American National Group Inc.

March 31, 2025

Financial Supplement

Table of Contents

Financial Summary			3
GAAP Balance Sheet			4
Income Statement			5
Distributable Operating Income Reconciliation			6
Adjusted Equity Reconciliation			7
Invested Assets			8
Credit Quality of Investments			9
Mortgage Loans			12
Financial Strength Ratings			14
Capitalization			15
Annuity Investment Spread			16
Annuity Cost of Funds Reconciliation			17
Annuity Sales			18
Surrender Charge Exposure			19
Legal Notice			20
Non-GAAP Financial Disclosures			21

Financial Summary (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024						QoQ						YoY						2025						2024						YTD
Income
GAAP net income (loss)						$	(236)					$	638					$	(299)					$	244					$	113					(137)		%				(309)		%				$	(236)					$	113					(309)		%
Distributable operating earnings (a)						392						424						360						253						199						(8)		%				97		%				392						199						97		%
Balance Sheet
Total assets						$	123,434					$	121,221					$	123,659					$	118,618					$	37,339					2		%				231		%				$	123,434					$	37,339					231		%
Total liabilities						113,389						111,193						113,677						109,361						31,272						2		%				263		%				113,389						31,272						263		%
Total equity						10,045						10,028						9,982						9,257						6,067						—		%				66		%				10,045						6,067						66		%
Total common stockholders' equity (a)						9,374						9,265						9,132						8,385						5,959						1		%				57		%				9,374						5,959						57		%
Total adjusted common stockholders' equity (a)						9,684						9,360						8,624						8,120						6,038						3		%				60		%				9,684						6,038						60		%
						Twelve Months Ended March 31, 2025
Annuity investment spread						1.8		%

Note: “NM” represents changes that are not meaningful.

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

3

GAAP Balance Sheet (Dollars in millions)
						Historical Data												Percentage Change
						March 31, 2025						December 31, 2024						YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value						$	49,290					$	47,292					4		%
Equity securities, at fair value						1,086						1,142						(5)		%
Mortgage loans on real estate, at amortized cost						11,675						12,117						(4)		%
Other invested assets						24,639						20,204						22		%
Total investments						86,690						80,755						7		%
Cash and cash equivalents						7,520						11,330						(34)		%
Accrued investment income						764						761						—		%
Deferred policy acquisition costs, deferred sales inducements and value of business acquired						10,783						10,631						1		%
Reinsurance recoverables and deposit assets						9,943						10,055						(1)		%
Intangible assets						1,569						1,545						2		%
Other assets						4,912						4,801						2		%
Separate account assets						1,253						1,343						(7)		%
Total assets						$	123,434					$	121,221					2		%
Liabilities
Future policy benefits						$	9,629					$	9,170					5		%
Policyholders' account balances						84,606						83,079						2		%
Policy and contract claims						1,908						1,867						2		%
Market risk benefits						4,066						3,655						11		%
Unearned premium reserve						944						1,044						(10)		%
Long term borrowings						2,959						2,957						—		%
Funds withheld for reinsurance liabilities						3,197						3,321						(4)		%
Other liabilities						4,827						4,757						1		%
Separate account liabilities						1,253						1,343						(7)		%
Total liabilities						113,389						111,193						2		%
Equity
Preferred stock						588						685						(14)		%
Additional paid-in capital						7,571						7,569						—		%
Accumulated other comprehensive income (loss), net of taxes						670						340						97		%
Retained earnings						1,133						1,356						(16)		%
Non-controlling interests						83						78						6		%
Total equity						10,045						10,028						—		%
Total liabilities and equity						$	123,434					$	121,221					2		%

4

GAAP Income Statement (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024						QoQ						YoY						2025						2024						YTD
Revenues
Premiums						$	889					$	2,482					$	888					$	1,005					$	1,144					(64)		%				(22)		%				$	889					$	1,144					(22)		%
Other policy revenue						149						153						208						184						112						(3)		%				33		%				149						112						33		%
Net investment income						1,275						1,232						1,024						924						448						3		%				185		%				1,275						448						185		%
Investment related gains (losses)						(4)						(186)						(128)						2						(34)						98		%				88		%				(4)						(34)						88		%
Other income						30						33						12						—						—						(9)		%				100		%				30						—						100		%
Total revenue						2,339						3,714						2,004						2,115						1,670						(37)		%				40		%				2,339						1,670						40		%
Benefits and Expenses
Policyholder benefits and claims incurred						888						2,399						846						1,030						1,086						(63)		%				(18)		%				888						1,086						(18)		%
Interest sensitive contract benefits						512						677						523						390						155						(24)		%				230		%				512						155						230		%
Amortization of DAC, DSI and VOBA						318						290						289						199						161						10		%				98		%				318						161						98		%
Change in FV of insurance-related derivatives and embedded derivatives						199						(440)						344						21						(19)						145		%				NM						199						(19)						NM
Change in fair value of market risk benefits						361						(295)						134						139						19						222		%				NM						361						19						NM
Total benefits						2,278						2,631						2,136						1,779						1,402						(13)		%				62		%				2,278						1,402						62		%
Operating expenses						275						214						228						335						103						29		%				167		%				275						103						167		%
Interest expense						44						51						49						43						22						(14)		%				100		%				44						22						100		%
Total benefits and expenses						2,597						2,896						2,413						2,157						1,527						(10)		%				70		%				2,597						1,527						70		%
Income tax expense (benefit)						(55)						167						(77)						(289)						29						(133)		%				(290)		%				(55)						29						(290)		%
Net income (loss)						(203)						651						(332)						247						114						(131)		%				(278)		%				(203)						114						(278)		%
Less: Net income (loss) attributable to noncontrolling assets						3						2						(44)						(8)						1						50		%				200		%				3						1						200		%
Net income (loss) attributable to American National Group Inc. stockholders						(206)						649						(288)						255						113						(132)		%				(282)		%				(206)						113						(282)		%
Less: Preferred stock dividends and redemption (a)						30						11						11						11						—						173		%				100		%				30						—						100		%
Net income (loss) attributable to American National Group Inc. common stockholder						$	(236)					$	638					$	(299)					$	244					$	113					(137)		%				(309)		%				$	(236)					$	113					(309)		%

(a)Preferred stock dividends and redemption for Q1 2025 includes a non-recurring $19 million impact related to the redemption of the Series A preferred stock.

5

Distributable Operating Earnings Reconciliation (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024						QoQ						YoY						2025						2024						YTD
Net income (loss)						$	(236)					$	638					$	(299)					$	244					$	113					(137)		%				(309)		%				$	(236)					$	113					(309)		%
Net investment gains (losses), including reinsurance funds withheld						104						965						(128)						(361)						(4)						(89)		%				NM						104						(4)						NM
Mark-to-market on insurance contracts and other net assets						582						(1,300)						835						577						55						145		%				958		%				582						55						958		%
Deferred income tax expense (recovery)						(142)						68						(105)						(355)						28						(309)		%				(607)		%				(142)						28						(607)		%
Depreciation						52						28						25						17						6						86		%				767		%				52						6						767		%
Transaction costs						32						25						32						131						1						26		%				NM						32						1						NM
Distributable operating earnings (a)						$	392					$	424					$	360					$	253					$	199					(8)		%				97		%				$	392					$	199					97		%
Pre-Tax Distributable Operating Earnings by Segment
Annuity						$	407					$	346					$	404					$	291					$	105					18		%				288		%				$	407					$	105					288		%
Property & casualty (P&C)						64						81						27						(10)						49						(21)		%				31		%				64						49						31		%
Life						32						41						52						56						57						(22)		%				(44)		%				32						57						(44)		%
Pre-tax segment distributable operating earnings (a)						503						468						483						337						211						7		%				138		%				503						211						138		%
Corporate and other DOE						(24)						(40)						(51)						(27)						14						39		%				(271)		%				(24)						14						(271)		%
Tax expense						(87)						(4)						(72)						(57)						(26)						NM						(235)		%				(87)						(26)						(235)		%
Distributable operating earnings						$	392					$	424					$	360					$	253					$	199					(8)		%				97		%				$	392					$	199					97		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

6

Adjusted Equity Reconciliation (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024						QoQ						YoY						2025						2024						YTD
Total equity						$	10,045					$	10,028					$	9,982					$	9,257					$	6,067					—		%				66		%				$	10,045					$	6,067					66		%
Non-controlling interests						(83)						(78)						(165)						(187)						(108)						(6)		%				23		%				(83)						(108)						23		%
Equity available to preferred stockholders						(588)						(685)						(685)						(685)						—						14		%				(100)		%				(588)						—						(100)		%
Total common stockholders' equity (a)						9,374						9,265						9,132						8,385						5,959						1		%				57		%				9,374						5,959						57		%
Accumulated other comprehensive income (AOCI)						(670)						(340)						(1,481)						(445)						59						(97)		%				NM						(670)						59						NM
Accumulated impact of mark-to-market losses (gains) on derivatives and insurance contracts						980						435						973						180						20						125		%				NM						980						20						NM
Total adjusted common stockholders' equity (a)						$	9,684					$	9,360					$	8,624					$	8,120					$	6,038					3		%				60		%				$	9,684					$	6,038					60		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

7

Invested Assets (Dollars in millions)
						March 31, 2025																		December 31, 2024
						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government						$	88					$	90					$	(2)					$	86					$	87					$	(1)
U.S. states and political subdivisions						3,184						3,120						64						3,182						3,174						8
Foreign governments						1,172						1,160						12						1,539						1,566						(27)
Corporate debt securities						31,494						31,132						362						30,918						30,869						49
Residential mortgage-backed securities						741						711						30						854						836						18
Commercial mortgage-backed securities						2,817						2,760						57						2,687						2,646						41
Collateralized debt securities						6,872						6,842						30						5,067						5,023						44
Total fixed maturity, available-for-sale						46,368						45,815						553						44,333						44,201						132
Equity securities:
Common and preferred stock						1,064						1,071						(7)						1,120						1,176						(56)
Private equity and other						4						4						—						4						4						—
Total equity securities						1,068						1,075						(7)						1,124						1,180						(56)
Other investments:
Mortgage loans on real estate, net of allowance						11,606						11,605						1						12,055						12,055						—
Private loans, net of allowance						6,082						6,082						—						5,653						5,653						—
Real estate and real estate partnerships						4,998						4,998						—						4,992						4,992						—
Investments funds						3,037						3,037						—						3,015						3,015						—
Policy loans						265						265						—						274						274						—
Short-term investments						8,017						8,017						—						4,176						4,176						—
Other invested assets						2,175						2,175						—						2,014						2,014						—
Total investments, net of coinsurance funds withheld investments						83,616						83,069						547						77,636						77,560						76
Coinsurance funds withheld investments (a)						3,074						3,020						54						3,119						3,086						33
Total investments						$	86,690					$	86,089					$	601					$	80,755					$	80,646					$	109

(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 (Dollars in millions)
						March 31, 2025												December 31, 2024
						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						$	26,026					30		%				$	25,699					32		%
2						18,437						21		%				16,521						21		%
3						1,300						2		%				1,473						2		%
4						329						—		%				329						—		%
5						105						—		%				117						—		%
6						7						—		%				2						—		%
Total fixed maturities, available-for-sale						46,204						53		%				44,141						55		%
Assets without NAIC Designation
Fixed maturities, at fair value						164						—		%				192						—		%
Equity securities, at fair value						1,068						1		%				1,124						1		%
Mortgage loans						11,606						13		%				12,055						15		%
Private Loans						6,082						7		%				5,653						7		%
Real estate and real estate partnerships						4,998						6		%				4,992						6		%
Investment funds						3,037						4		%				3,015						4		%
Policy loans						265						—		%				274						—		%
Short-term investments						8,017						9		%				4,176						5		%
Other invested assets						2,175						3		%				2,014						3		%
						37,412						43		%				33,495						41		%
Total investments, net of coinsurance funds withheld investments						83,616						96		%				77,636						96		%
Coinsurance funds withheld investments (a)						3,074						4		%				3,119						4		%
Total investments						$	86,690					100		%				$	80,755					100		%

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

9

Credit Quality of Investments - Detail (Dollars in millions)
						March 31, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Available-for-sale:
U.S. treasury and government (a)						$	88					—		%				$	86					—		%
U.S. states and political subdivisions (a)						3,184						6		%				3,182						7		%
Foreign governments (a)						1,172						2		%				1,539						3		%
Corporate debt securities						31,494						64		%				30,918						65		%
Residential mortgage-backed securities						741						2		%				854						2		%
Commercial mortgage-backed securities						2,817						6		%				2,687						6		%
Collateralized debt securities						6,872						14		%				5,067						11		%
Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments						46,368						94		%				44,333						94		%
Coinsurance funds withheld investments (b)						2,922						6		%				2,959						6		%
Total fixed maturities, available-for-sale						$	49,290					100		%				$	47,292					100		%
Corporate debt securities
NAIC designation
1						$	14,734					47		%				$	14,708					48		%
2						15,715						50		%				14,707						48		%
3						621						2		%				1,051						3		%
4						230						1		%				260						1		%
5						54						—		%				62						—		%
6						—						—		%				—						—		%
Total U.S. corporate debt securities (c)						$	31,354					100		%				$	30,788					100		%
Residential mortgage-backed securities
NAIC designation
1						$	720					97		%				$	806					95		%
2						4						1		%				7						1		%
3						4						1		%				27						3		%
4						12						1		%				11						1		%
5						1						—		%				2						—		%
6						—						—		%				1						—		%
Total Residential mortgage-backed securities						$	741					100		%				$	854					100		%
Commercial mortgage-backed securities
NAIC designation
1						$	2,432					87		%				$	2,339					89		%
2						188						7		%				184						7		%
3						108						4		%				37						2		%
4						36						1		%				34						1		%
5						30						1		%				30						1		%
6						1						—		%				1						—		%
Total Commercial mortgage-backed securities (d)						$	2,795					100		%				$	2,625					100		%

10

Credit Quality of Investments - Detail (Dollars in millions)
						March 31, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Collateralized debt securities
NAIC designation
1						$	4,074					59		%				$	3,417					68		%
2						2,211						32		%				1,306						26		%
3						537						8		%				324						6		%
4						49						1		%				19						—		%
5						—						—		%				1						—		%
6						—						—		%				—						—		%
Total Collateralized debt securities (e)						$	6,871					100		%				$	5,067					100		%

(a)Over 95% 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 $116 million at March 31, 2025 and $102 million at December 31, 2024. Also excludes $24 million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2025 and $28 million at December 31, 2024.

(d)Excludes residual tranche securities that are not rated with a carrying value of $39 million at December 31, 2024. Also excludes $22 million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2025 and $23 million at December 31, 2024.

(e)Excludes $1 million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2025.

11

Mortgage Loans (Dollars in millions)
						March 31, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans
Agricultural						$	446					5		%				$	447					5		%
Apartment						2,268						25		%				2,276						24		%
Hotel						1,160						13		%				1,246						13		%
Industrial						1,609						18		%				1,846						19		%
Office						1,410						15		%				1,425						15		%
Parking						287						3		%				326						3		%
Retail						1,555						16		%				1,572						16		%
Storage						159						2		%				176						2		%
Other						215						2		%				200						2		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						9,109						99		%				9,514						99		%
Coinsurance funds withheld investments (b)						70						1		%				62						1		%
Total commercial mortgage loans						$	9,179					100		%				$	9,576					100		%
Non-performing commercial mortgage loans
Total non-performing commercial mortgage loans						$	121					1		%				$	117					1		%

(a)Total commercial mortgage loans, net of coinsurance funds withheld investments excludes the allowance for credit losses of $143 million and $146 million at March 31, 2025 and December 31, 2024, respectively.

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

12

Mortgage Loans - Exposure (Dollars in millions)
						March 31, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans - Exposure by LTV
0-50%						$	3,100					34		%				$	3,297					35		%
50-60%						3,042						34		%				3,055						33		%
60-70%						2,333						26		%				2,654						28		%
70% +						453						5		%				314						3		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						8,928						99		%				9,320						99		%
Coinsurance funds withheld investments (b)						70						1		%				62						1		%
Total commercial mortgage loans (c)						$	8,998					100		%				$	9,382					100		%
Average LTV						45		%										49		%
						March 31, 2025												December 31, 2024
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans - Exposure by CM Rating
CM1						$	3,634					40		%				$	3,777					40		%
CM2						3,120						34		%				3,176						34		%
CM3						1,880						21		%				2,047						22		%
CM4						177						2		%				186						2		%
CM5						—						—		%				84						1		%
CM6						68						1		%				49						—		%
CM7						49						1		%				1						—		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						8,928						99		%				9,320						99		%
Coinsurance funds withheld investments (b)						70						1		%				62						1		%
Total commercial mortgage loans (c)						$	8,998					100		%				$	9,382					100		%
Median CM Rating						CM2												CM2

(a)Total commercial mortgage loans, net of coinsurance funds withheld investments excludes the allowance for credit losses of $143 million and $146 million at March 31, 2025 and December 31, 2024, respectively.

(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 $181 million and $194 million investments in variable interest entities not directly held by American National Group Inc.’s regulated insurance entities at March 31, 2025 and December 31, 2024, respectively.

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Financial Strength and Credit Ratings (Dollars in millions)

Financial Strength Ratings

AM Best

Standard & Poor's

Fitch

Line of Business

March 31, 2025 Statutory Liability Balance

American Equity Life Insurance Company

A

A

A-

Life & retirement

$

58,022

American National Insurance Company

A

A

A

Life & retirement

30,375

Eagle Life Insurance Company

A

A

A-

Life & retirement

3,854

American National Life Insurance Company of New York

A

A

A

Life & retirement

2,048

American Equity Life Insurance Company of New York

A

-

A-

Life & retirement

80

American National Property and Casualty Company

A

-

-

Property & casualty

1,118

Farm Family Casualty Insurance Company

A

-

-

Property & casualty

1,151

United Farm Family Insurance Company

A

-

-

Property & casualty

117

American National General Insurance Company

A

-

-

Property & casualty

64

American National Lloyds Insurance Company

A

-

-

Property & casualty

45

American National County Mutual Insurance Company

A

-

-

Property & casualty

11

American National Life Insurance Company of Texas

A

-

-

Life & retirement

12

Garden State Life Insurance Company

A u

-

-

Life & retirement

5

Credit ratings

American National Group Inc.

-

BBB

BBB+

14

Capitalization (Dollars in millions)
						Amount						% Total Capitalization						Facility Ratings (S&P / Fitch)						Rates						Issue Date						Maturity
Term Loan						$	1,297					11		%										SOFR + 1.25%						May 2024						May 2027
Senior Unsecured Bonds - 144A						497						4		%				BBB / BBB						6.144%						June 2022						June 2032
Senior Unsecured Bonds - SEC Registered						486						4		%				BBB / BBB						5.00%						June 2017						June 2027
Senior Unsecured Bonds - SEC Registered						595						5		%				BBB / BBB						5.75%						October 2024						October 2029
Subordinated Debentures						84						1		%										5.00%						October 1999						June 2047
Total Long Term Borrowings						2,959						25		%
Perpetual Preferred Shares - Series B (a)						296						2		%				BB+ / BB+						6.63%						June 2020						Perp rate reset
Perpetual Preferred Shares - Series D						292						2		%				BB+ / BB+						7.38%						January 2025						Perpetual
Total Common Stockholders' Equity						9,457						77		%
Total Equity						10,045						81		%
Accumulated Other Comprehensive Income (AOCI)						670						5		%
Non-Controlling Interests (NCI)						83						1		%
Total Equity, Excluding AOCI and NCI (b)						9,292						75		%
Total Capitalization, Excluding AOCI and NCI (b)						$	12,251					100		%

(a)Rate will be reset to 6.30% plus 5 year Treasury Index effective September 1, 2025.

(b)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

15

Annuity Investment Spread (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024						QoQ						YoY						2025						2024						YTD
Non-GAAP net investment income (a)						$	1,238					$	1,083					$	1,021					$	740					$	282					14		%				339		%				$	1,238					$	282					339		%
Cost of funds						924						748						616						449						178						24		%				419		%				924						178						419		%
Total net investment spread						$	314					$	335					$	405					$	291					$	104					(6)		%				202		%				$	314					$	104					202		%
Average invested assets						$	80,139					$	74,356					$	69,878					$	70,233					$	26,991					8		%				197		%				$	80,139					$	26,991					197		%
						Twelve months ended March 31, 2025
Yield on net invested assets						5.5		%
Aggregate cost of funds						3.7		%
Total net investment spread						1.8		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21. The net impact of the adjustments disclosed on page 21 were $37 million in Q1 2025, $149 million in Q4 2024, $3 million in Q3 2024, $184 million in Q2 2024, and $166 million in Q1 2024.

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Reconciliation of Benefits and Expenses to Cost of Funds (Dollars in millions)
						Historical Data																																				Year-to-Date
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024																		2024						2023
US GAAP benefits and expenses						$	2,597					$	2,896					$	2,413					$	2,157					$	1,527																	$	2,597					$	1,527
Premiums						(889)						(2,482)						(888)						(1,005)						(1,144)																		(889)						(1,144)
Product charges						(149)						(153)						(208)						(184)						(112)																		(149)						(112)
Change in fair value of insurance-related derivatives and embedded derivatives						(199)						440						(344)						(21)						19																		(199)						19
Change in fair value of MRB - capital market impacts						(268)						429						(123)						(115)						(19)																		(268)						(19)
Policy and other operating expenses						(101)						(337)						(169)						(95)						(16)																		(101)						(16)
Premiums, benefits and expenses on non-annuity segments						(67)						(45)						(65)						(288)						(77)																		(67)						(77)
Total adjustments to arrive at cost of funds						(1,673)						(2,148)						(1,797)						(1,708)						(1,349)																		(1,673)						(1,349)
Total annuity cost of funds (a)						$	924					$	748					$	616					$	449					$	178																	$	924					$	178

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

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Annuity Sales (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q1 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024						QoQ						YoY						2025						2024						YTD
Gross Annuity Sales
Retail
Fixed Index						$	1,835					$	1,797					$	2,027					$	1,483					$	167					2		%				999		%				$	1,835					$	167					999		%
Fixed Rate						1,043						916						1,799						1,522						695						14		%				50		%				1,043						695						50		%
Variable (a)						46						16						17						14						16						188		%				188		%				46						16						188		%
Total Retail Annuities						2,924						2,729						3,843						3,019						878						7		%				233		%				2,924						878						233		%
Institutional
Pension Risk Transfer						382						1,918						289						273						671						(80)		%				(43)		%				382						671						(43)		%
Funding Agreements						500						—						—						—						—						100		%				100		%				500						—						100		%
Total Institutional Annuities						882						1,918						289						273						671						(54)		%				31		%				882						671						31		%
Total Gross Annuity Sales (b)						3,806						4,647						4,132						3,292						1,549						(18)		%				146		%				3,806						1,549						146		%
Ceded						(7)						(3)						(10)						(25)						—						(133)		%				(100)		%				(7)						—						(100)		%
Total Net Annuity Sales						$	3,799					$	4,644					$	4,122					$	3,267					$	1,549					(18)		%				145		%				$	3,799					$	1,549					145		%

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

(b)American Equity gross annuity sales for the year ended December 31, 2024 were $8,425 million. American Equity gross annuity sales from the acquisition on May 2, 2024 to December 31, 2024 were $5,217 million which is included in the table above.

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Surrender Charge Exposure (Dollars in millions)
						Q1 2025												Q4 2024
						Account Value (a)						Average Surrender Charge						Account Value (a)						Average Surrender Charge
Years of surrender charge remaining (b)
No surrender charge remaining						$	9,700					—		%				$	8,430					—		%
Greater than 0 to less than 3						13,075						4		%				13,665						4		%
3 to less than 6						15,555						7		%				15,822						7		%
6 to less than 9						25,016						12		%				24,225						12		%
9 or greater						12,802						13		%				12,123						13		%
						$	76,148					8		%				$	74,265					8		%

(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.

19

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.

20

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, Total Capitalization, Excluding AOCI and NCI, and Total Adjusted Common Stockholders’ Equity

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.

Total adjusted common stockholder's equity is a non-GAAP financial measure based on common stockholders' equity excluding the impact of AOCI and the accumulated after tax impact of certain adjustments related to mark-to market gains and losses on derivatives and insurance contracts. These adjustments primarily include certain 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 changes in market risk benefits. We believe our presentation of this non-GAAP metric 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 this non-GAAP metric provides investors enhanced comparability of our ongoing performance across years.

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.

21