<SEC-DOCUMENT>0001104659-25-080390.txt : 20250820
<SEC-HEADER>0001104659-25-080390.hdr.sgml : 20250820
<ACCEPTANCE-DATETIME>20250819192134
ACCESSION NUMBER:		0001104659-25-080390
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250820
DATE AS OF CHANGE:		20250819

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American National Group Inc.
		CENTRAL INDEX KEY:			0001039828
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		EIN:				421447959
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281155
		FILM NUMBER:		251233480

	BUSINESS ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DEMOINES
		STATE:			IA
		ZIP:			50266
		BUSINESS PHONE:		5152210002

	MAIL ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DES MOINES
		STATE:			IA
		ZIP:			50266

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO
		DATE OF NAME CHANGE:	19990414

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American National Group Inc.
		CENTRAL INDEX KEY:			0001039828
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		EIN:				421447959
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DEMOINES
		STATE:			IA
		ZIP:			50266
		BUSINESS PHONE:		5152210002

	MAIL ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DES MOINES
		STATE:			IA
		ZIP:			50266

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO
		DATE OF NAME CHANGE:	19990414
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: right">Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: right">Registration No. 333-281155</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>American National Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>$500,000,000 7.000% Fixed-Rate Reset
Junior Subordinated Notes due 2055</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">August 19, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">The information in this pricing term sheet relates to the
offering of the securities specified herein and should be read together with the preliminary prospectus supplement, dated August 19, 2025
(the &ldquo;Preliminary Prospectus Supplement&rdquo;), including the documents incorporated by reference therein, and the accompanying
prospectus, dated August 30, 2024 (Registration Statement File No. 333-281155). The information in this pricing term sheet supplements
the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent
with the information contained therein. This pricing term sheet is otherwise qualified in its entirety by reference to the Preliminary
Prospectus Supplement. Capitalized terms used and not defined herein have the meanings assigned in the Preliminary Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 35%; padding-bottom: 5.4pt"><B>Issuer:</B></TD>
    <TD STYLE="vertical-align: bottom; width: 65%; padding-bottom: 5.4pt">American National Group Inc. (the &ldquo;Issuer&rdquo;)</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Expected Ratings (S&amp;P / Fitch)*:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">BB+ (Stable) / BB+ (Stable)</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Security Description:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">7.000% Fixed-Rate Reset Junior Subordinated Notes due 2055 (the &ldquo;Notes&rdquo;)</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Ranking:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">Junior subordinated unsecured notes</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Distribution:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">SEC-registered</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Principal Amount Offered:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">$500,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Underwriters&rsquo; Discount:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">1.00% per Note</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Net Proceeds to the Issuer:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">$495,000,000 (before expenses)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">August 19, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Settlement Date**:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">August 22, 2025 (T+3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">December 1, 2055</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Coupon:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">7.000%</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top; padding-bottom: 5.4pt"><B>Price to the Public:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom; padding-bottom: 5.4pt">100.000% of principal amount, plus accrued interest from August 22, 2025, if settlement occurs after that date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>First Reset Date:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">December 1, 2030</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt"><B>Interest:</B></TD>
    <TD STYLE="padding-top: 5.4pt">The Notes will bear interest (i) from, and including, the date of original issue to, but excluding, December 1, 2030 (the &ldquo;First Reset Date&rdquo;) at the fixed rate of 7.000% per annum and (ii) from, and including, the First Reset Date, during each Reset Period, at a rate per annum equal to the Five-year U.S. Treasury Rate as of the Reset Interest Determination Date for such Reset Period plus 3.183%, to be reset on each Reset Date; provided, that the interest rate during any Reset Period will not reset below 7.000% (which equals the initial interest rate on the Notes). Subject to the Issuer&rsquo;s right to defer interest payments as described under &ldquo;Optional Interest Deferral,&rdquo; the Issuer will pay interest semi-annually in arrears on each interest payment date.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; width: 35%"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-bottom: 5.4pt; width: 65%">Semi-annually on June 1 and December 1 of each year, beginning on December 1, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Record Dates:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">May 15 and November 15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Optional Interest Deferral:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">The Issuer has the right, in its sole discretion, to defer the payment of interest on the Notes for one or more Optional Deferral Periods of up to five consecutive years each. During an Optional Deferral Period, interest will continue to accrue at the then-applicable interest rate on the Notes, and deferred interest payments will accrue additional interest at the then-applicable interest rate on the Notes, compounded semi-annually as of each interest payment date to the extent permitted by applicable law.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding-top: 5.4pt"><FONT STYLE="font-size: 10pt">The Issuer may redeem the Notes at its option in whole at any time or in part from time to time (i) during the three-month period prior to, and including, the First Reset Date, at a redemption price equal to 100% of the principal amount of the Notes being redeemed; and (ii) after the First Reset Date, on any interest payment date, at a redemption price equal to 100% of the principal amount of the Notes being redeemed; plus, in each case, any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption. If the Issuer does not redeem the Notes in whole, at least $25 million aggregate principal amount of the Notes, excluding any Notes held by the Issuer or any of its affiliates, must remain outstanding after giving effect to such redemption. The Issuer may not redeem the Notes in part unless all accrued and unpaid interest, including deferred interest (and compounded interest, if any), has been paid in full on all outstanding Notes for all interest payment dates occurring on or before the redemption date.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; width: 35%"><B>Tax Event Redemption:</B></TD>
    <TD STYLE="padding-bottom: 5.4pt; width: 65%">Redeemable in whole, but not in part, at any time within 90 days after the occurrence of a Tax Event (as defined in the Preliminary Prospectus Supplement), at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Rating Agency Event Redemption:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">Redeemable in whole, but not in part, at any time within 90 days after the occurrence of a Rating Agency Event (as defined in the Preliminary Prospectus Supplement), at a redemption price equal to 102% of the principal amount plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Regulatory Capital Event Redemption:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">Redeemable in whole, but not in part, at any time within 90 days after the occurrence of a Regulatory Capital Event (as defined in the Preliminary Prospectus Supplement), at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>CUSIP:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">025676 AR8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>ISIN:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">US025676AR82</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Day Count Convention:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">30/360</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt"><B>Denominations/Multiple:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt">$2,000 x $1,000</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt; vertical-align: top"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-top: 5.4pt; padding-bottom: 5.4pt; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC<BR>
    HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.4pt; vertical-align: top"><B>Co-Managers:</B></TD>
    <TD STYLE="padding-top: 5.4pt; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brookfield Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lloyds Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*A securities rating is not a recommendation to buy, sell or hold
securities and should be evaluated independently of any other rating. The rating may be subject to revision or withdrawal at any time
by the assigning rating organization.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>**Under Rule 15c6-1 under the Securities Exchange Act of 1934, as
amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the business day before delivery of the Notes
will be required, by virtue of the fact that the Notes initially will settle in T+3 to specify an alternate settlement cycle at the time
of any such trade to prevent a failed settlement and should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a registration statement (including a prospectus
and a preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to
which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus
supplement, and any other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering.
You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the documents may be
obtained by contacting the underwriters of the offering by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751, HSBC Securities
(USA) Inc. toll-free at 1-866-811-8049 or TD Securities (USA) LLC toll-free at 1-855-495-9846.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This pricing term sheet does not constitute an offer to sell or
the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation
in such jurisdiction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Any legend, disclaimer or other notice that may appear below is
not applicable to this communication and should be disregarded. Such legend, disclaimer or notice was automatically generated as a result
of this communication being sent by Bloomberg or another system.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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