olivLaw · US equity research
American National Group Inc. ANG-PD
Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)
American National Group Inc. is an insurance and retirement company, a wholly-owned subsidiary of Brookfield Wealth Solutions, offering annuities and life insurance in the United States. The company reported annuities segment revenues of 7.2 billion USD in 2025, and in the second quarter of 2026 it reduced life insurance sales, which makes it relevant to track how it rebalances the business. Management has focused capital on higher-return products rather than maximum sales volume.
At the close of 04 Nov 2026, American National Group Inc. (ANG-PD) stock was 21.55 USD (+2.57% on the day), with market capitalisation 215.5 k USD, P/E 1.3 on diluted EPS of 17.16 USD over the last 12 months, dividend yield 1.67%, beta 0.27, 52-week range 21.01–25.67 USD. Latest reported quarter (Q2 2026): revenue of 1.7 bn USD (+1.5% YoY), net income of 204.0 m USD (+34.2% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 21.28 – 24.67
- in the lower half of the band · %B 0.08 · band width 14.8%
- SMA 50 / 200
- 23.31 / 24.10
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.54 / -0.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.1% | −1.1% | −8.0 pp | — |
| 3 months | −9.1% | −0.5% | −8.6 pp | — |
| 6 months | −13.0% | +4.4% | −17.4 pp | — |
| Year to date | −13.8% | +12.3% | −26.2 pp | — |
| 1 year | −15.3% | +13.5% | −28.9 pp | +5.9% |
| 3 years | unavailable | +76.4% | unavailable | +46.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.9 bn | 1.7 bn | 2.1 bn | 904.0 m | 1.6 bn | 1.7 bn |
| Depreciation & amortisation | 25.0 m | 27.0 m | 52.0 m | 38.0 m | 35.0 m | 45.0 m | 39.0 m | — |
| Interest expense | 49.0 m | 51.0 m | 44.0 m | 49.0 m | 47.0 m | 43.0 m | 49.0 m | 42.0 m |
| Pre-tax income | -409.0 m | 678.0 m | -291.0 m | 139.0 m | 337.0 m | 123.0 m | 20.0 m | 280.0 m |
| Income tax | -77.0 m | 138.0 m | -62.0 m | 27.0 m | 119.0 m | -122.0 m | 17.0 m | 72.0 m |
| Net income | -288.0 m | 649.0 m | -206.0 m | 152.0 m | 219.0 m | 368.0 m | -1.0 m | 204.0 m |
| Operating cash flow | 727.0 m ≈ | 418.0 m | 671.0 m | 535.0 m ≈ | 430.0 m ≈ | — | — | — |
| Capex | 30.0 m ≈ | -24.0 m | 5.0 m | 20.0 m ≈ | 17.0 m ≈ | 19.0 m | 11.0 m | 19.0 m ≈ |
| Dividends paid | 11.0 m ≈ | 11.0 m | 19.0 m | 11.0 m ≈ | 11.0 m ≈ | 8.0 m | 6.0 m | 6.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 3.5 bn | 2.4 bn | 3.7 bn | 1.4 bn | 3.4 bn | 7.5 bn | 7.5 bn |
| Revenue YoY | −60.2% | +123.9% | −30.0% | — | −61.7% | — | +121.5% | −0.4% |
| Net income | 458.0 m | 246.1 m | 671.5 m | 553.0 m | 1.9 bn | 392.0 m | 729.0 m | 533.0 m |
| Net income YoY | +162.3% | −46.3% | +172.9% | — | +247.2% | — | +86.0% | −26.9% |
| Diluted EPS | 5.01 | 2.68 | 6.90 | 5.39 | 20.50 | 2.06 | unavailable | unavailable |
| Diluted EPS YoY | +159.6% | −46.5% | +157.5% | — | +280.3% | — | unavailable | unavailable |
| net % | 29.6% | 7.1% | 27.7% | 15.0% | 135.8% | 11.5% | 9.7% | 7.1% |
| Free cash flow | 38.9 m | 3.3 bn | 1.3 bn | 4.2 bn | 2.0 bn | 1.1 bn | 2.5 bn | unavailable |
The series breaks before 2021, 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.7 bn USD
- Financial debt
- 3.0 bn USD
- Net debt
- -8.7 bn USD
- Equity
- 9.7 bn USD
- Total assets
- 130.3 bn USD
- Debt / equity
- 0.31x
- Current ratio
- unavailable
- ROE
- 5.4%
- ROA
- 0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 816.0 m | 702.8 m | 2.4 bn | 452.0 m | 370.0 m | 394.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 671.5 m | 553.0 m | 1.9 bn | 392.0 m | 729.0 m | 533.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 6.90 | 5.39 | 20.50 | 2.06 | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Dividend per share | 0.32 | 0.34 | 0.36 | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.1 bn | 4.5 bn | 1.9 bn | 3.2 bn | 10.9 bn | 11.7 bn | SEC (XBRL)· 31 Mar 2026verified |
| Loans | 4.2 bn | 5.7 bn | 6.9 bn | 7.5 bn | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Total assets | 71.7 bn | 78.3 bn | 73.2 bn | 35.9 bn | 121.2 bn | 130.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | — | — | — | 1.5 bn | 3.0 bn | 3.0 bn | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 65.3 bn | 72.0 bn | 70.8 bn | 30.0 bn | 111.2 bn | 120.6 bn | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 6.3 bn | 7.0 bn | 3.8 bn | 5.9 bn | 10.0 bn | 9.7 bn | SEC (XBRL)· 31 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 28.9 m | 31.5 m | 30.2 m | 750.0 m | 33.0 m | 49.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | 165.1 m | 99.4 m | 566.6 m | 309.4 m | — | — | SEC (XBRL)· 29 Feb 2024verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 215.5 k USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet4
- Growth100
- Quality21
- Returns31
- Valuation100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.73 – 1,714,888.37 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income829,478.53 – 868,221.17 (Mid 848,517.99)
- Justified P/B651,951.63 – 876,762.54 (Mid 747,826.87)
- Dividend discount (DDM)4.73 – 6.36 (Mid 5.43)
- Peers: P/E322,670.59 – 1,329,753.83 (Mid 867,313.38)16 companies used · median multiple 11.0x · quartiles 4.1x – 16.8xAAME, ATHS, BHF, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
- Peers: P/B339,452.72 – 1,714,888.37 (Mid 849,230.37)16 companies used · median multiple 1.0x · quartiles 0.4x – 2.0xAAME, ATHS, BHF, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 8.4% | 21 (vs peers) | 25% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 74.3% | 100 (on a fixed band) | 11% |
| ROA · Balance sheet | 0.6% | 4 (on a fixed band) | 11% |
| P/B · Valuation | 0.0x | 100 (vs peers) | 19% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 19% |
| Dividend yield · Returns | 1.7% | 31 (vs peers) | 14% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet4/100 · 1/1 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial21/100 · 1/2 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation100/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
American National Group Inc. (ANG-PD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: YoY growth -0.4%; net margin 12.6%; ROE 8.4%.
The estimated value range is 339,452.72–876,762.54 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 848,517.99 USD, the price of 21.55 USD leaves a potential of 3,937,338.5% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, quality, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 74.3%
- P/B: 0.0x
- P/E (TTM): 0.0x
- The price is below the estimated value range
What contradicts it
- ROE: 8.4%
- ROA: 0.6%
Not assessed (insufficient data or a ratio without meaning): Loss ratio, EPS CAGR 3Y, Payout ratio (EPS).
Versus the vertical median
Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PUKPrudential PLC | 67.2 bn | 17.2 | 21.2% | 34.6% | +7.0% | −10% / +20% |
| METMetLife, Inc. | 65.4 bn | 19.5 | 13.2% | 4.6% | +8.6% | +34% / +62% |
| RGAReinsurance Group Of America, Incorporated | 17.4 bn | 11.7 | 11.7% | 5.8% | +7.2% | +40% / +64% |
| GLGlobe Life Inc. | 12.2 bn | 10.8 | 19.3% | 18.9% | +3.7% | +20% / +31% |
| VOYAVoya Financial, Inc. | 9.3 bn | 16.7 | 14.3% | 7.8% | +1.7% | +49% / +46% |
| CRBDCorebridge Financial, Inc. | 9.3 bn | 4.6 | 21.7% | 10.6% | −1.2% | −11% / unavailable |
| JXNJackson Financial Inc. | 9.1 bn | 11.1 | 9.5% | 13.4% | +104.3% | +40% / +188% |
| PRIPrimerica, Inc. | 8.8 bn | 11.4 | 33.0% | 23.2% | +6.6% | +11% / +36% |
| LNCLincoln National Corp | 8.0 bn | 3.6 | 22.6% | 12.2% | −1.2% | +1% / +75% |
| PFHPrudential Financial, Inc. | 5.3 bn | 1.4 | 12.6% | 6.3% | −13.7% | −11% / −20% |
| GNWGenworth Financial, Inc. | 3.5 bn | 17.5 | 2.4% | 2.9% | +0.1% | +6% / +56% |
| FGF&G Annuities & Life, Inc. | 2.9 bn | 7.4 | 9.2% | 6.9% | −0.2% | −32% / −46% |
| BHFBrighthouse Financial, Inc. | 2.4 bn | 3.3 | 13.6% | 12.5% | +43.2% | −35% / −18% |
| CIACitizens, Inc. | 209.2 m | 18.0 | 5.0% | 4.5% | +4.3% | −31% / +25% |
| AAMEAtlantic American Corporation | 24.3 m | 4.3 | 5.2% | 2.9% | +11.9% | −51% / −39% |
| ATHSAthene Holding Ltd | 4.7 m | 0.0 | 4.5% | 2.9% | +24.1% | −8% / unavailable |
| ANG-PDAmerican National Group Inc. | 215.5 k | 0.0 | 8.4% | 12.6% | −0.4% | −15% / unavailable |
| SLFSun Life Financial Inc | — | — | 14.2% | 8.5% | +8.0% | +39% / +62% |
| AEGAegon Ltd. | — | — | 10.5% | — | +1.1% | +7% / +56% |
| MFCManulife Financial Corporation | — | — | 11.0% | 68.5% | +7.1% | +31% / +135% |
1- and 3-year price returns: for ANG-PD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.08 Total return -35% · Per year -35% | 24.78 Total return 15% · Per year 15% | 37.17 Total return 73% · Per year 73% |
| 3 years | 16.70 Total return -22% · Per year -8% | 32.77 Total return 52% · Per year 15% | 53.53 Total return 148% · Per year 35% |
| 5 years | 19.81 Total return -8% · Per year -2% | 43.34 Total return 101% · Per year 15% | 77.08 Total return 258% · Per year 29% |
- Exit P/E± 8.19
- Net margin± 5.74
- Annual revenue growth± 4.28
- Annual dilution± 0.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
American National Group Inc. is an insurance and retirement company, a wholly-owned subsidiary of Brookfield Wealth Solutions, offering annuities and life insurance in the United States. The company reported annuities segment revenues of 7.2 billion USD in 2025, and in the second quarter of 2026 it reduced life insurance sales, which makes it relevant to track how it rebalances the business. Management has focused capital on higher-return products rather than maximum sales volume.
SWOT
Strengths
- The company has a large asset base and a strong position in fixed and indexed annuities, supported by access to alternative investments through BAM 1.
- Category A solvency ratings from the main agencies support confidence among distributors and clients 1.
- Backing from a major shareholder experienced in alternative assets offers access to return strategies that smaller competitors may find harder to obtain 1.
Weaknesses
- Life insurance revenues are declining, and the exit from new policy sales reduces product diversification 12.
- Net premiums fell sharply in 2026, showing dependence on a volatile institutional segment 2.
- The holding company depends on subsidiary dividends to service its debt and preferred dividends, which limits flexibility 1.
Opportunities
- Growing demand for retirement products and funding agreements could offset the smaller PRT segment 12.
- Distribution through banks and broker-dealers could expand annuity sales if new distributors are attracted 1.
- Use of BAM's alternative investments could improve risk-adjusted returns in favorable market conditions 1.
Risks
- Actuarial assumptions and longevity riskhigh
Reserves rely on estimates of mortality, longevity and lapses; deviations may require additional reserves and affect profitability 1.
- Interest rate exposurehigh
Changes in interest rates and credit spreads can affect the value of investments and reserves, with impact on financial condition 1.
- Rating downgrademedium
A downgrade or lack of a rating could affect existing business and the ability to compete for new business 1.
- Dependence on distributorsmedium
If it cannot retain IMOs, agents and banks, product sales could decline 1.
- Regulation and taxmedium
Regulatory and tax changes, including in Bermuda and the US, could affect capitalization and profitability 1.
Investment thesis
What would need to be true (bull case)
- If retail annuity sales and funding agreements keep their pace, investment income could support long-term results 12.
- Access to Brookfield's investment platform could generate superior returns on the annuity portfolio 1.
- Strong ratings and a stable outlook could maintain access to funding and institutional clients 1.
What would break the thesis
What to watch
- Trend in gross annuity sales and funding agreement volumesQ3 2026
- Net PRT premium volume and pricing policy2026
- Financial strength ratings and agency outlooks2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The annuities business includes fixed index annuities, fixed rate annuities, pension risk transfer (PRT), funding agreements through a note program and single premium immediate annuities 1. On the life side, the company stopped selling new policies through multi-line and independent agent channels in May 2025, and in the second quarter of 2026 announced the end of new life sales through the career agent channel 12. Much of the investment portfolio is managed by BAM, giving access to higher-yielding alternative assets 1.
Financial results show a shift from institutional PRT sales toward retail annuities and funding agreements. Gross annuity sales rose to 19.5 billion USD in 2025, while net premiums fell from 2024 1. In the first half of 2026, net premiums fell sharply from the prior year, reflecting a smaller PRT market and pricing discipline 2.
Segments
Market context
The US annuity and pension market is heavily regulated at state level and highly competitive, with competition based mainly on price and customer experience 1. The PRT market was smaller in 2025 and 2026, prompting the company to reallocate capital 12. Funding costs and solvency ratings directly affect access to products and markets 1.
In life insurance, competition comes from large international carriers and smaller regional carriers, and digital marketing has lowered entry barriers for new rivals 1. The company also notes growing competition for inorganic growth through investments or partnerships in insurers and reinsurers 1.
Trends
- Demand for fixed and indexed annuitiestailwind
Sales of fixed index and fixed rate annuities grew in 2025 and remain important in the first half of 2026, which could support interest income if demand continues 12.
- More competitive and smaller PRT marketheadwind
The company attributed lower PRT premiums to a more competitive market and pricing discipline, which could limit institutional growth if conditions do not change 12.
- Exit from life insurancemixed
Ending new policy sales reduces premium volume but may simplify the portfolio and focus resources on annuities, with mixed effects on revenues 12.
- Funding costs and investment returnsmixed
Investment yield and annuity spread drive profitability; the annuity spread over twelve months to June 2026 shows a margin under pressure if funding costs rise 3.
Competitive position
ANGI competes with well-capitalized insurers and reinsurers, financial institutions and traditional and alternative asset managers, which can enter through acquisitions or partnerships 1. Larger competitors have greater financial and marketing resources and can introduce new products or aggressive pricing 1.
Financial strength ratings are an important factor: the company holds A ratings from A.M. Best and Fitch with stable outlooks on most entities, while Garden State Life has a developing outlook at A.M. Best 1. A weaker rating could reduce competitiveness against rivals 1.
- Large international insurers and reinsurers
Competitors with greater financial and marketing resources that can introduce new products and aggressive pricing 1.
- Regional state carriers
Smaller competitors active in the jurisdictions where ANGI operates, which can offer local services 1.
- Financial institutions and banks
Distribute annuity products and can promote the products of other insurers 1.
- Alternative asset managers
Compete for growth through direct investment and platform acquisitions in insurers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- American national signs contract with Russian Defense Ministry’s Akhmat commando unitTASS (RU, EN) · 20 Oct 2026 · EN
- American national Gilman released by Russia can barely sit up, needs treatment — lawyerTASS (RU, EN) · 12 Aug 2026 · EN
- ZF Private Health. Clinicile de sănătate mintală The Mind se axează pe servicii către companii. Angi Ionescu, fondatoarea: „Nivelul de stres, uzura, conflictele în echipe devin vizibile în companie numai când apar consecinţele“. În 2025, cele două clinici au generat peste 5 mil. lei cifră de afaceri, o creştere de 7% faţă de anul anterior.Ziarul Financiar · 30 Jul 2026 · RO
SEC filings
- Current report15 Sept 2026Other events
- Current report26 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report15 Jun 2026Other events
- Current report22 May 2026Results of operations · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report09 Apr 2026Results of operations · Financial statements and exhibits
- Annual report31 Mar 2026
- Current report17 Mar 2026Other events
- Current report15 Dec 2025Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / American National Group Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / American National Group Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / American National Group Inc. · 26 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.