American National Group Inc. ($ANG-PD)
American National Group Inc. filed its Q3 2026 10-Q. Total revenues rose 3.9% YoY to $1.681B, while net income attributable to common stockholders jumped to $939M from $208M in Q3 2025. The swing was driven by favorable changes in fair value of insurance-related derivatives and market risk benefits, which added and $437M respectively versus prior-year charges. Nine-month net income attributable to common stockholders was $1,130M versus $113M. Total equity fell to $8,093M from $9,669M at year-end on a other comprehensive loss.
- Q3 2026 net income attributable to common stockholders was $939M, up from $208M in Q3 2025.
- Total revenues rose 3.9% YoY to $1.681B.
- Change in fair value of insurance-related derivatives swung to a gain from a $187M loss.
- Change in fair value of market risk benefits swung to a $437M gain from a $310M loss.
- Total equity fell to $8,093M from $9,669M on a nine-month other comprehensive loss.
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A near-5x jump in common-stockholder net income driven by fair-value marks shows both earnings power and the volatility embedded in the annuity book.
The results reflect mark-to-market volatility in derivatives and market risk benefits typical of annuity-heavy insurers, with the company now wholly owned by Brookfield Wealth Solutions Ltd.
Fair-value gains on derivatives and market risk benefits are volatile and can reverse; a $2,192M nine-month other comprehensive loss from unrealized investment losses pressured equity.