		%
Interest expense						49						43						22						25						27						14		%				81		%				114						73						56		%
Total benefits and expenses						2,413						2,157						1,527						1,257						1,200						12		%				101		%				6,097						3,699						65		%
Income tax expense (benefit)						(77)						(289)						29						18						9						73		%				(956)		%				(337)						28						(1304)		%
Net income						(332)						247						114						231						55						(234)		%				(704)		%				29						166						(83)		%
Less: Net income (loss) attributable to noncontrolling assets						(44)						(8)						1						2						1						(450)		%				(4500)		%				(51)						3						(1800)		%
Net income (loss) attributable to American National Group Inc. stockholders						(288)						255						113						229						54						(213)		%				(633)		%				80						163						(51)		%
Less: Preferred stock dividends						11						11						—						—						—						—		%				100		%				22						—						100		%
Net income (loss) attributable to American National Group Inc. common stockholder						$	(299)					$	244					$	113					$	229					$	54					(223)		%				(654)		%				$	58					$	163					(64)		%

5

Distributable Operating Earnings Reconciliation (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2024						Q2 2024						Q1 2024						Q4 2023						Q3 2023						QoQ						YoY						2024						2023						YTD
Net income (loss)						$	(299)					$	244					$	113					$	229					$	54					(223)		%				(654)		%				$	58					$	163					(64)		%
Net investment gains (losses), including reinsurance funds withheld						(128)						(361)						(4)						(87)						200						65		%				(164)		%				(493)						296						(267)		%
Mark-to-market on insurance contracts and other net assets						835						577						55						—						(114)						45		%				832		%				1,467						(30)						4990		%
Deferred income tax expense (recovery)						(105)						(355)						28						25						(10)						70		%				(950)		%				(432)						(4)						(10700)		%
Depreciation						25						17						6						4						5						47		%				400		%				48						15						220		%
Transaction costs						32						131						1						5						5						(76)		%				540		%				164						7						2243		%
Distributable operating earnings (a)						$	360					$	253					$	199					$	176					$	140					42		%				157		%				$	812					$	447					82		%
Pre-Tax Distributable Operating Earnings by Segment
Annuity						$	404					$	291					$	105					$	80					$	95					39		%				326		%				$	800					$	304					163		%
Life						52						56						57						52						63						(8)		%				(18)		%				165						146						13		%
Property & casualty (P&C)						27						(10)						49						73						(8)						366		%				433		%				65						2						3160		%
Corporate & Other						(51)						(27)						14						(28)						17						(86)		%				(404)		%				(63)						46						(237)		%
Pre-tax distributable operating earnings (a)						432						310						225						177						167						39		%				159		%				966						498						94		%
Tax expense						(72)						(57)						(26)						(1)						(27)						(26)		%				(168)		%				(155)						(51)						(203)		%
Distributable operating earnings						$	360					$	253					$	199					$	176					$	140					42		%				157		%				$	812					$	447					82		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19.

6

Invested Assets (Dollars in millions)
						September 30, 2024																		December 31, 2023
						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government						$	78					$	78					$	—					$	62					$	63					$	(1)
U.S. states and political subdivisions						3,383						3,184						199						578						594						(16)
Foreign governments						414						383						31						9						9						—
Corporate debt securities						29,398						28,209						1,189						10,784						11,144						(360)
Residential mortgage-backed securities						905						859						46						126						131						(5)
Commercial mortgage-backed securities						2,625						2,544						81						—						—						—
Collateralized debt securities						5,699						5,624						75						1,318						1,340						(22)
Total fixed maturity, available-for-sale						42,502						40,881						1,621						12,877						13,281						(404)
Equity securities:
Common and preferred stock						1,518						1,497						21						1,404						1,319						85
Private equity and other						4						4						—						—						—						—
Total equity securities						1,522						1,501						21						1,404						1,319						85
Other investments:
Mortage loans on real estate, net of allowance						11,800						11,800						—						5,658						5,658						—
Private loans						2,688						2,687						1						194						194						—
Real estate and real estate partnerships						6,474						6,474						—						3,611						3,611						—
Investments funds						2,660						2,660						—						1,592						1,592						—
Policy loans						277						277						—						390						390						—
Short-term investments						3,675						3,675						—						2,397						2,397						—
Other invested assets						1,142						1,142						—						120						120						—
Total investments, net of coinsurance funds withheld investments						72,740						71,097						1,643						28,243						28,562						(319)
Coinsurance funds withheld investments (a)						3,284						3,172						112						—						—						—
Total investments						$	76,024					$	74,269					$	1,755					$	28,243					$	28,562					$	(319)

(a)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

7

Credit Quality of Investments (Dollars in millions)
						September 30, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Assets with NAIC Designation
Fixed maturities, available-for-sale, at fair value:
1						$	23,631					31		%				$	6,216					22		%
2						16,728						22		%				5,797						21		%
3						1,399						2		%				583						2		%
4						282						—		%				93						—		%
5						128						—		%				25						—		%
6						1						—		%				4						—		%
Total fixed maturities, available-for-sale						42,169						55		%				12,718						45		%
Assets without NAIC Designation
Fixed maturities, at fair value						333						—		%				159						1		%
Equity securities, at fair value						1,522						2		%				1,404						5		%
Mortgage loans						11,800						16		%				5,658						20		%
Private Loans						2,688						4		%				194						1		%
Real estate and real estate partnerships						6,474						9		%				3,611						13		%
Investment funds						2,660						3		%				1,592						6		%
Policy loans						277						—		%				390						1		%
Short-term investments						3,675						5		%				2,397						8		%
Other invested assets						1,142						2		%				120						—		%
						30,571						40		%				15,525						55		%
Total investments, net of coinsurance funds withheld investments						72,740						95		%				28,243						100		%
Coinsurance funds withheld investments (a)						3,284						5		%				—						—		%
Total investments						$	76,024					100		%				$	28,243					100		%

(a)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

8

Credit Quality of Investments - Detail (Dollars in millions)
						September 30, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Available-for-sale:
U.S. treasury and government (a)						$	78					—		%				$	62					—		%
U.S. states and political subdivisions (a)						3,383						7		%				578						4		%
Foreign governments (a)						414						1		%				9						—		%
Corporate debt securities						29,398						64		%				10,784						84		%
Residential mortgage-backed securities						905						2		%				126						1		%
Commercial mortgage-backed securities						2,625						6		%				—						—		%
Collateralized debt securities						5,699						12		%				1,318						10		%
Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments						42,502						93		%				12,877						100		%
Coinsurance funds withheld investments (b)						3,181						7		%				—						—		%
Total fixed maturities, available-for-sale						$	45,683					100		%				$	12,877					100		%
Corporate debt securities
NAIC designation
1						$	12,840					44		%				$	4,682					43		%
2						14,930						51		%				5,390						50		%
3						981						3		%				466						4		%
4						230						1		%				70						1		%
5						103						—		%				15						—		%
6						300						1		%				161						1		%
Total U.S. corporate debt securities (c)						$	29,384					100		%				$	10,784					100		%
Residential mortgage-backed securities
NAIC designation
1						$	826					91		%				$	66					52		%
2						39						4		%				37						29		%
3						29						3		%				22						17		%
4						9						1		%				—						—		%
5						2						—		%				1						1		%
6						—						—		%				—						—		%
Total Residential mortgage-backed securities						$	905					100		%				$	126					100		%
Commercial mortgage-backed securities
NAIC designation
1						$	2,419					92		%				$	—					—		%
2						128						5		%				—						—		%
3						34						1		%				—						—		%
4						21						1		%				—						—		%
5						4						—		%				—						—		%
6						19						1		%				—						—		%
Total Commercial mortgage-backed securities						$	2,625					100		%				$	—					—		%

9

Credit Quality of Investments - Detail (Dollars in millions)
						September 30, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Collateralized debt securities
NAIC designation
1						$	4,049					71		%				$	878					67		%
2						1,307						23		%				316						24		%
3						322						6		%				95						7		%
4						18						—		%				23						2		%
5						2						—		%				5						—		%
6						1						—		%				1						—		%
Total Collateralized debt securities						$	5,699					100		%				$	1,318					100		%

(a)Over 90% of available-for-sale fixed maturity U.S. treasury and government, U.S. states and political subdivisions, and foreign governments securities are rated NAIC 1 or 2.

(b)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

(c)Excludes residual tranche securities that are not rated with a carrying value of $14 million.

10

Mortgage Loans (Dollars in millions)
						September 30, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans
Apartment						$	2,076					23		%				$	1,091					19		%
Hotel						1,219						13		%				966						17		%
Industrial						1,905						21		%				1,052						18		%
Office						1,178						13		%				999						17		%
Parking						331						3		%				414						7		%
Retail						1,527						16		%				781						14		%
Storage						157						2		%				118						2		%
Agricultural						469						5		%				—						—		%
Other						241						3		%				290						5		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						9,103						99		%				5,711						100		%
Coinsurance funds withheld investments (b)						66						1		%				—						—		%
Total commercial mortgage loans						$	9,169					100		%				$	5,711					100		%
Non-performing mortgage loans
Total non-performing mortgage loans						$	290					3		%				$	15					—		%

(a)Total commercial mortgage loans, net of coinsurance funds withheld investments excludes the allowance for credit losses of $80 million and $53 million at September 30, 2024 and December 31, 2023, respectively.

(b)Investments held by American National Group, Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld reinsurance agreements.

11

Financial Strength and Credit Ratings (Dollars in millions)

Financial strength ratings

AM Best

Standard & Poor's

Fitch

Line of Business

September 30, 2024 Statutory Liability Balance

American Equity Life Insurance Company

A

A

A-

Retail Annuity

$

46,470

American National Insurance Company

A

A

A

Retail Annuity, PRT, Life

29,453

Eagle Life Insurance Company

A

A

A-

Retail Annuity

3,538

American National Life Insurance Company of New York

A

A

A

Retail Annuity, PRT, Life

2,113

American Equity Life Insurance Company of New York

A

NR

A-

Retail Annuity

84

American National Property and Casualty Company

A

NR

NR

P&C

1,353

Farm Family Casualty Insurance Company

A

NR

NR

P&C

1,120

United Farm Family Insurance Company

A

NR

NR

P&C

105

American National General Insurance Company

A

NR

NR

P&C

85

American National Lloyds Insurance Company

A

NR

NR

P&C

53

American National County Mutual Insurance Company

A

NR

NR

P&C

13

American National Life Insurance Company of Texas

A

NR

NR

Accident & Health

12

Garden State Life Insurance Company

Au

NR

NR

Life

7

Credit ratings

American National Group Inc.

NR

BBB

BBB+

12

Capitalization (Dollars in millions)
						Amount						% Total Capitalization						Facility Ratings (S&P / Fitch)						Rates						Issue Date						Maturity
Term Loan						$	1,897					17		%										SOFR + 1.25%						May 2024						May 2027
Senior Unsecured Bonds - 144A						496						4		%				BBB / BBB						6.144%						June 2022						June 2032
Senior Unsecured Bonds - SEC Registered						482						4		%				BBB / BBB						5.00%						June 2017						June 2027
Subordinated Debentures						84						1		%										5.00%						October 1999						June 2047
Total Long Term Borrowings						2,959						26		%
Perpetual Preferred Shares - Series A (a)						389						3		%				BB+ / BB+						5.95%						November 2019						Perp rate reset
Perpetual Preferred Shares - Series B (b)						296						3		%				BB+ / BB+						6.63%						June 2020						Perp rate reset
Total Common Stockholders' Equity						9,297						82		%
Total Equity						9,982						88		%
Accumulated Other Comprehensive Income (AOCI)						1,481						13		%
Non-Controlling Interests (NCI)						165						1		%
Total Equity, Excluding AOCI and NCI (c)						8,336						74		%
Total Capitalization, Excluding AOCI and NCI (c)						$	11,295					100		%

(a)Rate reset to 8.571% on December 1, 2024. Rate will be reset to 4.322% plus 5 year Treasury Index effective December 1, 2029.

(b)Rate will be reset to 6.297% plus 5 year Treasury Index effective September 1, 2025.

(c)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19.

13

Annuity Investment Spread (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2024						Q2 2024						Q1 2024						Q4 2023						Q3 2023						QoQ						YoY						2024						2023						YTD
Non-GAAP net investment income (a)						$	1,021					$	740					$	282					$	274					$	255					38		%				301		%				$	2,043					$	709					188		%
Cost of funds						616						449						178						194						160						37		%				286		%				1,243						404						207		%
Total net investment spread						$	404					$	291					$	105					$	80					$	95					39		%				326		%				$	800					$	304					163		%
Average invested assets						$	69,878					$	70,233					$	26,991					$	24,965					$	24,982					(1)		%				180		%				$	69,878					$	24,982					180		%
						Twelve Months Ended September 30, 2024
Yield on net invested assets						4.8		%
Aggregate cost of funds						3.0		%
Total net investment spread						1.8		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19. The net impact of the adjustments disclosed on page 19 were $3 million in Q3 2024, $184 million in Q2 2024, $166 million in Q1 2024, $91 million in Q4 2023, and $120 million in Q3 2023.

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Reconciliation of Benefits and Expenses to Cost of Funds (Dollars in millions)
						Historical Data																																				Year-to-Date
						Q3 2024						Q2 2024						Q1 2024						Q4 2023						Q3 2023																		2024						2023
US GAAP benefits and expenses						$	2,413					$	2,157					$	1,527					$	1,257					$	1,200																	$	6,097					$	3,699
Premiums						(888)						(1,005)						(1,144)						(956)						(784)																		(3,037)						(2,567)
Product charges						(208)						(184)						(112)						(108)						(106)																		(504)						(306)
Change in fair value of insurance-related derivatives and embedded derivatives						(344)						(21)						19						(18)						(54)																		(346)						(54)
Change in fair value of MRB - capital market impacts						(123)						(115)						(19)						48						14																		(257)						21
Policy and other operating expenses						(169)						(95)						(16)						24						14																		(280)						13
Benefits and expenses on non-annuity segments						(65)						(288)						(77)						(53)						(124)																		(430)						(402)
Total adjustments to arrive at cost of funds						(1,797)						(1,708)						(1,349)						(1,063)						(1,040)																		(4,854)						(3,295)
Total annuity cost of funds (a)						$	616					$	449					$	178					$	194					$	160																	$	1,243					$	404

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 19.

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Annuity Sales (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q3 2024						Q2 2024						Q1 2024						Q4 2023						Q3 2023						QoQ						YoY						2024						2023						YTD
Gross Annuity Sales
Retail
Fixed Index						$	2,027					$	1,483					$	167					$	119					$	184					37		%				1002		%				$	3,677					$	587					526		%
Fixed Rate						1,799						1,522						695						242						1,245						18		%				44		%				4,016						3,611						11		%
Variable (a)						17						14						16						3						17						21		%				—		%				47						48						(2)		%
Total Retail Annuities						3,843						3,019						878						364						1,446						27		%				166		%				7,740						4,246						82		%
Institutional
Pension Risk Transfer						289						273						671						308						148						6		%				95		%				1,233						700						76		%
Total Institutional Annuities						289						273						671						308						148						6		%				95		%				1,233						700						76		%
Total Gross Annuity Sales (b)						4,132						3,292						1,549						672						1,594						26		%				159		%				8,973						4,946						81		%
Ceded						(10)						(25)						—						—						—						60		%				(100)		%				(35)						—						(100)		%
Total Net Annuity Sales						$	4,122					$	3,267					$	1,549					$	672					$	1,594					26		%				159		%				$	8,938					$	4,946					81		%

(a)Variable sales represent additional premiums on previously issued policies.

(b)American Equity gross annuity sales for the nine months ended September 30, 2024 were $6,416 million. American Equity gross annuity sales since the acquisition on May 2, 2024 were $3,222 million which is included in the table above.

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Surrender Charge Exposure (Dollars in millions)
						Q3 2024												Q4 2023
						Account Value (a)						Average Surrender Charge						Account Value (a)						Average Surrender Charge
Years of surrender charge remaining (b)
No surrender charge remaining						$	9,413					—		%				$	3,205					—		%
Greater than 0 to less than 3						12,865						4		%				950						2		%
3 to less than 6						12,888						7		%				2,142						4		%
6 to less than 9						18,505						11		%				8,223						8		%
9 or greater						12,295						14		%				651						10		%
						$	65,966					8		%				$	15,171					5		%

(a)Account value excludes claims in-course of settlement, the life line of business, and single premium immediate annuities.

(b)The weighted average years remaining in the protected surrender charge period is approximately 6 years.

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Legal Notice

This document has been prepared solely for the information of investors. This document does not purport to provide complete and current information about American National Group Inc. (“ANGI”) or a complete description of ANGI and the risks of investing in ANGI (including risks described in offering documents previously provided to investors). Under no circumstances is this document or the information contained herein to be construed as a prospectus, offering memorandum or advertisement, and no part of this document or any information or statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By reading or reviewing this document, you agree to be bound by the following limitations.

You should not rely on this document as the basis on which to make any investment decision. Neither this document nor any part of it may be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the recipient’s professional advisers) or published in whole or in part for any purpose without the prior written consent of ANGI.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

The summary descriptions and other information included in this document are intended only for informational purposes and convenient reference. The information contained in this document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

Past performance is not indicative of future results.

The statements contained in this document are made as of the date of the release of this report, unless another time is specified in relation to them, and access to this document at any given time shall not give rise to any implication that there has been a change in the facts set forth in this document since that date. Certain information set forth in this document has been developed internally or obtained from sources believed by ANGI to be reliable; however, ANGI does not give any representation or warranty (express or implied) as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.

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Non-GAAP Financial Disclosures

In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures together with the relevant US GAAP measures provides information that may enhance a user’s understanding of our results of operations and the underlying profitability drivers of our business. These measures should be considered supplementary to our results in accordance with US GAAP and should not be view as a substitute for the corresponding US GAAP measures.

Distributable Operating Earnings

Distributable operating earnings (“DOE”) is a non-GAAP measure used by management to assess operating results and the performance of the business. DOE is defined 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. DOE is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by GAAP. DOE is, therefore, unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of DOE also provides investors enhanced comparability of our ongoing performance across years.

Total Equity, Excluding AOCI and NCI and Total Capitalization, Excluding AOCI and NCI

Total equity, excluding AOCI and NCI and total capitalization, excluding AOCI and NCI are non-GAAP measures based on stockholders’ equity excluding the effect of AOCI and NCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. NCI is excluded in order to provide a view of equity and capitalization attributable to American National Group, Inc.

Non-GAAP Net Investment Income

Non-GAAP net investment income is comprised of GAAP net investment income adjusted to exclude net investment income on non-annuity segments, exclude depreciation on investment real estate, include mark to market gain/loss on alternative investments, include realized gain/loss on certain investments, and include the tax benefit of tax exempt investment income.

Annuity Cost of Funds

Annuity cost of funds is a non-GAAP measure which includes liability costs related to cost of crediting on fixed deferred and fixed indexed annuities as well as other liability costs. Cost of crediting on fixed deferred annuities is the interest credited to the policyholders on our fixed strategies. Cost of crediting on fixed indexed annuities is the cost of option purchased to fund the index credit and the impact of over or under hedging for the index credits. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit fair value changes, and operating expenses net of premiums and product charge revenue. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

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