American National is a conservatively managed, highly rated and well-capitalized insurance company that, with the support of Brookfield Reinsurance, is building on our long history and proud legacy of delivering value to clients. This page is intended to be a resource for our clients, distribution partners and stakeholders who seek the facts about our business.
American National is highly rated with a stable outlook for financial strength by major rating agencies A.M. Best, Fitch and Standard & Poors and was recently spotlighted for consistent financial strength by A.M. Best after earning our 82nd consecutive year with a Financial Strength Rating of A or better.
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• A.M. Best: A (Excellent)
• Fitch: A (High credit quality)
• S&P: A (Strong)
American National at all times maintains significant liquidity to more than cover unexpected surrenders and other liabilities. Roughly 50 percent of our $32 billion of investable assets are held in cash and other highly liquid assets.
Current consolidated financial results for American National Group are available on our website. Highlights from our latest filing include a reported $5.34 billion increase in GAAP assets since YE 2022. Through the third quarter, American National reported $3.94 billion of GAAP revenue with net income of $163.1 million.
American National is managed conservatively, with a large capital buffer at the highest ‘AAA’ level per S&P Global Ratings risk-based capital (RBC) model.
A.M. Best reports American National has the strongest level of risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR), noting that overall capital levels remain favorable.
Fitch notes “very strong capitalization” as a key driver of American National’s rating, scoring the company in the ‘Very Strong’ category of Fitch’s Prism Factor-Based Capital Model. Fitch notes it expects American National to remain “at or above the ‘Very Strong’ category.” Refer to the rating reports for details.
Our investment strategy is to deploy assets and earn attractive returns for our policyholders while maintaining significant capital and liquidity across the portfolio to sustain us through all market cycles and stress environments. Investment decisions are subject to comprehensive internal analysis and we deliberately consider numerous factors to make investment decisions that support the interests of our policyholders. We also report detailed investment information to regulators and rating agencies. All portfolio allocations must be approved by the appropriate insurance regulators, ensuring compliance with laws, regulations and capital requirements.
As part of our strategy, we maintain a significant allocation of our investments in cash and highly liquid bonds for unexpected events. Fitch Ratings lists American National’s asset/liability and liquidity management as strong, noting that asset/liability duration matching improved following the close of the Brookfield acquisition. Fitch views the company as having sufficient access to contingent capital and liquidity resources.
Our asset management relationship with Brookfield enables us to prudently invest in a diverse portfolio of longer-term, real assets such as infrastructure, renewable power, and real estate. Brookfield has a long track record of investing in credit and real asset investment strategies that are well matched to insurance liabilities.
We expect to increasingly benefit from Brookfield’s investment expertise by generating higher investment returns over time with similar or even lower levels of risk than we’ve taken historically. Since the acquisition, our investment portfolio has become significantly de-risked with less exposure, for example, to public equities.
Brookfield Reinsurance acquired American National to manage and grow the business and generate long-term returns. This philosophy is well aligned with the interests of our policyholders. Brookfield invests in long-term, highly rated securities and assets that are aligned with the long-term nature of insurance policies. Brookfield has decades of experience managing insurance company investments, delivering attractive risk-adjusted returns for its 200+ institutional insurance clients. In contrast with typical private equity firms, Brookfield has built out its insurance business without relying on funds from outside investors. It has invested nearly $10 billion of its own capital to build out its insurance business, including $5.1 billion to acquire American National in 2022.
A recently published statement by an outside organization that American National has paid “billions of dollars of dividends to Brookfield Reinsurance” is misleading. While American National did pay a $750 million cash dividend to Brookfield Reinsurance in Q3 2023, Brookfield contributed $2.1 billion in assets to American National during the same period, resulting in a net increase in American National’s capital.
We also want to clarify that an earlier dividend during the first quarter of 2023 that was noted by an outside organization was not, in fact, a cash dividend but was part of a planned reorganization approved by our regulators that resulted in no capital being removed from the American National Group. Note 10G of our first quarter filing had the following description:
On January 1, 2023, the Company’s wholly owned subsidiary ANH Investments, LLC (“ANH”) distributed the stock of its wholly owned subsidiary American National Insurance Holdings, Inc. (“ANIH”) to the Company, and the Company distributed such stock to ANAT. Such transactions were pursuant to approvals from the domiciliary state insurance regulators of the Company and the subsidiary insurance companies owned by ANIH as of December 31, 2022. In addition, on January 1, 2023, the Company distributed its entire interest in its wholly owned subsidiary, ANTAC, LLC to ANAT.
As noted in our most recent financials, during the first three quarters of 2023, total American National stockholders’ equity increased to $5.34 billion from $3.68 billion at year end 2022. This would not be the case if capital was being drained from the company.
The Brookfield real estate assets held within American National’s portfolio are core, stable income generating assets in some of the best locations in the world reflecting strong occupancy levels with lengthy duration and credit-worthy tenants.
Over the past nearly 120 years, American National has established a strong culture of risk management, governed by the American National Board of Directors, senior management and business leads. We have extensive resources dedicated to risk management and a strong team of experienced professionals across the company who are fully committed to reporting, managing and mitigating downside risk and protecting our policyholders.
American National is regulated by the state regulators of the jurisdictions in which we operate. This includes but is not limited to receiving advance approval of investment portfolio allocations, entity restructurings, and non-normal course dividends. In addition, we regularly report our capital ratios and investment portfolios to insurance regulators on our insurance entity capital ratios and investment portfolios, including financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of each subsidiary's state of domicile, which include certain components of the National Association of Insurance Commissioners’ Codification of Statutory Accounting Principles (“NAIC Codification”).
American National is a group of companies writing a broad array of insurance products and services and operating in all 50 states. American National Insurance Company was founded in 1905 and is headquartered in Galveston, Texas. Life insurance, annuities, health insurance, credit insurance, pension products, and other products and services are written through multiple companies. Property and casualty insurance is written through American National Property And Casualty Company, Springfield, Missouri, and affiliates. In New York, business is written through Farm Family Casualty Insurance Company, United Farm Family Insurance Company, and American National Life Insurance Company of New York, Glenmont, New York. Not all products and services are available in all states. Not all companies are licensed in all states. Each company has financial responsibility only for the products and services it issues.
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