American National Group Inc. interim filing shows six-month swing from loss to profit on lower revenue, with a higher-profit quarter

Bottom line

For the three-month reporting period, American National Group Inc. returned to profitability versus the prior-year comparative for the three-month reporting period, with Net Income (Loss) Attributable to Parent higher than the prior period and Revenues higher than the prior period — a profit-to-profit transition on the bottom line. For the six-month year-to-date period, the picture is more nuanced: Net Income (Loss) Attributable to Parent shifted from a loss in the prior-year comparative for the six-month year-to-date period to a profit in the current six-month year-to-date period — a loss-to-profit transition — while Revenues moved lower than the prior-year comparative for the six-month year-to-date period. The current quarter and current half-year both show a profit on the parent net-income line, whereas the prior-year half-year window had reported a loss; the prior-year quarter itself was profitable, so the half-year swing is the more striking reversal.

This analysis covers the interim filing submitted by American National Group Inc. as 10-Q for period-ended-2026-06-30, filed under accession 0001039828-26-000016 and identified by CIK 0001039828 and ticker ANG-PD. The source is the unaudited condensed consolidated financial statements and accompanying notes included in that filing, as described within Item 1, Item 1A, Item 2, Item 3, Item 4, Item 5, and Item 6, and discussed in greater detail in Note 2, Note 24, Note 25, and Note 26.

Reporting-period identity is established by the three months ended June 30, 2026 and the six months ended June 30, 2026 as the current interim windows, with the three months ended June 30, 2025 and the six months ended June 30, 2025 as the comparative windows. The top-line and bottom-line values are taken from the reported figures: Revenues of $1,706,000,000 USD for the three months ended June 30, 2026, Revenues of $1,681,000,000 USD for the three months ended June 30, 2025, Revenues of $3,306,000,000 USD for the six months ended June 30, 2026, and Revenues of $3,570,000,000 USD for the six months ended June 30, 2025. On the bottom line, Net Income (Loss) Attributable to Parent was $204,000,000 USD for the three months ended June 30, 2026, $152,000,000 USD for the three months ended June 30, 2025, $203,000,000 USD for the six months ended June 30, 2026, and -$54,000,000 USD for the six months ended June 30, 2025.

Management presents the results on a GAAP basis, noting that the statements reflect all adjustments considered necessary for a fair and comparable presentation and that interim results are not necessarily indicative of subsequent periods or the full fiscal year. Amounts have been retrospectively adjusted to report the property and casualty subsidiaries as discontinued operations following their transfer, as described in Note 26.

The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison.

Financial performance

- Top-line read on the quarter: Revenues for the three-month reporting period were $1,706,000,000 USD, against a prior-year comparative of $1,681,000,000 USD for the three-month prior period. The authorized direction is an increase, so the headline trend on the quarter is a higher top line than a year earlier, on a profit-to-profit basis (current net income for the quarter is positive versus a positive prior-year quarter). - Top-line read on the half year: Revenues for the six-month year-to-date period were $3,306,000,000 USD, against a prior-year comparative of $3,570,000,000 USD for the six-month prior period.

The authorized direction is a decrease, so the year-to-date top line is lower than the prior year despite a swing back to profitability on the bottom line. - Bottom-line read on the half year: Net Income (Loss) Attributable to Parent for the six-month year-to-date period was $203,000,000 USD, compared with a prior-year loss of -$54,000,000 USD. The authorized direction is an increase and the authorized transition is loss to profit, so the year-to-date result is a swing from a loss to a profit rather than simply a larger profit.

- Bottom-line read on the quarter: Net Income (Loss) Attributable to Parent for the three-month reporting period was $204,000,000 USD, compared with a prior-year profit of $152,000,000 USD. The authorized direction is an increase and the authorized transition is profit to profit, so the quarter moved from one profit to a higher profit. S.

dollars under GAAP, and interim results are described as not necessarily indicative of the full fiscal year. The narrative also discloses an out-of-period adjustment that the Company identified during the quarter, tied to the initial classification of certain investments as equity securities rather than equity method investments within investment funds; the impact was recorded within the "Contributions from (distributions to) shareholders, net of tax" line in the Condensed Consolidated Statement of Changes in Equity for the three and six months ended June (omitted), and the Company concluded the error was not material to any period.

- Accounting context the filing flags: no ASU was adopted in the current period that was material in presentation or amount, and the segment-reporting framework is held to the management approach described in the cited accounting pronouncement, with the CODM identified as the Brookfield Wealth Solutions Ltd. Chief Financial Officer. Estimates remain material for fair value of certain financial assets, FPB, MRB, embedded derivatives in PAB, and deferred income taxes, including the recoverability of deferred tax assets.

- Analyst inference versus counter-evidence: taken together, the authorized directions suggest a quarter that is stronger on both lines than a year earlier, but a six-month window where revenue is lower while the bottom line has swung back to a profit. The directional contrast between the two windows is the cleanest signal the evidence supports here. The filing evidence does not attribute this change to any single cause.

No single cause is attributed in the evidence for the half-year top-line decline or the swing back to profit. - Unknowns and reader caveats: the filing evidence contains no peer or industry comparison, so any benchmark against sector peers cannot be read from this filing. The filing evidence contains no peer or industry comparison.

Guidance figures and forward expectations are not separately quantified in the narrative excerpt available for this section, so this subsection is limited to the reported-period comparisons and the management commentary already cited.

Operating drivers and segments

- The Company reports under a management-approach model in accordance with the cited segment-reporting standard, with the chief operating decision maker identified at the Brookfield Wealth Solutions Ltd. level following the transfer of the P&C Subsidiaries to Clearbrook Group Holdings Inc. - All prior periods in the condensed consolidated financial statements have been retrospectively adjusted to present the divested property and casualty operations as discontinued operations, as referenced in Note 26.

- The interim filing exposes two top-line windows only: a three-month reporting period and a six-month year-to-date period, each reported against its prior-year comparative. - $1,706,000,000 versus $1,681,000,000: the current three-month figure is higher than the prior-year comparative (authorized direction: increase; current and prior both positive). - $3,306,000,000 versus $3,570,000,000: the current six-month figure is lower than the prior-year comparative (authorized direction: decrease; current and prior both positive).

- The consolidated revenue line is presented net of the discontinued-operations reclassification, so the year-over-year delta aggregates both organic operating drivers inside the continuing insurance and retirement-services mix and the absence of the divested P&C Subsidiaries. - The filing does not isolate a continuing-operations-only segment table at the interim level within the cited note block; readers seeking segment-by-segment margin splits would have to look beyond what the excerpt provides, and the segment detail referenced under Note 24 is described as covering segment reporting and recently issued accounting pronouncements rather than interim segment margins for this period.

- The segment catalog lists Note 25 as covering preferred-stock equity disclosures, which is not a segment-margin source and should not be cited for operating-segment performance. S. states, the District of Columbia, Bermuda, Guam, and Puerto Rico.

, with both entities now sitting under Brookfield Wealth Solutions Ltd. - Management discloses an out-of-period adjustment during the quarter, in which certain investments had been initially classified as equity securities rather than equity method investments within investment funds. The cumulative effect was recorded in the Condensed Consolidated Statement of Changes in Equity, flowing through "Contributions from (distributions to) shareholders, net of tax," after management concluded the error was not material to any period under the cited SEC Staff Accounting Bulletin framework.

- Management states that no material Accounting Standard Update was adopted during the current period. - Management cautions that interim results for the three- and six-month windows are not necessarily indicative of results for any subsequent period or the full fiscal year, and that estimates involving fair value of certain financial assets, future policy benefits, market risk benefits, valuation of embedded derivatives in policyholders' account balances, and deferred income taxes are subject to inherent uncertainties.

- The filing evidence does not attribute this change to any single cause.

Cash flow and capital

Reported facts - The cash and cash equivalents balance reported on the balance sheet was $8,416,000,000 as of the balance sheet date of June 30, 2026, giving investors a current snapshot of liquidity. - Net cash provided by financing activities was $1,615,000,000 for the six months ended June 30, 2026, compared with $2,706,000,000 for the six months ended June 30, 2025 — a lower figure on the current-year window than on the prior-year one (both positive). - Net cash used in investing activities was -$6,249,000,000 for the six months ended June 30, 2026, compared with -$3,138,000,000 for the six months ended June 30, 2025 — a smaller cash outflow in the current year than the larger outflow recorded a year earlier (both negative). - Cash dividends paid by the parent totaled $12,000,000 for the six months ended June 30, 2026, compared with $30,000,000 for the six months ended June 30, 2025 — a lower cash outflow to shareholders in the current six-month window than in the prior-year one (both positive on the cash outflow presentation).

Management explanations - The Company’s CODM, identified as the Brookfield Wealth Solutions Ltd. Chief Financial Officer, reviews operating results when making decisions about capital allocation and investment strategies, as well as product mix and pricing of insurance products, per the segment reporting disclosure in Note 24. - An out-of-period adjustment corrected the cumulative effect of an error, with the impact reflected in the "Contributions from (distributions to) shareholders, net of tax" line within the Condensed Consolidated Statement of Changes in Equity for the three and six months ended June (omitted), as disclosed in the source narrative. - Unrealized loss commentary attributes the bulk of the gap at June (omitted) to the timing of purchases of certain securities, which carry less yield than those available at the comparative date, while roughly all of the securities in the table were rated investment grade under the NAIC's highest two designations.

Analyst inference - Financing activities remained a source of cash, but the smaller current-period inflow indicates that the Company raised or recycled less external funding than a year earlier; the precise composition is not separately decomposed here. - The investing outflow narrowed year over year, suggesting a lighter pace of net investment activity in the current six-month window relative to the prior-year one. - Dividends paid absorbed less cash this half-year than in the prior-year half-year, freeing incremental liquidity for other uses inside the cash flow statement.

Counter-evidence - A buyer trying to reconcile the equity-statement adjustment line to the cash flow statement should note that the adjustment is shown through equity rather than through operating cash flow, so it does not directly offset the cash dividend line.

Unknowns - The split of the investing outflow between purchases, sales, and maturities of fixed maturity securities is not separately quantified in the cited narrative. - The composition of the financing inflow between debt issuance/repayment, share-related activity, and other financing is not separately broken out here. - Whether operating cash flow would have absorbed the dividend payment on its own is not stated; The filing evidence does not attribute this change to any single cause.. - Liquidity coverage relative to policyholder obligations is not addressed in this section's filing evidence.

Peer and historical context

- Within the half-year window, the issuer has flipped from a loss to a profit, which is a qualitatively different outcome from the prior year-to-date comparison rather than a mere change of magnitude. That shift alone separates this period from the previous one in tone even before any size-of-move discussion. - The three-month picture is steadier than the half-year picture, since both the current quarter and its prior-year quarter remain profitable and the revenue line on the three-month view carries an authorized increase relative to the prior-year quarter.

- The six-month profit rebound sits alongside a six-month revenue print that carries an authorized decrease relative to the prior-year six-month period, so the swing back to profitability is not corroborated by a corresponding positive direction on the top line over the same longer window. The filing evidence does not attribute this change to any single cause. - The available-for-sale fixed-maturity narrative describes unrealized losses concentrated in the financials sector and references allowance-for-credit-loss methodology that depends on issuer-condition and rating assumptions, so any read-through from investment-portfolio commentary to reported earnings should be made cautiously rather than treated as a direct bridge. The filing evidence does not attribute this change to any single cause.

Scenario analysis

The base case treats the year-to-date results as the most likely read of American National Group Inc. under the 10-Q filed for period-ended-2026-06-30 (accession 0001039828-26-000016). Six-month Net Income (Loss) Attributable to Parent sits at $203,000,000 USD for the six months ended June 30, 2026, compared with -$54,000,000 USD for the six months ended June 30, 2025 — an authorized loss-to-profit transition against the prior year-to-date window. Three-month Net Income (Loss) Attributable to Parent is $204,000,000 USD for the three months ended June 30, 2026, against $152,000,000 USD for the three months ended June 30, 2025, with authorized profit-to-profit movement. Revenues tell a softer story: $3,306,000,000 USD for the six months ended June 30, 2026 versus $3,570,000,000 USD for the six months ended June 30, 2025 (authorized decrease), while the quarter improves — $1,706,000,000 USD for the three months ended June 30, 2026 versus $1,681,000,000 USD for the three months ended June 30, 2025 (authorized increase). The filing evidence does not attribute this change to any single cause. The base scenario therefore assumes a stable policyholder-funds franchise with reinvestment-driven margin recovery, consistent with the authorized direction on Additions to Contract Holders Funds and Accretion (Amortization) of Discounts and Premiums, Investments versus the prior year-to-date.

The upside case leans on the same authorized direction set but assumes the favorable move holds into the back half. Net Income (Loss) Attributable to Parent continuing at $204,000,000 USD for the three months ended June 30, 2026 alongside quarterly revenue growth of $1,706,000,000 USD versus $1,681,000,000 USD would imply operating leverage rather than a one-off recovery, supported if Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings stay directionally lower than the prior year-to-date on both the half-year and quarter comparisons. Capital return could continue at the cited Payments of Dividends pace, and a lower financing-activities draw (Net Cash Provided by (Used in) Financing Activities lower than -$54,000,000 USD era levels) would help. The filing evidence contains no peer or industry comparison.

The downside case flips the assumptions: revenues tracking closer to the half-year authorized decrease while profit reverts toward the prior-year loss shape. If Net Cash Provided by (Used in) Investing Activities remains deeply negative relative to the six months ended June 30, 2025 and Additions to Contract Holders Funds hold above prior-year-to-date levels, investment yields compress and net income contracts. The filing evidence does not attribute this change to any single cause. A reversion to a year-to-date loss would erase the authorized transition from loss to profit and re-open preferred-stock dividend pressure described in the cited equity note. Readers comparing the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing pattern to this filing should note the authorized directions here are not a forecast.

Risks and what to watch

, drawn from the interim filing identified by 10-Q period-ended-2026-06-30 under accession 0001039828-26-000016, shows a six-month year-to-date swing from a net loss to a profit, with Net Income (Loss) Attributable to Parent moving from -$54,000,000 in the six months ended June 30, 2025 to $203,000,000 in the six months ended June 30, 2026, and the three-month window showing Net Income (Loss) Attributable to Parent of $152,000,000 for the three months ended June 30, 2025 versus $204,000,000 for the three months ended June 30, 2026.

The filing evidence does not attribute this change to any single cause. - Revenues moved in the opposite direction on the year-to-date window, with $3,570,000,000 for the six months ended June 30, 2025 and $3,306,000,000 for the six months ended June 30, 2026, while the three-month window showed Revenues of $1,681,000,000 in the three months ended June 30, 2025 and $1,706,000,000 in the three months ended June 30, 2026. The filing evidence does not attribute this change to any single cause.

- The investing-side cash line, Net Cash Provided by (Used in) Investing Activities, registered an outflow in both the six months ended June 30, 2026 and the six months ended June 30, 2025, with the size of the outflow shrinking in the current period; financing-side cash lines (Net Cash Provided by (Used in) Financing Activities, Payments of Dividends, Additions to Contract Holders Funds, Accretion (Amortization) of Discounts and Premiums on Investments, and Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings) all moved lower in the six months ended June 30, 2026 versus the six months ended June 30, 2025.

The filing evidence does not attribute this change to any single cause. - Counter-evidence in the cited note on available-for-sale fixed maturity securities warns that unrealized losses are concentrated in securities purchased when yields were lower than those available at the balance-sheet date, that a portion of those losses sits on investment-grade NAIC designations, and that the Company neither had the intent to sell nor expected to be required to sell before amortized cost recovery, so no write-down to fair value flowed through the Condensed Consolidated Statements of Operations.

An allowance-for-credit-loss rollforward is presented in the cited note, but the underlying inputs were omitted from the quoted context. The filing evidence does not attribute this change to any single cause. - Unknowns the filing evidence does not resolve include the segment composition of the year-to-date revenue decline and of the year-to-date profit swing, the direction of any discontinued-operations effect following the cited note on discontinued operations, and any peer or industry comparison against the referenced REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended filing or the broader insurance cohort such as the Lizely Finance Earnings Analysis — ANI Pharmaceuticals Interim Filing: Profit-to-Profit Growth on Both Windows and Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows.

The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension. - Next period, watch whether Revenues reverses on both the three months ended June 30, 2026 and the full-year window, whether Net Income (Loss) Attributable to Parent sustains the profit level reached in the three months ended June 30, 2026, whether the unrealized-loss roll-forward and the allowance-for-credit-loss rollforward shift the portion of losses on investment-grade NAIC securities versus the financials-sector concentration disclosed in the cited note, and whether the investing cash outflow narrows further; for context, capital-allocation timing decisions can be modeled with How to Calculate a Discounted Payback Period when cash-return timing becomes the focus.