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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2022


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

Commission File No. 001-39369

American National Group, Inc.

(Exact name of registrant as specified in its charter)


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

One Moody Plaza

Galveston, Texas 77550-7999

(Address of principal executive offices) (Zip Code)

(409) 763-4661

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol

Name of Each Exchange on which Registered

Common Stock, par value $0.01

ANAT

NASDAQ

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. ☒ 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). ☒ 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:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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 ☒ No

As of May 2, 2022, there were 26,887,200 shares of the registrant’s voting common stock, $0.01 par value per share, outstanding.

Table of Contents

AMERICAN NATIONAL GROUP, INC.

TABLE OF CONTENTS



	PART I – FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS:

	Condensed Consolidated Statements of Financial Position as of March 31 , 202 2 and December 31, 202 1 (unaudited)	3

	Condensed Consolidated Statements of Operations for the three months ended March 31 , 202 2 and 202 1 (unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021 (unaudited)	5

	Condensed Consolidated Statements of Changes in Equity for the three months ended March 31 , 202 2 and 202 1 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 2 and 202 1 (unaudited)	7

	Notes to the Condensed Consolidated Financial Statements (unaudited)	9

	Note 1 – Nature of Operations	9

	Note 2 – Summary of Significant Accounting Policies and Practices	9

	Note 3 – Recently Issued Accounting Pronouncements	10

	Note 4 – Investment in Securities	11

	Note 5 – Mortgage Loans	16

	Note 6 - Real Estate and Other Investments	19

	Note 7 – Derivative Instruments	21

	Note 8 – Net Investment Income and Realized Investment Gains (Losses)	23

	Note 9 – Fair Value of Financial Instruments	24

	Note 10 – Deferred Policy Acquisition Costs	32

	Note 11 – Liability for Unpaid Claims and Claim Adjustment Expenses	32

	Note 12 – Federal Income Taxes	33

	Note 13 – Accumulated Other Comprehensive Income (Loss)	33

	Note 14 – Stockholders’ Equity and Noncontrolling Interests	34

	Note 15 – Segment Information	37

	Note 16 – Commitments and Contingencies	39

	Note 17 – Related Party Transactions	40

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

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	66

ITEM 4.	CONTROLS AND PROCEDURES	66

	PART II – OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	66

ITEM 1A.	RISK FACTORS	66









ITEM 6.	EXHIBITS	67

SIGNATURES		68

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AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(In thousands, except share data)


	March 31, 2022		December 31, 2021
ASSETS
Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $13,388 in 2022 and $13,129 in 2021 (Fair value $6,828,253 in 2022 and $7,458,789 in 2021)	$	6,896,485	$	7,088,981
Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $28,420 in 2022 and $10,310 in 2021) (Amortized cost $9,824,697 in 2022 and $8,107,794 in 2021)	9,473,058		8,380,248
Equity securities, at fair value (Cost $95,317 in 2022 and $94,732 in 2021)	84,974		135,433
Mortgage loans on real estate, net of allowance for credit losses of $92,824 in 2022 and $97,079 in 2021	5,155,716		5,199,334
Policy loans	365,117		365,208
Real estate and real estate partnerships, net of accumulated depreciation of $286,999 in 2022 and $287,387 in 2021	925,459		928,412
Investment funds	981,802		961,763
Short-term investments	1,217,041		1,840,732
Other invested assets	131,998		125,795
Total investments	25,231,650		25,025,906
Cash and cash equivalents	1,195,757		1,930,882

Accrued investment income	211,632		192,913
Reinsurance recoverables, net of allowance for credit losses of $14,725 in 2022 and $14,553 in 2021	457,300		459,621
Prepaid reinsurance premiums	45,429		47,789
Premiums due and other receivables	398,950		382,562
Deferred policy acquisition costs	1,634,335		1,498,124
Property and equipment, net of accumulated depreciation of $307,897 in 2022 and $302,936 in 2021	143,038		137,466

Prepaid pension	169,662		167,587
Other assets	147,130		156,768
Separate account assets	1,237,906		1,320,703
Total assets	$	30,872,789	$	31,320,321
LIABILITIES
Future policy benefits
Life	$	3,221,339	$	3,216,626
Annuity	1,578,424		1,598,365
Health	44,794		45,715
Policyholders’ account balances	13,880,262		13,879,198
Policy and contract claims	1,694,665		1,692,295
Unearned premium reserve	1,039,776		1,013,830
Other policyholder funds	372,143		379,545
Liability for retirement benefits	78,076		79,089
Notes payable	158,348		149,248
Deferred tax liabilities, net	92,873		200,510
Current tax payable	356,579		321,926

Other liabilities	399,043		421,212
Separate account liabilities	1,237,906		1,320,703
Total liabilities	24,154,228		24,318,262
EQUITY
American National Group, Inc. stockholders’ equity:
Common stock, $0.01 par value; 50,000,000 shares authorized; 26,887,200 shares issued and outstanding in 2022 and 2021	269		269
Additional paid-in capital	47,782		47,762
Accumulated other comprehensive income (loss)	(224,811)		147,054
Retained earnings	6,886,004		6,799,283

Total American National stockholders’ equity	6,709,244		6,994,368
Noncontrolling interest	9,317		7,691
Total stockholders' equity	6,718,561		7,002,059
Total liabilities and stockholders' equity	$	30,872,789	$	31,320,321

See accompanying notes to the unaudited condensed consolidated financial statements.

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AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except share and per share data)


	Three months ended March 31,
		2022		2021
PREMIUMS AND OTHER REVENUES
Premiums
Life		$	106,216	$	100,779
Annuity		7,343		24,241
Health		32,465		38,228
Property and Casualty		436,087		399,405
Other policy revenues		94,764		86,539
Net investment income		269,365		269,981
Net realized investment gains		10,277		19,239

Increase in investment credit loss		(11,636)		(5,486)
Net gains (losses) on equity securities		(9,482)		95,940
Other income		10,735		9,752
Total premiums and other revenues		946,134		1,038,618
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits
Life		164,276		146,160
Annuity		21,294		44,717
Claims incurred
Health		20,636		24,251
Property and Casualty		270,605		244,135
Interest credited to policyholders’ account balances		48,299		107,787
Commissions for acquiring and servicing policies		157,343		153,685
Other operating expenses		138,962		133,502
Change in deferred policy acquisition costs		(14,116)		(28,119)
Total benefits, losses and expenses		807,299		826,118
Income before federal income tax and other items		138,835		212,500
Less: Provision (benefit) for federal income taxes
Current		35,765		16,130
Deferred		(8,479)		27,041
Total provision for federal income taxes		27,286		43,171
Income after federal income tax		111,549		169,329

Other components of net periodic pension benefit (costs), net of tax		(1,368)		944
Net income		110,181		170,273
Less: Net income attributable to noncontrolling interest, net of tax		1,412		100
Net income attributable to American National		$	108,769	$	170,173
Amounts available to American National common stockholders
Earnings per share
Basic		$	4.05	$	6.33
Diluted		4.05		6.33

Weighted average common shares outstanding		26,877,200		26,877,200
Weighted average common shares outstanding and dilutive potential common shares		26,884,741		26,884,899

See accompanying notes to the unaudited condensed consolidated financial statements.

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AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In thousands)


	Three months ended March 31,
		2022		2021
Net income		$	110,181	$	170,273
Other comprehensive income (loss), net of tax
Change in net unrealized losses on securities		(375,020)		(106,264)
Foreign currency transaction and translation adjustments		312		244
Defined benefit pension plan adjustment		2,843		3,809
Total other comprehensive loss, net of tax		(371,865)		(102,211)
Total comprehensive income (loss)		(261,684)		68,062
Less: Comprehensive income attributable to noncontrolling interest		1,412		100
Total comprehensive income (loss) attributable to American National		$	(263,096)	$	67,962

See accompanying notes to the unaudited condensed consolidated financial statements.

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AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(In thousands, except per share data)


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Noncontrolling Interest		Total Equity
Balance at January 1, 2022	$	269	$	47,762	$	147,054	$	6,799,283	$	7,691	$	7,002,059


Amortization of restricted stock	—		20		—		—		—		20

Other comprehensive loss	—		—		(371,865)		—		—		(371,865)
Net income attributable to American National	—		—		—		108,769		—		108,769
Cash dividends to common stockholders (declared per share of $0.82)	—		—		—		(22,048)		—		(22,048)
Contributions	—		—		—		—		858		858
Distributions	—		—		—		—		(644)		(644)
Net income attributable to noncontrolling interest	—		—		—		—		1,412		1,412
Balance at March 31, 2022	$	269	$	47,782	$	(224,811)	$	6,886,004	$	9,317	$	6,718,561


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Noncontrolling Interest		Total Equity
Balance at January 1, 2021	$	269	$	47,683	$	222,170	$	6,188,148	$	7,297	$	6,465,567


Amortization of restricted stock	—		19		—		—		—		19

Other comprehensive loss	—		—		(102,211)		—		—		(102,211)
Net income attributable to American National	—		—		—		170,173		—		170,173
Cash dividends to common stockholders (declared per share of $0.82)	—		—		—		(22,048)		—		(22,048)
Contributions	—		—		—		—		259		259
Distributions	—		—		—		—		(380)		(380)
Net income attributable to noncontrolling interest	—		—		—		—		100		100
Balance at March 31, 2021	$	269	$	47,702	$	119,959	$	6,336,273	$	7,276	$	6,511,479

See accompanying notes to the unaudited condensed consolidated financial statements.

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AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)


	Three months ended March 31,
	2022		2021
OPERATING ACTIVITIES
Net income	$	110,181	$	170,273
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	(10,277)		(19,239)

Increase in investment credit loss	11,636		5,486
Accretion of premiums, discounts and loan origination fees	6,598		2,991
Net capitalized interest on policy loans and mortgage loans	(8,072)		(8,969)
Depreciation	12,171		12,688
Interest credited to policyholders’ account balances	48,299		107,787
Charges to policyholders’ account balances	(94,764)		(86,539)
Deferred federal income tax expense (benefit)	(8,479)		27,041
Income from equity method investments	(67,096)		(23,161)
Distributions from unconsolidated affiliates	68,663		17,605
Changes in:
Policyholder liabilities	14,777		130,675
Deferred policy acquisition costs	(14,116)		(28,119)
Reinsurance payables	2,321		(29,927)
Premiums due and other receivables	(16,388)		(21,164)
Prepaid reinsurance premiums	2,360		1,997
Accrued investment income	(18,719)		2,629
Current tax payable	34,653		14,127
Liability for retirement benefits	511		(3,291)
Fair value of option securities	35,183		(28,827)
Fair value of equity securities	9,482		(95,940)
Other, net	(11,134)		1,313
Net cash provided by operating activities	107,790		149,436
INVESTING ACTIVITIES
Proceeds from sale/maturity/prepayment of:
Held-to-maturity securities	185,127		446,616
Available-for-sale securities	249,551		249,726
Equity securities	67,291		35,383
Real estate and real estate partnerships	8,275		11,119
Mortgage loans	308,883		267,290
Policy loans	11,238		15,106

Other invested assets	50,951		38,231
Disposals of property and equipment	—		11
Distributions from real estate and real estate partnerships	33,519		40,846
Distributions from investment funds	25,407		30,557
Payment for the purchase/origination of:
Held-to-maturity securities	—		(560,406)
Available-for-sale securities	(1,965,103)		(210,290)
Equity securities	(26,307)		(32,845)
Real estate and real estate partnerships	(14,545)		(2,910)
Mortgage loans	(253,967)		(157,027)
Policy loans	(5,869)		(5,090)
Other invested assets	(39,017)		(22,441)
Additions to property and equipment	(10,533)		(9,914)
Contributions to real estate and real estate partnerships	(25,435)		(28,092)
Contributions to investment funds	(51,755)		(66,589)
Change in short-term investments	623,691		(183,963)
Change in collateral held for derivatives	(53,718)		13,136
Other, net	5,464		(2,356)
Net cash used in investing activities	(876,852)		(133,902)

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AMERICAN NATIONAL GROUP, INC.

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

(In thousands)


	Three months ended March 31,
	2022		2021
FINANCING ACTIVITIES
Policyholders’ account deposits	$	343,049	$	450,984
Policyholders’ account withdrawals	(295,520)		(323,854)


Change in notes payable	9,100		(1,096)

Dividends to stockholders	(22,048)		(22,048)
Payments to noncontrolling interest	(644)		(380)
Net cash provided by financing activities	33,937		103,606
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(735,125)		119,140
Cash and cash equivalents at beginning of the period	1,930,882		339,947
Cash and cash equivalents at end of the period	$	1,195,757	$	459,087

Supplemental cash flow information:
Interest paid	$	—	$	218
Income taxes paid, net	—		18

See accompanying notes to the unaudited condensed consolidated financial statements.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Nature of Operations

American National Group, Inc. ("ANAT" or the "Company"), through its consolidated subsidiaries (collectively “American National”) offers 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 50 states, the District of Columbia and Puerto Rico.

On August 6, 2021, ANAT entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”), an exempted company limited by shares existing under the laws of Bermuda, and Freestone Merger Sub Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Brookfield Reinsurance (“Merger Sub”). On the terms and subject to the conditions of the Merger Agreement, at the closing, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving entity, which will become an indirect, wholly-owned subsidiary of Brookfield Reinsurance. The Merger was unanimously approved by the Company’s board of directors. The Company received the requisite stockholder approval required under Delaware law for the adoption of the Merger Agreement. The only remaining significant closing condition pursuant to the Merger is the required regulatory approval from the insurance authorities in Texas, Missouri, New York, Louisiana and California.

Note 2 – Summary of Significant Accounting Policies and Practices

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. American National consolidates entities that are wholly-owned and those in which American National owns less than 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, which include real estate partnerships and investment funds, are accounted for using the equity method of accounting.

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, 2021. The condensed consolidated results of operations for the interim periods should not be considered indicative of results to be expected for the full year.

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—There were no recently adopted accounting standards for the three months ended March 31, 2022 that had a material impact to the Company's Condensed Consolidated Financial Statements or Notes to the Condensed Consolidated Financial Statements.

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


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, 2023, which was extended from the previous effective date of January 1, 2022 through the issuance of ASU 2020-11. 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.	Considerable progress in the implementation of the new standard has been made; however, we have not yet estimated the impact the new guidance will have on the Consolidated Financial Statements, although we expect the impact to be material to the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. Accounting and actuarial policy elections have mostly been determined, data flows are being established, actuarial models are being developed, and implementation of a financial reporting disclosure system is in progress.


ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	The amendments in this guidance provide optional expedients and exceptions for applying 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 guidance 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. The FASB is currently deliberating an ASU that would extend the sunset date through December 31, 2024.	The inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Certain contracts included in these categories will mature prior to December 31, 2021, the start of LIBOR rates cessations. The transition from LIBOR is expected to result in an immaterial impact to the Company's Condensed Consolidated Financial Statements or Notes to the Condensed Consolidated Financial Statements.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in this Update eliminate the accounting guidance for troubled debt restructurings by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The update also requires an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost.	The amendments in this guidance are effective for the Company for all annual and interim reporting periods beginning January 1, 2023. The guidance requires that the amendments be adopted prospectively, with early adoption permitted.	This impact of this amendment is currently under evaluation by the Company.

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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):


	March 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Fixed maturity, bonds held-to-maturity
U.S. treasury and government	$	12,248	$	—	$	(818)	$	—	$	11,430
U.S. states and political subdivisions	89,666		764		(7,076)		—		83,354
Foreign governments	14,335		71		(908)		—		13,498
Corporate debt securities	6,639,092		91,538		(148,807)		(11,915)		6,569,908
Residential mortgage-backed securities	43,501		1,535		(1,002)		(476)		43,558
Collateralized debt securities	111,031		997		(4,526)		(997)		106,505
Total bonds held-to-maturity	6,909,873		94,905		(163,137)		(13,388)		6,828,253
Fixed maturity, bonds available-for-sale
U.S. treasury and government	25,804		60		(1,021)		—		24,843
U.S. states and political subdivisions	1,003,911		12,591		(15,378)		(46)		1,001,078
Foreign governments	5,000		583		—		—		5,583
Corporate debt securities	8,518,765		59,243		(365,074)		(23,741)		8,189,193
Residential mortgage-backed securities	32,063		4		(1,470)		(284)		30,313
Collateralized debt securities	239,154		272		(13,029)		(4,349)		222,048
Total bonds available-for-sale	9,824,697		72,753		(395,972)		(28,420)		9,473,058
Total investments in fixed maturity	$	16,734,570	$	167,658	$	(559,109)	$	(41,808)	$	16,301,311


	December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Fixed maturity, bonds held-to-maturity
U.S. treasury and government	$	12,284	$	—	$	(287)	$	—	$	11,997
U.S. states and political subdivisions	104,039		1,676		(1,906)		—		103,809
Foreign governments	14,369		137		(159)		—		14,347
Corporate debt securities	6,810,518		388,726		(21,213)		(11,467)		7,166,564
Residential mortgage-backed securities	48,491		2,684		(481)		(516)		50,178
Collateralized debt securities	112,409		1,677		(1,046)		(1,146)		111,894
Total bonds held-to-maturity	7,102,110		394,900		(25,092)		(13,129)		7,458,789
Fixed maturity, bonds available-for-sale
U.S. treasury and government	26,887		121		(255)		—		26,753
U.S. states and political subdivisions	1,028,331		51,124		(2,312)		(14)		1,077,129
Foreign governments	5,000		841		—		—		5,841
Corporate debt securities	6,809,610		268,964		(35,285)		(7,141)		7,036,148
Residential mortgage-backed securities	32,234		342		(341)		(268)		31,967
Collateralized debt securities	205,732		469		(904)		(2,887)		202,410

Total bonds available-for-sale	8,107,794		321,861		(39,097)		(10,310)		8,380,248
Total investments in fixed maturity	$	15,209,904	$	716,761	$	(64,189)	$	(23,439)	$	15,839,037

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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):


	March 31, 2022
	Bonds Held-to-Maturity				Bonds Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	1,009,078	$	1,015,539	$	679,738	$	683,242
Due after one year through five years	2,073,827		2,097,134		2,878,586		2,878,658
Due after five years through ten years	2,861,063		2,804,615		2,957,938		2,871,074
Due after ten years	965,905		910,965		3,308,435		3,040,084
Total	$	6,909,873	$	6,828,253	$	9,824,697	$	9,473,058

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):


	Three months ended March 31,
		2022		2021
Proceeds from sales of fixed maturity, bonds available-for-sale		$	20,247	$	11,650
Gross realized gains		—		—
Gross realized losses		—		—

Gains and losses are determined using specific identification of the securities sold. There was no transfer of bonds from held-to-maturity to available-for-sale during the three months ended March 31,2022.

In accordance with various regulations, American National has bonds on deposit with regulating authorities with a carrying value of $52.7 million and $53.5 million at March 31, 2022 and December 31, 2021, respectively. In addition, American National has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $62.2 million and $67.1 million at March 31, 2022 and December 31, 2021, respectively.

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


	Three months ended March 31,
	2022		2021
Bonds available-for-sale: change in unrealized losses	$	(605,983)	$	(171,952)
Adjustments for
Deferred policy acquisition costs	122,095		33,570
Participating policyholders’ interest	9,744		4,322
Deferred federal income tax benefit	99,124		27,796
Change in net unrealized losses on debt securities, net of tax	$	(375,020)	$	(106,264)

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


	Three months ended March 31,
		2022		2021
Unrealized gains (losses) on equity securities		$	(1,270)	$	96,766
Net losses on equity securities sold		(8,212)		(826)
Net gains (losses) on equity securities		$	(9,482)	$	95,940

Table of Contents

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 market factors are shown below (in thousands, except number of issues):


	March 31, 2022
	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	9	$	(881)	$	15,413	2	$	(140)	$	5,052	11	$	(1,021)	$	20,465
U.S. states and political subdivisions	84	(9,879)		224,058		5	(5,499)		30,791		89	(15,378)		254,849
Corporate debt securities	526	(333,952)		4,537,251		46	(31,122)		197,510		572	(365,074)		4,734,761
Residential mortgage-backed securities	5	(1,456)		29,805		2	(14)		462		7	(1,470)		30,267
Collateralized debt securities	29	(12,729)		214,998		4	(300)		5,683		33	(13,029)		220,681

Total	653	$	(358,897)	$	5,021,525	59	$	(37,075)	$	239,498	712	$	(395,972)	$	5,261,023


	December 31, 2021
	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	10	$	(230)	$	18,378	1	$	(25)	$	2,844	11	$	(255)	$	21,222
U.S. states and political subdivisions	13	(618)		50,025		4	(1,694)		33,644		17	(2,312)		83,669
Corporate debt securities	184	(27,335)		1,596,811		32	(7,950)		146,597		216	(35,285)		1,743,408
Residential mortgage-backed securities	2	(339)		13,193		2	(2)		496		4	(341)		13,689
Collateralized debt securities	26	(885)		191,342		3	(19)		4,447		29	(904)		195,789
Total	235	$	(29,407)	$	1,869,749	42	$	(9,690)	$	188,028	277	$	(39,097)	$	2,057,777

Several assumptions and underlying estimates are made in the evaluation of allowance for credit loss. Examples include 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. Based on this evaluation, unrealized losses on bonds available-for-sale where an allowance for credit loss was not recorded were concentrated in the Company's fixed maturity securities within the transportation sector.

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


	March 31, 2022		December 31, 2021
Consumer goods	—	%	9.6	%
Energy and utilities	34.1		6.4
Finance	38.4		35.6
Healthcare	—		9.0
Industrials	—		3.5
Information technology	—		15.1
Other	27.5		20.8
Total	100.0	%	100.0	%

Table of Contents

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 qualitative adjustment 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 available-for-sale bonds 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 are 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 fair 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 through income, 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 "(Increase) decrease in investment credit loss."

No accrued interest receivables were written off as of March 31, 2022.

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


	Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total

Balance at January 1, 2022	$	(11,467)	$	(1,146)	$	(516)	$	(13,129)

Disposition	125		—		2		127
Provision	(573)		149		38		(386)
Balance at March 31, 2022	$	(11,915)	$	(997)	$	(476)	$	(13,388)


	Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total

Balance at January 1, 2021	$	(7,475)	$	(4,515)	$	(452)	$	(12,442)
Purchases	(228)		—		—		(228)
Disposition	125		—		—		125
Provision	(4,215)		(2,004)		(90)		(6,309)

Balance at March 31, 2021	$	(11,793)	$	(6,519)	$	(542)	$	(18,854)

Table of Contents

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):


	U.S. State and Political Subdivisions		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total

Balance at January 1, 2022	$	(14)	$	(7,141)	$	(2,887)	$	(268)	$	(10,310)
Increase in allowance related to purchases	—		(10,286)		(59)		—		(10,345)
Reduction in allowance related to disposition	—		180		—		—		180
Allowance on securities that had an allowance recorded in a previous period	—		949		(1,384)		(16)		(451)
Allowance on securities where credit losses were not previously recorded	(32)		(7,443)		(19)		—		(7,494)

Balance at March 31, 2022	$	(46)	$	(23,741)	$	(4,349)	$	(284)	$	(28,420)


	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total

Balance at January 1, 2021	$	—	$	(7,275)	$	(19)	$	(188)	$	(7,482)
Allowance on securities that had an allowance recorded in a previous period	—		(733)		(488)		(10)		(1,231)
Allowance on securities where credit losses were not previously recorded	(3)		—		—		—		(3)
Balance at March 31, 2021	$	(3)	$	(8,008)	$	(507)	$	(198)	$	(8,716)

Credit Quality Indicators

The Company monitors the credit quality of bonds held-to-maturity through the use of credit ratings provided by third party rating agencies, which are updated on a monthly basis. Information is also gathered regarding the asset performance of held-to-maturity bonds. 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 mitigated through the diversification of 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 are shown below (in thousands):


	March 31, 2022
	Amortized cost of bonds held-to-maturity by credit rating
Fixed maturity, bonds held-to-maturity	AAA		AA		A		BBB		BB and below		Total
U.S. treasury and government	$	—	$	12,248	$	—	$	—	$	—	$	12,248
U.S. state and political subdivisions	7,364		46,306		4,934		25,672		5,390		89,666
Foreign governments	—		13,325		1,010		—		—		14,335
Corporate debt securities	31,091		386,909		3,105,228		3,015,546		100,318		6,639,092
Collateralized debt securities	—		—		71,148		39,883		—		111,031
Residential mortgage backed securities	—		42,433		—		—		1,068		43,501
Total	$	38,455	$	501,221	$	3,182,320	$	3,081,101	$	106,776	$	6,909,873


	December 31, 2021
	Amortized cost of bonds held-to-maturity by credit rating
Fixed maturity, bonds held-to-maturity	AAA		AA		A		BBB		BB and below		Total
U.S. treasury and government	$	—	$	12,284	$	—	$	—	$	—	$	12,284
U.S. state and political subdivisions	14,364		49,327		9,188		25,770		5,390		104,039
Foreign governments	—		13,355		1,014		—		—		14,369
Corporate debt securities	31,176		400,666		3,212,688		3,061,595		104,393		6,810,518
Collateralized debt securities	—		—		66,715		40,858		4,836		112,409
Residential mortgage backed securities	—		47,304		—		—		1,187		48,491

Total	$	45,540	$	522,936	$	3,289,605	$	3,128,223	$	115,806	$	7,102,110

Table of Contents

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 both the location of the underlying collateral as well as the type of mortgage loan. The geographic categories come from the U.S. Census Bureau's "Census Regions and Divisions of the United States." The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages):


	March 31, 2022				December 31, 2021
	Amount		Percentage		Amount		Percentage
East North Central	$	763,641	14.8	%	$	747,661	14.4	%
East South Central	97,225		1.9		117,574		2.3
Mountain	1,280,431		24.8		1,250,562		24.0
Pacific	869,480		16.9		878,820		16.9
South Atlantic	598,798		11.6		627,295		12.0
West South Central	1,242,336		24.1		1,261,659		24.3
Other	303,805		5.9		315,763		6.1
Total	$	5,155,716	100.0	%	$	5,199,334	100.0	%

As of March 31, 2022 and December 31, 2021, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans):


	March 31, 2022			December 31, 2021
Foreclosure and foreclosed	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
In foreclosure	1	$	4,874	—	$	—
Filed for bankruptcy	—	—		—	—
Total in foreclosure	1	$	4,874	—	$	—

Foreclosed	—	$	—	1	$	5,168

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
March 31, 2022											Amount		Percentage
Apartment	$	30,539	$	—	$	—	$	30,539	$	537,149	$	567,688	10.8	%
Hotel	—		—		—		—		975,076		975,076		18.6
Industrial	—		—		—		—		880,514		880,514		16.8
Office	—		57,083		—		57,083		1,304,290		1,361,373		25.9
Parking	—		—		—		—		390,745		390,745		7.4
Retail	—		—		4,874		4,874		753,525		758,399		14.5
Storage	—		—		—		—		169,721		169,721		3.2
Other	4,363		—		—		4,363		140,661		145,024		2.8
Total	$	34,902	$	57,083	$	4,874	$	96,859	$	5,151,681	$	5,248,540	100.0	%
Allowance for credit losses											(92,824)
Total, net of allowance											$	5,155,716
December 31, 2021
Apartment	$	—	$	—	$	—	$	—	$	522,595	$	522,595	9.9	%
Hotel	—		—		—		—		962,345		962,345		18.2
Industrial	—		—		—		—		912,645		912,645		17.2
Office	—		—		—		—		1,347,384		1,347,384		25.4
Parking	—		—		—		—		392,310		392,310		7.4
Retail	4,872		—		—		4,872		838,163		843,035		15.9
Storage	—		—		—		—		163,685		163,685		3.1
Other	—		—		—		—		152,414		152,414		2.9
Total	$	4,872	$	—	$	—	$	4,872	$	5,291,541	$	5,296,413	100.0	%
Allowance for credit losses											(97,079)
Total, net of allowance											$	5,199,334

Table of Contents

Note 5 – Mortgage Loans – (Continued)

As a result of the economic impact associated with COVID-19, American National modified 93 loans with a total balance of $1.6 billion during 2020. These modifications were in the form of forbearance of principal and interest payments for up to six months, extensions of maturity dates, and/or provisions for interest only payments. The modifications were primarily related to our loans to hotels, retail and parking operations. Due to the ongoing economic stress brought on by the pandemic, additional modifications for 33 of these loans with a total balance of $725.7 million were made in 2021. However, gradual easing of pandemic restrictions has generated a more favorable economic environment and no additional modifications were made during the first quarter of 2022. The additional modifications from prior years extended the forbearance of principal and interest payments and interest only provisions with a requirement for the payment of at least 20% of the total interest due during the extended modification period. The modified loans had an aggregate deferred interest of $5.2 million as of March 31, 2022.

Troubled Debt Restructurings

American National has granted concessions 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. Loans that have these concessions could be classified as troubled debt restructurings. The carrying value could change based on the expected recovery of the loan, which is evaluated quarterly. Loan modifications executed due to COVID-19 resulting in a total delay of more than six months were evaluated for troubled debt restructured status under current GAAP guidance.

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.

Loans determined to be troubled debt restructures during the periods presented are as follows (in thousands, except number of loans):


	Three months ended March 31,
	2022					2021
	Number of Loans	Recorded Investment Pre-Modification		Recorded Investment Post-Modification		Number of Loans	Recorded Investment Pre-Modification		Recorded Investment Post-Modification
Office	—	$	—	$	—	2	$	14,660	$	14,660
Retail	—	—		—		2	28,234		28,234


Parking	—	—		—		1	9,730		9,730
Storage	—	—		—		1	8,937		8,937

Total	—	$	—	$	—	6	$	61,561	$	61,561

During the first quarter of 2022, 4 of the 72 troubled debt restructured loans were paid in full, leaving a total of 68 loans with a recorded investment of $1.2 billion reduced from $1.3 billion at year end 2021. There are no commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. The decrease in loans determined to be a troubled debt restructuring in the three months ended March 31, 2022 is primarily attributable to improved economic conditions after lifting of COVID-19 related restrictions.

Table of Contents

Note 5 – Mortgage Loans – (Continued)

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 credit losses is based upon the current expected credit loss model. 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
Balance at January 1, 2022	$	(97,079)




Provision	4,255

Balance at March 31, 2022	$	(92,824)









	Commercial Mortgage Loans
Balance at January 1, 2021	$	(125,703)

Provision	(885)
Balance at March 31, 2021	$	(126,588)

The change in allowance for the three months ended March 31, 2022 was primarily driven by higher overall occupancy in upper-tier hotels and a decreased allowance rate in the office sector as more businesses return to pre-pandemic behavior.

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


	March 31, 2022				December 31, 2021
	Asset Balance		Allowance		Asset Balance		Allowance
Apartment	$	567,688	$	(1,540)	$	522,595	$	(1,366)
Hotel	975,076		(38,076)		962,345		(39,272)
Industrial	880,514		(4,047)		912,645		(4,051)
Office	1,361,373		(24,296)		1,347,384		(26,988)
Parking	390,745		(15,278)		392,310		(16,037)
Retail	758,399		(6,878)		843,035		(6,685)
Storage	169,721		(637)		163,685		(459)
Other	145,024		(2,072)		152,414		(2,221)
Total	$	5,248,540	$	(92,824)	$	5,296,413	$	(97,079)

Table of Contents

Note 5 – Mortgage Loans – (Continued)

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 property-type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands):


	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Apartment	$	12,444	$	61,832	$	89,955	$	221,719	$	22,166	$	159,572	$	567,688
Hotel	24,652		32,318		39,119		106,715		202,220		570,052		975,076
Industrial	48,553		177,881		236,315		135,240		65,100		217,425		880,514
Office	37,314		5,612		24,811		47,451		161,630		1,084,555		1,361,373
Parking	—		31,504		28,644		13,673		26,588		290,336		390,745
Retail	29,925		119,858		69,851		38,603		59,491		440,671		758,399
Storage	—		27,998		30,532		38,595		46,586		26,010		169,721
Other	—		50,642		—		27,117		20,089		47,176		145,024
Total	$	152,888	$	507,645	$	519,227	$	629,113	$	603,870	$	2,835,797	$	5,248,540
Allowance for credit losses													(92,824)
Total, net of allowance													$	5,155,716

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 March 31, 2022, one commercial loan was past due over 90 days or in non-accrual 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 March 31, 2022, we have included a $5.3 million liability in other liabilities on the condensed consolidated statements of financial position based on unfunded loan commitments of $900.9 million.

Note 6 - Real Estate and Other Investments

The carrying amount of investment real estate, net of accumulated depreciation, and real estate partnerships by property-type and geographic distribution are as follows (in thousands, except percentages):


	March 31, 2022				December 31, 2021
	Amount		Percentage		Amount		Percentage
Hotel	$	63,822	6.9	%	$	56,198	6.1	%
Industrial	99,758		10.8		119,698		12.9
Land	42,508		4.6		39,760		4.3
Office	273,847		29.6		277,034		29.8
Retail	273,171		29.5		269,941		29.1
Apartments	161,141		17.4		153,871		16.6
Other	11,212		1.2		11,910		1.2
Total	$	925,459	100.0	%	$	928,412	100.0	%

Table of Contents

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


	March 31, 2022				December 31, 2021
	Amount		Percentage		Amount		Percentage
East North Central	$	125,250	13.5	%	$	122,148	13.2	%
East South Central	57,608		6.2		59,122		6.4
Mountain	136,973		14.8		127,542		13.7
Pacific	115,548		12.5		112,714		12.1
South Atlantic	67,152		7.3		67,573		7.3
West South Central	418,032		45.2		428,272		46.1
Other	4,896		0.5		11,041		1.2
Total	$	925,459	100.0	%	$	928,412	100.0	%

As of March 31, 2022, no real estate investments met the criteria as held-for-sale.

American National regularly invests in real estate partnerships and frequently participates in the design with the sponsor, but in most cases, its involvement is limited to financing. Some of these partnerships 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. 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 2022 or 2021.

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


	March 31, 2022		December 31, 2021
Real estate and real estate partnerships	$	121,480	$	126,708
Investment funds	100,045		100,374
Short-term investments	500		500
Cash and cash equivalents	9,537		10,341
Premiums due and other receivables	3,415		3,201
Other assets	13,856		12,992
Total assets of consolidated VIEs	$	248,833	$	254,116
Notes payable	$	158,348	$	149,248
Other liabilities	8,985		8,250
Total liabilities of consolidated VIEs	$	167,333	$	157,498

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 $12.1 million and $3.0 million at March 31, 2022 and December 31, 2021, respectively.

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


Interest rate	Maturity	March 31, 2022		December 31, 2021
4% fixed	2022	$	74,454	$	75,293
LIBOR or Equivalent	2023	10,776		10,819
4.18% fixed	2024	62,834		63,136
3.25%	2024	6,749		—
Prime Rate, min. 3.25%, currently 3.50%	2024	3,535		—
Total		$	158,348	$	149,248

Table of Contents

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

For other real estate partnership VIEs, American National is not the primary beneficiary as major decisions impacting the economic activities of the VIE require consent from both partners. The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs follows (in thousands):


	March 31, 2022				December 31, 2021
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Real estate and real estate partnerships	$	314,635	$	314,635	$	332,351	$	332,351
Mortgage loans on real estate	710,505		710,505		690,779		690,779
Accrued investment income	3,017		3,017		2,878		2,878

American National’s equity in earnings of real estate partnerships is the Company’s share of operating earnings and realized gains from investments in real estate joint ventures and other limited partnership interests (“joint ventures”) using the equity method of accounting.

The Company’s income from and investment in each joint venture did not exceed 20% and therefore no separate financial disclosure is required. The Company’s income from, assets held, and investment in each joint venture did not exceed 10% of operating income before tax. Additionally, American National’s investment in joint ventures is less than 3% of the Company’s total assets, and investments in individual joint ventures are not considered to be material to the Company in relation to its financial position or ongoing results of operations. Therefore, summarized financial information of equity method investees has not been included.

The Company’s total investment in investment funds, real estate partnerships, and other partnerships of which substantially all are limited liability companies ("LLCs") or limited partnerships, was comprised of $1.4 billion at March 31, 2022 and December 31, 2021.

Note 7 – 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 GAAP. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. The detail of derivative instruments is shown below (in thousands, except number of instruments):


Derivatives Not Designated as Hedging Instruments	Location in the Condensed Consolidated Statements of Financial Position	March 31, 2022					December 31, 2021
		Number of Instruments	Notional Amounts		Estimated Fair Value		Number of Instruments	Notional Amounts		Estimated Fair Value

Equity-indexed options	Other invested assets	484	$	3,622,900	$	205,296	473	$	3,523,000	$	259,383
Equity-indexed embedded derivative	Policyholders’ account balances	127,634	3,554,390		794,636		125,523	3,419,992		832,579


Derivatives Not Designated as Hedging Instruments	Location in the Condensed Consolidated Statements of Operations		Gains (Losses) Recognized in Income on Derivatives
		Three months ended March 31,
			2022		2021
Equity-indexed options	Net investment income		$	(35,183)	$	28,827
Equity-indexed embedded derivative	Interest credited to policyholders’ account balances		39,508		(26,689)

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient 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 fair value of open contracts less fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. 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.

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Note 7 – Derivative Instruments – (Continued)

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


		March 31, 2022
Counterparty	Moody/S&P Rating	Options Fair Value		Collateral Held in Cash		Collateral Held in Invested Assets		Total Collateral Held		Collateral Amounts Used to Offset Exposure		Excess Collateral		Exposure Net of Collateral
Bank of America	A2/A-	$	5,444	$	5,950	$	—	$	5,950	$	5,444	$	506	$	—
Barclays	Baa2/BBB	36,007		19,733		18,100		37,833		36,007		1,826		—

Credit Suisse	Baa1/BBB+	18,600		20,230		—		20,230		18,600		1,630		—
ING	Baa1/A-	12,529		2,510		10,300		12,810		12,529		281		—
Morgan Stanley	A1/BBB+	41,013		37,606		5,700		43,306		41,013		2,293		—
NATIXIS*	A1/A	25,550		25,490		—		25,490		25,490		—		60
Truist	A3/A-	41,147		31,920		11,000		42,920		41,147		1,773		—
Wells Fargo	A1/BBB+	25,006		16,540		9,900		26,440		25,006		1,434		—
Total		$	205,296	$	159,979	$	55,000	$	214,979	$	205,236	$	9,743	$	60


		December 31, 2021
Counterparty	Moody/S&P Rating	Options Fair Value		Collateral Held in Cash		Collateral Held in Invested Assets		Total Collateral Held		Collateral Amounts Used to Offset Exposure		Excess Collateral		Exposure Net of Collateral
Bank of America	A2/A-	$	6,289	$	5,950	$	—	$	5,950	$	5,950	$	—	$	339
Barclays	Baa2/BBB	45,410		28,173		18,100		46,273		45,410		863		—
Credit Suisse	Baa1/BBB+	34,411		35,300		—		35,300		34,411		889		—
ING	Baa1/A-	13,280		3,030		10,300		13,330		13,280		50		—
Morgan Stanley	A1/BBB+	61,817		57,716		5,700		63,416		61,817		1,599		—
NATIXIS*	A1/A	26,490		26,660		—		26,660		26,490		170		—

Truist	A3/A-	39,589		30,010		11,000		41,010		39,530		1,480		59
Wells Fargo	A1/BBB+	32,097		22,320		9,900		32,220		32,065		155		32
Total		$	259,383	$	209,159	$	55,000	$	264,159	$	258,953	$	5,206	$	430

*Collateral is prohibited from being held in invested assets.

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

Net investment income is shown below (in thousands):


	Three months ended March 31,
		2022		2021
Bonds		$	138,603	$	130,497
Equity securities		547		7,493
Mortgage loans		83,716		70,866
Real estate and real estate partnerships		54,851		3,485
Investment funds		18,145		21,356
Equity-indexed options		(35,183)		28,827
Other invested assets		8,686		7,457
Total		$	269,365	$	269,981

Net investment income from equity method investments, comprised of real estate partnerships and investment funds was $70.1 million and $23.2 million for the three months ended March 31, 2022 and 2021, respectively.

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


	Three months ended March 31,
		2022		2021
Bonds		$	7,405	$	7,699

Real estate and real estate partnerships		2,896		11,193
Other invested assets		(24)		347
Total		$	10,277	$	19,239

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


	Three months ended March 31,
		2022		2021
Sales		$	3,846	$	12,898
Calls and maturities		6,509		7,260
Paydowns		1		439
Impairments		—		(1,265)

Other		(79)		(93)
Total		$	10,277	$	19,239

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Note 9 – Fair Value of Financial Instruments

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


	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity	$	6,896,485	$	6,828,253	$	7,088,981	$	7,458,789
Fixed maturity, bonds available-for-sale	9,473,058		9,473,058		8,380,248		8,380,248
Equity securities	84,974		84,974		135,433		135,433
Equity-indexed options, included in other invested assets	205,296		205,296		259,383		259,383
Mortgage loans on real estate, net of allowance	5,155,716		5,212,033		5,199,334		5,271,950
Policy loans	365,117		365,117		365,208		365,208
Short-term investments	1,217,041		1,217,041		1,840,732		1,840,732
Separate account assets ($1,197,883 and $1,278,380 included in fair value hierarchy)	1,237,906		1,237,906		1,320,703		1,320,703
Separately managed accounts, included in other invested assets	105,213

American National Group Inc 10-Q