For ANG-PD preferred holders, the 10bp narrowing of the annuity investment spread to 1.7% is a modest negative for credit quality, but the 2% YoY growth in adjusted common equity and stable BB+ credit ratings suggest no near-term credit deterioration. Monitor the next quarter for further spread compression or a material change in annuity sales mix.
Price Chart
Executive Summary
American National Group Inc. reported Q1 2026 distributable operating earnings (DOE) of $306M, down 10% YoY from $341M in Q1 2025, and down 15% QoQ from $360M in Q4 2025. GAAP net income attributable to common stockholders was a loss of $7M, compared to a $236M loss in Q1 2025. The annuity segment DOE fell 6% YoY to $382M, and total net annuity sales were essentially flat YoY at $3.81B. For the preferred stock (ANG-PD), the key credit metric is the annuity investment spread, which narrowed to 1.7% (trailing twelve months) from 1.8% at year-end 2025, while total adjusted common equity grew 2% YoY to $9.81B, providing a stable credit cushion.
Key Facts
- Q1 2026 distributable operating earnings (DOE) of $306M, down 10% YoY from $341M in Q1 2025.
- GAAP net income attributable to common stockholders was a loss of $7M, improving from a $236M loss in Q1 2025.
- Annuity segment DOE of $382M, down 6% YoY from $407M in Q1 2025.
- Total net annuity sales of $3.81B, essentially flat YoY vs $3.80B in Q1 2025.
- Annuity investment spread (trailing twelve months) narrowed to 1.7% from 1.8% at year-end 2025.
- Total adjusted common stockholders' equity grew 2% YoY to $9.81B.
- Preferred stock credit ratings unchanged at BB+ (S&P) and BB+ (Fitch).
- Total long-term borrowings remained stable at $2.95B.
Financial Impact
DOE declined 10% YoY to $306M; GAAP net loss attributable to common of $7M improved from a $236M loss in the prior year quarter.
Risk Factors
- Further narrowing of annuity investment spread below 1.7% could pressure credit metrics.
- Decline in institutional annuity sales (pension risk transfer down 83% YoY) may signal reduced demand in higher-margin segments.
- GAAP net income volatility from mark-to-market on derivatives and market risk benefits.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001039828-26-000011 |
| Document: angpd-20260522.htm | 0001039828-26-000011 |
| Document: 0001039828-26-000011-index-headers.html | 0001039828-26-000011 |
| Document: 0001039828-26-000011-index.html | 0001039828-26-000011 |
| Document: 0001039828-26-000011.txt | 0001039828-26-000011 |
| 8-K Data (Synthetic) | 0001039828-26-000011 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 8w ago | 8-K | $23.24 | awaiting T+60 | — | $23.10 (−0.58%) |
Jun 15, 2026 19w ago | 8-K | $24.71 $23.15 | ▼ −6.31% | ▼ −7.57% | $23.10 (−6.52%) |
May 22, 2026 22w ago | 8-K | $24.62 $23.21 | ▼ −5.71% | ▼ −8.90% | $23.10 (−6.15%) |
Apr 9, 2026 28w ago | 8-K | $24.10 $23.83 | ▼ −1.14% | ▼ −11.92% | $23.10 (−4.15%) |
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