SEC Info - American National Group Inc.

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		Alternative Formats (Word, et al.) And Six As Of Condensed Condensed Consolidated Statements Consolidated Financial Statements Consolidated Statements Controls and Procedures Ended Exhibits Financial Information Financial Statements For The For the Three June 30 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Months Months Ended Naudited Notes to the Of Cash Flows Of Changes in Equity Of Comprehensive Incom Of Financial Position Of Operations Other Information Part I -- Financial Information Part Ii -- Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Six Table of Contents Three And Unaudited 201 2020 And 2020 and 2 2020 and 20 2020 and December 31, 201
1	1st Page – Filing Submission
"	Table of Contents
"	Part I -- Financial Information
"	Financial Statements
"	Condensed Consolidated Statements
"	Of Financial Position
"	As Of
"	June 30
"	2020 and December 31, 201
"	Unaudited
"	Condensed
"	Consolidated Statements
"	Of Operations
"	For the Three
"	And Six
"	Months
"	Ended
"	2020 and 20
"	Of Comprehensive Incom
"	For The
"	Three And
"	Six
"	2020 and 2
"	Of Changes in Equity
"	Of Cash Flows
"	Months Ended
"	2020 And
"	201
"	Notes to the
"	Consolidated Financial Statements
"	Naudited
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures About Market Risk
"	Controls and Procedures
"	Part Ii -- Other Information
"	Legal Proceedings
"	Risk Factors
"	Exhibits

i American National Group Inc i 0001801075 i false i --12-31 i 2020 i Q2 i us-gaap:AccountingStandardsUpdate201613Member i us-gaap:AccountingStandardsUpdate201613Member i P1Y i RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

For the quarterly period ended i June 30, 2020

Commission File No. i 333-236385

American National Group, Inc.

(Exact name of registrant as specified in its charter)

(formerly American National Insurance Company)


i Delaware						i 30-1221711
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

i Galveston, i Texas i 77550-7999

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Sections 15(d) of the Exchange Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ i Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ i Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

i Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

i ☐

Emerging growth company

i ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes i ☐ No ☒

As of July 30, 2020, there were i 26,887,200 shares of the registrant’s voting common stock, $0.01 par value per share, outstanding.

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(In thousands, except share data)

Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $ i 22,414 in 2020 (Fair value $ i 8,713,716 in 2020 and $ i 8,968,690 in 2019)

Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $ i 4,115 in 2020) (Amortized cost $ i 6,779,116 in 2020 and $ i 6,435,670 in 2019)

Equity securities, at fair value (Cost $ i 733,628 in 2020 and $ i 663,058 in 2019)

Mortgage loans on real estate, net of allowance for credit losses of $ i 111,480 in 2020 and allowance for loan loss of $ i 19,160 in 2019

Investment real estate, net of accumulated depreciation of $ i 266,953 in 2020 and $ i 256,757 in 2019

Reinsurance recoverables, net of allowance for credit losses of $ i 17,844 in 2020 and $ i 8,220 in 2019

Property and equipment, net of accumulated depreciation of $ i 269,977 in 2020 and $ i 257,907 in 2019

Common stock, $ i i 1.00 / par value, Authorized i i 50,000,000 / in 2020 and 2019, Issued i i 30,832,449 / in 2020 and 2019 Outstanding i i 26,887,200 / shares in 2020 and 2019

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except share and per share data)

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(In thousands, except per share data)

Cumulative effect of accounting change

Net loss attributable to American National

Cash dividends to common stockholders (declared per share of $ i 0.82)

Net loss attributable to noncontrolling interest

Cumulative effect of accounting change

Net income attributable to American National

Cash dividends to common stockholders (declared per share of $ i 0.82)

Net income attributable to noncontrolling interest

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(In thousands, except per share data)

Cumulative effect of accounting change

Net income attributable to American National

Cash dividends to common stockholders (declared per share of $ i 0.82)

Net loss attributable to noncontrolling interest

Net income attributable to American National

Cash dividends to common stockholders (declared per share of $ i 0.82)

Net loss attributable to noncontrolling interest

See accompanying notes to the unaudited condensed consolidated financial statements.

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

AMERICAN NATIONAL GROUP, INC.

(formerly AMERICAN NATIONAL INSURANCE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONCLUDED)

See accompanying notes to the unaudited condensed consolidated financial statements.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – i Nature of Operations

On July 1, 2020, American National Insurance Company, a Texas insurance company (“ANICO”), completed its previously announced holding company reorganization, which is described further in Note 18, Subsequent Events. As a result of such reorganization, ANICO became a wholly owned subsidiary of American National Group, Inc., a Delaware corporation (“ANAT”), and ANAT replaced ANICO as the publicly held company. Consequently, all filings with the Securities and Exchange Commission from July 2, 2020 forward will be filed by ANAT under CIK No. 0001801075. For purposes of filing this Form 10-Q for the three and six months ended June 30, 2020, the accompanying unaudited condensed consolidated financial statements and notes thereto have been titled “American National Group, Inc.” to reflect the current name of the public registrant, with the parenthetical notation “formerly American National Insurance Company” to reflect the reporting entity for the periods covered therein. ANAT, through its consolidated subsidiaries (collectively “American National” or the "Company”) offer a broad portfolio of insurance products, including individual and group life insurance, annuities, health insurance, and property and casualty insurance. Business is conducted in all i 50 states, the District of Columbia and Puerto Rico.

Note 2 – i Summary of Significant Accounting Policies and Practices

i The condensed consolidated financial statements and notes thereto have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and are reported in U.S. currency. i American National consolidates entities that are wholly-owned and those in which American National owns less than i 100% but controls the voting rights, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. / i Certain amounts in prior years have been reclassified to conform to current year presentation.

The interim condensed consolidated financial statements and notes herein are unaudited and reflect all adjustments which management considers necessary for the fair presentation of the interim condensed consolidated statements of financial position, operations, comprehensive income, changes in equity, and cash flows.

The interim condensed consolidated financial statements and notes should be read in conjunction with the annual consolidated financial statements and notes thereto included in American National’s Annual Report on Form 10-K as of and for the year ended December 31, 2019. The condensed consolidated results of operations for the interim periods should not be considered indicative of results to be expected for the full year.

i The preparation of the condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates.

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Note 3 – Recently Issued Accounting Pronouncements

Adoption of New Accounting Standards

ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Adoption of this guidance resulted in an allowance for credit losses primarily on the commercial mortgage loans and related off-balance sheet unfunded loan commitments, held-to-maturity bonds and reinsurance recoverables. The Company recorded a cumulative effect adjustment to retained earnings of $ i 33.5 million, net of tax, which reduced stockholders' equity. The impact is attributable to a $ i 42.4 million allowance for credit losses on the aforementioned financial assets. See table below for additional detail.

As of January 1, 2020, changes related to the adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC 326"), had the following effect on assets and liabilities:

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Note 3 – Recently Issued Accounting Pronouncements – (Continued)

Future Adoption of New Accounting Standards— The FASB issued the following accounting guidance relevant to American National:

This standard will become effective for the Company for all annual and interim periods beginning January 1, 2022. The FASB met on June 10, 2020 and proposed delaying the effective date of ASU 2018-12 until January 1, 2023. This proposal is pending final adoption. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition.

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Note 4 – Investment in Securities

The cost or amortized cost and fair value of investments in securities are shown below (in thousands):

June 30, 2020

Cost or
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
(Losses)

Allowance for Credit Losses

Fair Value

Fixed maturity, bonds held-to-maturity

U.S. states and political subdivisions

i 127,591

i 4,208

i —

i 131,799

Foreign governments

i 3,880

i 481

i —

i 4,361

Corporate debt securities

i 7,754,873

i 498,531

( i 33,883)

( i 19,882)

i 8,199,639

Residential mortgage-backed securities

i 164,903

i 6,604

( i 1,181)

i —

i 170,326

Collateralized debt securities

i 209,572

i 1,236

( i 685)

( i 2,532)

i 207,591

Total bonds held-to-maturity

i 8,260,819

i 511,060

( i 35,749)

( i 22,414)

i 8,713,716

Fixed maturity, bonds available-for-sale

U.S. treasury and government

i 29,132

i 676

i —

i 29,808

U.S. states and political subdivisions

i 1,025,297

i 67,074

i —

i 1,092,371

Foreign governments

i 14,988

i 1,782

i —

i 16,770

Corporate debt securities

i 5,653,025

i 362,094

( i 38,038)

( i 3,824)

i 5,973,257

Residential mortgage-backed securities

i 29,460

i 1,231

( i 23)

( i 211)

i 30,457

Collateralized debt securities

i 27,214

i 751

( i 77)

( i 80)

i 27,808

Total bonds available-for-sale

i 6,779,116

i 433,608

( i 38,138)

( i 4,115)

i 7,170,471

Total investments in fixed maturity

i 15,039,935

i 944,668

( i 73,887)

( i 26,529)

i 15,884,187

December 31, 2019

Cost or
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
(Losses)

Allowance for Credit Losses

Fair Value

Fixed maturity, bonds held-to-maturity

U.S. states and political subdivisions

i 165,109

i 5,005

i —

—

i 170,114

Foreign governments

i 3,907

i 442

i —

—

i 4,349

Corporate debt securities

i 8,099,098

i 332,410

( i 6,539)

—

i 8,424,969

Residential mortgage-backed securities

i 237,516

i 6,460

( i 1,148)

—

i 242,828

Collateralized debt securities

i 125,631

i 1,146

( i 347)

—

i 126,430

Total bonds held-to-maturity

i 8,631,261

i 345,463

( i 8,034)

—

i 8,968,690

Fixed maturity, bonds available-for-sale

U.S. treasury and government

i 29,505

i 441

( i 5)

—

i 29,941

U.S. states and political subdivisions

i 1,030,309

i 47,865

( i 9)

—

i 1,078,165

Foreign governments

i 5,000

i 1,287

i —

—

i 6,287

Corporate debt securities

i 5,338,007

i 251,408

( i 12,795)

—

i 5,576,620

Residential mortgage-backed securities

i 23,405

i 739

( i 201)

—

i 23,943

Collateralized debt securities

i 9,444

i 686

( i 1)

—

i 10,129

Total bonds available-for-sale

i 6,435,670

i 302,426

( i 13,011)

—

i 6,725,085

Total investments in fixed maturity

i 15,066,931

i 647,889

( i 21,045)

—

i 15,693,775

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Note 4 – Investment in Securities – (Continued)

The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands):

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities, which are not due at a single maturity, have been presented based on the year of final contractual maturity.

Proceeds from sales of bonds available-for-sale, with the related gross realized gains and losses, are shown below (in thousands):

Gains and losses are determined using specific identification of the securities sold. During the six months ended June 30, 2019, bonds below investment grade with a carrying value of $ i 157,939,000 were transferred from held-to-maturity to available-for-sale after a deterioration in the issuers’ creditworthiness. There was no transfer of bonds from held-to-maturity to available-for-sale during the six months ended June 30, 2020. i i No / realized losses were recorded at June 30, 2020 and 2019.

The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands):

The components of the change in net gains (losses) on equity securities are shown below (in thousands):

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Note 4 – Investment in Securities – (Continued)

The gross unrealized losses and fair value of bonds available-for-sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position due to noncredit related factors at June 30, 2020 are shown below (in thousands, except number of issues):

December 31, 2019

Less than 12 months

12 months or more

Total

Number of issues

Gross
Unrealized
(Losses)

Fair
Value

Number of issues

Gross
Unrealized
(Losses)

Fair
Value

Number of issues

Gross
Unrealized
(Losses)

Fair
Value

Fixed maturity, bonds available-for-sale

U.S. treasury and government

i —

i 5

( i 5)

i 8,299

i 5

( i 5)

i 8,299

U.S. states and political subdivisions

i 2

( i 9)

i 1,733

i —

i 2

( i 9)

i 1,733

Corporate debt securities

i 22

( i 5,257)

i 94,942

i 25

( i 7,538)

i 132,626

i 47

( i 12,795)

i 227,568

Residential mortgage-backed securities

i 1

( i 9)

i 10,169

i 3

( i 192)

i 722

i 4

( i 201)

i 10,891

Collateralized debt securities

i 1

( i 1)

i 159

i —

i 1

( i 1)

i 159

Total

i 26

( i 5,276)

i 107,003

i 33

( i 7,735)

i 141,647

i 59

( i 13,011)

i 248,650

Unrealized losses on bonds available-for-sale where an allowance for credit loss was not recorded are due to noncredit related factors caused by market liquidity events related to COVID-19 and the related economic downturn. A number of assumptions and estimates are inherent in evaluating whether an allowance for credit loss is necessary, which include the financial condition, near term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices.

Equity securities by market sector distribution are shown below, based on fair value:

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Note 4 – Investment in Securities – (Continued)

Allowance for Credit Losses

Held-to-Maturity Securities—Management measures expected credit losses on bonds held-to-maturity on a collective (pool) basis by major security type: corporate bonds, structured products, municipals, specialty products and treasuries. Accrued interest receivable on held-to maturity debt securities are excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current market conditions and reasonable and supportable economic forecasts based upon a third-party valuation model.

Available-for-Sale Securities—For bonds available-for-sale in an unrealized loss position, the Company first assesses whether it intends to sell the security or will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For bonds available-for-sale that do not meet either indicated criteria, the Company evaluates whether the decline in fair value has resulted from credit events or market factors. In making this assessment, management first calculates the extent to which value is less than amortized cost, and then may consider any changes to the rating of the security by a rating agency, and any specific conditions related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited to the amount fair value is less than amortized cost. Any remaining unrealized loss is recognized in other comprehensive income.

When the discounted cash flow method is used to determine the allowance for credit losses, management's estimates incorporate expected prepayments, if any. Model inputs are considered reasonable and supportable for three years. A mean reversion is applied in years four and five. Credit loss allowance is not measured on accrued interest receivable because the balance is written off to net investment income in a timely manner, within 90 days. Changes in the allowance for credit losses are recognized through the condensed consolidated statement of operations as changes in expected credit loss.

No accrued interest receivables were written off as of June 30, 2020.

The rollforward of the allowance for credit losses for bonds held-to-maturity is shown below (in thousands):

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Note 4 – Investment in Securities – (Continued)

The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands):

Corporate debt securities

Collateralized debt securities

Residential mortgage backed securities

Total

Allowance for credit losses

Beginning balance at January 1, 2020

i —

Provision

( i 12,499)

( i 236)

( i 130)

( i 12,865)

Ending balance at March 31, 2020

( i 12,499)

( i 236)

( i 130)

( i 12,865)

Provision

i 8,675

i 156

( i 81)

i 8,750

Ending balance at June 30, 2020

( i 3,824)

( i 80)

( i 211)

( i 4,115)

The change in allowance for the six months ended June 30, 2020 was impacted by economic changes due to the COVID-19 pandemic on the bond market. Bond prices improved during the second quarter as the government passed an economic stimulus package and restored some confidence to investors. Also, as businesses began to reopen, people started returning to work, which further assisted in bringing stability to bond markets.

Credit Quality Indicators

The Company monitors the credit quality of bonds held-to-maturity through the use of credit ratings, which are updated on a monthly basis. The two traditional metrics for assessing interest rate risks are interest-coverage ratios and capitalization ratios which can also be used in the assessment of credit risk. These risks are fairly mitigated through the diversification of all bond investments. Categories of diversification include credit ratings, geographic locations, maturities, and market sector.

The credit quality indicators for the amortized cost of bonds held-to-maturity as of June 30, 2020 are shown below (in thousands):

Amortized cost of bonds held-to-maturity by credit rating

Fixed maturity, bonds held-to-maturity

AAA

BBB

BB and below

Total

U.S. state and political subdivisions

i 46,407

i 64,577

i 11,340

i —

i 5,267

i 127,591

Foreign governments

i —

i 2,842

i 1,038

i —

i 3,880

Corporate debt securities

i 1,947

i 283,746

i 3,272,723

i 4,015,284

i 181,173

i 7,754,873

Residential mortgage backed securities

i 73,981

i —

i 90,922

i 164,903

Collateralized debt securities

i —

i 166,682

i 15,743

i 27,147

i 209,572

Total

i 122,335

i 351,165

i 3,451,783

i 4,031,027

i 304,509

i 8,260,819

At June 30, 2020, a bond classified as held-to-maturity with an amortized cost of $ i 38,000 was past due on making an interest payment for over 90 days and is in nonaccrual status.

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Note 5 - Mortgage Loans

Generally, commercial mortgage loans are secured by first liens on income-producing real estate. American National attempts to maintain a diversified portfolio by considering the location of the underlying collateral. The geographic categories come from the US Census Bureau's "Census Regions and Divisions of the United States." i The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages):

During the six months ended June 30, 2020, American National foreclosed on i one loan with a recorded investment of $ i 4,511,000, and i three loans with a recorded investment of $ i 18,502,000 were in the process of foreclosure at June 30, 2020. For the year ended December 31, 2019, American National foreclosed on i two loans with a total recorded investment of $ i 16,008,000, and there were i two loans with a total recorded investment of $ i 13,345,000 in the process of foreclosure. American National did i i no / t sell any loans during the six months ended June 30, 2020 or the year ended December 31, 2019.

The age analysis of past due loans is shown below (in thousands, except percentages):

30-59 Days Past Due

60-89 Days Past Due

More Than 90 Days Past Due

Total

Current

Total

June 30, 2020

Amount

Percent

Apartment

i 40,095

i —

i 40,095

i 408,752

i 448,847

i 8.5

Hotel

i 212,708

i 137,195

i 54,855

i 404,758

i 497,488

i 902,246

i 17.1

Industrial

i —

i 9,259

i 718,521

i 727,780

i 13.7

Office

i 58,352

i 12,759

i 17,392

i 88,503

i 1,478,233

i 1,566,736

i 29.6

Retail

i 82,051

i 120,645

i 4,999

i 207,695

i 657,861

i 865,556

i 16.4

Other

i 10,489

i 214,865

i 29,257

i 254,611

i 522,215

i 776,826

i 14.7

Total

i 403,695

i 485,464

i 115,762

i 1,004,921

i 4,283,070

i 5,287,991

i 100.0

Allowance for credit losses

( i 111,480)

Total, net of allowance

i 5,176,511

December 31, 2019

Apartment

i —

i 416,865

i 8.1

Hotel

i —

i 901,044

i 17.6

Industrial

i —

i 13,076

i 4,091

i 17,167

i 589,721

i 606,888

i 11.9

Office

i 22,870

i —

i 22,870

i 1,587,591

i 1,610,461

i 31.5

Retail

i —

i 4,122

i 843,467

i 847,589

i 16.6

Other

i 11,759

i —

i 11,759

i 721,571

i 733,330

i 14.3

Total

i 34,629

i 13,076

i 8,213

i 55,918

i 5,060,259

i 5,116,177

i 100.0

Allowance for loan losses

( i 19,160)

Total, net of allowance

i 5,097,017

As a result of the economic impact associated with COVID-19, as of June 30, 2020, i 77 loans with a total balance of $ i 1.2 billion primarily related to hotels, retail and parking operations (which are included in the other category in the table above) were in the course of modification. The terms of the modifications of these loans include forbearance of principal and interest payments for a period of up to six months, extensions of maturity dates, and/or provision for interest only payments. As of July 29, 2020, i 49 of the i 77 loans in the course of modification on June 30, 2020 with a total balance of $ i 774 million have been modified leaving i 28 loans with a total balance of $ i 434 million in the course of modification. The Company expects the modification of these loans to be finalized shortly.

The loans in the course of modification are included in the aging table based upon their original terms as follows (in thousands):

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Note 5 - Mortgage Loans - (Continued)

There were i i no / unamortized purchase discounts as of June 30, 2020 and December 31, 2019. Total mortgage loans were net of unamortized origination fees of $ i 28,860,000 and $ i 29,294,000 at June 30, 2020 and December 31, 2019, respectively. No unearned income is included in these amounts.

Troubled Debt Restructurings

American National has granted concessions which are classified as troubled debt restructurings to certain mortgage loan borrowers. Concessions are generally one of, or a combination of, a delay in payment of principal or interest, a reduction of the contractual interest rate or an extension of the maturity date. American National considers the amount, timing and extent of concessions in determining credit loss allowances for loan losses recorded in connection with a troubled debt restructuring. The carrying value after specific allowance, before and after modification in a troubled debt restructuring, may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment.

Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans):

Allowance for Credit Losses

Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses and allowances. The allowance for current expected losses per ASC 326, at the effective date will be based upon the current expected credit loss model, refer to Note 3, "Recently Issued Accounting Pronouncements." The model considers past loss experience, current economic conditions, and reasonable and supportable forecasts of future conditions. Reversion for the allowance calculation is implicit in the models used to determine the allowance. The methodology uses a discounted cash flow approach based on expected cash flows.

The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands):



	Commercial Mortgage Loans
Beginning balance at January 1, 2020	$	( i 19,160)



Cumulative adjustment at January 1, 2020	( i 11,216)
Provision	( i 29,069)

Balance at March 31, 2020	$	( i 59,445)
Provision	( i 52,035)
Balance at June 30, 2020	$	( i 111,480)

The change in allowance for the six months ended June 30, 2020 was driven by the economic disruption and uncertainty caused by COVID-19, we have been working with many of our mortgage loan borrowers, primarily those related to hotels, retail and parking operations, on loan modifications as noted above.

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Note 5 - Mortgage Loans - (Continued)

The asset and allowance balances for credit losses for mortgage loans by property-type are shown below (in thousands):

Credit Quality Indicators

Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by collateral type as it represents the most similar and reliable risk characteristics in our portfolio. i The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands):

Amortized Cost Basis by Origination Year

2020

2019

2018

2017

2016

Prior

Total

Apartment

i —

i 108,698

i 43,457

i 190,907

i 68,859

i 37,469

i 449,390

Hotel

i —

i 57,560

i 204,054

i 219,527

i 148,026

i 273,845

i 903,012

Industrial

i 123,102

i 174,401

i 130,090

i 52,007

i 124,923

i 123,257

i 727,780

Office

i —

i 56,068

i 193,000

i 347,383

i 314,239

i 656,046

i 1,566,736

Retail

i 42,784

i 41,190

i 103,201

i 80,943

i 223,764

i 373,674

i 865,556

Other

i 31,206

i 86,718

i 142,940

i 89,367

i 238,411

i 186,875

i 775,517

Total

i 197,092

i 524,635

i 816,742

i 980,134

i 1,118,222

i 1,651,166

i 5,287,991

Allowance for loan losses

( i 111,480)

Total, net of allowance

i 5,176,511

Generally, mortgage loans are secured by first liens on income-producing real estate with a loan-to-value ratio of up to 75%. It is the Company's policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. At June 30, 2020, commercial loans of $ i 115,762,000 were past due over 90 days and are in nonaccrual status.

Off-Balance Sheet Credit Exposures

The Company has off-balance sheet credit exposures related to non-cancellable unfunded commitment amounts on commercial mortgage loans. We estimate the allowance for these exposures by applying the allowance rate we computed for each property type to the related outstanding commitment amounts. As of June 30, 2020, we have included a $ i 13,032,000 liability in other liabilities on the condensed consolidated statements of financial position based on unfunded loan commitments of $ i 578,979,000.

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Note 6 – Real Estate and Other Investments

Investment real estate by property-type and geographic distribution are as follows (in thousands, except percentages):

June 30, 2020

December 31, 2019

East North Central

i 32,572

i 6.0

i 32,539

i 5.9

East South Central

i 33,466

i 6.2

i 34,248

i 6.2

Mountain

i 66,942

i 12.3

i 68,498

i 12.4

Pacific

i 39,425

i 7.2

i 40,462

i 7.3

South Atlantic

i 82,682

i 15.2

i 83,552

i 15.2

West South Central

i 272,551

i 50.0

i 278,833

i 50.6

Other

i 16,966

i 3.1

i 13,087

i 2.4

Total

i 544,604

i 100.0

i 551,219

i 100.0

American National regularly invests in real estate partnerships and joint ventures. American National frequently participates in the design of these entities with the sponsor, but in most cases, our involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, American National holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary or consolidator of the entity. The assets of the consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of American National, as American National’s obligation is limited to the amount of its committed investment. American National has not provided financial or other support to the VIEs in the form of liquidity arrangements, guarantees, or other commitments to third parties that may affect the fair value or risk of its variable interest in the VIEs in 2020 or 2019.

The assets and liabilities relating to the VIEs included in the condensed consolidated financial statements are as follows (in thousands):

The notes payable in the condensed consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National relating to notes payable of the consolidated VIEs is limited to the amount of its direct or indirect investment in the respective ventures, which totaled $ i 3,066,000 and $ i 4,304,000 at June 30, 2020 and December 31, 2019, respectively.

The total long-term notes payable of the consolidated VIEs consists of the following (in thousands):

Table of Contents

Note 6 – Real Estate and Other Investments - (Continued)

For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require consent of all partners. i The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands):

As of June 30, 2020, i one real estate investment with a carrying value of $ i 3,364,000 met the criteria as held-for-sale.

Note 7 – i Derivative Instruments

American National purchases over-the-counter equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. These options are not designated as hedging instruments for accounting purposes under U.S. GAAP. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. i The detail of derivative instruments is shown below (in thousands, except number of instruments):

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining collateral where appropriate, as a means of mitigating the financial loss from defaults. The Company holds collateral in cash and notes secured by U.S. government backed assets. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts, less the fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. As such, a right of offset has been applied to collateral that supports credit risk and has been recorded in the condensed consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral.

Table of Contents

Note 7 – Derivative Instruments - (Continued)

Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands):

*Collateral is prohibited from being held in invested assets

Table of Contents

Note 8 - Net Investment Income and Realized Investment Gains (Losses)

Net investment income is shown below (in thousands):

Net realized investment gains (losses) are shown below (in thousands):

Net realized investment gain (losses) by transaction type are shown below (in thousands):

Other-than-temporary impairment losses are shown below (in thousands):



	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Bonds	$	i —	$	( i 6,968)	$	i —	$	( i 6,968)

Table of Contents

Note 9 – Fair Value of Financial Instruments

The carrying amount and fair value of financial instruments are shown below (in thousands):

Separate account assets ($ i 1,005,889 and $ i 1,049,938 included in fair value hierarchy)

Separate account liabilities ($ i 1,005,889 and $ i 1,049,938 included in fair value hierarchy)

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:


Level 1						Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2						Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3						Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Table of Contents

Note 9 – Fair Value of Financial Instruments – (Continued)

Valuation Techniques for Financial Instruments Recorded at Fair Value

Fixed Maturity Securities and Equity Options—American National utilizes a pricing service to estimate fair value measurements. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios.

The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary.

American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available.

American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent broker (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, American National includes these fair value estimates in Level 3.

For securities priced using a quote from an independent broker, such as the equity-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly.

Equity Securities—For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services annually.

Short-Term Investments—Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor's and Moody's, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements.

Table of Contents

Note 9 – Fair Value of Financial Instruments – (Continued)

Separate Account Assets and Liabilities—Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National and that represent the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. American National reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the condensed consolidated statements of operations.



	PART I – FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS :

	Condensed Consolidated Statements of Financial Position as of June 30 , 2020 and December 31, 2019 (unaudited)	3

	Condensed Consolidated Statements of Operations for the three and six months ended June 30 , 2020 and 2019 (unaudited)	4

	Condensed Consolidated Statements of Comprehensive Incom e for the three and six months ended June 30 , 2020 and 2019 (unaudited)	5

	Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30 , 2020 and 2 01 9 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2020 and 2019 (unaudited)	8

	Notes to the Condensed Consolidated Financial Statements (u naudited )	10

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	41

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	65

ITEM 4.	CONTROLS AND PROCEDURES	65

	PART II – OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	66

ITEM 1A.	RISK FACTORS	66









ITEM 6.	EXHIBITS	68


	June 30, 2020		December 31, 2019
ASSETS
Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $ i 22,414 in 2020 (Fair value $ i 8,713,716 in 2020 and $ i 8,968,690 in 2019)	$	i 8,238,405	$	i 8,631,261
Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $ i 4,115 in 2020) (Amortized cost $ i 6,779,116 in 2020 and $ i 6,435,670 in 2019)	i 7,170,471		i 6,725,085
Equity securities, at fair value (Cost $ i 733,628 in 2020 and $ i 663,058 in 2019)	i 1,714,264		i 1,700,960
Mortgage loans on real estate, net of allowance for credit losses of $ i 111,480 in 2020 and allowance for loan loss of $ i 19,160 in 2019	i 5,176,511		i 5,097,017
Policy loans	i 377,826		i 379,657
Investment real estate, net of accumulated depreciation of $ i 266,953 in 2020 and $ i 256,757 in 2019	i 544,604		i 551,219
Short-term investments	i 501,087		i 425,321
Other invested assets	i 97,390		i 76,569
Total investments	i 23,820,558		i 23,587,089
Cash and cash equivalents	i 466,247		i 452,001
Investments in unconsolidated affiliates	i 782,525		i 705,721
Accrued investment income	i 211,268		i 200,856
Reinsurance recoverables, net of allowance for credit losses of $ i 17,844 in 2020 and $ i 8,220 in 2019	i 432,639		i 411,830
Prepaid reinsurance premiums	i 38,638		i 44,669
Premiums due and other receivables	i 393,556		i 341,924
Deferred policy acquisition costs	i 1,408,142		i 1,423,007
Property and equipment, net of accumulated depreciation of $ i 269,977 in 2020 and $ i 257,907 in 2019	i 110,313		i 106,303

Prepaid pension	i 84,935		i 78,990
Other assets	i 213,186		i 171,285
Separate account assets	i 1,032,956		i 1,073,891
Total assets	$	i 28,994,963	$	i 28,597,566
LIABILITIES
Future policy benefits
Life	$	i 3,106,342	$	i 3,087,578
Annuity	i 1,568,993		i 1,571,263
Health	i 50,024		i 49,886
Policyholders’ account balances	i 12,847,289		i 12,957,989
Policy and contract claims	i 1,548,523		i 1,489,979
Unearned premium reserve	i 976,667		i 933,559
Other policyholder funds	i 362,389		i 361,059
Liability for retirement benefits	i 63,184		i 67,435
Notes payable	i 155,871		i 157,997
Deferred tax liabilities, net	i 382,753		i 394,528
Current tax payable	i 12,896		i 9,757
Federal home loan bank advance	i 500,000		i —
Other liabilities	i 414,135		i 446,882
Separate account liabilities	i 1,032,956		i 1,073,891
Total liabilities	i 23,022,022		i 22,601,803
EQUITY
American National stockholders’ equity:
Common stock, $ i i 1.00 / par value, Authorized i i 50,000,000 / in 2020 and 2019, Issued i i 30,832,449 / in 2020 and 2019 Outstanding i i 26,887,200 / shares in 2020 and 2019	i 30,832		i 30,832
Additional paid-in capital	i 21,051		i 21,011
Accumulated other comprehensive income	i 163,911		i 99,518
Retained earnings	i 5,859,361		i 5,946,857
Treasury stock, at cost	( i 108,469)		( i 108,469)
Total American National stockholders’ equity	i 5,966,686		i 5,989,749
Noncontrolling interest	i 6,255		i 6,014
Total stockholders' equity	i 5,972,941		i 5,995,763
Total liabilities and stockholders' equity	$	i 28,994,963	$	i 28,597,566


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The new standard significantly changes how entities measure credit losses for most financial assets, reinsurance recoverables and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The measurement of credit losses for available-for-sale debt securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which the fair value is below amortized cost, and the credit loss is recognized through a valuation allowance. Previously, the credit loss adjustments for available-for-sale debt securities were recognized through a direct write down of the investment under the other-than-temporary impairment model. The standard also requires additional disclosures.	The Company adopted this standard on its required effective date of January 1, 2020 using a modified retrospective transition.	Adoption of this guidance resulted in an allowance for credit losses primarily on the commercial mortgage loans and related off-balance sheet unfunded loan commitments, held-to-maturity bonds and reinsurance recoverables. The Company recorded a cumulative effect adjustment to retained earnings of $ i 33.5 million, net of tax, which reduced stockholders' equity. The impact is attributable to a $ i 42.4 million allowance for credit losses on the aforementioned financial assets. See table below for additional detail.


Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts	The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts (market risk benefits), simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures.	This standard will become effective for the Company for all annual and interim periods beginning January 1, 2022. The FASB met on June 10, 2020 and proposed delaying the effective date of ASU 2018-12 until January 1, 2023. This proposal is pending final adoption. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition.	We are currently evaluating the impact of the standard to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements
ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans	The new standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance removes certain defined benefit pension or other postretirement plan disclosures that are no longer cost beneficial, clarifies the specific requirements for each disclosure and adds disclosure requirements.	This standard will become effective for the annual period ending December 31, 2020 using a retrospective transition.	The Company does not expect the adoption of this standard to have a material impact on our Condensed Consolidated Financial Statements or Notes to the Condensed Consolidated Financial Statements.
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes.	This standard will become effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.	The Company does not expect the adoption of this standard to have a material impact on our Condensed Consolidated Financial Statements or Notes to the Consolidated Financial Statements.
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	The amendments in this update provide optional expedients and exceptions for applying Generally Accepted Accounting Principles ("GAAP") to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.	The amendments in this update are effective for all entities as of March 12, 2020 and will sunset through December 31, 2022, at which time the application of exceptions and optional expedients will no longer be permitted.	We are evaluating our current exposure to LIBOR and the impact this standard would have on the Consolidated Financial Statements. We expect to have our evaluation of exposure completed by December 31, 2020.


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Unrealized gains (losses) on equity securities	$	i 298,793	$	i 51,933	$	( i 34,808)	$	i 254,955
Net gains on equity securities sold	i 32		i 15,127		i 1,058		i 18,482
Net gains (losses) on equity securities	$	i 298,825	$	i 67,060	$	( i 33,750)	$	i 273,437

American National Group Inc. – ‘10-Q’ for 6/30/20

On: Wednesday, 8/5/20, at 2:52pm ET · For: 6/30/20 · Accession #: 1801075-20-3 · File #: 1-39369

Previous ‘10-Q’: None · Next: ‘10-Q’ on 11/4/20 for 9/30/20 · Latest: ‘10-Q’ on 5/5/22 for 3/31/22 · 3 References:

Quarterly Report — Form 10-Q
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‘10-Q’ — Quarterly Report
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Dates Referenced Herein and Documents Incorporated by Reference

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i ☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


i ☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


	June 30, 2020		December 31, 2019
Consumer goods	i 19.3	%	i 18.9	%
Energy and utilities	i 5.7		i 8.0
Finance	i 21.4		i 18.0
Healthcare	i 15.7		i 13.0
Industrials	i 5.7		i 7.6
Information technology	i 27.7		i 25.0
Other	i 4.5		i 9.5
Total	i 100.0	%	i 100.0	%


	June 30, 2020		December 31, 2019
Investment real estate	$	i 133,548	$	i 134,534
Short-term investments	i 501		i 500
Cash and cash equivalents	i 8,681		i 11,155
Other receivables	i 2,503		i 3,673
Other assets	i 11,383		i 15,355
Total assets of consolidated VIEs	$	i 156,616	$	i 165,217
Notes payable	$	i 155,871	$	i 157,997
Other liabilities	i 4,616		i 9,731
Total liabilities of consolidated VIEs	$	i 160,487	$	i 167,728


	June 30, 2020	December 31, 2019
Common stock
Shares issued	i 30,832,449	i 30,832,449
Treasury shares	( i 3,945,249)	( i 3,945,249)
Outstanding shares	i 26,887,200	i 26,887,200
Restricted shares	( i 10,000)	( i 10,000)
Unrestricted outstanding shares	i 26,877,200	i 26,877,200


	June 30, 2020		December 31, 2019		Change
Life insurance in-force
Traditional life	$	88,038,821	$	84,129,193	$	3,909,628
Interest-sensitive life	35,022,027		33,975,092		1,046,935
Total life insurance in-force	$	123,060,848	$	118,104,285	$	4,956,563


	June 30, 2020						December 31, 2019
Fixed maturity, bond held-to-maturity, at amortized cost	$	8,238,405	34.6	%	$	8,631,261	36.6	%
Fixed maturity, bond available-for-sale, at fair value	7,170,471		30.1		6,725,085		28.5
Equity securities, at fair value	1,714,264		7.2		1,700,960		7.2
Mortgage loans on real estate, net of allowance	5,176,511		21.7		5,097,017		21.6
Policy loans	377,826		1.6		379,657		1.6
Investment real estate, net of accumulated depreciation	544,604		2.3		551,219		2.3
Short-term investments	501,087		2.1		425,321		1.8
Other invested assets	97,390		0.4		76,569		0.4
Total investments	$	23,820,558	100.0	%	$	23,587,089	100.0	%


	June 30, 2020		December 31, 2019
American National stockholders’ equity, excluding accumulated other comprehensive income (“AOCI”), net of tax	$	5,802,775	$	5,890,231
Accumulated other comprehensive income	163,911		99,518
Total American National stockholders’ equity	$	5,966,686	$	5,989,749


	June 30, 2020										December 31, 2019
	Capital and Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total		Capital and Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Net income (loss) attributable to American National	$	(9,899)	$	—	$	(9,899)	$	620,363	$	—	$	620,363
Dividends to shareholders	(44,094)		—		(44,094)		(88,243)		—		(88,243)
Change in net unrealized gains (losses) on debt securities	—		61,373		61,373		—		184,156		184,156
Foreign currency transaction and translation adjustment	—		(585)		(585)		—		390		390
Defined benefit pension plan adjustment	—		3,605		3,605		—		15,495		15,495
Cumulative effect of accounting change	(33,503)		—		(33,503)		785		(785)		—
Other	40		—		40		340		—		340
Total	$	(87,456)	$	64,393	$	(23,063)	$	533,245	$	199,256	$	732,501


Exhibit Number						Description

3.1						Amended and Restated Certificate of Incorporation of American National Group. Inc. (incorporated by reference to Annex II of the Proxy Statement/Prospectus filed with the SEC on March 25, 2020).

3.2						Restated Articles of Incorporation, as amended, of American National Insurance Company (incorporated by reference to Exhibit No. 3.1 to the registrant's Registration Statement on Form 10-12B filed April 10, 2009).

3.3						Amended and Restated Bylaws of American National Group, Inc. (incorporated by reference to Annex III of the Proxy Statement/Prospectus filed with the SEC on March 25, 2020)

3.4						Amended and Restated Bylaws of American National Insurance Company (incorporated by reference to Exhibit No. 3.2 to the registrant's Current Report on Form 8-K filed February 23, 2018).

31.1						Certification of the principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2						Certification of the principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.1						Certification of the principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						XBRL Taxonomy Extension Schema Document.

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB						XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document.

104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).


By:						/s/ *James E. Pozzi*
Name:						James E. Pozzi
Title:						President and Chief Executive Officer

By:						/s/ *Timothy A. Walsh*
Name:						Timothy A.Walsh
Title:						Executive Vice President, CFO, Treasurer and ML and P&C Operations

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American National Group Inc. – ‘10-Q’ for 6/30/20

On: Wednesday, 8/5/20, at 2:52pm ET · For: 6/30/20 · Accession #: 1801075-20-3 · File #: 1-39369

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

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Quarterly Report — Form 10-Q
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‘10-Q’ — Quarterly Report
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