ANG-PD American National Group Inc.

Overview and Growth

American National Group Inc. generated $7.49B of revenue in fiscal 2025, with net income of $533.00M and an operating cash inflow of $2.78B. Revenue of $7.49B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $7.52B in fiscal 2024, revenue decreased 0.4%, a top-line contraction that reduced operating scale. At period end, total assets were $130.26B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.06x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Net income came to $533.00M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 7.1%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $394.00M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 5.3% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported tax benefit was $20.00M, favorably bridging the pretax and after-tax results. Relative to positive pretax income, the tax benefit measured 5.1%. Return on period-end equity was 5.5%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 0.4%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $729.00M to $533.00M, with the current outcome ending below that comparison.

Liquidity and Capital Structure

The company held $130.26B of assets against $120.59B of liabilities and $9.67B of equity, revealing how the asset base was financed. Cash and equivalents totaled $11.66B, identifying the most liquid reported component available within the broader current-asset balance. Borrowings totaled $2.95B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.31x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 2.3%, showing how much of the asset base was matched by borrowing. Book equity represented 7.4% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 92.6% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 9.0% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 7.5% higher than fiscal 2024 assets of $121.22B, measuring the company’s own balance-sheet change. Against $10.03B of equity in fiscal 2024, the current book-equity balance moved 3.6% and ended lower. The reported cash balance changed 7.3% from $10.87B in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported $2.78B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 5.22x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $61.00M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 2.2%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $2.72B of positive free cash flow for the period. Free cash flow represented 36.3% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 2.1%, showing the cash productivity of the company’s assets. Compared with $2.52B in fiscal 2024, current operating cash flow of $2.78B was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.