10-Q

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, 2021

or

☐ 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 April 29, 2021, there were 26,887,200 shares of the registrant’s voting common stock, $0.01 par value per share, outstanding.

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, 2021 and December 31, 2020 (unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020 (unaudited)	5
	Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2021 and 2020 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)	7
	Notes to the Condensed Consolidated Financial Statements (unaudited)	9
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	39
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	62
ITEM 4.	CONTROLS AND PROCEDURES	62
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	62
ITEM 1A.	RISK FACTORS	62
ITEM 6.	EXHIBITS	63
SIGNATURES		64

2

AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(In thousands, except share data)

	March 31, 2021		December 31, 2020
ASSETS
Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $18,854 in 2021 and $12,442 in 2020 (Fair value $7,908,767 in 2021 and $7,983,181 in 2020)	$	7,475,862	$	7,354,970
Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $8,716 in 2021 and $7,482 in 2020) (Amortized cost $7,046,940 in 2021 and $7,073,142 in 2020)	7,397,792		7,597,180
Equity securities, at fair value (Cost $777,796 in 2021 and $754,625 in 2020)	2,164,146		2,070,766
Mortgage loans on real estate, net of allowance for credit losses of $126,588 in 2021 and $125,703 in 2020	5,141,094		5,242,531
Policy loans	369,525		373,014
Real estate and real estate partnerships, net of accumulated depreciation of $270,770 in 2021 and $269,626 in 2020	938,189		960,572
Investment funds	523,225		477,135
Short-term investments	1,212,342		1,028,379
Other invested assets	94,316		94,415
Total investments	25,316,491		25,198,962
Cash and cash equivalents	459,087		339,947
Accrued investment income	213,760		216,389
Reinsurance recoverables, net of allowance for credit losses of $14,390 in 2021 and $14,353 in 2020	444,286		414,359
Prepaid reinsurance premiums	40,807		42,804
Premiums due and other receivables	373,136		351,972
Deferred policy acquisition costs	1,421,900		1,360,211
Property and equipment, net of accumulated depreciation of $287,615 in 2021 and $281,738 in 2020	125,810		121,578
Prepaid pension	84,089		80,526
Other assets	162,701		155,600
Separate account assets	1,207,754		1,185,467
Total assets	$	29,849,821	$	29,467,815
LIABILITIES
Future policy benefits
Life	$	3,149,000	$	3,149,067
Annuity	1,621,258		1,617,774
Health	48,812		49,658
Policyholders’ account balances	12,960,532		12,812,155
Policy and contract claims	1,637,130		1,575,288
Unearned premium reserve	979,302		956,343
Other policyholder funds	355,898		358,601
Liability for retirement benefits	65,704		70,254
Notes payable	152,607		153,703
Deferred tax liabilities, net	478,469		478,347
Current tax payable	24,499		10,372
Federal Home Loan Bank advance	250,000		250,000
Other liabilities	407,377		335,219
Separate account liabilities	1,207,754		1,185,467
Total liabilities	23,338,342		23,002,248
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 2021 and 2020	269		269
Additional paid-in capital	47,702		47,683
Accumulated other comprehensive income	119,959		222,170
Retained earnings	6,336,273		6,188,148
Total American National stockholders’ equity	6,504,203		6,458,270
Noncontrolling interest	7,276		7,297
Total stockholders' equity	6,511,479		6,465,567
Total liabilities and stockholders' equity	$	29,849,821	$	29,467,815

See accompanying notes to the unaudited condensed consolidated financial statements.

3

AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except share and per share data)

	Three months ended March 31,
	2021		2020
PREMIUMS AND OTHER REVENUES
Premiums
Life	$	100,779	$	89,516
Annuity	24,241		15,509
Health	38,228		43,086
Property and casualty	399,405		388,657
Other policy revenues	86,539		79,605
Net investment income	269,981		130,991
Net realized investment gains	19,239		4,148
Change in investment credit loss	(5,486)		(44,678)
Net gains (losses) on equity securities	95,940		(332,575)
Other income	9,752		11,133
Total premiums and other revenues	1,038,618		385,392
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits
Life	146,160		110,466
Annuity	44,717		34,802
Claims incurred
Health	24,251		34,885
Property and casualty	244,135		229,709
Interest credited to policyholders’ account balances	107,787		(4,323)
Commissions for acquiring and servicing policies	153,685		130,435
Other operating expenses	133,502		133,926
Change in deferred policy acquisition costs	(28,119)		(1,672)
Total benefits, losses and expenses	826,118		668,228
Income (loss) before federal income tax and other items	212,500		(282,836)
Less: Provision (benefit) for federal income taxes
Current	16,130		24,503
Deferred	27,041		(86,171)
Total provision (benefit) for federal income taxes	43,171		(61,668)
Income (loss) after federal income tax	169,329		(221,168)
Other components of net periodic pension benefit, net of tax	944		571
Net income (loss)	170,273		(220,597)
Less: Net income (loss) attributable to noncontrolling interest, net of tax	100		(153)
Net income (loss) attributable to American National	$	170,173	$	(220,444)
Amounts available to American National common stockholders
Earnings (losses) per share
Basic	$	6.33	$	(8.20)
Diluted	6.33		(8.20)
Weighted average common shares outstanding	26,877,200		26,881,700
Weighted average common shares outstanding and dilutive potential common shares	26,884,899		26,891,675

See accompanying notes to the unaudited condensed consolidated financial statements.

4

AMERICAN NATIONAL GROUP, INC.

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

(In thousands)

	Three months ended March 31,
	2021		2020
Net income (loss)	$	170,273	$	(220,597)
Other comprehensive income (loss), net of tax
Change in net unrealized losses on securities	(106,264)		(112,403)
Foreign currency transaction and translation adjustments	244		(924)
Defined benefit pension plan adjustment	3,809		1,756
Total other comprehensive loss, net of tax	(102,211)		(111,571)
Total comprehensive income (loss)	68,062		(332,168)
Less: Comprehensive income (loss) attributable to noncontrolling interest	100		(153)
Total comprehensive income (loss) attributable to American National	$	67,962	$	(332,015)

See accompanying notes to the unaudited condensed consolidated financial statements.

5

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, 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

*Refer to Note 1 - Nature of Operations for more information on changes in Common Stock and Treasury Stock resulting from the Company's reorganization effective July 1, 2020.

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Noncontrolling Interest		Total Equity
Balance at January 1, 2020	$	30,832	$	21,011	$	99,518	$	5,946,857	$	(108,469)	$	6,014	$	5,995,763
Amortization of restricted stock	—		20		—		—		—		—		20
Cumulative effect of accounting change	—		—		—		(34,702)		—		—		(34,702)
Other comprehensive loss	—		—		(111,571)		—		—		—		(111,571)
Net loss attributable to American National	—		—		—		(220,444)		—		—		(220,444)
Cash dividends to common stockholders (declared per share of $0.82)	—		—		—		(22,047)		—		—		(22,047)
Contributions	—		—		—		—		—		546		546
Distributions	—		—		—		—		—		(323)		(323)
Net loss attributable to noncontrolling interest	—		—		—		—		—		(153)		(153)
Balance at March 31, 2020	$	30,832	$	21,031	$	(12,053)	$	5,669,664	$	(108,469)	$	6,084	$	5,607,089

See accompanying notes to the unaudited condensed consolidated financial statements.

6

AMERICAN NATIONAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

	Three months ended March 31,
	2021		2020
OPERATING ACTIVITIES
Net income (loss)	$	170,273	$	(220,597)
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	(19,239)		(4,148)
Change in investment credit loss	5,486		44,678
Accretion of premiums, discounts and loan origination fees	2,991		1,845
Net capitalized interest on policy loans and mortgage loans	(8,969)		(6,351)
Depreciation	12,688		12,614
Fair value of option securities	(28,827)		108,095
Fair value of equity securities	(95,940)		332,575
Interest credited to policyholders’ account balances	107,787		(4,323)
Charges to policyholders’ account balances	(86,539)		(79,605)
Deferred federal income tax expense	27,041		(86,171)
Income from equity method investments	(23,161)		(15,707)
Distributions from unconsolidated affiliates	17,605		27,246
Changes in:
Policyholder liabilities	130,675		(4,203)
Deferred policy acquisition costs	(28,119)		(1,672)
Reinsurance recoverables	(29,927)		6,207
Premiums due and other receivables	(21,164)		(35,858)
Prepaid reinsurance premiums	1,997		5,862
Accrued investment income	2,629		8,604
Current tax payable	14,127		22,392
Liability for retirement benefits	(3,291)		(2,879)
Other, net	1,313		3,447
Net cash provided by operating activities	149,436		112,051
INVESTING ACTIVITIES
Proceeds from sale/maturity/prepayment of:
Held-to-maturity securities	446,616		360,849
Available-for-sale securities	249,726		274,697
Equity securities	35,383		27,620
Real estate and real estate partnerships	11,119		964
Mortgage loans	267,290		105,964
Policy loans	15,106		12,414
Other invested assets	38,231		32,609
Disposals of property and equipment	11		—
Distributions from real estate and real estate partnerships	40,846		3,994
Distributions from investment funds	30,557		7,717
Payment for the purchase/origination of:
Held-to-maturity securities	(560,406)		(345,112)
Available-for-sale securities	(210,290)		(250,954)
Equity securities	(32,845)		(34,350)
Real estate and real estate partnerships	(2,910)		(3,361)
Mortgage loans	(157,027)		(166,933)
Policy loans	(5,090)		(6,520)
Other invested assets	(22,441)		(10,192)
Additions to property and equipment	(9,914)		(5,354)
Contributions to real estate and real estate partnerships	(28,092)		(24,933)
Contributions to investment funds	(66,589)		(57,132)
Change in short-term investments	(183,963)		6,439
Change in collateral held for derivatives	13,136		(128,078)
Other, net	(2,356)		4,400
Net cash used in investing activities	(133,902)		(195,252)

7

AMERICAN NATIONAL GROUP, INC.

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

(In thousands)

	Three months ended March 31,
	2021		2020
FINANCING ACTIVITIES
Policyholders’ account deposits	450,984		294,297
Policyholders’ account withdrawals	(323,854)		(310,921)
Change in notes payable	(1,096)		(1,054)
Dividends to stockholders	(22,048)		(22,047)
Payments to noncontrolling interest	(380)		(323)
Net cash provided by (used in) financing activities	103,606		(40,048)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	119,140		(123,249)
Cash and cash equivalents at beginning of the period	339,947		452,001
Cash and cash equivalents at end of the period	$	459,087	$	328,752
Supplemental cash flow information:
Interest paid	$	218	$	21
Income taxes paid, net	18		—

See accompanying notes to the unaudited condensed consolidated financial statements.

8

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Nature of Operations

On July 1, 2020, American National Insurance Company, a Texas insurance company (“ANICO”), completed its previously announced holding company reorganization. As a result of such reorganization, ANICO became a wholly owned subsidiary of American National Group, Inc., a Delaware corporation (“ANAT”), and ANAT replaced ANICO as the publicly held company. Consequently, all filings with the Securities and Exchange Commission from July 2, 2020 forward will be filed by ANAT under CIK No. 0001801075. Upon the effective date of the holding company reorganization, ANAT retired 3,945,249 shares of common stock that were held in treasury at ANICO prior to the reorganization. The amount of retired treasury stock in excess of par value was charged to retained earnings. Before and after the reorganization, the issuer had 50,000,000 authorized shares of common stock and 26,887,200 common shares outstanding. As a result of the reorganization, each share of ANICO common stock, par value $1.00 per share was automatically converted into one duly issued, fully paid and non-assessable share of ANAT common stock, par value $0.01 per share. As a result of the reorganization, the directors and officers of ANICO became directors and officers of ANAT. There is no change in the ultimate ownership of the organization and business operations will continue from our current office locations and companies. ANAT, through its consolidated subsidiaries (collectively “American National” or the “Company”) 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.

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 are accounted for using the equity method of accounting. Changes in prior period presentation were made to conform to the current period presentation.

We reclassified the Company's earnings from equity method investments in the condensed consolidated statements of operations from "Equity in earnings of unconsolidated affiliates" to "Net investment income." For the three months ended March 31, 2020, $15.7 million was reclassified, with no impact to net income. We also reclassified the related asset balances in the condensed consolidated statements of financial position from "Investments in unconsolidated affiliates" to "Real estate and real estate partnerships" and "Investment funds", with no impact to total assets. Management believes these reclassifications result in increased transparency to the users of the financial statements as it relates to the Company's invested assets and the performance of these investments that are tied to the primary operations of the Company.

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, 2020. 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.

9

Note 3 – Recently Issued Accounting Pronouncements

Adoption of New Accounting Standards

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes.	This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.	The adoption of this standard did not have 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 FASB 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.	We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements.
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 inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the 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.

10

Note 4 – Investment in Securities

The cost or amortized cost and fair value of investments in securities are shown below (in thousands):

	March 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	$	11,478	$	—	$	(181)	$	—	$	11,297
U.S. states and political subdivisions	114,154		3,186		(3,669)		—		113,671
Foreign governments	14,468		313		(296)		—		14,485
Corporate debt securities	7,128,893		458,923		(35,626)		(11,793)		7,540,397
Residential mortgage-backed securities	81,778		4,546		(836)		(542)		84,946
Collateralized debt securities	143,945		7,220		(675)		(6,519)		143,971
Total bonds held-to-maturity	7,494,716		474,188		(41,283)		(18,854)		7,908,767
Fixed maturity, bonds available-for-sale
U.S. treasury and government	25,088		298		(30)		(3)		25,353
U.S. states and political subdivisions	1,054,322		58,630		(4,416)		—		1,108,536
Foreign governments	14,999		1,182		—		—		16,181
Corporate debt securities	5,868,891		344,930		(42,162)		(8,008)		6,163,651
Residential mortgage-backed securities	19,048		675		(8)		(198)		19,517
Collateralized debt securities	64,592		671		(202)		(507)		64,554
Total bonds available-for-sale	7,046,940		406,386		(46,818)		(8,716)		7,397,792
Total investments in fixed maturity	$	14,541,656	$	880,574	$	(88,101)	$	(27,570)	$	15,306,559

	December 31, 2020
	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	$	7,733	$	11	$	—	$	—	$	7,744
U.S. states and political subdivisions	109,445		4,101		(11)		—		113,535
Foreign governments	3,851		374		—		—		4,225
Corporate debt securities	6,992,095		623,233		(9,117)		(7,475)		7,598,736
Residential mortgage-backed securities	114,579		5,065		(1,464)		(452)		117,728
Collateralized debt securities	139,709		6,864		(845)		(4,515)		141,213
Total bonds held-to-maturity	7,367,412		639,648		(11,437)		(12,442)		7,983,181
Fixed maturity, bonds available-for-sale
U.S. treasury and government	28,766		418		(1)		—		29,183
U.S. states and political subdivisions	1,066,627		73,976		(145)		—		1,140,458
Foreign governments	14,995		1,393		—		—		16,388
Corporate debt securities	5,887,756		471,205		(17,207)		(7,275)		6,334,479
Residential mortgage-backed securities	20,544		964		(29)		(188)		21,291
Collateralized debt securities	54,454		1,040		(94)		(19)		55,381
Total bonds available-for-sale	7,073,142		548,996		(17,476)		(7,482)		7,597,180
Total investments in fixed maturity	$	14,440,554	$	1,188,644	$	(28,913)	$	(19,924)	$	15,580,361

11

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, 2021
	Bonds Held-to-Maturity				Bonds Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	553,460	$	561,970	$	371,354	$	374,859
Due after one year through five years	2,833,579		3,020,077		3,253,114		3,456,068
Due after five years through ten years	3,026,464		3,231,420		2,309,455		2,442,852
Due after ten years	1,081,213		1,095,300		1,113,017		1,124,013
Total	$	7,494,716	$	7,908,767	$	7,046,940	$	7,397,792

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,
	2021		2020
Proceeds from sales of fixed maturity, bonds available-for-sale	$	11,650	$	46,513
Gross realized gains	—		412
Gross realized losses	—		(4,072)

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, 2021 and 2020.

In accordance with various regulations, American National has bonds on deposit with regulating authorities with a carrying value of $47.1 million and $47.7 million at March 31, 2021 and December 31, 2020, respectively. In addition, American National has pledged bonds in connection with agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $97.2 million and $111.0 million at March 31, 2021 and December 31, 2020, respectively.

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

	Three months ended March 31,
	2021		2020
Bonds available-for-sale: change in unrealized losses	$	(171,952)	$	(244,361)
Adjustments for
Deferred policy acquisition costs	33,570		89,326
Participating policyholders’ interest	4,322		11,151
Deferred federal income tax benefit	27,796		31,481
Change in net unrealized losses on debt securities, net of tax	$	(106,264)	$	(112,403)

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

	Three months ended March 31,
	2021		2020
Unrealized gains (losses) on equity securities	$	96,766	$	(333,601)
Net gains (losses) on equity securities sold	(826)		1,026
Net gains (losses) on equity securities	$	95,940	$	(332,575)

12

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, 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	5	$	(30)	$	12,353	—	$	—	$	—	5	$	(30)	$	12,353
U.S. states and political subdivisions	19	(4,416)		83,704		—	—		—		19	(4,416)		83,704
Corporate debt securities	128	(31,727)		738,969		16	(10,435)		54,603		144	(42,162)		793,572
Residential mortgage-backed securities	1	(1)		245		3	(7)		566		4	(8)		811
Collateralized debt securities	8	(200)		39,113		1	(2)		156		9	(202)		39,269
Total	161	$	(36,374)	$	874,384	20	$	(10,444)	$	55,325	181	$	(46,818)	$	929,709

	December 31, 2020
	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	1	$	(1)	$	2,868	—	$	—	$	—	1	$	(1)	$	2,868
U.S. states and political subdivisions	2	(145)		10,205		—	—		—		2	(145)		10,205
Corporate debt securities	43	(8,507)		270,249		8	(8,700)		13,270		51	(17,207)		283,519
Residential mortgage-backed securities	1	(21)		1,391		3	(8)		593		4	(29)		1,984
Collateralized debt securities	3	(93)		12,752		1	(1)		158		4	(94)		12,910
Total	50	$	(8,767)	$	297,465	12	$	(8,709)	$	14,021	62	$	(17,476)	$	311,486

Unrealized losses on bonds available-for-sale where an allowance for credit loss was not recorded were concentrated in the Company's corporate securities within the oil and gas sectors. A number of assumptions and estimates are inherent in evaluating whether an allowance for credit loss is necessary, which include the 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.

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

	March 31, 2021		December 31, 2020
Consumer goods	18.4	%	19.3	%
Energy and utilities	5.8		5.2
Finance	22.9		21.6
Healthcare	14.5		15.0
Industrials	7.7		7.4
Information technology	26.2		27.1
Other	4.5		4.4
Total	100.0	%	100.0	%

13

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 change in estimated credit loss.

No accrued interest receivables were written off as of March 31, 2021.

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

	Three months ended March 31, 2021
	Foreign Governments		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
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)
	Three months ended March 31, 2020
	Foreign Governments		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
Balance at January 1, 2020	$	4	$	(18,563)	$	(2,968)	$	(137)	$	(21,664)
Purchases	—		(622)		(323)		—		(945)
Disposition	—		6,901		106		134		7,141
Provision	1		(6,117)		199		—		(5,917)
Balance at March 31, 2020	$	5	$	(18,401)	$	(2,986)	$	(3)	$	(21,385)

14

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):

	Three months ended March 31, 2021
	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
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)
	Three months ended March 31, 2020
	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
Balance at January 1, 2020	$	—	$	—	$	—	$	—	$	—
Allowance on securities that had an allowance recorded in a previous period	—		(12,499)		(236)		(130)		(12,865)
Balance at March 31, 2020	$	—	$	(12,499)	$	(236)	$	(130)	$	(12,865)

Credit Quality Indicators

The Company monitors the credit quality of bonds held-to-maturity through the use of credit ratings, which are updated on a monthly basis. 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 fairly 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, 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	$	—	$	11,478	$	—	$	—	$	—	$	11,478
U.S. state and political subdivisions	17,828		55,474		34,325		—		6,527		114,154
Foreign governments	—		13,441		1,027		—		—		14,468
Corporate debt securities	25,982		337,853		3,210,816		3,455,649		98,593		7,128,893
Collateralized debt securities	—		—		105,327		33,580		5,038		143,945
Residential mortgage backed securities	—		80,268		—		—		1,510		81,778
Total	$	43,810	$	498,514	$	3,351,495	$	3,489,229	$	111,668	$	7,494,716

	December 31, 2020
	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	$	—	$	7,733	$	—	$	—	$	—	$	7,733
U.S. state and political subdivisions	25,831		43,964		34,893		—		4,757		109,445
Foreign governments	—		2,820		1,031		—		—		3,851
Corporate debt securities	1,956		262,830		2,976,571		3,647,496		103,242		6,992,095
Collateralized debt securities	—		—		107,795		31,914		—		139,709
Residential mortgage backed securities	—		112,995		—		—		1,584		114,579
Total	$	27,787	$	430,342	$	3,120,290	$	3,679,410	$	109,583	$	7,367,412

15

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, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
East North Central	$	741,253	14.4	%	$	783,614	14.9	%
East South Central	140,020		2.7		146,052		2.8
Mountain	1,324,391		25.8		1,284,555		24.5
Pacific	785,654		15.3		806,426		15.4
South Atlantic	574,516		11.2		619,405		11.8
West South Central	1,278,061		24.9		1,313,848		25.1
Other	297,199		5.7		288,631		5.5
Total	$	5,141,094	100.0	%	$	5,242,531	100.0	%

As of March 31, 2021 and December 31, 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans):

	March 31, 2021			December 31, 2020
Foreclosure and foreclosed	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
In foreclosure	1	$	5,168	1	$	5,168
Filed for bankruptcy*	1	9,230		1	9,230
Total in foreclosure	2	$	14,398	2	$	14,398
Foreclosed	—	$	—	2	$	8,603

*Borrower filed for bankruptcy after foreclosure proceedings had begun.

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, 2021											Amount		Percentage
Apartment	$	—	$	—	$	—	$	—	$	552,091	$	552,091	10.5	%
Hotel	101,432		—		—		101,432		791,927		893,359		17.0
Industrial	—		—		5,168		5,168		831,194		836,362		15.9
Office	9,803		—		9,230		19,033		1,524,777		1,543,810		29.3
Parking	—		—		—		—		363,737		363,737		6.9
Retail	74,004		—		—		74,004		709,392		783,396		14.9
Storage	—		—		—		—		152,488		152,488		2.9
Other	—		—		—		—		142,439		142,439		2.6
Total	$	185,239	$	—	$	14,398	$	199,637	$	5,068,045	$	5,267,682	100.0	%
Allowance for credit losses											(126,588)
Total, net of allowance											$	5,141,094
December 31, 2020
Apartment	$	—	$	—	$	—	$	—	$	557,159	$	557,159	10.5	%
Hotel	30,315		30,158		—		60,473		853,522		913,995		17.0
Industrial	14,930		—		5,168		20,098		836,105		856,203		15.9
Office	24,804		—		9,230		34,034		1,522,197		1,556,231		29.0
Parking	48,825		29,355		—		78,180		286,107		364,287		6.8
Retail	4,991		—		25,779		30,770		760,907		791,677		14.7
Storage	—		—		—		—		165,561		165,561		3.1
Other	—		—		—		—		163,121		163,121		3.0
Total	$	123,865	$	59,513	$	40,177	$	223,555	$	5,144,679	$	5,368,234	100.0	%
Allowance for credit losses											(125,703)
Total, net of allowance											$	5,242,531

16

Note 5 – Mortgage Loans – (Continued)

As a result of the economic impact associated with COVID-19, American National originally granted 93 loan modifications during the second and third quarters of 2020 with a total balance of $1.6 billion 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. Modifications were primarily related to our loans to hotels, retail and parking operations. Due to the ongoing economic stress brought on by the pandemic, we made additional modifications in the first quarter of 2021 for 24 of these loans with a total balance of $633.6 million which extended the forbearance of principal and interest payments and interest only provisions but also included 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 $17.0 million as of March 31, 2021.

There were no unamortized purchase discounts as of March 31, 2021 and December 31, 2020. Total mortgage loans were net of unamortized origination fees of $24.0 million and $26.1 million at March 31, 2021 and December 31, 2020, respectively. No unearned income is included in these amounts.

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 after the allowance, before and after modification in a troubled debt restructuring, may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. 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.

Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans):

	Three months ended March 31,
	2021					2020
	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	—	$	—	$	—

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.

There were 6 loans determined to be a troubled debt restructuring for the three months ended March 31, 2021. There are $2.7 million of commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. The increase in loans determined to be a troubled debt restructuring in the three months ended March 31, 2021 is primarily attributable to COVID-19 related loan modifications where the concessions granted were in excess of six-months in duration.

17

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, 2021	$	(125,703)
Provision	(885)
Balance at March 31, 2021	$	(126,588)
	Commercial Mortgage Loans
Balance at January 1, 2020	$	(19,160)
Cumulative adjustment at January 1, 2020	(11,216)
Provision	(29,069)
Balance at March 31, 2020	$	(59,445)

The change in allowance for the three months ended March 31, 2021 was primarily driven by distress in the hospitality industry which has seen a dramatic increase in loss results as the individual markets are now expected to rebound more slowly than previously anticipated. This is partially offset; however, by a more optimistic outlook for the industrial, office and retail sectors as they are expected to more directly benefit from the general re-opening of the economy, access to vaccines and approval of the "American Rescue Plan Act."

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

	March 31, 2021				December 31, 2020
	Asset Balance		Allowance		Asset Balance		Allowance
Apartment	$	552,091	$	(6,195)	$	557,159	$	(8,845)
Hotel	893,359		(53,075)		913,995		(45,596)
Industrial	836,362		(3,337)		856,203		(2,516)
Office	1,543,810		(25,753)		1,556,231		(33,373)
Parking	363,737		(21,583)		364,287		(18,178)
Retail	783,396		(12,725)		791,677		(10,856)
Storage	152,488		(1,697)		165,561		(2,509)
Other	142,439		(2,223)		163,121		(3,830)
Total	$	5,267,682	$	(126,588)	$	5,368,234	$	(125,703)

18

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
	2021		2020		2019		2018		2017		Prior		Total
Apartment	$	—	$	48,092	$	218,763	$	48,323	$	160,068	$	76,845	$	552,091
Hotel	—		20,415		69,492		204,080		219,713		379,659		893,359
Industrial	40,891		251,592		157,235		114,493		46,912		225,239		836,362
Office	2,111		31,803		60,469		199,646		341,820		907,961		1,543,810
Parking	—		28,672		13,795		27,153		8,600		285,517		363,737
Retail	2,562		69,245		38,942		96,819		79,723		496,105		783,396
Storage	—		23,156		58,734		44,566		17,095		8,937		152,488
Other	—		—		21,612		69,087		2,236		49,504		142,439
Total	$	45,564	$	472,975	$	639,042	$	804,167	$	876,167	$	2,429,767	$	5,267,682
Allowance for credit losses													(126,588)
Total, net of allowance													$	5,141,094

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, 2021, commercial loans of $14.4 million were past due over 90 days and are 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, 2021, we have included a $8.8 million liability in other liabilities on the condensed consolidated statements of financial position based on unfunded loan commitments of $549.7 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, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
Hotel	$	61,415	6.6	%	$	67,857	7.1	%
Industrial	119,122		12.7		132,757		13.8
Land	49,725		5.3		51,220		5.3
Office	297,756		31.7		299,500		31.2
Retail	268,224		28.6		268,588		28.0
Apartments	123,275		13.1		120,847		12.6
Other	18,672		2.0		19,803		2.0
Total	$	938,189	100.0	%	$	960,572	100.0	%

19

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

	March 31, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
East North Central	$	96,423	10.3	%	$	81,310	8.5	%
East South Central	62,708		6.7		65,302		6.8
Mountain	134,988		14.4		133,233		13.9
Pacific	113,026		12.0		127,421		13.3
South Atlantic	90,755		9.7		97,801		10.1
West South Central	430,015		45.8		434,722		45.3
Other	10,274		1.1		20,783		2.1
Total	$	938,189	100.0	%	$	960,572	100.0	%

As of March 31, 2021, no real estate investments met the criteria as held-for-sale.

American National regularly invests in real estate partnerships and joint ventures. American National frequently participates in the design of these joint venture or partnership entities with the sponsor, but in most cases, our involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures 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 or consolidator of the entity. 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 2021 or 2020.

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

	March 31, 2021		December 31, 2020
Real estate and real estate partnerships	$	130,448	$	131,405
Short-term investments	500		500
Cash and cash equivalents	6,925		8,070
Premiums due and other receivables	3,563		3,484
Other assets	14,128		13,796
Total assets of consolidated VIEs	$	155,564	$	157,255
Notes payable	$	152,607	$	153,703
Other liabilities	8,935		8,490
Total liabilities of consolidated VIEs	$	161,542	$	162,193

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 $2.9 million and $3.0 million at March 31, 2021 and December 31, 2020, respectively.

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

Interest rate	Maturity	March 31, 2021		December 31, 2020
LIBOR	2021	$	10,819	$	10,819
4% fixed	2022	77,759		78,565
4.18% fixed	2024	64,029		64,319
Total		$	152,607	$	153,703

20

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

For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require consent of all partners. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Real estate and real estate partnerships	$	349,073	$	349,073	$	368,588	$	368,588
Mortgage loans on real estate	691,488		691,488		722,917		722,917
Accrued investment income	4,692		4,692		4,980		4,980

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. In 2021 and 2020, certain joint ventures took advantage of market opportunities to generate realized gains on the sale of real estate held or developed by the ventures.

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 and other partnerships, of which substantially all are LLC’s or limited partnerships, was comprised of $523.2 million and $477.1 million in 2021 and 2020 respectively.

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, 2021					December 31, 2020
		Number of Instruments	Notional Amounts		Estimated Fair Value		Number of Instruments	Notional Amounts		Estimated Fair Value
Equity-indexed options	Other invested assets	452	$	3,013,400	$	253,363	455	$	2,867,600	$	242,201
Equity-indexed embedded derivative	Policyholders’ account balances	115,235	2,909,609		740,514		112,103	2,748,540		705,013

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,
		2021		2020
Equity-indexed options	Net investment income	$	28,827	$	(108,095)
Equity-indexed embedded derivative	Interest credited to policyholders’ account balances	(26,689)		89,581

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the 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 the fair value of the open contracts, less the fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. As such, 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.

21

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, 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
Barclays	Baa2/BBB	$	54,613	$	36,563	$	18,100	$	54,663	$	54,613	$	50	$	—
Credit Suisse	Baa1/BBB+	13,416		12,580		—		12,580		12,580		—		836
Goldman-Sachs	A2/BBB+	1,285		1,170		—		1,170		1,170		—		115
ING	Baa1/A-	19,568		9,220		10,300		19,520		19,520		—		48
Morgan Stanley	A1/BBB+	50,800		44,526		5,700		50,226		50,226		—		574
NATIXIS*	A1/A+	29,198		29,500		—		29,500		29,198		302		—
Truist	A3/A-	44,698		33,810		11,000		44,810		44,698		112		—
Wells Fargo	A2/BBB+	39,785		29,580		9,900		39,480		39,480		—		305
Total		$	253,363	$	196,949	$	55,000	$	251,949	$	251,485	$	464	$	1,878

		December 31, 2020
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
Barclays	Baa2/BBB	$	51,489	$	31,513	$	18,100	$	49,613	$	49,613	$	—	$	1,876
Credit Suisse	Baa1/BBB+	9,447		8,680		—		8,680		8,680		—		767
Goldman-Sachs	A3/BBB+	1,227		1,170		—		1,170		1,170		—		57
ING	Baa1/A-	20,606		10,450		10,300		20,750		20,606		144		—
Morgan Stanley	A2/BBB+	37,406		30,616		5,700		36,316		36,316		—		1,090
NATIXIS*	A1/A+	30,567		30,720		—		30,720		30,567		153		—
Truist	A3/A-	52,127		43,960		11,000		54,960		52,127		2,833		—
Wells Fargo	A2/BBB+	39,332		29,370		9,900		39,270		39,270		—		62
Total		$	242,201	$	186,479	$	55,000	$	241,479	$	238,349	$	3,130	$	3,852

*Collateral is prohibited from being held in invested assets.

22

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

Net investment income (loss) is shown below (in thousands):

	Three months ended March 31,
	2021		2020
Bonds	$	130,497	$	146,119
Equity securities	7,493		7,847
Mortgage loans	70,866		59,328
Real estate and real estate partnerships	3,485		12,487
Investment funds	21,356		4,933
Equity-indexed options	28,827		(108,095)
Other invested assets	7,457		8,372
Total	$	269,981	$	130,991

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

	Three months ended March 31,
	2021		2020
Bonds	$	7,699	$	5,478
Real estate	11,193		(1,307)
Other invested assets	347		(23)
Total	$	19,239	$	4,148

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

	Three months ended March 31,
	2021		2020
Sales	$	12,898	$	(3,618)
Calls and maturities	7,260		9,120
Paydowns	439		19
Impairments	(1,265)		(1,276)
Other	(93)		(97)
Total	$	19,239	$	4,148

23

Note 9 – Fair Value of Financial Instruments

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

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity	$	7,475,862	$	7,908,767	$	7,354,970	$	7,983,181
Fixed maturity, bonds available-for-sale	7,397,792		7,397,792		7,597,180		7,597,180
Equity securities	2,164,146		2,164,146		2,070,766		2,070,766
Equity-indexed options, included in other invested assets	253,363		253,363		242,201		242,201
Mortgage loans on real estate, net of allowance	5,141,094		5,264,896		5,242,531		5,451,152
Policy loans	369,525		369,525		373,014		373,014
Short-term investments	1,212,342		1,212,342		1,028,379		1,028,379
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754		1,207,754		1,185,467		1,185,467
Separately managed accounts, included in other invested assets	66,981		66,981		64,424		64,424
Total financial assets	$	25,288,859	$	25,845,566	$	25,158,932	$	25,995,764
Financial liabilities
Investment contracts	$	10,235,015	$	10,235,015	$	10,101,764	$	10,101,764
Embedded derivative liability for equity-indexed contracts	740,514		740,514		705,013		705,013
Notes payable	152,607		152,607		153,703		153,703
Federal Home Loan Bank advance	250,000		250,070		250,000		250,227
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754		1,207,754		1,185,467		1,185,467
Total financial liabilities	$	12,585,890	$	12,585,960	$	12,395,947	$	12,396,174

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2	Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3	Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

24

Note 9 – Fair Value of Financial Instruments – (Continued)

Valuation Techniques for Financial Instruments Recorded at Fair Value

Fixed Maturity Securities and Equity Options—American National utilizes a pricing service to estimate fair value measurements. The fair value for fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios.

The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary.

American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available.

American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, American National includes these fair value estimates in Level 3.

For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly.

Equity Securities—For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services annually.

Short-Term Investments—Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor's and Moody's, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements.

25

Note 9 – Fair Value of Financial Instruments – (Continued)

Separate Account Assets and Liabilities—Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. American National reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the condensed consolidated statements of operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National.

The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and fixed maturity bonds available-for-sale. Equity securities are classified as Level 1 measurements. Short-term investments and fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process.

The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not financial instruments and are not included in the quantitative disclosures of fair value hierarchy table.

No gains or losses were recognized on assets transferred to separate accounts for the three months ended March 31, 2021 and 2020, respectively.

Embedded Derivative—The amounts reported within policyholder contract deposits include equity linked interest crediting rates based on the S&P 500 within indexed annuities and indexed life. The following unobservable inputs are used for measuring the fair value of the embedded derivatives associated with the policyholder contract liabilities:

•Lapse rate assumptions are determined by company experience. Lapse rates are generally assumed to be lower during a contract’s surrender charge period and then higher once the surrender charge period has ended. Decreases to the assumed lapse rates generally increase the fair value of the liability as more policyholders persist to collect the crediting interest pertaining to the indexed product. Increases to the lapse rate assumption decrease the fair value.

•Mortality rate assumptions vary by age and gender based on company and industry experience. Decreases to the assumed mortality rates increase the fair value of the liabilities as more policyholders earn crediting interest. Increases to the assumed mortality rates decrease the fair value as higher decrements reduce the potential for future interest credits.

•Equity volatility assumptions begin with current market volatilities and grow to long-term values. Increases to the assumed volatility will increase the fair value of liabilities, as future projections will produce higher increases in the linked index. At March 31, 2021 and December 31, 2020, the one year implied volatility used to estimate embedded derivative value was 15.0% and 17.6%, respectively.

Fair values of indexed life and annuity liabilities are calculated using the discounted cash flow technique. Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages):

	Fair Value					Range
	March 31, 2021		December 31, 2020		Unobservable Input	March 31, 2021	December 31, 2020
Indexed Annuities	$	704.4	$	670.8	Lapse Rate	1-50%	1-50%
					Mortality Multiplier	100%	100%
					Equity Volatility	15-62%	16-69%
Indexed Life	36.1		34.2		Equity Volatility	15-62%	16-69%

26

Note 9 – Fair Value of Financial Instruments – (Continued)

Quantitative Disclosures

The fair value hierarchy measurements of the financial instruments are shown below (in thousands):

	Assets and Liabilities Carried at Fair Value by Hierarchy Level at March 31, 2021
	Total Fair Value		Level 1		Level 2		Level 3
Financial assets
Fixed maturity, bonds available-for-sale
U.S. treasury and government	$	25,353	$	25,353	$	—	$	—
U.S. states and political subdivisions	1,108,536		—		1,108,536		—
Foreign governments	16,181		—		16,181		—
Corporate debt securities	6,163,651		—		6,037,574		126,077
Residential mortgage-backed securities	19,517		—		19,517		—
Collateralized debt securities	64,554		—		64,554		—
Total bonds available-for-sale	7,397,792		25,353		7,246,362		126,077
Equity securities
Common stock	2,148,131		2,147,001		—		1,130
Preferred stock	16,015		14,736		—		1,279
Total equity securities	2,164,146		2,161,737		—		2,409
Options	253,363		—		—		253,363
Short-term investments	1,212,342		—		1,212,342		—
Separate account assets	1,175,689		324,269		851,420		—
Separately managed accounts	66,981		—		—		66,981
Total financial assets	$	12,270,313	$	2,511,359	$	9,310,124	$	448,830
Financial liabilities
Embedded derivative for equity-indexed contracts	$	740,514	$	—	$	—	$	740,514
Notes payable	152,607		—		—		152,607
Separate account liabilities	1,175,689		324,269		851,420		—
Total financial liabilities	$	2,068,810	$	324,269	$	851,420	$	893,121

	Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020
	Total Fair Value		Level 1		Level 2		Level 3
Financial assets
Fixed maturity, bonds available-for-sale
U.S. treasury and government	$	29,183	$	—	$	29,183	$	—
U.S. states and political subdivisions	1,140,458		—		1,140,458		—
Foreign governments	16,388		—		16,388		—
Corporate debt securities	6,334,479		—		6,224,042		110,437
Residential mortgage-backed securities	21,291		—		21,291		—
Collateralized debt securities	55,381		—		55,381		—
Total bonds available-for-sale	7,597,180		—		7,486,743		110,437
Equity securities
Common stock	2,055,229		2,054,789		—		440
Preferred stock	15,537		14,909		—		628
Total equity securities	2,070,766		2,069,698		—		1,068
Options	242,201		—		—		242,201
Short-term investments	1,028,379		—		1,028,379		—
Separate account assets	1,153,702		309,425		844,277		—
Separately managed accounts	64,424		—		—		64,424
Total financial assets	$	12,156,652	$	2,379,123	$	9,359,399	$	418,130
Financial liabilities
Embedded derivative for equity-indexed contracts	$	705,013	$	—	$	—	$	705,013
Notes payable	153,703		—		—		153,703
Separate account liabilities	1,153,702		309,425		844,277		—
Total financial liabilities	$	2,012,418	$	309,425	$	844,277	$	858,716

27

Note 9 – Fair Value of Financial Instruments – (Continued)

For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands):

	Level 3
	Three months ended March 31, 2021
	Assets						Liability
	Investment Securities		Equity-Indexed Options		Separately Managed Accounts		Embedded Derivative
Balance at January 1, 2021	$	111,505	$	242,201	$	64,424	$	705,013
Net gain for derivatives included in net investment income	—		28,827		—		—
Net change included in interest credited	—		—		—		26,689
Net fair value change included in other comprehensive income	1,178		—		594		—
Purchases, sales and settlements or maturities
Purchases	27,453		20,147		10,072		—
Sales	(11,650)		—		(8,109)		—
Settlements or maturities	—		(37,812)		—		—
Premiums less benefits	—		—		—		8,812
Ending balance at March 31, 2021	$	128,486	$	253,363	$	66,981	$	740,514
	Level 3
	Three months ended March 31, 2020
	Assets						Liability
	Investment Securities		Equity-Indexed Options		Separately Managed Accounts		Embedded Derivative
Balance at January 1, 2020	$	45,307	$	256,005	$	50,503	$	731,552
Net loss for derivatives included in net investment income	—		(108,095)		—		—
Net change included in interest credited	—		—		—		(89,581)
Net fair value change included in other comprehensive income	—		—		80		—
Purchases, sales and settlements or maturities
Purchases	22,702		14,164		—		—
Sales	(14,156)		—		—		—
Settlements or maturities	—		(36,086)		—		—
Premiums less benefits	—		—		—		(11,019)
Ending balance at March 31, 2020	$	53,853	$	125,988	$	50,583	$	630,952

Within the net gain (loss) for derivatives included in net investment income were unrealized gains of $7.9 million and $127.2 million, relating to assets still held at March 31, 2021 and 2020, respectively.

Unless information is obtained from the pricing sources that indicates observable inputs were used in their pricing, there are not enough observable inputs to enable American National to classify the securities priced by the pricing source as other than Level 3. American National’s valuation of these securities involves judgment regarding assumptions market participants would use including quotes from independent pricing sources. The inputs used by the pricing sources include recent transactions in the security, similar bonds with same name, ratings, maturity and structure, external dealer quotes in the security, Bloomberg evaluated pricing and prior months pricing. None of these inputs were observable to American National as of March 31, 2021. The transfers out of Level 3 during the three months ended March 31, 2021 were the result of securities being priced by the third-party service at the end of the period, using inputs that were observable or derived from market data, which resulted in classification of these assets as Level 2.

28

Note 9 – Fair Value of Financial Instruments – (Continued)

Fair Value Information About Financial Instruments Not Recorded at Fair Value

Information about fair value estimates for financial instruments not measured at fair value is discussed below:

Fixed Maturity Securities—The fair value of bonds held-to-maturity is determined to be consistent with the disclosure under Valuation Techniques for the Financial Instrument Recorded at Fair Value section.

Mortgage Loans—The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan by loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property type, lien priority, payment type and current status.

Policy Loans—The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, American National believes the carrying value of policy loans approximates fair value.

Separately Managed Accounts—The amounts reported in separately managed accounts consist primarily of notes and private equity. These investments are private placements and do not have a readily determinable fair value. The carrying value of the separately managed accounts is cost or market value, if available from the separately managed account manager. Market value is provided by the separately managed account manager in subsequent quarters. American National believes that cost approximates fair value at initial recognition during the quarter of investment.

Investment Contracts—The carrying value of investment contracts is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, net of interest credited, fees and charges assessed and other adjustments. American National believes that the carrying value of investment contracts approximates fair value because the majority of these contracts’ interest rates reset at anniversary.

Notes Payable—Notes payable are carried at outstanding principal balance. The carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the balance sheet date.

Federal Home Loan Bank Advance—The Federal Home Loan Bank advance is carried at outstanding principal balance. The fair value of the advance is obtained from the Federal Home Loan Bank of Dallas.

29

Note 9 – Fair Value of Financial Instruments – (Continued)

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands):

	March 31, 2021
	FV Hierarchy Level	Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity
U.S. Treasury and government	Level 1	$	11,478	$	11,297
U.S. states and political subdivisions	Level 2	114,154		113,671
Foreign governments	Level 2	14,468		14,485
Corporate debt securities	Level 2	7,117,100		7,540,397
Residential mortgage-backed securities	Level 2	81,236		84,946
Collateralized debt securities	Level 2	137,426		143,971
Total fixed maturity, bonds held-to-maturity		7,475,862		7,908,767
Mortgage loans on real estate, net of allowance	Level 3	5,141,094		5,264,896
Policy loans	Level 3	369,525		369,525
Total financial assets		$	12,986,481	$	13,543,188
Financial liabilities
Investment contracts	Level 3	$	10,235,015	$	10,235,015
Notes payable	Level 3	152,607		152,607
Federal Home Loan Bank advance	Level 2	250,000		250,070
Total financial liabilities		$	10,637,622	$	10,637,692

	December 31, 2020
	FV Hierarchy Level	Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity
U.S. treasury and government	Level 2	$	7,732	$	7,744
U.S. states and political subdivisions	Level 2	109,445		113,535
Foreign governments	Level 2	3,851		4,225
Corporate debt securities	Level 2	6,981,597		7,595,712
Corporate debt securities	Level 3	3,024		3,024
Residential mortgage-backed securities	Level 2	114,127		117,728
Collateralized debt securities	Level 2	135,194		141,213
Total fixed maturity, bonds held-to-maturity		7,354,970		7,983,181
Mortgage loans on real estate, net of allowance	Level 3	5,242,531		5,451,152
Policy loans	Level 3	373,014		373,014
Total financial assets		$	12,970,515	$	13,807,347
Financial liabilities
Investment contracts	Level 3	$	10,101,764	$	10,101,764
Notes payable	Level 3	153,703		153,703
Federal Home Loan Bank advance	Level 2	250,000		250,227
Total financial liabilities		$	10,505,467	$	10,505,694

30

Note 10 – Deferred Policy Acquisition Costs

Deferred policy acquisition costs are shown below (in thousands):

	Life		Annuity		Health		Property & Casualty		Total
Beginning balance at January 1, 2021	$	896,208	$	309,056	$	32,885	$	122,062	$	1,360,211
Additions	43,256		23,488		2,849		86,579		156,172
Amortization	(28,787)		(12,417)		(3,703)		(83,146)		(128,053)
Effect of change in unrealized gains on available-for-sale debt securities	8,915		24,655		—		—		33,570
Net change	23,384		35,726		(854)		3,433		61,689
Ending balance at March 31, 2021	$	919,592	$	344,782	$	32,031	$	125,495	$	1,421,900

Commissions comprise the majority of the additions to deferred policy acquisition costs.

Note 11 – Liability for Unpaid Claims and Claim Adjustment Expenses

The liability for unpaid claims and claim adjustment expenses (“claims”) for health and property and casualty insurance is included in “Policy and contract claims” in the condensed consolidated statements of financial position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled. The liability for unpaid claims is estimated based upon American National’s historical experience and actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, less anticipated salvage and subrogation. The effects of the changes are included in the condensed consolidated results of operations in the period in which the changes occur. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. There have been no significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses.

Information regarding the liability for unpaid claims is shown below (in thousands):

	Three months ended March 31,
	2021		2020
Unpaid claims balance, beginning	$	1,373,600	$	1,322,837
Less: Reinsurance recoverables	262,471		246,447
Net beginning balance	1,111,129		1,076,390
Incurred related to
Current	300,176		260,025
Prior years	(31,127)		4,172
Total incurred claims	269,049		264,197
Paid claims related to
Current	99,857		95,635
Prior years	160,716		174,986
Total paid claims	260,573		270,621
Net balance	1,119,605		1,069,966
Plus: Reinsurance recoverables	239,160		244,230
Unpaid claims balance, ending	$	1,358,765	$	1,314,196

The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $31.1 million during the first three months of 2021 and increased by $4.2 million during the same period in 2020. The favorable development in 2021 was a reflection of lower liability claim settlement costs emerging from commercial automobile, agribusiness, and private passenger automobile lines of business. The unfavorable development in 2020 was a reflection of higher-than-normal settlements of losses in the Managing General Underwriting and Collateral Protection Insurance lines of business.

For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses at March 31, 2021 and December 31, 2020 was $22.2 million and $20.5 million, respectively.

31

Note 12 – Federal Income Taxes

A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages):

	Three months ended March 31,
	2021				2020
	Amount		Rate		Amount		Rate
Total expected income tax expense at the statutory rate	$	44,625	21.0	%	$	(59,396)	21.0	%
Tax-exempt investment income	(1,172)		(0.6)		(1,027)		0.4
Dividend exclusion	(813)		(0.4)		(862)		0.3
Tax credits, net	(1,618)		(0.8)		(2,395)		0.8
Low income housing tax credit expense	1,513		0.7		1,774		(0.6)
Change in valuation allowance	29		—		112		—
Other items, net	607		0.4		126		(0.1)
Total	$	43,171	20.3	%	$	(61,668)	21.8	%

As of March 31, 2021, American National had no material net operating loss or tax credit carryforwards.

American National’s federal income tax returns for tax years 2016 to 2019 are subject to examination by the Internal Revenue Service. In the opinion of management, all prior year deficiencies have been paid or adequate provisions have been made for any tax deficiencies that may be upheld.

As of March 31, 2021, American National had no provision for uncertain tax positions and no provision for penalties or interest. In addition, management does not believe there are any uncertain tax benefits that could be recognized within the next twelve months that would impact American National’s effective tax rate.

Note 13 – Accumulated Other Comprehensive Income (Loss)

The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands):

	Net Unrealized Gains (Losses) on Securities		Defined Benefit Pension Plan Adjustments		Foreign Currency Adjustments		Accumulated Other Comprehensive Income (Loss)
Beginning balance at January 1, 2021	$	292,166	$	(67,130)	$	(2,866)	$	222,170
Amounts reclassified from AOCI (net of tax benefit $944 and expense $1,013)	(3,553)		3,809		—		256
Unrealized holding losses arising during the period (net of tax benefit $35,260)	(132,644)		—		—		(132,644)
Unrealized adjustment to DAC (net of tax expense $7,050)	26,519		—		—		26,519
Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $908)	3,414		—		—		3,414
Foreign currency adjustment (net of tax expense $65)	—		—		244		244
Ending balance at March 31, 2021	$	185,902	$	(63,321)	$	(2,622)	$	119,959
	Net Unrealized Gains (Losses) on Securities		Defined Benefit Pension Plan Adjustments		Foreign Currency Adjustments		Accumulated Other Comprehensive Income (Loss)
Beginning balance at January 1, 2020	$	157,851	$	(55,232)	$	(3,101)	$	99,518
Amounts reclassified from AOCI (net of tax expense $2,554 and $467)	9,606		1,756		—		11,362
Unrealized holding losses arising during the period (net of tax benefit $53,533)	(201,385)		—		—		(201,385)
Unrealized adjustment to DAC (net of tax expense $18,759)	70,567		—		—		70,567
Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,342)	8,809		—		—		8,809
Foreign currency adjustment (net of tax benefit $246)	—		—		(924)		(924)
Ending balance at March 31, 2020	$	45,448	$	(53,476)	$	(4,025)	$	(12,053)

32

Note 14 – Stockholders’ Equity and Noncontrolling Interests

ANAT has one class of common stock with a par value $0.01 per share and 50,000,000 authorized shares. The number of shares outstanding at the dates indicated are shown below:

	March 31, 2021	December 31, 2020
Common stock
Shares issued	26,887,200	26,887,200
Restricted shares	(10,000)	(10,000)
Unrestricted outstanding shares	26,877,200	26,877,200

Stock-based Compensation

American National has made grants of Stock Appreciation Rights (“SAR”), Restricted Stock (“RS”) Awards, and Restricted Stock Units (“RSU”), pursuant to a stock-based compensation plan. The term for granting additional awards under such plan expired in 2019. Pursuant to the plan, grants were made to certain officers meeting established performance objectives, and grants were made to directors as compensation and to align their interests with those of other shareholders. In addition, American National has made grants to directors and advisory directors of RSUs that are cash-settled only, with no provision for conversion to stock. 8,250 of such cash-settled RSUs were granted during the third quarter of 2020 and remained outstanding at March 31, 2021 as shown in the table below.

RS and RSU information for the periods indicated are shown below:

	RS Shares			RSUs
	Shares	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2020	10,000	$	80.05	8,250	$	75.35
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Expired	—	—		—	—
Outstanding at March 31, 2021	10,000	$	80.05	8,250	$	75.35

	SAR		RS Shares		RSUs
Weighted-average contractual remaining life (in years)	0.00		1.92		0.08
Exercisable shares	—		N/A		N/A
Weighted-average exercise price	$	—	$	80.05	$	75.35
Weighted-average exercise price exercisable shares	—		N/A		N/A
Compensation expense (credit)
Three months ended March 31, 2021	$	—	$	20,000	$	220,000
Three months ended March 31, 2020	(1,000)		20,000		(171,000)
Fair value of liability award
March 31, 2021	$	—	N/A		$	890,000
December 31, 2020	—		N/A		793,000

The SARs gave the holder the right to cash compensation based on the difference between the stock price on the grant date and the stock price on the exercise date. The SARs vested at a rate of 20% per year for five years and expired five years after vesting. All remaining SARs expired on May 1, 2020.

RS awards entitle the participant to full dividend and voting rights. Each RS share awarded has the value of one share of restricted stock and vests 10 years from the grant date. Unvested shares are restricted as to disposition, and are subject to forfeiture under certain circumstances. Compensation expense is recognized over the vesting period. The restrictions on these awards lapse after 10 years and feature a graded vesting schedule in the case of the retirement, death or disability of an award holder. Restricted stock awards for 350,334 shares have been granted at an exercise price of zero, of which 10,000 shares are unvested.

RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65. During the twelve months ended December 31, 2020, 8,250 RSUs were granted and will vest on May 1, 2021 and will be settled in cash.

33

Note 14 – Stockholders’ Equity and Noncontrolling Interests – (Continued)

Earnings per Share

Basic earnings per share were calculated using a weighted average number of shares outstanding. Diluted earnings per share include RS awards. RSUs may only be settled in cash.

	Three months ended March 31,
	2021		2020
Weighted average shares outstanding	26,877,200		26,881,700
Incremental shares from RS awards and RSUs	7,699		9,975
Total shares for diluted calculations	26,884,899		26,891,675
Net income (loss) attributable to American National (in thousands)	$	170,173	$	(220,444)
Basic earnings (losses) per share	$	6.33	$	(8.20)
Diluted earnings (losses) per share	$	6.33	$	(8.20)

Statutory Capital and Surplus

Risk Based Capital (“RBC”) is a measure insurance regulators use to evaluate the capital adequacy of American National's insurance subsidiaries. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, investment risks related to the type and quality of investments, insurance risks associated with products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level at least 200% of the authorized control level RBC are required to take certain actions. At March 31, 2021 and December 31, 2020, ANICO's statutory capital and surplus was $3.7 billion and $3.6 billion, respectively, which resulted in an RBC level above 200% of the authorized control level. All of our other insurance subsidiaries had statutory capital and surplus at March 31, 2021 and December 31, 2020, above 200% of the authorized control level, except for ANPAC Louisiana Insurance Company ("ANPLA"). At March 31, 2021 and December 31, 2020, ANPLA's statutory capital and surplus was $63.5 million and $68.5 million respectively, which resulted in an RBC level of 179% and 194% of the authorized control level. This decrease in RBC of ANPLA is primarily driven by an increase in homeowners catastrophe losses impacting the operating results in 2021 and 2020. We are actively managing our homeowners exposure of ANPLA, will continue to monitor the surplus levels and will be addressing rate adequacy through future planned underwriting and rate actions.

American National's insurance subsidiaries prepare 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”). NAIC Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of our insurance subsidiaries.

Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus.

One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of both ANICO and American National Lloyds Insurance Company by $65.3 million and $75.3 million at March 31, 2021 and December 31, 2020, respectively. The statutory capital and surplus of both ANICO and American National Lloyds Insurance Company would have remained above the Company action level RBC had it not used the permitted practice.

34

Note 14 – Stockholders’ Equity and Noncontrolling Interests – (Continued)

The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands):

	March 31, 2021		December 31, 2020
Statutory capital and surplus
Life insurance entities	$	2,190,618	$	2,188,808
Property and casualty insurance entities	1,514,248		1,463,179

	Three months ended March 31,
	2021		2020
Statutory net income (loss)
Life insurance entities	$	(32,217)	$	52,975
Property and casualty insurance entities	39,272		48,254

Dividends

Dividends are paid on a quarterly basis. We paid a quarterly dividend of $0.82 per share for each quarter during the three months ended March 31, 2021 and March 31, 2020, and we expect to continue to pay regular cash dividends, although there is no assurance as to future dividends because they depend on future earnings, capital requirements and financial conditions.

The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net income from operations, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles. ANICO is permitted without prior approval of the Texas Department of Insurance to pay total dividends of $363.9 million during 2021.

Noncontrolling Interest

American National County Mutual Insurance Company (“County Mutual”) is a mutual insurance company owned by its policyholders. ANICO has a management agreement that effectively gives it control of County Mutual. As a result, County Mutual is included in the condensed consolidated financial statements of American National. Policyholder interests in the financial position of County Mutual are reflected as noncontrolling interest of $6.8 million at March 31, 2021 and December 31, 2020.

American National Group, Inc. and its subsidiaries exercise control or ownership of various joint ventures, resulting in their consolidation into American National’s condensed consolidated financial statements. The interests of the other partners in the consolidated joint ventures are shown as a noncontrolling interest of $0.5 million and a noncontrolling deficit of $0.9 million at March 31, 2021 and December 31, 2020, respectively.

Note 15 – Segment Information

Management organizes the business into five operating segments:

•Life—consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels.

•Annuity—consists of fixed, indexed, and variable annuity products. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents.

•Health—consists of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters.

•Property and Casualty—consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents.

•Corporate and Other—consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations.

35

Note 15 – Segment Information – (Continued)

The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies and Practices, of American National’s 2020 annual report on Form 10-K filed with the SEC on March 4, 2021. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows:

•Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each line of business at the average yield available from these assets.

•Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment.

•Expenses are charged to segments through direct identification and allocations based upon various factors.

The results of operations measured as the income (loss) before federal income tax and other items by operating segments are summarized below (in thousands):

	Three months ended March 31, 2021
	Life		Annuity		Health		Property & Casualty		Corporate & Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	100,779	$	24,241	$	38,228	$	399,405	$	—	$	562,653
Other policy revenues	81,508		5,031		—		—		—		86,539
Net investment income	67,797		153,864		2,083		15,513		30,724		269,981
Net realized investment gains	—		—		—		—		19,239		19,239
Change in investment credit loss	—		—		—		—		(5,486)		(5,486)
Net gains on equity securities	—		—		—		—		95,940		95,940
Other income	458		856		4,094		3,489		855		9,752
Total premiums and other revenues	250,542		183,992		44,405		418,407		141,272		1,038,618
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	146,160		44,717		—		—		—		190,877
Claims incurred	—		—		24,251		244,135		—		268,386
Interest credited to policyholders’ account balances	19,770		88,017		—		—		—		107,787
Commissions for acquiring and servicing policies	45,420		23,042		5,986		79,237		—		153,685
Other operating expenses	47,041		12,181		10,608		53,886		9,786		133,502
Change in deferred policy acquisition costs	(14,469)		(11,071)		854		(3,433)		—		(28,119)
Total benefits, losses and expenses	243,922		156,886		41,699		373,825		9,786		826,118
Income before federal income tax and other items	$	6,620	$	27,106	$	2,706	$	44,582	$	131,486	$	212,500

	Three months ended March 31, 2020
	Life		Annuity		Health		Property & Casualty		Corporate & Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	89,516	$	15,509	$	43,086	$	388,657	$	—	$	536,768
Other policy revenues	75,540		4,065		—		—		—		79,605
Net investment income	45,575		41,541		2,233		16,085		25,557		130,991
Net realized investment gains	—		—		—		—		4,148		4,148
Change in investment credit loss	—		—		—		—		(44,678)		(44,678)
Net losses on equity securities	—		—		—		—		(332,575)		(332,575)
Other income	736		638		4,527		3,733		1,499		11,133
Total premiums and other revenues	211,367		61,753		49,846		408,475		(346,049)		385,392
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	110,466		34,802		—		—		—		145,268
Claims incurred	—		—		34,885		229,709		—		264,594
Interest credited to policyholders’ account balances	(1,903)		(2,420)		—		—		—		(4,323)
Commissions for acquiring and servicing policies	39,467		10,248		8,024		72,696		—		130,435
Other operating expenses	47,480		11,876		10,629		53,004		10,937		133,926
Change in deferred policy acquisition costs	(7,838)		7,286		(23)		(1,097)		—		(1,672)
Total benefits, losses and expenses	187,672		61,792		53,515		354,312		10,937		668,228
Income (loss) before federal income tax and other items	$	23,695	$	(39)	$	(3,669)	$	54,163	$	(356,986)	$	(282,836)

36

Note 16 – Commitments and Contingencies

Commitments

American National and its subsidiaries lease insurance sales office space, technological equipment, and automobiles. The remaining long-term lease commitments at March 31, 2021 were approximately $8.0 million.

American National had aggregate commitments at March 31, 2021 to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $1.3 billion of which $572.6 million is expected to be funded in 2021 with the remainder funded in 2022 and beyond.

American National had outstanding letters of credit in the amount of $3.5 million as of March 31, 2021 and December 31, 2020.

Federal Home Loan Bank (FHLB) Agreements

In May 2018, the Company became a member of the Federal Home Loan Bank of Dallas (“FHLB”) to augment its liquidity resources. The Company initially purchased $7.0 million of stock to meet the FHLB’s membership requirement. The FHLB member stock is recorded in other invested assets on the Company’s condensed consolidated statements of financial position. Through its membership, the Company has access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of March 31, 2021, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $60.3 million and commercial mortgage loans of approximately $1.5 billion were on deposit with the FHLB as collateral for borrowing. As of March 31, 2021, the collateral provided borrowing capacity for the $250.0 million in outstanding advances as well as approximately $740.7 million in additional borrowing capacity. The deposited securities and commercial mortgage loans are included in the Company’s condensed consolidated statements of financial position within fixed maturity securities and mortgage loans on real estate, net of allowance, respectively.

FHLB outstanding advances as of March 31, 2021 are shown below (in thousands, except percentages):

	Principal Amount		Interest Rate		Maturity Date
At March 31, 2021
FHLB advance, fixed rate	$	250,000	0.38	%	4/28/2021

Guarantees

ANICO has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by ANICO. The loans are secured by the cash values of the life insurance policies. If the customer were to default on a bank loan, ANICO would be obligated to pay off the loan. As the cash values of the life insurance policies always equal or exceed the balance of the loans, management does not foresee any loss on these guarantees. The total amount of the guarantees outstanding as of March 31, 2021, was approximately $121.4 million, while the total cash value of the related life insurance policies was approximately $143.8 million.

37

Note 16 – Commitments and Contingencies – (Continued)

Litigation

American National and certain subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain of these lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on American National’s condensed consolidated financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future.

Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on our condensed consolidated financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to American National is remote and no estimate of range can be made for loss contingencies that are at least reasonably possible but not accrued.

Note 17 – Related Party Transactions

American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, health insurance contracts, and legal services. The impact on the condensed consolidated financial statements of significant related party transactions is shown below (in thousands):

		Dollar Amount of Transactions
	Financial Statement Line Impacted	Three months ended March 31,				Amount due from American National
Related Party		2021		2020		March 31, 2021		December 31, 2020
Greer, Herz & Adams, LLP	Other operating expenses	$	3,713	$	3,843	$	(617)	$	(441)

Transactions with Greer, Herz & Adams, LLP: Irwin M. Herz, Jr. is a member of the Board of Directors of American National Group, Inc. and certain of its subsidiaries, and a Partner with Greer, Herz & Adams, LLP, which serves as American National’s General Counsel.

Note 18 – Subsequent Events

On April 28, 2020, the Company borrowed from the Federal Home Loan Bank of Dallas' COVID-19 Relief Advance Program. The net amount of the advance was approximately $245.0 million after a required capital stock purchase of approximately $5.0 million. The loan had an interest rate of 0.38% with a final maturity date of April 28, 2021. The Company paid this advance in full on its maturity date of April 28, 2021. The capital stock purchased for the advance was not sold and is now considered excess stock at the Federal Home Loan Bank of Dallas, and will be available to use in the event of future advances.

38

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

The following pages provide management’s discussion and analysis (“MD&A”) of financial condition and results of operations for the three months ended March 31, 2021 and 2020 of American National Group, Inc. and its subsidiaries (referred to in this document as “we,” “our,” “us,” or the “Company”). This information should be read in conjunction with our condensed consolidated financial statements included in Item 1, Financial Statements, of this Form 10-Q.

Caution Regarding Forward-Looking Statements

Certain statements made in this report, including but not limited to the accompanying condensed consolidated financial statements, and the notes thereto appearing in Item 1 herein, Management's Discussion and Analysis of Financial Condition and Results of Operations in this Item 2 ("MD&A"), and the exhibits and financial statement schedules filed as a part hereof or incorporated by reference herein, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are indicated by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “estimates,” “will” or words of similar meaning, and include, without limitation, statements regarding the outlook of our business and expected financial performance, and statements relating to the COVID-19 pandemic and its effects on the Company. These forward-looking statements are subject to changes and uncertainties which are, in many instances, beyond our control and have been made based upon our assumptions, expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations, that the effect of future developments on us will be as anticipated, or that our risk management policies and procedures will be effective, particularly given the uncertainty relating to the COVID-19 pandemic. We do not make public specific projections relating to future earnings, and we do not endorse any projections regarding future performance made by others. Additionally, we do not publicly update or revise forward-looking statements based on the outcome of various foreseeable or unforeseeable events. Forward-looking statements are not guarantees of future performance and involve various risks and uncertainties. There are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including without limitation risks, uncertainties and other factors discussed in Item 1A of our 2020 Form 10-K filed with the SEC on March 4, 2021 and elsewhere in this report.

Many of these risks and uncertainties have been exacerbated by the COVID-19 pandemic, particularly those described in the Economic and Investment Risk Factors, Litigation and Regulation Risk Factors, and Reinsurance and Counterparty Risk Factors in the Company's Form 10-K filed with the SEC on March 4, 2021. Risks and uncertainties include the following:

•Economic & Investment Risk Factors

•potential for difficult conditions in the economy, which may not improve in the near future, and risks related to persistently low or unpredictable interest rates;

•fluctuations in the markets for fixed maturity securities, equity securities, and commercial real estate, which could adversely affect the valuation of our investment portfolio, our net investment income, our retirement expense, and sales of or fees from certain of our products;

•lack of liquidity for certain of our investments;

•risk of investment losses and defaults;

•Risk Factors Relating to Our Business and Industry

•the impact of major public health issues, like COVID-19;

•differences between actual experience regarding mortality, morbidity, persistency, expense, surrenders and investment returns, and our assumptions for product pricing, establishing liabilities and reserves or for other purposes;

•changes in our experience related to deferred policy acquisition costs;

•advances in medical technology and testing, which may increase our adverse selection risk;

•potentially adverse rating agency actions;

39

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

•Information Technology Risk Factors

•failures or limitations of our computer, information security and administration systems;

•failure to complete and implement technology initiatives in a timely manner;

•Catastrophic Event Risk Factors

•natural or man-made catastrophes resulting in increased claims activity from catastrophic loss of life or property;

•the effects of global climate change;

•Marketplace Risk Factors

•the highly competitive nature of the insurance and annuity business;

•potential difficulty in attraction and retention of qualified employees and agents;

•the introduction of alternative healthcare solutions or changes in federal healthcare policy, both of which could impact our supplemental healthcare business;

•Litigation and Regulation Risk Factors

•adverse determinations in litigation or regulatory proceedings which may result in significant financial losses and harm to our reputation;

•significant changes in government regulation;

•changes in tax law;

•changes in statutory or U.S. Generally Accepted Accounting Principles (“GAAP”), practices or policies;

•Reinsurance and Counterparty Risk Factors

•potential changes in the availability, affordability, adequacy and collectability of reinsurance protection;

•potential default or failure to perform by the counterparties to our reinsurance arrangements and derivative instruments;

•Risk Factors Relating to Our Corporate Structure and Ownership of Our Common Stock

•state law limitations on the payment of dividends by our subsidiaries, which could limit the amount of dividends we pay;

•control of our Company by a small number of stockholders;

•anti-takeover provisions in our governing documents;

•the designation in our governing documents of the Delaware Court of Chancery as the exclusive forum for substantially all disputes between our stockholders and us;

•General Risk Factors

•potential employee error or misconduct, which may result in fraud or adversely affect the execution and administration of our policies and claims;

•potential ineffectiveness of our risk management policies and procedures;

•the effects of unanticipated events on our disaster recovery and business continuity planning; and

•potential ineffectiveness of our internal controls over financial reporting.

40

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

COVID-19 Response

A summary of actions the company has taken in response to COVID-19 through December 31, 2020 is disclosed in our 2020 Annual Report on form 10-K filed with the SEC on March 4, 2021. Below is a summary of subsequent developments in our COVID-19 response:

•We have taken steps to protect employees with the goals of maintaining their health and sustaining an adequate workforce, including directing as many employees as possible to work from home and offering flexibility for employees negotiating scheduling conflicts due to the impacts of COVID-19, such as caring for family, alternative arrangements and shutdowns for business and schools, self-isolation or personal illness, including granting additional paid time off to get vaccinations and to address these hardships.

•We suspended our summer Internship Program for 2020 and in 2021 are piloting a program which combines both virtual and in-person elements for a small group of interns.

•We developed and continue to refine return-to-office programs as we transition through the different reopening situations at our locations. During the first quarter of 2021, viral infections in the general population have begun to increase again resulting in resumption of restrictions in certain areas in which we operate. As a result, we have temporarily paused further return-to-office plans at our locations until June 2021. At that time, we will potentially be gradually re-introducing more employees to our office locations and are exploring longer-term plans to offer employees hybrid work schedules, where possible.

No assurance can be given that these actions will be successful, nor can we predict the level of disruption that will occur should the COVID-19 pandemic and its related macroeconomic risks continue for an extended period of time. Given this uncertainty, we are unable to quantify with reasonable confidence the expected impact of the COVID-19 pandemic on our future operations, financial condition, liquidity and results of operations. The wide-ranging social, economic and financial consequences of the COVID-19 pandemic and the possible effects of ongoing and future governmental action in response to COVID-19 compound this uncertainty. Additional information regarding risks and uncertainties related to the COVID-19 pandemic are set forth in Part II, Item 1A, Risk Factors of our 2020 Form 10-K filed with the SEC on March 4, 2021. For additional information regarding the direct and indirect impact to mortality refer to Item 2. MD&A, Life.

This MD&A should be read in conjunction with our condensed consolidated financial statements and related notes included in Part I - Financial Information - Item 1, Financial Statements.

41

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Overview

American National Insurance Company ("ANICO"), founded in 1905 and headquartered in Galveston, Texas, and other American National ("ANAT") subsidiaries offer a broad spectrum of products and services, which include life insurance, annuities, property and casualty insurance, health insurance, credit insurance, and pension products. The American National companies operate in all 50 states, the District of Columbia and Puerto Rico. In addition to ANICO, major subsidiaries include American National Life Insurance Company of Texas, American National Life Insurance Company of New York, American National Property and Casualty Company, Garden State Life Insurance Company, Standard Life and Accident Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company.

General Trends

During the first quarter of 2021, American National had no material changes to the general trends discussed in the MD&A included in our 2020 Annual Report on Form 10-K filed with the SEC on March 4, 2021. However, please see the "COVID-19 Response and Update" discussion above for general information about the pandemic's impact on us.

Critical Accounting Estimates

The unaudited interim condensed consolidated financial statements have been prepared in conformity with GAAP. In addition to GAAP, insurance companies apply specific SEC regulations when preparing the condensed consolidated financial statements. The preparation of the condensed consolidated financial statements and notes requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from results reported using those estimates and assumptions. Our accounting policies inherently require the use of judgment relating to a variety of assumptions and estimates, particularly expectations of current and future mortality, morbidity, persistency, expenses, interest rates, and property and casualty loss frequency, severity, claim reporting and settlement patterns. Due to the inherent uncertainty when using the assumptions and estimates, the effect of certain accounting policies under different conditions or assumptions could vary from those reported in the condensed consolidated financial statements.

For a discussion of our critical accounting estimates, see the MD&A in our 2020 Annual Report on Form 10-K filed with the SEC on March 4, 2021.

Recently Issued Accounting Pronouncements

Refer to Note 3, Recently Issued Accounting Pronouncements, of the Notes to the Unaudited Condensed Consolidated Financial Statements in Item 1.

42

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Condensed Consolidated Results of Operations

The following sets forth the condensed consolidated results of operations (in thousands):

	Three months ended March 31,
	2021		2020		Change
PREMIUMS AND OTHER REVENUES
Premiums	$	562,653	$	536,768	$	25,885
Other policy revenues	86,539		79,605		6,934
Net investment income	269,981		130,991		138,990
Net realized investments gains	19,239		4,148		15,091
Change in investment credit loss	(5,486)		(44,678)		39,192
Net gains (losses) on equity securities	95,940		(332,575)		428,515
Other income	9,752		11,133		(1,381)
Total premiums and other revenues	1,038,618		385,392		653,226
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	190,877		145,268		45,609
Claims incurred	268,386		264,594		3,792
Interest credited to policyholders’ account balances	107,787		(4,323)		112,110
Commissions for acquiring and servicing policies	153,685		130,435		23,250
Other operating expenses	133,502		133,926		(424)
Change in deferred policy acquisition costs (1)	(28,119)		(1,672)		(26,447)
Total benefits, losses and expenses	826,118		668,228		157,890
Income (loss) before federal income taxes and other items	$	212,500	$	(282,836)	$	495,336

(1) A negative amount of change indicates more expense was deferred than amortized and represents a decrease to expenses in the period indicated.

Comparison of the three months ended March 31, 2021 to 2020

Earnings increased primarily due to the following:

•An increase in net gains on equity securities resulting from favorable market conditions in the three months ended March 31, 2021 compared to a net loss on equity securities in the same period in 2020 driven by unfavorable market conditions as a result of the COVID-19 pandemic

•An increase in earnings in our Annuity segment driven by our equity indexed annuity products

•An increase in net investment income due to higher option gains resulting from favorable market conditions

The increase in earnings was partially offset due to the following:

•Increase in claims which reduced the earnings from our Life segment

43

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Life

Life segment financial results for the periods indicated were as follows (in thousands):

	Three months ended March 31,
	2021		2020		Change
PREMIUMS AND OTHER REVENUES
Premiums	$	100,779	$	89,516	$	11,263
Other policy revenues	81,508		75,540		5,968
Net investment income	67,797		45,575		22,222
Other income	458		736		(278)
Total premiums and other revenues	250,542		211,367		39,175
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	146,160		110,466		35,694
Interest credited to policyholders’ account balances	19,770		(1,903)		21,673
Commissions for acquiring and servicing policies	45,420		39,467		5,953
Other operating expenses	47,041		47,480		(439)
Change in deferred policy acquisition costs (1)	(14,469)		(7,838)		(6,631)
Total benefits, losses and expenses	243,922		187,672		56,250
Income before federal income taxes and other items	$	6,620	$	23,695	$	(17,075)

(1)A negative amount of change indicates more expense was deferred than amortized and represents a decrease to expenses in the period indicated.

Comparison of the three months ended March 31, 2021 to 2020

Earnings for our Life segment decreased primarily due to the following:

•An overall increase in mortality which includes claims directly and indirectly attributable to COVID-19

The decrease in earnings was partially offset by the following:

•Improved persistency and an increase in sales, resulting in an increase in premiums and other policy revenues

44

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Life Insurance Sales

The following table presents life insurance sales as measured by annualized premium, a statistical measure used by the insurance industry, which allows a comparison of new policies sold by an insurance company during the period (in thousands):

	Three months ended March 31,
	2021		2020		Change
Traditional life	$	15,757	$	14,974	$	783
Universal life	8,376		6,150		2,226
Indexed UL	8,370		6,802		1,568
Total recurring	32,503		27,926		4,577
Single and excess (1)	378		202		176
Credit life (1)	1,657		2,184		(527)
Total annualized premium	$	34,538	$	30,312	$	4,226

(1)These are weighted amounts representing 10% of single and excess premiums.

Life insurance sales are based on the total yearly premium that insurance companies would expect to receive if all recurring premium policies would remain in-force, plus 10% of single and excess premiums. Life insurance sales measure activity associated with gaining new insurance business in the current period, and includes deposits received related to interest sensitive life and universal life-type products. Whereas GAAP premium revenues are associated with policies sold in current and prior periods, and deposits received related to interest sensitive life and universal life-type products are recorded in a policyholder account which is reflected as a liability. Therefore, a reconciliation of premium revenues and insurance sales is not meaningful.

Total Life sales increased during the three months ended March 31, 2021 compared to 2020 primarily due to higher Universal Life and Indexed Universal Life sales.

Policy In-force Information

The following table summarizes changes in the Life segment’s in-force amounts (in thousands):

	March 31, 2021		December 31, 2020		Change
Life insurance in-force
Traditional life	$	93,497,659	$	91,920,577	$	1,577,082
Interest-sensitive life	36,920,337		36,326,621		593,716
Total life insurance in-force	$	130,417,996	$	128,247,198	$	2,170,798

The following table summarizes changes in the Life segment’s number of policies in-force:

	March 31, 2021	December 31, 2020	Change
Number of policies in-force
Traditional life	1,792,484	1,832,536	(40,052)
Interest-sensitive life	272,377	269,668	2,709
Total number of policies in-force	2,064,861	2,102,204	(37,343)

Life insurance in-force increased during the three months ended March 31, 2021 compared to December 31, 2020 despite a reduction of policies in-force due to an increase in sales of higher face amount policies.

Change in Deferred Policy Acquisition Costs

The change in DAC represents acquisition costs capitalized less the amortization of existing DAC. The following shows the components of the change in DAC (in thousands):

	Three months ended March 31,
	2021		2020		Change
Acquisition cost capitalized	$	(43,256)	$	(33,353)	$	(9,903)
Amortization of DAC	28,787		25,515		3,272
Change in DAC	$	(14,469)	$	(7,838)	$	(6,631)

45

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Annuity

Annuity segment financial results for the periods indicated were as follows (in thousands):

	Three months ended March 31,
	2021		2020		Change
PREMIUMS AND OTHER REVENUES
Premiums	$	24,241	$	15,509	$	8,732
Other policy revenues	5,031		4,065		966
Net investment income	153,864		41,541		112,323
Other income	856		638		218
Total premiums and other revenues	183,992		61,753		122,239
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	44,717		34,802		9,915
Interest credited to policyholders’ account balances	88,017		(2,420)		90,437
Commissions for acquiring and servicing policies	23,042		10,248		12,794
Other operating expenses	12,181		11,876		305
Change in deferred policy acquisition costs (1)	(11,071)		7,286		(18,357)
Total benefits, losses and expenses	156,886		61,792		95,094
Income (loss) before federal income taxes and other items	$	27,106	$	(39)	$	27,145

(1)A negative amount of change indicates more expense was deferred than amortized and represents a decrease to expenses in the period indicated.

Comparison of the three months ended March 31, 2021 to 2020

Earnings for our Annuity segment increased primarily due to the following:

•An increase in net investment income due to higher option gains resulting from favorable market conditions

•Favorable mark-to-market impact for equity indexed annuity products due to favorable interest rates

•Lower DAC amortization for fixed deferred products due to an increase in estimated gross profits driven by higher projected future interest rates compared to our previous expectations

46

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Annuity premium and deposit amounts received are shown below (in thousands):

	Three months ended March 31,
	2021		2020		Change
Fixed deferred annuity	$	123,752	$	118,410	$	5,342
Single premium immediate annuity	28,530		22,758		5,772
Equity-indexed deferred annuity	202,856		57,976		144,880
Variable deferred annuity	14,187		15,681		(1,494)
Total premium and deposits	369,325		214,825		154,500
Less: Policy deposits	345,084		199,316		145,768
Total earned premiums	$	24,241	$	15,509	$	8,732

Annuity premium and deposits increased primarily for equity indexed deferred products during the three months ended March 31, 2021 compared to 2020 reflecting the competitiveness of the product.

Change in Deferred Policy Acquisition Costs

The change in DAC represents acquisition costs capitalized less the amortization of existing DAC, which is calculated in proportion to expected gross profits. The following shows the components of the change in DAC (in thousands):

	Three months ended March 31,
	2021		2020		Change
Acquisition cost capitalized	$	(23,488)	$	(11,525)	$	(11,963)
Amortization of DAC	12,417		18,811		(6,394)
Change in DAC	$	(11,071)	$	7,286	$	(18,357)

The change in acquisition costs capitalized for the three months ended March 31, 2021 strongly correlates with the change in commissions, which increased due to higher sales. The amortization of DAC was lower for the three months ended March 31, 2021 due to an increase in estimated gross profits driven by higher projected future interest rates.

47

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Shown below are the changes in account values (in thousands):

	Three months ended March 31,
	2021		2020
Fixed deferred annuity
Reserve, beginning of period	$	6,635,203	$	6,893,174
Premiums	123,752		118,410
Death and other benefits	(64,071)		(45,937)
Surrenders	(128,156)		(127,941)
Fees	(405)		(463)
Interest and mortality	44,621		47,912
Reserve, end of period	6,610,944		6,885,155
Equity-indexed annuity
Reserve, beginning of period	4,097,013		3,985,166
Premiums	202,856		57,976
Death and other benefits	(11,912)		(11,811)
Surrenders	(75,147)		(73,332)
Fees	(747)		(915)
Interest and mortality	45,932		(52,018)
Reserve, end of period	4,257,995		3,905,066
Single premium immediate annuity
Reserve, beginning of period	1,851,955		1,874,942
Premiums	28,530		22,758
Payments	(49,601)		(54,249)
Interest and mortality	14,701		18,216
Reserve, end of period	1,845,585		1,861,667
Variable deferred annuity
Account value, beginning of period	418,510		385,736
Premiums	14,187		15,681
Other flows	120		959
Surrenders	(21,325)		(30,486)
Fees	(1,256)		(1,063)
Change in market value and other	13,665		(54,898)
Reserve, end of period	423,901		315,929
Total reserve, end of period	$	13,138,425	$	12,967,817

48

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Interest and Mortality Margin

Margins increased during the three months ended March 31, 2021 compared to 2020 due to favorable changes in mark-to-market reserves for indexed annuities. The following table summarizes the interest margin due to the impact of the investment performance, interest credited to policyholder’s account balances, and the end of period assets measured by account balance (in thousands):

	Three months ended March 31,
	2021		2020		Change
Fixed annuity
Fixed investment income	$	88,462	$	93,620	$	(5,158)
Interest credited and mortality	(59,322)		(66,128)		6,806
Interest and mortality margin	29,140		27,492		1,648
Equity-indexed annuity
Fixed investment income	41,719		39,699		2,020
Option return	23,683		(91,778)		115,461
Interest credited and mortality	(45,932)		52,018		(97,950)
Interest and mortality margin	19,470		(61)		19,531
Variable annuity
Separate account management fees	1,247		940		307
Interest and mortality margin	1,247		940		307
Total interest and mortality margin	$	49,857	$	28,371	$	21,486

49

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Health

Health segment financial results for the periods indicated were as follows (in thousands):

	Three months ended March 31,
	2021		2020		Change
PREMIUMS AND OTHER REVENUES
Premiums	$	38,228	$	43,086	$	(4,858)
Net investment income	2,083		2,233		(150)
Other income	4,094		4,527		(433)
Total premiums and other revenues	44,405		49,846		(5,441)
BENEFITS, LOSSES AND EXPENSES
Claims incurred	24,251		34,885		(10,634)
Commissions for acquiring and servicing policies	5,986		8,024		(2,038)
Other operating expenses	10,608		10,629		(21)
Change in deferred policy acquisition costs (1)	854		(23)		877
Total benefits, losses and expenses	41,699		53,515		(11,816)
Income (loss) before federal income taxes and other items	$	2,706	$	(3,669)	$	6,375

(1) A positive amount of change indicates less expense was deferred than amortized and represents an increase to expenses in the period indicated.

Comparison of the three months ended March 31, 2021 to 2020

Earnings for our Health segment increased primarily due to the following:

•A reduction in claims for Medical Expense. There was a single large claim in 2020

•Lower loss ratio for Medicare Supplement as rate increases are approved and implemented

•Lower claims for Supplemental health

50

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Health earned premiums for the periods indicated were as follows (in thousands):

	Three months ended March 31,
	2021		2020		Change
Medicare Supplement	$	18,824	$	21,576	$	(2,752)
MGU	5,185		5,471		(286)
Supplemental insurance	3,889		4,981		(1,092)
Credit Health	3,255		4,174		(919)
Medical expense	1,956		2,197		(241)
Worksite	4,018		3,555		463
Group health	349		369		(20)
All other	752		763		(11)
Total	$	38,228	$	43,086	$	(4,858)

Policy lapses as a result of rate increases drove a decrease in premiums for Medicare Supplement in 2021. Supplemental insurance premiums decreased due to a reduction in sales across all product lines, primarily in Short Term Medical. Premiums for Credit Health decreased as a result of contract terminations.

Health claims incurred for the periods indicated were as follows (in thousands):

	Three months ended March 31,
	2021		2020		Change
Medicare Supplement	$	14,226	$	19,704	$	(5,478)
MGU	3,302		4,643		(1,341)
Supplemental insurance	1,675		3,158		(1,483)
Credit Health	825		728		97
Medical expense	2,280		4,025		(1,745)
Worksite	2,133		1,442		691
Group health	(73)		550		(623)
All other	(117)		635		(752)
Total	$	24,251	$	34,885	$	(10,634)

Favorable claim experience for the three months ended March 31, 2021 is driven by improved benefit ratios resulting from rate increases impacting Medicare Supplement policies. In addition, Supplemental insurance claim severity for the legacy master cancer plan has lessened in 2021. Similarly, Medical Expense claims decreased driven by the aforementioned single large claim in early 2020. MGU claims decreased as a result of large ceded paid claims for one MGU program in 2021.

Change in Deferred Policy Acquisition Costs

The following table presents the components of the change in DAC (in thousands):

	Three months ended March 31,
	2021		2020		Change
Acquisition cost capitalized	$	(2,849)	$	(5,378)	$	2,529
Amortization of DAC	3,703		5,355		(1,652)
Change in DAC	$	854	$	(23)	$	877

51

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Property and Casualty

Property and Casualty segment financial results for the periods indicated were as follows (in thousands, except percentages):

	Three months ended March 31,
	2021			2020			Change
PREMIUMS AND OTHER REVENUES
Net premiums written	$	425,366		$	407,588		$	17,778
Net premiums earned	$	399,405		$	388,657		$	10,748
Net investment income	15,513			16,085			(572)
Other income	3,489			3,733			(244)
Total premiums and other revenues	418,407			408,475			9,932
BENEFITS, LOSSES AND EXPENSES
Claims incurred	244,135			229,709			14,426
Commissions for acquiring and servicing policies	79,237			72,696			6,541
Other operating expenses	53,886			53,004			882
Change in deferred policy acquisition costs (1)	(3,433)			(1,097)			(2,336)
Total benefits, losses and expenses	373,825			354,312			19,513
Income before federal income taxes and other items	$	44,582		$	54,163		$	(9,581)
Loss and loss adjustment expense ratio	61.1		%	59.1		%	2.0		%
Underwriting expense ratio	32.5			32.1			0.4
Combined ratio	93.6		%	91.2		%	2.4		%
Impact of catastrophe events on combined ratio	9.0			3.0			6.0
Combined ratio without impact of catastrophe events	84.6		%	88.2		%	(3.6)		%
Gross catastrophe losses	$	36,932		$	12,566		$	24,366
Net catastrophe losses	$	35,966		$	11,479		$	24,487

(1) A negative amount of change indicates more expense was deferred than amortized and represents a decrease to expenses in the period indicated.

Comparison of the three months ended March 31, 2021 to 2020

Earnings for our Property and Casualty segment decreased primarily due to the following:

•Earnings from our personal products decreased. The decrease was primarily due to significantly higher catastrophe losses caused by freezing conditions in the south and mid-west, which had the greatest impact on our homeowners' loss ratio

The decrease in earnings was partially offset by the following:

•Earnings from our commercial products increased. The increase was driven by lower loss and loss adjustment expense ratios on our automobile and business owner products

Additional Information:

•The increase in commissions expense was primarily attributable to our Specialty Markets Group products, which had increases in direct commissions due to an increase in premiums written and contingent commissions tied to improvements in the loss ratio.

52

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Products

Our Property and Casualty segment consists of: (i) Personal products, marketed primarily to individuals, representing 52% of net premiums written; (ii) Commercial products, focused primarily on agricultural and other business related markets, representing 33% of net premiums written; and (iii) Specialty Markets Group products, marketed through independent managing general agents and managing general underwriters, representing 15% of net premiums written.

Personal Products

Personal Products results for the periods indicated were as follows (in thousands, except percentages):

	Three months ended March 31,
	2021			2020			Change
Net premiums written
Automobile	$	141,425		$	145,011		$	(3,586)
Homeowner	65,691			61,250			4,441
Other Personal	14,078			12,986			1,092
Total net premiums written	$	221,194		$	219,247		$	1,947
Net premiums earned
Automobile	$	134,110		$	137,483		$	(3,373)
Homeowner	70,195			66,699			3,496
Other Personal	12,752			12,454			298
Total net premiums earned	$	217,057		$	216,636		$	421
Loss and loss adjustment expense ratio
Automobile	63.2		%	62.1		%	1.1		%
Homeowner	86.4		%	65.5		%	20.9		%
Other Personal	48.5		%	55.2		%	(6.7)		%
Personal line loss and loss adjustment expense ratio	69.8		%	62.7		%	7.1		%
Combined Ratio
Automobile	87.5		%	86.2		%	1.3		%
Homeowner	115.5		%	98.3		%	17.2		%
Other Personal	78.4		%	89.5		%	(11.1)		%
Personal line combined ratio	96.0		%	90.1		%	5.9		%

Comparison of 2021 to 2020

Automobile: Net premiums written and earned decreased for the first quarter primarily due to a decrease in policies in-force.

Homeowners: Net premiums written and earned increased for the first quarter primarily due to rate increases. The loss and loss adjustment expense and combined ratios increased due to higher catastrophe losses caused by winter storms. Catastrophe losses, net of reinsurance, increased by $16.0 million, to $23.0 million in the first quarter compared to $7.0 million in 2020.

Other Personal: These products include coverages for individuals seeking to protect their personal property and liability not covered within their home and auto policies, such as coverages for watercraft, personal umbrella, and rental owners. Net premiums written and earned increased for the first quarter due to rate increases in the rental owners product. The loss and loss adjustment expense and combined ratios improved for the first quarter due to fewer non-catastrophe losses.

53

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Commercial Products

Commercial Products results for the periods indicated were as follows (in thousands, except percentages):

	Three months ended March 31,
	2021			2020			Change
Net premiums written
Agricultural Business	$	44,773		$	40,982		$	3,791
Automobile	40,066			37,712			2,354
Business Owner	23,087			21,378			1,709
Workers Compensation	20,918			21,012			(94)
Other Commercial	10,075			9,339			736
Total net premiums written	$	138,919		$	130,423		$	8,496
Net premiums earned
Agricultural Business	$	41,323		$	39,073		$	2,250
Automobile	32,366			30,464			1,902
Business Owner	19,814			18,413			1,401
Workers Compensation	17,239			17,596			(357)
Other Commercial	8,847			8,090			757
Total net premiums earned	$	119,589		$	113,636		$	5,953
Loss and loss adjustment expense ratio
Agricultural Business	52.0		%	39.7		%	12.3		%
Automobile	50.6		%	63.5		%	(12.9)		%
Business Owner	76.8		%	94.6		%	(17.8)		%
Workers Compensation	57.1		%	52.9		%	4.2		%
Other Commercial	34.3		%	68.8		%	(34.5)		%
Commercial line loss and loss adjustment expense ratio	55.2		%	59.1		%	(3.9)		%
Combined ratio
Agricultural Business	89.3		%	77.2		%	12.1		%
Automobile	73.5		%	86.8		%	(13.3)		%
Business Owner	111.8		%	130.1		%	(18.3)		%
Workers Compensation	75.0		%	71.1		%	3.9		%
Other Commercial	78.2		%	111.4		%	(33.2)		%
Commercial line combined ratio	85.9		%	89.8		%	(3.9)		%

Comparison of 2021 to 2020

Agricultural Business: Our agricultural business product allows policyholders to customize and cover their agriculture exposure using a package policy, which includes coverage for residences and household contents, farm and ranch buildings and building contents, personal and commercial liability and personal property. Net premiums written and earned increased for the first quarter primarily due to increases in policies in-force and rate increases. The loss and loss adjustment expense and combined ratios increased primarily due to higher catastrophe losses. Catastrophe losses, net of reinsurance, increased by $4.5 million, to $6.7 million in the first quarter compared to $2.2 million in 2020.

Commercial Automobile: Net premiums written and earned increased for the first quarter primarily due to rate increases. The loss and loss adjustment expense ratio and combined ratio improved for the first quarter primarily due to favorable prior year claim development and a decrease in claim frequency as policyholders drove fewer miles due to the impact of COVID-19.

Business Owner: Our business owner product allows policyholders to customize and cover their property and liability exposures using a package policy. Net premiums written and earned increased for the first quarter primarily due to increases in policies in-force and rate increases. The loss and loss adjustment expense and combined ratios improved for the first quarter primarily due to favorable prior year claim development and a decrease in claim frequency.

54

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Workers Compensation: The loss and loss adjustment expense and combined ratios increased for the first quarter primarily due to less favorable prior year claim development and an increase in claim severity.

Other Commercial: Other commercial products primarily provide umbrella and other liability coverages. Net premiums written and earned increased for the first quarter primarily due to an increase in premium for umbrella products. The loss and loss adjustment expense and combined ratios improved primarily due to favorable prior year claim development.

Specialty Markets Products

Specialty Markets product results for the periods indicated were as follows (in thousands, except percentages):

	Three months ended March 31,
	2021			2020			Change
Net premiums written	$	65,254		$	57,916		$	7,338
Net premiums earned	62,758			58,383			4,375
Loss and loss adjustment expense ratio (1)	42.5		%	45.6		%	(3.1)		%
Combined ratio (1)	100.0		%	97.6		%	2.4		%

(1)Ratio does not include fee income.

Specialty Markets products provide protection to borrowers and the creditors that extend credit to them. Products offer coverage against unpaid indebtedness as a result of death, disability, involuntary unemployment or untimely loss to the collateral securing a personal or mortgage loan. Specialty Markets products also include renters, mortgage security, aviation, and private flood insurance.

Comparison of 2021 to 2020

Net written and earned premiums increased for the first quarter primarily due to the addition of new accounts related to the investor property protection product. The loss and loss adjustment expense ratio decreased for the first quarter primarily due to the improvement of loss ratios on products that provide collateral protection related to automobiles, also known as auto GAP business, and collateral protection insurance. The combined ratio increased for the first quarter primarily due to increases in direct commissions as a result of an increase in premiums written and contingent commissions tied to improvements in the loss ratio.

55

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Corporate and Other

Corporate and Other segment financial results for the periods indicated were as follows (in thousands):

	Three months ended March 31,
	2021		2020		Change
OTHER REVENUES
Net investment income	$	30,724	$	25,557	$	5,167
Realized investment gains	19,239		4,148		15,091
Change in investment credit loss	(5,486)		(44,678)		39,192
Net gains (losses) on equity securities	95,940		(332,575)		428,515
Other income	855		1,499		(644)
Total other revenues	141,272		(346,049)		487,321
BENEFITS, LOSSES AND EXPENSES
Other operating expenses	9,786		10,937		(1,151)
Total benefits, losses and expenses	9,786		10,937		(1,151)
Income (loss) before federal income taxes and other items	$	131,486	$	(356,986)	$	488,472

Comparison of the three months ended March 31, 2021 to 2020

Earnings for our Corporate and Other segment increased primarily due to the following:

•An increase in net gains on equity securities due to an increase in the S&P 500 of 5.8% for the three months ended March 31, 2021 compared to a 20.0% decrease for the same period in 2020, which reflects the impact from the declaration of a pandemic in March of 2020

•Expense for credit losses decreased; the expense for credit losses in the previous year was due to economic disruptions caused by the COVID-19 pandemic

56

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Investments

We manage our investment portfolio to optimize the rate of return commensurate with sound and prudent asset selection and to maintain a well-diversified portfolio in support of our products and capital. Our investment operations are regulated primarily by the state insurance departments where our insurance companies are domiciled. Investment activities, including setting investment policies and defining acceptable risk levels, are subject to oversight by our Board of Directors, which is assisted by our Finance Committee, ALM Committee and Enterprise Risk Management Committee.

Our insurance and annuity products are generally supported by investment-grade bonds and commercial mortgage loans. We also invest in equity options as a hedge for our indexed products. We purchase fixed maturity securities and designate them as either held-to-maturity or available-for-sale considering our estimated future cash flow needs. We also monitor the composition of our fixed maturity securities classified as held-to-maturity and available-for-sale and adjust the mix within the portfolio as investments mature or new investments are purchased.

We invest in commercial mortgage loans when the yield and credit risk compare favorably with fixed maturity securities. Individual residential mortgage loans including sub-prime or Alt-A mortgage loans have not been and are not expected to be part of our investment portfolio. We purchase real estate and equity investments based on a risk and reward analysis where we believe there are opportunities for enhanced returns.

The following summarizes the carrying values of our invested assets by asset class (in thousands, except percentages):

	March 31, 2021				December 31, 2020
Fixed maturity, bond held-to-maturity, at amortized cost	$	7,475,862	29.5	%	$	7,354,970	29.2	%
Fixed maturity, bond available-for-sale, at fair value	7,397,792		29.2		7,597,180		30.1
Equity securities, at fair value	2,164,146		8.5		2,070,766		8.2
Mortgage loans on real estate, net of allowance	5,141,094		20.3		5,242,531		20.8
Policy loans	369,525		1.5		373,014		1.5
Real estate and real estate partnerships, net of accumulated depreciation	938,189		3.7		960,572		3.8
Investment funds	523,225		2.1		477,135		1.9
Short-term investments	1,212,342		4.8		1,028,379		4.1
Other invested assets	94,316		0.4		94,415		0.4
Total investments	$	25,316,491	100.0	%	$	25,198,962	100.0	%

The increase in our total investments at March 31, 2021 compared to year-end 2020 was primarily the result of an increase in short-term investments.

Bonds—We allocate most of our fixed maturity securities to support our insurance business. At March 31, 2021, our fixed maturity securities had an estimated fair value of $15.3 billion, which was $0.8 billion, or 5.4%, above amortized cost. At December 31, 2020, our fixed maturity securities had an estimated fair value of $15.6 billion, which was $1.2 billion, or 8.0%, above amortized cost. The estimated fair value for securities due in one year or less was $0.9 billion and $1.1 billion as of March 31, 2021 and December 31, 2020, respectively. For additional information regarding total bonds by credit quality rating. Refer to Note 4, Investments in Securities, of the Notes to the Unaudited Condensed Consolidated Financial Statements.

Equity Securities—We invest in the equity securities of companies traded on national U.S. stock exchanges. See Note 4, Investments in Securities, of the Notes to the Unaudited Condensed Consolidated Financial Statements for the unrealized and realized gains and losses of equity securities.

Mortgage Loans—We invest in commercial mortgage loans that are diversified by property-type and geography. Generally, mortgage loans are secured by first liens on income-producing real estate with a loan-to-value ratio of up to 75%. Mortgage loans are generally carried at outstanding principal balances, adjusted for any unamortized premium or discount, deferred fees or expenses, and net of allowances. The weighted average coupon yield on the principal funded for mortgage loans was 4.7% and 4.8% at March 31, 2021 and December 31, 2020, respectively. For additional information regarding mortgage loans refer to Note 5, Mortgage Loans, of the Notes to the Unaudited Condensed Consolidated Financial Statements.

57

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Policy Loans—For certain life insurance products, policyholders may borrow funds using the policy’s cash value as collateral. The maximum amount of the policy loan depends upon the policy’s surrender value. As of March 31, 2021, we had $369.5 million in policy loans with a loan to surrender value of 55%, and at December 31, 2020, we had $373.0 million in policy loans with a loan to surrender value of approximately 56%. Interest rates on policy loans primarily range from 3.0% to 12.0% per annum. Policy loans may be repaid at any time by the policyholder and have priority to any claims on the policy. If the policyholder fails to repay the policy loan, funds are withdrawn from the policy’s benefits.

Real Estate and Real Estate Partnerships—We invest in commercial real estate where positive cash flows and/or appreciation in value is expected. Real estate may be owned directly by our insurance companies or non-insurance affiliates or indirectly in joint ventures with real estate developers or investors we determine share our perspective regarding risk and return relationships. The carrying value of real estate is stated at cost, less accumulated depreciation and impairments, if any. Depreciation is provided over the estimated useful lives of the properties. The carrying value of our real estate partnerships is determined by using the equity method of accounting.

Investment Funds—Our investment funds are primarily comprised of senior secured and second lien private loans that are secured by assets, revenues and credit/balance sheet lending. We recognize our share of the fund’s earnings in net investment income on a one-quarter lag under the equity method of accounting. Cash distributions are received from the earnings and from liquidation of underlying investments.

Short-Term Investments—Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor’s and Moody’s, respectively. The amount fluctuates depending on our view of the desirability of investing in the available long-term investment opportunities and our liquidity needs, including mortgage investment-funding commitments.

Other Invested Assets—Other invested assets are comprised primarily of pooled loans to mid-sized businesses which are initiated and administered by third-party managers. These loans are carried at fair value. Other invested assets also include equity-indexed options, carried at fair value, net of collateral provided by counterparties; such collateral is restricted to the Company’s use. Additionally, other invested assets include FHLB capital stock, mineral rights, mezzanine loans and lease financing arrangements, all of which are carried at cost.

Net Investment Income and Net Realized Gains (Losses)

Net investment income increased $139.0 million during the three months ended March 31, 2021 compared to 2020 primarily due to higher gains on options from improvement in the S&P 500 Index.

Interest income on mortgage loans is accrued on the principal amount of the loan at the contractual interest rate. Accretion of discounts is recorded using the effective yield method. Interest income, accretion of discounts and prepayment fees are reported in net investment income. Interest is not accrued on loans generally more than 90 days past due or when the collection of interest is not considered probable. Loans in foreclosure are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received.

Net realized investment gains increased $15.1 million during the three months ended March 31, 2021 compared to 2020 primarily attributable to an increase in sales of real estate partnership interests. Net realized investment gains (losses) are shown below (in thousands):

	Three months ended March 31,
	2021		2020
Bonds	$	7,699	$	5,478
Real estate	11,193		(1,307)
Other invested assets	347		(23)
Total	$	19,239	$	4,148

58

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Net Unrealized Gains and Losses

The unrealized gains and losses of our fixed maturity securities investment portfolio are shown below (in thousands):

	March 31, 2021		December 31, 2020		Change
Held-to-Maturity
Gains	$	474,188	$	639,648	$	(165,460)
Losses	(41,283)		(11,437)		(29,846)
Net gains	432,905		628,211		(195,306)
Available-for-Sale
Gains	406,386		548,996		(142,610)
Losses	(46,818)		(17,476)		(29,342)
Net gains	359,568		531,520		(171,952)
Total	$	792,473	$	1,159,731	$	(367,258)

The net change in the unrealized gains on fixed maturity securities between March 31, 2021 and December 31, 2020 is primarily attributable to the increase in benchmark ten-year interest rates, which were 1.8% and 0.9% respectively. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position.

Liquidity

As a result of the holding company reorganization, ANICO became a wholly owned subsidiary of ANAT. ANAT's source of liquidity is solely derived from dividends received from ANICO.

We are monitoring our liquidity needs closely. In April 2020, the Company borrowed $500.0 million from the Federal Home Loan Bank of Dallas' COVID-19 Relief Advance Program. As of March 31, 2021, one advance totaling $250.0 million was outstanding and was repaid on its maturity date of April 28, 2021. The available liquidity immediately following the repayment was approximately $1.1 billion.

As a result of the impacts of COVID-19, state insurance departments across the country issued regulations that required us not to cancel policies for non-payment for varying amounts of time but generally for at least 90-day periods which began in March and early April 2020. The cancellation and grace periods have been lifted in most states.

The primary use of cash has been and is expected to continue to be payment of policyholder benefits and claims incurred. Current and expected patterns of claim frequency and severity may change from period to period but continue to be within historical norms. Management currently considers our current liquidity position to be sufficient to meet anticipated demands over the next twelve months. Our contractual obligations are not expected to have a significant negative impact to cash flows from operations.

Our defined benefit plans are frozen and currently adequately funded; however, low interest rates, increased longevity of participants, and rising Pension Benefit Guaranty Corporation (“PBGC”) premiums may cause us to increase our funding of the plans.

We are currently evaluating the renovation and modernization of our home office facilities. This could result in capital expenditures that could aggregate to approximately $100 million over a three year period beginning in 2021; however, current uncertainties relating to the COVID-19 pandemic could cause us to lower or delay anticipated spending on capital investment projects. There are no other unusually large capital expenditures expected in the next 12-24 months.

We have consistently paid dividends to our stockholders and expect to continue this tradition. There are no other known trends or uncertainties regarding product pricing, changes in product lines or rising costs that are expected to have a significant impact to cash flows from operations, although uncertainties relating to the COVID-19 pandemic could still significantly impact one or more of these items.

59

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Funds received as premium payments and deposits that are not used for liquidity requirements are generally invested in bonds and commercial mortgages. Funds are invested with the intent that income from the investments and proceeds from the maturities will meet our ongoing cash flow needs. We historically have not had to liquidate invested assets in order to cover cash flow needs. Our investment portfolio was significantly impacted by volatility associated with COVID-19 during 2020. We believe our portfolio of highly liquid bonds, available-for-sale investment securities, and equity securities, coupled with our ability to borrow funds through the FHLB, are sufficient to meet future liquidity needs as necessary.

As a result of the economic impact associated with COVID-19, American National originally granted 93 loan modifications during the second and third quarters of 2020 with a total balance of $1.6 billion 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. Modifications were primarily related to our loans to hotels, retail and parking operations. Due to the ongoing economic stress brought on by the pandemic, we made additional modifications in the first quarter of 2021 for 24 of these loans with a total balance of $633.6 million which extended the forbearance of principal and interest payments and interest only provisions but also included 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 $17.0 million as of March 31, 2021.

The Company holds collateral of $251.9 million at March 31, 2021 to offset exposure from its derivative counterparties. Cash flows associated with collateral received from counterparties change as the market value of the underlying derivative contract changes.

Our cash and cash equivalents and short-term investment position increased from $1.4 billion at December 31, 2020 to $1.7 billion at March 31, 2021. The increase in cash is a result of reduced investment in long-term securities due to market uncertainty.

A downgrade or a potential downgrade in our financial strength ratings could result in a loss of business and could adversely affect our cash flows from operations.

Further information regarding additional sources or uses of cash is described in Note 16, Commitments and Contingencies, of the Notes to the Unaudited Condensed Consolidated Financial Statements.

Capital Resources

Our capital resources are summarized below (in thousands):

	March 31, 2021		December 31, 2020
American National stockholders’ equity, excluding accumulated other comprehensive income (“AOCI”), net of tax	$	6,384,244	$	6,236,100
Accumulated other comprehensive income	119,959		222,170
Total American National stockholders’ equity	$	6,504,203	$	6,458,270

We have notes payable relating to borrowings by real estate joint ventures that we consolidate into our financial statements that are not part of our capital resources. The lenders for the notes payable generally have no recourse against us in the event of default by the joint ventures. Therefore, the liability we have for these notes payable is limited to our investment in the respective ventures, which totaled $2.9 million and $3.0 million at March 31, 2021 and December 31, 2020, respectively.

60

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

The changes in our capital resources are summarized below (in thousands):

	March 31, 2021						December 31, 2020
	Capital and Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total		Capital and Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Net income attributable to American National	$	170,173	$	—	$	170,173	$	467,505	$	—	$	467,505
Dividends to shareholders	(22,048)		—		(22,048)		(88,190)		—		(88,190)
Change in net unrealized gains on debt securities	—		(106,264)		(106,264)		—		134,315		134,315
Foreign currency transaction and translation adjustment	—		244		244		—		235		235
Defined benefit pension plan adjustment	—		3,809		3,809		—		(11,898)		(11,898)
Cumulative effect of accounting change (1)	—		—		—		(33,500)		—		(33,500)
Other	—		—		—		54		—		54
Total	$	148,125	$	(102,211)	$	45,914	$	345,869	$	122,652	$	468,521

(1) Result of adoption of ASU-2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.

Statutory Capital and Surplus and Risk-based Capital

Statutory capital and surplus is the capital of our insurance companies reported in accordance with accounting practices prescribed or permitted by the applicable state insurance departments. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, investment risks related to the type and quality of investments, insurance risks associated with products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level of at least 200% of the authorized control level RBC are required to take certain actions. At March 31, 2021 and December 31, 2020, ANICO’s statutory capital and surplus was $3.7 billion and $3.6 billion, respectively. ANICO and each of our other insurance subsidiaries had statutory capital and surplus at March 31, 2021 and December 31, 2020 above 200% of the authorized control level, except for ANPAC Louisiana Insurance Company ("ANPLA").

At March 31, 2021 and December 31, 2020, ANPLA's statutory capital and surplus was $63.5 million and $68.5 million, which resulted in an RBC level of 179% and 194% of the authorized control level, respectively. This decrease in RBC of ANPLA is primarily driven by an increase in homeowners catastrophe losses during 2021 and 2020, respectively. We are actively managing our homeowners exposure of ANPLA, will continue to monitor the surplus levels and will be addressing rate adequacy through future planned rate and underwriting actions.

The achievement of long-term growth will require growth in our insurance subsidiaries’ statutory capital and surplus. Our subsidiaries may obtain additional statutory capital through various sources, such as retained statutory earnings or equity contributions from us.

Contractual Obligations

Our future cash payments associated with claims and claims adjustment expenses, life, annuity and disability obligations, contractual obligations pursuant to operating leases for office space and equipment, and notes payable have not materially changed since December 31, 2020. We expect to have the capacity to pay our obligations as they come due.

At March 31, 2021, the Company had a $250 million advance outstanding with Federal Home Loan Bank. On April 28, 2021, the advance was paid in full. It is expected the Company will have sufficient cash flow to meet its current lending commitments. For additional details see Note 16, Commitments and Contingencies, and Note 18, Subsequent Events, of the Notes to the Unaudited Condensed Consolidated Financial Statements.

Off-Balance Sheet Arrangements

We have off-balance sheet arrangements relating to third-party marketing operation bank loans as discussed in Note 16, Commitments and Contingencies, of the Notes to the Unaudited Condensed Consolidated Financial Statements. We could be exposed to a liability for these loans, which are supported by the cash value of the underlying insurance contracts. The cash value of the life insurance policies is designed to always equal or exceed the balance of the loans. Accordingly, management does not foresee any material loss related to these arrangements.

61

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Related-Party Transactions

We have various agency, consulting and service arrangements with individuals and entities considered to be related parties. Each of these arrangements has been reviewed and approved by our Audit Committee, which retains final decision-making authority for these transactions. The amounts involved, both individually and in the aggregate, with these arrangements are not material to any segment or to our overall operations. For additional details regarding significant related party transactions, see Note 17, Related Party Transactions, of the Notes to the Unaudited Condensed Consolidated Financial Statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our market risk has not changed materially from those disclosed in our 2020 Annual Report on form 10-K filed with the SEC on March 4, 2021, although the recent economic disruptions caused by the COVID-19 pandemic has added greater uncertainty to the credit risk and equity risk that we face.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to provide reasonable assurance that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief

Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of March 31, 2021. Based upon that evaluation and subject to the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2021, the design and operation of the Company’s disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

Management has monitored the internal controls over financial reporting, including any material changes to the internal control over financial reporting. There were no changes in the Company’s internal control over financial reporting (as that term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information required for Item 1 is incorporated by reference to the discussion under the heading “Litigation” in Note 16, Commitments and Contingencies, of the Notes to the Unaudited Condensed Consolidated Financial Statements.

ITEM 1A. RISK FACTORS

There have been no material changes to the "Risk Factors" discussion in Item 1A of our 2020 Form 10-K filed with the SEC on March 4, 2021.

62

ITEM 6. EXHIBITS

Exhibit Number	Description
2.1	Agreement and Plan of Merger, dated February 11, 2020, among American National Insurance Company, a Texas insurance company ("ANICO"), American National Group, Inc., a Delaware corporation ("ANAT"), and AN MergerCo., Inc., a Texas corporation (incorporated by reference to Annex I to the Proxy Statement/Prospectus filed on March 25, 2020).
3.1	Amended and Restated Certificate of Incorporation of ANAT (incorporated by reference to Annex II of the Proxy Statement/Prospectus filed with the SEC on March 25, 2020).
3.2	Restated Articles of Incorporation, as amended, of ANICO (incorporated by reference to Exhibit No. 3.1 to the registrant's Registration Statement on Form 10-12B filed April 10, 2009).
3.3	Amended and Restated Bylaws of ANAT (incorporated by reference to Annex III of the Proxy Statement/Prospectus filed with the SEC on March 25, 2020)
3.4	Amended and Restated Bylaws of ANICO (incorporated by reference to Exhibit No. 3.2 to the registrant's Current Report on Form 8-K filed February 23, 2018).
10.1*	Form of Restricted Stock Unit Agreement for Directors (filed herewith).
31.1	Certification of the principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of the principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of the principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

*Management contract or compensatory plan or arrangement

63

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

By:	/s/ James E. Pozzi
Name:	James E. Pozzi
Title:	President and Chief Executive Officer
By:	/s/ Brody J. Merrill
Name:	Brody J. Merrill
Title:	Senior Vice President, Chief Financial Officer and Treasurer

Date: May 6, 2021

64

EX-10.1

Exhibit 10.1

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is made as of this ____ day of ________, 2021, between AMERICAN NATIONAL GROUP, INC., a Delaware corporation (the “Company”), and [NAME] (the “Recipient”).

1.Award. As of the date of this Agreement and upon execution of this Agreement, [____________] restricted stock units (“Restricted Stock Units”) shall be issued to the Recipient as hereinafter provided subject to certain restrictions thereon. The Recipient hereby accepts the Restricted Stock Units, subject to the terms and conditions of this Agreement.

2.Vesting and Settlement.

(a)Vesting by Required Service. Provided that the Recipient serves continuously as a director or advisory director of the Company until such date, the Restricted Stock Units shall become vested (then, “Vested RSUs”) on May 1, 2022 (“Required Service”):

(b)Vesting by Retirement, Death, Disability or Change of Control. Notwithstanding anything to the contrary in Section 2(a), upon the first to occur of Retirement, Death, Disability or Change of Control, each as defined below (a “Vesting Acceleration Date”), any Restricted Stock Units that had not previously vested shall become vested, but only if the Recipient has served continuously as a director or advisory director of the Company until the Vesting Acceleration Date. For purposes of this Agreement, the following terms shall have the following respective meanings:

(i)“Retirement” shall occur on the effective date of the Recipient’s retirement as a director or advisory director of the Company at or after attaining the age of 65.

(ii)“Death” shall be the date of the Recipient’s death.

(iii)“Disability” shall be the date the Company determines, in good faith, that, by reason of a physical or mental condition that has existed for thirty days or more, the Recipient is no longer able to perform the material duties of a director or an advisory director of the Company, at which time the Recipient’s services as a director or advisory director of the Company shall terminate.

(iv)“Change of Control” shall mean the occurrence of any of the following events:

(A)there is a change in ownership of the Company’s outstanding securities after the date of this Agreement that causes any Person (including any group of Persons within the meaning of Rule 13d-5 under the Exchange) other than an Excluded Owner to become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s outstanding securities then entitled to vote for the election of directors;

(B)the Board of Directors of the Company shall approve the sale of all or substantially all of the assets of the Company; or

1

Exhibit 10.1

(C)the Board of Directors of the Company shall approve any merger, consolidation, issuance of securities or purchase of assets, the result of which would be the occurrence of any event described in clause (A) above,

but in each case, to the extent the Restricted Stock Units granted hereunder are subject to Section 409A of the Internal Revenue Code of 1986, as amended, such event constitutes a “change in control event” within the meaning of Treas. Reg. Section 1.409A-3(i)(5).

(v)“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the regulations promulgated thereunder.

(vi)“Excluded Owner” shall mean following Persons, and each of them: Moody National Bank, The Moody Foundation, Moody Medical Research Institute and Moody Methodist Church, together with any director, manager or trustee thereof.

(vii)“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” within the meaning of Rule 13d-5 under the Exchange Act.

(c)Beneficiary upon Death. Notwithstanding anything to the contrary contained in any will or testament previously or in the future executed by the Recipient, and notwithstanding any other beneficiary designation or instructions previously provided by the Recipient, the Recipient hereby designates the following person as the beneficiary of any Restricted Stock Units vesting upon the Recipient’s Death:

Beneficiary

Street Address

City

State

Zip

Such beneficiary designation may be revoked or modified by written notice of the Recipient to the Company. If all of the beneficiary blanks above are not completed and the Recipient has not provided another valid beneficiary designation, the Recipient’s estate will be the beneficiary in the event of the Recipient’s death. If the Recipient has provided or provides another valid designation of beneficiary for any Restricted Stock Units vesting upon the Recipient’s Death and a completed and valid designation is not provided above, the other beneficiary designation will be honored.

Any references to the “Recipient” herein shall in the event of the Recipient’s death mean the beneficiary as provided in this Section 2(c).

(d)Settlement of Vested RSUs.

(i)Any Restricted Stock Units that become Vested RSUs shall be settled, solely in cash, as soon as administratively practicable after the date such Restricted Stock Units become Vested RSUs. Notwithstanding any provision in this Agreement to the contrary, no shares of the Company’s common stock, or any other securities of the Company, shall be issued in settlement of any Restricted Stock Units. Subject to the provisions of Section 2(d)(ii), Restricted Stock Units shall be settled by the

2

Exhibit 10.1

Company by paying the Recipient an amount equal to (A) the number of Vested RSUs multiplied by (B) the unweighted average of the closing prices of the Company’s common stock on the Company’s Principal Stock Exchange (as defined below) for the 20 trading days immediately preceding the date on which such Restricted Stock Units become Vested RSUs. Delivery of the payment may be made to the Recipient at the Recipient’s last address reflected in the records of the Company. Neither the Recipient nor any of the Recipient’s successors, heirs, assigns or personal representatives shall have any rights or interests in the Company’s common stock or any other rights or interests in the Vested RSUs that are settled in accordance with this Section 2(d). Notwithstanding anything herein to the contrary, the Company has no obligation to make the payment prescribed by this Section 2(d) if counsel to the Company determines that such payment would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Company’s common stock is listed or quoted. The Company shall in no event be obligated to take any affirmative action to comply with any such law, rule, regulation or agreement in order to make such payment.

(ii)The Company shall, upon request, provide the Recipient with a “Settlement Option Notice” form, as described herein. A Settlement Option Notice may be used by a the Recipient to provide instructions to the Company on settlement of Vested RSUs and any requested tax withholdings therefrom. Unless the Recipient completes, signs and delivers to the Company a Settlement Option Notice in the manner and by the deadline prescribed by the Settlement Option Notice, the Company shall withhold all federal taxes, and may withhold any state, local and other taxes, applicable to the vesting and settlement of Vested RSUs at the time of such settlement. Such withholding shall be at rates required by and otherwise in accordance with applicable laws and regulations. The Company shall obtain the cash necessary for such withholding by reducing the dollar amount paid upon settlement of the Vested RSUs.

(iii)The term “Principal Stock Exchange” means the principal securities exchange or association upon which the Company’s common stock is listed or quoted and that is open for 20 trading days prior to the date on which the Restricted Stock Units vest.

3.Restrictions on and Limitations of Restricted Stock Units.

(a)Restrictions on Transfer. Except for Restricted Stock Units that transfer to the Recipient’s beneficiary upon the Recipient’s death, the Restricted Stock Units, whether or not vested, may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of.

(b)Forfeiture of Restricted Stock Units. In the event the Recipient’s service as a director or an advisory director of the Company terminates prior to an Acceleration Vesting Date for any reason, other than Retirement, Death or Disability, the Recipient shall, for no consideration, forfeit all Restricted Stock Units that were not vested on such date (for the avoidance of doubt, taking into account the vesting acceleration provisions of Section 2(b)).

3

Exhibit 10.1

(c)Rights Associated With Units. The Restricted Stock Units do not confer any dividend rights, voting rights or any other rights as a shareholder of the Company. The Restricted Stock Units shall be evidenced only by the books of the Company, and no certificate shall be issued in respect thereof.

(d)Corporate Acts. The existence of the Restricted Stock Units shall not affect in any way the right or power of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. The prohibitions of Section 3(a) hereof shall not apply to the transfer of Restricted Stock Units pursuant to a plan of reorganization of the Company.

(e)Securities Regulation. The Restricted Stock Units may not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or state securities laws.

4.Service Relationship. For purposes of this Agreement, the Recipient shall be considered to be a director or an advisory director of the Company as long as the Recipient remains a director or an advisory director of the Company or any successor corporation. Any question as to whether and when there has been a termination of such service, and the cause of such termination, shall be determined by the Company, and its determination shall be final.

5.Notices. Any notices or other communications provided for in this Agreement shall be sufficient if in writing and if made in accordance with any form, content and timing requirements provided herein. In the case of the Recipient, such notices or communications shall be effectively delivered if hand delivered to the Recipient at his principal place of employment or if sent by registered or certified mail to the Recipient at the last address he has filed with the Company. In the case of the Company, such notices or communications shall be effectively delivered if sent by registered or certified mail to the Company at its principal executive offices.

6.Construction and Administration. The Board of Directors of the Company has the power to construe this Agreement. The Board of Directors of the Company also has the authority, in the exercise of its sole and exclusive discretion, to correct any defect or supply any omission or reconcile any inconsistency in this Agreement in the manner and to the extent it shall deem appropriate. The determinations and actions of the Board of Directors shall be conclusive.

7.Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under the Recipient.

8.Controlling Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas.

[Signature Page Follows; Remainder of Page Left Blank]

4

Exhibit 10.1

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Recipient has executed this Agreement, all as of the date first above written.

AMERICAN NATIONAL GROUP, INC.

By:____________________________________

James E. Pozzi

President and Chief Executive Officer

____________________________________

[NAME], Recipient

[Signature Page to Restricted Stock Unit Agreement]

EX-31.1

Exhibit 31.1

CERTIFICATION

I, James E. Pozzi, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American National Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with the generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

/s/ James E. Pozzi

James E. Pozzi

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 6, 2021

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brody J. Merrill, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American National Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with the generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

/s/ Brody J. Merrill

Brody J. Merrill

Senior Vice President,

Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 6, 2021

EX-32.1

Exhibit 32.1

SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

AMERICAN NATIONAL GROUP, INC.

In connection with the Quarterly Report of American National Group, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), We, James E. Pozzi, Chief Executive Officer of the Company and Brody J. Merrill, Chief Financial Officer of the Company certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James E. Pozzi

James E. Pozzi

President and Chief Executive Officer

(Principal Executive Officer)

/s/ Brody J. Merrill

Brody J. Merrill

Senior Vice President,

Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 6, 2021

This certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. This certification will not be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-39369
Entity Registrant Name	American National Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1221711
Entity Address, Address Line One	One Moody Plaza
Entity Address, City or Town	Galveston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77550-7999
City Area Code	409
Local Phone Number	763-4661
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	ANAT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,887,200
Entity Central Index Key	0001801075
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

XML

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $18,854 in 2021 and $12,442 in 2020 (Fair value $7,908,767 in 2021 and $7,983,181 in 2020)	$ 7,475,862	$ 7,354,970
Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $8,716 in 2021 and $7,482 in 2020) (Amortized cost $7,046,940 in 2021 and $7,073,142 in 2020)	7,397,792	7,597,180
Equity securities, at fair value (Cost $777,796 in 2021 and $754,625 in 2020)	2,164,146	2,070,766
Mortgage loans on real estate, net of allowance for credit losses of $126,588 in 2021 and $125,703 in 2020	5,141,094	5,242,531
Policy loans	369,525	373,014
Real estate and real estate partnerships, net of accumulated depreciation of $270,770 in 2021 and $269,626 in 2020	938,189	960,572
Investment funds	523,225	477,135
Short-term investments	1,212,342	1,028,379
Other invested assets	94,316	94,415
Total investments	25,316,491	25,198,962
Cash and cash equivalents	459,087	339,947
Accrued investment income	213,760	216,389
Reinsurance recoverables, net of allowance for credit losses of $14,390 in 2021 and $14,353 in 2020	444,286	414,359
Prepaid reinsurance premiums	40,807	42,804
Premiums due and other receivables	373,136	351,972
Deferred policy acquisition costs	1,421,900	1,360,211
Property and equipment, net of accumulated depreciation of $287,615 in 2021 and $281,738 in 2020	125,810	121,578
Prepaid pension	84,089	80,526
Other assets	162,701	155,600
Separate account assets	1,207,754	1,185,467
Total assets	29,849,821	29,467,815
Future policy benefits
Life	3,149,000	3,149,067
Annuity	1,621,258	1,617,774
Health	48,812	49,658
Policyholders’ account balances	12,960,532	12,812,155
Policy and contract claims	1,637,130	1,575,288
Unearned premium reserve	979,302	956,343
Other policyholder funds	355,898	358,601
Liability for retirement benefits	65,704	70,254
Notes payable	152,607	153,703
Deferred tax liabilities, net	478,469	478,347
Current tax payable	24,499	10,372
Federal Home Loan Bank advance	250,000	250,000
Other liabilities	407,377	335,219
Separate account liabilities	1,207,754	1,185,467
Total liabilities	23,338,342	23,002,248
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 2021 and 2020	269	269
Additional paid-in capital	47,702	47,683
Accumulated other comprehensive income	119,959	222,170
Retained earnings	6,336,273	6,188,148
Total American National stockholders’ equity	6,504,203	6,458,270
Noncontrolling interest	7,276	7,297
Total stockholders' equity	6,511,479	6,465,567
Total liabilities and stockholders' equity	$ 29,849,821	$ 29,467,815

XML

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed maturity, bonds held-to-maturity, at amortized cost	$ 18,854	$ 12,442
Held-to-maturity securities, fair value	7,908,767	7,983,181
Bonds available-for-sale securities, allowance for credit losses	8,716	7,482
Available-for-sale securities, cost or amortized cost	7,046,940	7,073,142
Cost of equity securities	777,796	754,625
Allowance for credit losses	126,588	125,703
Accumulated depreciation of investment real estate	270,770	269,626
Reinsurance recoverables	14,390	14,353
Property and equipment, net of accumulated depreciation	$ 287,615	$ 281,738
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	26,887,200	26,887,200
Common stock, shares outstanding (in shares)	26,887,200	26,887,200

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Premiums
Other policy revenues	$ 86,539	$ 79,605
Net investment income	269,981	130,991
Net realized investment gains	19,239	4,148
Change in investment credit loss	(5,486)	(44,678)
Net gains (losses) on equity securities	95,940	(332,575)
Other income	9,752	11,133
Total premiums and other revenues	1,038,618	385,392
Policyholder benefits
Life	146,160	110,466
Annuity	44,717	34,802
Claims incurred
Health	24,251	34,885
Property and casualty	244,135	229,709
Interest credited to policyholders’ account balances	107,787	(4,323)
Commissions for acquiring and servicing policies	153,685	130,435
Other operating expenses	133,502	133,926
Change in deferred policy acquisition costs	(28,119)	(1,672)
Total benefits, losses and expenses	826,118	668,228
Income before federal income tax and other items	212,500	(282,836)
Less: Provision (benefit) for federal income taxes
Current	16,130	24,503
Deferred	27,041	(86,171)
Total provision (benefit) for federal income taxes	43,171	(61,668)
Income (loss) after federal income tax	169,329	(221,168)
Other components of net periodic pension benefit, net of tax	944	571
Net income (loss)	170,273	(220,597)
Less: Net income (loss) attributable to noncontrolling interest, net of tax	100	(153)
Net income (loss) attributable to American National	$ 170,173	$ (220,444)
Earnings (losses) per share
Basic (in usd per share)	$ 6.33	$ (8.20)
Diluted (in usd per share)	$ 6.33	$ (8.20)
Weighted average common shares outstanding (in shares)	26,877,200	26,881,700
Weighted average common shares outstanding and dilutive potential common shares (in shares)	26,884,899	26,891,675
Life
Premiums
Revenue	$ 100,779	$ 89,516
Annuity
Premiums
Revenue	24,241	15,509
Health
Premiums
Revenue	38,228	43,086
Property and casualty
Premiums
Revenue	$ 399,405	$ 388,657

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 170,273	$ (220,597)
Other comprehensive income (loss), net of tax
Change in net unrealized losses on securities	(106,264)	(112,403)
Foreign currency transaction and translation adjustments	244	(924)
Defined benefit pension plan adjustment	3,809	1,756
Total other comprehensive loss, net of tax	(102,211)	(111,571)
Total comprehensive income (loss)	68,062	(332,168)
Less: Comprehensive income (loss) attributable to noncontrolling interest	100	(153)
Total comprehensive income (loss) attributable to American National	$ 67,962	$ (332,015)

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Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock		Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Noncontrolling Interest
Balance at beginning of the period at Dec. 31, 2019	$ 5,995,763	$ (34,702)	$ 30,832		$ 21,011	$ 99,518	$ 5,946,857	$ (34,702)	$ (108,469)	$ 6,014
Stockholders' Equity [Roll Forward]
Amortization of restricted stock	20				20
Other comprehensive income (loss)	(111,571)					(111,571)
Net income (loss) attributable to American National	(220,444)						(220,444)
Cash dividends to common stockholders	(22,047)						(22,047)
Contributions	546									546
Distributions	(323)									(323)
Net income (loss) attributable to noncontrolling interest	(153)									(153)
Balance at end of the period at Mar. 31, 2020	5,607,089		30,832		21,031	(12,053)	5,669,664		$ (108,469)	6,084
Balance at beginning of the period at Dec. 31, 2020	6,465,567		269	[1]	47,683	222,170	6,188,148			7,297
Stockholders' Equity [Roll Forward]
Amortization of restricted stock	19				19
Other comprehensive income (loss)	(102,211)					(102,211)
Net income (loss) attributable to American National	170,173						170,173
Cash dividends to common stockholders	(22,048)						(22,048)
Contributions	259									259
Distributions	(380)									(380)
Net income (loss) attributable to noncontrolling interest	100									100
Balance at end of the period at Mar. 31, 2021	$ 6,511,479		$ 269	[1]	$ 47,702	$ 119,959	$ 6,336,273			$ 7,276

[1] Refer to Note 1 - Nature of Operations for more information on changes in Common Stock and Treasury Stock resulting from the Company's reorganization effective July 1, 2020.

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Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends to common stockholders (in usd per share)	$ 0.82	$ 0.82	$ 0.82	$ 0.82

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income (loss)	$ 170,273	$ (220,597)
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	(19,239)	(4,148)
Change in investment credit loss	5,486	44,678
Accretion of premiums, discounts and loan origination fees	2,991	1,845
Net capitalized interest on policy loans and mortgage loans	(8,969)	(6,351)
Depreciation	12,688	12,614
Fair value of option securities	(28,827)	108,095
Fair value of equity securities	(95,940)	332,575
Interest credited to policyholders’ account balances	107,787	(4,323)
Charges to policyholders’ account balances	(86,539)	(79,605)
Deferred federal income tax expense	27,041	(86,171)
Income from equity method investments	(23,161)	(15,707)
Distributions from unconsolidated affiliates	17,605	27,246
Changes in:
Policyholder liabilities	130,675	(4,203)
Deferred policy acquisition costs	(28,119)	(1,672)
Reinsurance recoverables	(29,927)	6,207
Premiums due and other receivables	(21,164)	(35,858)
Prepaid reinsurance premiums	1,997	5,862
Accrued investment income	2,629	8,604
Current tax payable	14,127	22,392
Liability for retirement benefits	(3,291)	(2,879)
Other, net	1,313	3,447
Net cash provided by operating activities	149,436	112,051
Proceeds from sale/maturity/prepayment of:
Held-to-maturity securities	446,616	360,849
Available-for-sale securities	249,726	274,697
Equity securities	35,383	27,620
Real estate and real estate partnerships	11,119	964
Mortgage loans	267,290	105,964
Policy loans	15,106	12,414
Other invested assets	38,231	32,609
Disposals of property and equipment	11	0
Distributions from real estate and real estate partnerships	40,846	3,994
Distributions from investment funds	30,557	7,717
Payment for the purchase/origination of:
Held-to-maturity securities	(560,406)	(345,112)
Available-for-sale securities	(210,290)	(250,954)
Equity securities	(32,845)	(34,350)
Real estate and real estate partnerships	(2,910)	(3,361)
Mortgage loans	(157,027)	(166,933)
Policy loans	(5,090)	(6,520)
Other invested assets	(22,441)	(10,192)
Additions to property and equipment	(9,914)	(5,354)
Contributions to real estate and real estate partnerships	(28,092)	(24,933)
Contributions to investment funds	(66,589)	(57,132)
Change in short-term investments	(183,963)	6,439
Change in collateral held for derivatives	13,136	(128,078)
Other, net	(2,356)	4,400
Net cash used in investing activities	(133,902)	(195,252)
FINANCING ACTIVITIES
Policyholders’ account deposits	450,984	294,297
Policyholders’ account withdrawals	(323,854)	(310,921)
Change in notes payable	(1,096)	(1,054)
Dividends to stockholders	(22,048)	(22,047)
Payments to noncontrolling interest	(380)	(323)
Net cash provided by (used in) financing activities	103,606	(40,048)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	119,140	(123,249)
Cash and cash equivalents at beginning of the period	339,947	452,001
Cash and cash equivalents at end of the period	459,087	328,752
Supplemental cash flow information:
Interest paid	218	21
Income taxes paid, net	$ 18	$ 0

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Nature of Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	On July 1, 2020, American National Insurance Company, a Texas insurance company (“ANICO”), completed its previously announced holding company reorganization. As a result of such reorganization, ANICO became a wholly owned subsidiary of American National Group, Inc., a Delaware corporation (“ANAT”), and ANAT replaced ANICO as the publicly held company. Consequently, all filings with the Securities and Exchange Commission from July 2, 2020 forward will be filed by ANAT under CIK No. 0001801075. Upon the effective date of the holding company reorganization, ANAT retired 3,945,249 shares of common stock that were held in treasury at ANICO prior to the reorganization. The amount of retired treasury stock in excess of par value was charged to retained earnings. Before and after the reorganization, the issuer had 50,000,000 authorized shares of common stock and 26,887,200 common shares outstanding. As a result of the reorganization, each share of ANICO common stock, par value $1.00 per share was automatically converted into one duly issued, fully paid and non-assessable share of ANAT common stock, par value $0.01 per share. As a result of the reorganization, the directors and officers of ANICO became directors and officers of ANAT. There is no change in the ultimate ownership of the organization and business operations will continue from our current office locations and companies. ANAT, through its consolidated subsidiaries (collectively “American National” or the “Company”) 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.

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Summary of Significant Accounting Policies and Practices

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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 are accounted for using the equity method of accounting. Changes in prior period presentation were made to conform to the current period presentation.

We reclassified the Company's earnings from equity method investments in the condensed consolidated statements of operations from "Equity in earnings of unconsolidated affiliates" to "Net investment income." For the three months ended March 31, 2020, $15.7 million was reclassified, with no impact to net income. We also reclassified the related asset balances in the condensed consolidated statements of financial position from "Investments in unconsolidated affiliates" to "Real estate and real estate partnerships" and "Investment funds", with no impact to total assets. Management believes these reclassifications result in increased transparency to the users of the financial statements as it relates to the Company's invested assets and the performance of these investments that are tied to the primary operations of the Company.

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, 2020. 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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Recently Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Issued Accounting Pronouncements

Adoption of New Accounting Standards

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes.	This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.	The adoption of this standard did not have 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 FASB 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.	We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements.
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 inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the 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.

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Investment in Securities

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment in Securities

The cost or amortized cost and fair value of investments in securities are shown below (in thousands):

	March 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	$	11,478	$	—	$	(181)	$	—	$	11,297
U.S. states and political subdivisions	114,154		3,186		(3,669)		—		113,671
Foreign governments	14,468		313		(296)		—		14,485
Corporate debt securities	7,128,893		458,923		(35,626)		(11,793)		7,540,397
Residential mortgage-backed securities	81,778		4,546		(836)		(542)		84,946
Collateralized debt securities	143,945		7,220		(675)		(6,519)		143,971
Total bonds held-to-maturity	7,494,716		474,188		(41,283)		(18,854)		7,908,767
Fixed maturity, bonds available-for-sale
U.S. treasury and government	25,088		298		(30)		(3)		25,353
U.S. states and political subdivisions	1,054,322		58,630		(4,416)		—		1,108,536
Foreign governments	14,999		1,182		—		—		16,181
Corporate debt securities	5,868,891		344,930		(42,162)		(8,008)		6,163,651
Residential mortgage-backed securities	19,048		675		(8)		(198)		19,517
Collateralized debt securities	64,592		671		(202)		(507)		64,554
Total bonds available-for-sale	7,046,940		406,386		(46,818)		(8,716)		7,397,792
Total investments in fixed maturity	$	14,541,656	$	880,574	$	(88,101)	$	(27,570)	$	15,306,559

	December 31, 2020
	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	$	7,733	$	11	$	—	$	—	$	7,744
U.S. states and political subdivisions	109,445		4,101		(11)		—		113,535
Foreign governments	3,851		374		—		—		4,225
Corporate debt securities	6,992,095		623,233		(9,117)		(7,475)		7,598,736
Residential mortgage-backed securities	114,579		5,065		(1,464)		(452)		117,728
Collateralized debt securities	139,709		6,864		(845)		(4,515)		141,213
Total bonds held-to-maturity	7,367,412		639,648		(11,437)		(12,442)		7,983,181
Fixed maturity, bonds available-for-sale
U.S. treasury and government	28,766		418		(1)		—		29,183
U.S. states and political subdivisions	1,066,627		73,976		(145)		—		1,140,458
Foreign governments	14,995		1,393		—		—		16,388
Corporate debt securities	5,887,756		471,205		(17,207)		(7,275)		6,334,479
Residential mortgage-backed securities	20,544		964		(29)		(188)		21,291
Collateralized debt securities	54,454		1,040		(94)		(19)		55,381
Total bonds available-for-sale	7,073,142		548,996		(17,476)		(7,482)		7,597,180
Total investments in fixed maturity	$	14,440,554	$	1,188,644	$	(28,913)	$	(19,924)	$	15,580,361

The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands):

	March 31, 2021
	Bonds Held-to-Maturity				Bonds Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	553,460	$	561,970	$	371,354	$	374,859
Due after one year through five years	2,833,579		3,020,077		3,253,114		3,456,068
Due after five years through ten years	3,026,464		3,231,420		2,309,455		2,442,852
Due after ten years	1,081,213		1,095,300		1,113,017		1,124,013
Total	$	7,494,716	$	7,908,767	$	7,046,940	$	7,397,792

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,
	2021		2020
Proceeds from sales of fixed maturity, bonds available-for-sale	$	11,650	$	46,513
Gross realized gains	—		412
Gross realized losses	—		(4,072)

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, 2021 and 2020.

In accordance with various regulations, American National has bonds on deposit with regulating authorities with a carrying value of $47.1 million and $47.7 million at March 31, 2021 and December 31, 2020, respectively. In addition, American National has pledged bonds in connection with agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $97.2 million and $111.0 million at March 31, 2021 and December 31, 2020, respectively.

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

	Three months ended March 31,
	2021		2020
Bonds available-for-sale: change in unrealized losses	$	(171,952)	$	(244,361)
Adjustments for
Deferred policy acquisition costs	33,570		89,326
Participating policyholders’ interest	4,322		11,151
Deferred federal income tax benefit	27,796		31,481
Change in net unrealized losses on debt securities, net of tax	$	(106,264)	$	(112,403)

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

	Three months ended March 31,
	2021		2020
Unrealized gains (losses) on equity securities	$	96,766	$	(333,601)
Net gains (losses) on equity securities sold	(826)		1,026
Net gains (losses) on equity securities	$	95,940	$	(332,575)

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, 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	5	$	(30)	$	12,353	—	$	—	$	—	5	$	(30)	$	12,353
U.S. states and political subdivisions	19	(4,416)		83,704		—	—		—		19	(4,416)		83,704
Corporate debt securities	128	(31,727)		738,969		16	(10,435)		54,603		144	(42,162)		793,572
Residential mortgage-backed securities	1	(1)		245		3	(7)		566		4	(8)		811
Collateralized debt securities	8	(200)		39,113		1	(2)		156		9	(202)		39,269
Total	161	$	(36,374)	$	874,384	20	$	(10,444)	$	55,325	181	$	(46,818)	$	929,709

	December 31, 2020
	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	1	$	(1)	$	2,868	—	$	—	$	—	1	$	(1)	$	2,868
U.S. states and political subdivisions	2	(145)		10,205		—	—		—		2	(145)		10,205
Corporate debt securities	43	(8,507)		270,249		8	(8,700)		13,270		51	(17,207)		283,519
Residential mortgage-backed securities	1	(21)		1,391		3	(8)		593		4	(29)		1,984
Collateralized debt securities	3	(93)		12,752		1	(1)		158		4	(94)		12,910
Total	50	$	(8,767)	$	297,465	12	$	(8,709)	$	14,021	62	$	(17,476)	$	311,486

Unrealized losses on bonds available-for-sale where an allowance for credit loss was not recorded were concentrated in the Company's corporate securities within the oil and gas sectors. A number of assumptions and estimates are inherent in evaluating whether an allowance for credit loss is necessary, which include the 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.

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

	March 31, 2021		December 31, 2020
Consumer goods	18.4	%	19.3	%
Energy and utilities	5.8		5.2
Finance	22.9		21.6
Healthcare	14.5		15.0
Industrials	7.7		7.4
Information technology	26.2		27.1
Other	4.5		4.4
Total	100.0	%	100.0	%

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 change in estimated credit loss.

No accrued interest receivables were written off as of March 31, 2021.

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

	Three months ended March 31, 2021
	Foreign Governments		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
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)
	Three months ended March 31, 2020
	Foreign Governments		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
Balance at January 1, 2020	$	4	$	(18,563)	$	(2,968)	$	(137)	$	(21,664)
Purchases	—		(622)		(323)		—		(945)
Disposition	—		6,901		106		134		7,141
Provision	1		(6,117)		199		—		(5,917)
Balance at March 31, 2020	$	5	$	(18,401)	$	(2,986)	$	(3)	$	(21,385)

The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands):

	Three months ended March 31, 2021
	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
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)
	Three months ended March 31, 2020
	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
Balance at January 1, 2020	$	—	$	—	$	—	$	—	$	—
Allowance on securities that had an allowance recorded in a previous period	—		(12,499)		(236)		(130)		(12,865)
Balance at March 31, 2020	$	—	$	(12,499)	$	(236)	$	(130)	$	(12,865)

Credit Quality Indicators

The Company monitors the credit quality of bonds held-to-maturity through the use of credit ratings, which are updated on a monthly basis. 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 fairly 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, 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	$	—	$	11,478	$	—	$	—	$	—	$	11,478
U.S. state and political subdivisions	17,828		55,474		34,325		—		6,527		114,154
Foreign governments	—		13,441		1,027		—		—		14,468
Corporate debt securities	25,982		337,853		3,210,816		3,455,649		98,593		7,128,893
Collateralized debt securities	—		—		105,327		33,580		5,038		143,945
Residential mortgage backed securities	—		80,268		—		—		1,510		81,778
Total	$	43,810	$	498,514	$	3,351,495	$	3,489,229	$	111,668	$	7,494,716

	December 31, 2020
	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	$	—	$	7,733	$	—	$	—	$	—	$	7,733
U.S. state and political subdivisions	25,831		43,964		34,893		—		4,757		109,445
Foreign governments	—		2,820		1,031		—		—		3,851
Corporate debt securities	1,956		262,830		2,976,571		3,647,496		103,242		6,992,095
Collateralized debt securities	—		—		107,795		31,914		—		139,709
Residential mortgage backed securities	—		112,995		—		—		1,584		114,579
Total	$	27,787	$	430,342	$	3,120,290	$	3,679,410	$	109,583	$	7,367,412

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Mortgage Loans

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

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, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
East North Central	$	741,253	14.4	%	$	783,614	14.9	%
East South Central	140,020		2.7		146,052		2.8
Mountain	1,324,391		25.8		1,284,555		24.5
Pacific	785,654		15.3		806,426		15.4
South Atlantic	574,516		11.2		619,405		11.8
West South Central	1,278,061		24.9		1,313,848		25.1
Other	297,199		5.7		288,631		5.5
Total	$	5,141,094	100.0	%	$	5,242,531	100.0	%

As of March 31, 2021 and December 31, 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans):

	March 31, 2021			December 31, 2020
Foreclosure and foreclosed	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
In foreclosure	1	$	5,168	1	$	5,168
Filed for bankruptcy*	1	9,230		1	9,230
Total in foreclosure	2	$	14,398	2	$	14,398
Foreclosed	—	$	—	2	$	8,603

*Borrower filed for bankruptcy after foreclosure proceedings had begun.

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, 2021											Amount		Percentage
Apartment	$	—	$	—	$	—	$	—	$	552,091	$	552,091	10.5	%
Hotel	101,432		—		—		101,432		791,927		893,359		17.0
Industrial	—		—		5,168		5,168		831,194		836,362		15.9
Office	9,803		—		9,230		19,033		1,524,777		1,543,810		29.3
Parking	—		—		—		—		363,737		363,737		6.9
Retail	74,004		—		—		74,004		709,392		783,396		14.9
Storage	—		—		—		—		152,488		152,488		2.9
Other	—		—		—		—		142,439		142,439		2.6
Total	$	185,239	$	—	$	14,398	$	199,637	$	5,068,045	$	5,267,682	100.0	%
Allowance for credit losses											(126,588)
Total, net of allowance											$	5,141,094
December 31, 2020
Apartment	$	—	$	—	$	—	$	—	$	557,159	$	557,159	10.5	%
Hotel	30,315		30,158		—		60,473		853,522		913,995		17.0
Industrial	14,930		—		5,168		20,098		836,105		856,203		15.9
Office	24,804		—		9,230		34,034		1,522,197		1,556,231		29.0
Parking	48,825		29,355		—		78,180		286,107		364,287		6.8
Retail	4,991		—		25,779		30,770		760,907		791,677		14.7
Storage	—		—		—		—		165,561		165,561		3.1
Other	—		—		—		—		163,121		163,121		3.0
Total	$	123,865	$	59,513	$	40,177	$	223,555	$	5,144,679	$	5,368,234	100.0	%
Allowance for credit losses											(125,703)
Total, net of allowance											$	5,242,531

As a result of the economic impact associated with COVID-19, American National originally granted 93 loan modifications during the second and third quarters of 2020 with a total balance of $1.6 billion 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. Modifications were primarily related to our loans to hotels, retail and parking operations. Due to the ongoing economic stress brought on by the pandemic, we made additional modifications in the first quarter of 2021 for 24 of these loans with a total balance of $633.6 million which extended the forbearance of principal and interest payments and interest only provisions but also included 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 $17.0 million as of March 31, 2021.

There were no unamortized purchase discounts as of March 31, 2021 and December 31, 2020. Total mortgage loans were net of unamortized origination fees of $24.0 million and $26.1 million at March 31, 2021 and December 31, 2020, respectively. No unearned income is included in these amounts.

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 after the allowance, before and after modification in a troubled debt restructuring, may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. 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.

Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans):

	Three months ended March 31,
	2021					2020
	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	—	$	—	$	—

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.

There were 6 loans determined to be a troubled debt restructuring for the three months ended March 31, 2021. There are $2.7 million of commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. The increase in loans determined to be a troubled debt restructuring in the three months ended March 31, 2021 is primarily attributable to COVID-19 related loan modifications where the concessions granted were in excess of six-months in duration.

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, 2021	$	(125,703)
Provision	(885)
Balance at March 31, 2021	$	(126,588)
	Commercial Mortgage Loans
Balance at January 1, 2020	$	(19,160)
Cumulative adjustment at January 1, 2020	(11,216)
Provision	(29,069)
Balance at March 31, 2020	$	(59,445)

The change in allowance for the three months ended March 31, 2021 was primarily driven by distress in the hospitality industry which has seen a dramatic increase in loss results as the individual markets are now expected to rebound more slowly than previously anticipated. This is partially offset; however, by a more optimistic outlook for the industrial, office and retail sectors as they are expected to more directly benefit from the general re-opening of the economy, access to vaccines and approval of the "American Rescue Plan Act."

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

	March 31, 2021				December 31, 2020
	Asset Balance		Allowance		Asset Balance		Allowance
Apartment	$	552,091	$	(6,195)	$	557,159	$	(8,845)
Hotel	893,359		(53,075)		913,995		(45,596)
Industrial	836,362		(3,337)		856,203		(2,516)
Office	1,543,810		(25,753)		1,556,231		(33,373)
Parking	363,737		(21,583)		364,287		(18,178)
Retail	783,396		(12,725)		791,677		(10,856)
Storage	152,488		(1,697)		165,561		(2,509)
Other	142,439		(2,223)		163,121		(3,830)
Total	$	5,267,682	$	(126,588)	$	5,368,234	$	(125,703)

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
	2021		2020		2019		2018		2017		Prior		Total
Apartment	$	—	$	48,092	$	218,763	$	48,323	$	160,068	$	76,845	$	552,091
Hotel	—		20,415		69,492		204,080		219,713		379,659		893,359
Industrial	40,891		251,592		157,235		114,493		46,912		225,239		836,362
Office	2,111		31,803		60,469		199,646		341,820		907,961		1,543,810
Parking	—		28,672		13,795		27,153		8,600		285,517		363,737
Retail	2,562		69,245		38,942		96,819		79,723		496,105		783,396
Storage	—		23,156		58,734		44,566		17,095		8,937		152,488
Other	—		—		21,612		69,087		2,236		49,504		142,439
Total	$	45,564	$	472,975	$	639,042	$	804,167	$	876,167	$	2,429,767	$	5,267,682
Allowance for credit losses													(126,588)
Total, net of allowance													$	5,141,094

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, 2021, commercial loans of $14.4 million were past due over 90 days and are 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, 2021, we have included a $8.8 million liability in other liabilities on the condensed consolidated statements of financial position based on unfunded loan commitments of $549.7 million.

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Real Estate and Other Investments

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

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, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
Hotel	$	61,415	6.6	%	$	67,857	7.1	%
Industrial	119,122		12.7		132,757		13.8
Land	49,725		5.3		51,220		5.3
Office	297,756		31.7		299,500		31.2
Retail	268,224		28.6		268,588		28.0
Apartments	123,275		13.1		120,847		12.6
Other	18,672		2.0		19,803		2.0
Total	$	938,189	100.0	%	$	960,572	100.0	%

	March 31, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
East North Central	$	96,423	10.3	%	$	81,310	8.5	%
East South Central	62,708		6.7		65,302		6.8
Mountain	134,988		14.4		133,233		13.9
Pacific	113,026		12.0		127,421		13.3
South Atlantic	90,755		9.7		97,801		10.1
West South Central	430,015		45.8		434,722		45.3
Other	10,274		1.1		20,783		2.1
Total	$	938,189	100.0	%	$	960,572	100.0	%

As of March 31, 2021, no real estate investments met the criteria as held-for-sale.

American National regularly invests in real estate partnerships and joint ventures. American National frequently participates in the design of these joint venture or partnership entities with the sponsor, but in most cases, our involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures 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 or consolidator of the entity. 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 2021 or 2020.

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

	March 31, 2021		December 31, 2020
Real estate and real estate partnerships	$	130,448	$	131,405
Short-term investments	500		500
Cash and cash equivalents	6,925		8,070
Premiums due and other receivables	3,563		3,484
Other assets	14,128		13,796
Total assets of consolidated VIEs	$	155,564	$	157,255
Notes payable	$	152,607	$	153,703
Other liabilities	8,935		8,490
Total liabilities of consolidated VIEs	$	161,542	$	162,193

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 $2.9 million and $3.0 million at March 31, 2021 and December 31, 2020, respectively.

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

Interest rate	Maturity	March 31, 2021		December 31, 2020
LIBOR	2021	$	10,819	$	10,819
4% fixed	2022	77,759		78,565
4.18% fixed	2024	64,029		64,319
Total		$	152,607	$	153,703

For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require consent of all partners. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Real estate and real estate partnerships	$	349,073	$	349,073	$	368,588	$	368,588
Mortgage loans on real estate	691,488		691,488		722,917		722,917
Accrued investment income	4,692		4,692		4,980		4,980

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. In 2021 and 2020, certain joint ventures took advantage of market opportunities to generate realized gains on the sale of real estate held or developed by the ventures.

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 and other partnerships, of which substantially all are LLC’s or limited partnerships, was comprised of $523.2 million and $477.1 million in 2021 and 2020 respectively.

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Derivative Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2021					December 31, 2020
		Number of Instruments	Notional Amounts		Estimated Fair Value		Number of Instruments	Notional Amounts		Estimated Fair Value
Equity-indexed options	Other invested assets	452	$	3,013,400	$	253,363	455	$	2,867,600	$	242,201
Equity-indexed embedded derivative	Policyholders’ account balances	115,235	2,909,609		740,514		112,103	2,748,540		705,013

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,
		2021		2020
Equity-indexed options	Net investment income	$	28,827	$	(108,095)
Equity-indexed embedded derivative	Interest credited to policyholders’ account balances	(26,689)		89,581

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the 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 the fair value of the open contracts, less the fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. As such, 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.

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

		March 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
Barclays	Baa2/BBB	$	54,613	$	36,563	$	18,100	$	54,663	$	54,613	$	50	$	—
Credit Suisse	Baa1/BBB+	13,416		12,580		—		12,580		12,580		—		836
Goldman-Sachs	A2/BBB+	1,285		1,170		—		1,170		1,170		—		115
ING	Baa1/A-	19,568		9,220		10,300		19,520		19,520		—		48
Morgan Stanley	A1/BBB+	50,800		44,526		5,700		50,226		50,226		—		574
NATIXIS*	A1/A+	29,198		29,500		—		29,500		29,198		302		—
Truist	A3/A-	44,698		33,810		11,000		44,810		44,698		112		—
Wells Fargo	A2/BBB+	39,785		29,580		9,900		39,480		39,480		—		305
Total		$	253,363	$	196,949	$	55,000	$	251,949	$	251,485	$	464	$	1,878

		December 31, 2020
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
Barclays	Baa2/BBB	$	51,489	$	31,513	$	18,100	$	49,613	$	49,613	$	—	$	1,876
Credit Suisse	Baa1/BBB+	9,447		8,680		—		8,680		8,680		—		767
Goldman-Sachs	A3/BBB+	1,227		1,170		—		1,170		1,170		—		57
ING	Baa1/A-	20,606		10,450		10,300		20,750		20,606		144		—
Morgan Stanley	A2/BBB+	37,406		30,616		5,700		36,316		36,316		—		1,090
NATIXIS*	A1/A+	30,567		30,720		—		30,720		30,567		153		—
Truist	A3/A-	52,127		43,960		11,000		54,960		52,127		2,833		—
Wells Fargo	A2/BBB+	39,332		29,370		9,900		39,270		39,270		—		62
Total		$	242,201	$	186,479	$	55,000	$	241,479	$	238,349	$	3,130	$	3,852

*Collateral is prohibited from being held in invested assets.

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Net Investment Income and Realized Investment Gains (Losses)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Net Investment Income and Realized Investment Gains (Losses)

Net investment income (loss) is shown below (in thousands):

	Three months ended March 31,
	2021		2020
Bonds	$	130,497	$	146,119
Equity securities	7,493		7,847
Mortgage loans	70,866		59,328
Real estate and real estate partnerships	3,485		12,487
Investment funds	21,356		4,933
Equity-indexed options	28,827		(108,095)
Other invested assets	7,457		8,372
Total	$	269,981	$	130,991

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

	Three months ended March 31,
	2021		2020
Bonds	$	7,699	$	5,478
Real estate	11,193		(1,307)
Other invested assets	347		(23)
Total	$	19,239	$	4,148

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

	Three months ended March 31,
	2021		2020
Sales	$	12,898	$	(3,618)
Calls and maturities	7,260		9,120
Paydowns	439		19
Impairments	(1,265)		(1,276)
Other	(93)		(97)
Total	$	19,239	$	4,148

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity	$	7,475,862	$	7,908,767	$	7,354,970	$	7,983,181
Fixed maturity, bonds available-for-sale	7,397,792		7,397,792		7,597,180		7,597,180
Equity securities	2,164,146		2,164,146		2,070,766		2,070,766
Equity-indexed options, included in other invested assets	253,363		253,363		242,201		242,201
Mortgage loans on real estate, net of allowance	5,141,094		5,264,896		5,242,531		5,451,152
Policy loans	369,525		369,525		373,014		373,014
Short-term investments	1,212,342		1,212,342		1,028,379		1,028,379
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754		1,207,754		1,185,467		1,185,467
Separately managed accounts, included in other invested assets	66,981		66,981		64,424		64,424
Total financial assets	$	25,288,859	$	25,845,566	$	25,158,932	$	25,995,764
Financial liabilities
Investment contracts	$	10,235,015	$	10,235,015	$	10,101,764	$	10,101,764
Embedded derivative liability for equity-indexed contracts	740,514		740,514		705,013		705,013
Notes payable	152,607		152,607		153,703		153,703
Federal Home Loan Bank advance	250,000		250,070		250,000		250,227
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754		1,207,754		1,185,467		1,185,467
Total financial liabilities	$	12,585,890	$	12,585,960	$	12,395,947	$	12,396,174

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2	Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3	Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Valuation Techniques for Financial Instruments Recorded at Fair Value

Fixed Maturity Securities and Equity Options—American National utilizes a pricing service to estimate fair value measurements. The fair value for fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios.

The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary.

American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available.

American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, American National includes these fair value estimates in Level 3.

For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly.

Equity Securities—For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services annually.

Short-Term Investments—Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor's and Moody's, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements.

Separate Account Assets and Liabilities—Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. American National reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the condensed consolidated statements of operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National.

The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and fixed maturity bonds available-for-sale. Equity securities are classified as Level 1 measurements. Short-term investments and fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process.

The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not financial instruments and are not included in the quantitative disclosures of fair value hierarchy table.

No gains or losses were recognized on assets transferred to separate accounts for the three months ended March 31, 2021 and 2020, respectively.

Embedded Derivative—The amounts reported within policyholder contract deposits include equity linked interest crediting rates based on the S&P 500 within indexed annuities and indexed life. The following unobservable inputs are used for measuring the fair value of the embedded derivatives associated with the policyholder contract liabilities:

•Lapse rate assumptions are determined by company experience. Lapse rates are generally assumed to be lower during a contract’s surrender charge period and then higher once the surrender charge period has ended. Decreases to the assumed lapse rates generally increase the fair value of the liability as more policyholders persist to collect the crediting interest pertaining to the indexed product. Increases to the lapse rate assumption decrease the fair value.

•Mortality rate assumptions vary by age and gender based on company and industry experience. Decreases to the assumed mortality rates increase the fair value of the liabilities as more policyholders earn crediting interest. Increases to the assumed mortality rates decrease the fair value as higher decrements reduce the potential for future interest credits.

•Equity volatility assumptions begin with current market volatilities and grow to long-term values. Increases to the assumed volatility will increase the fair value of liabilities, as future projections will produce higher increases in the linked index. At March 31, 2021 and December 31, 2020, the one year implied volatility used to estimate embedded derivative value was 15.0% and 17.6%, respectively.

Fair values of indexed life and annuity liabilities are calculated using the discounted cash flow technique. Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages):

	Fair Value					Range
	March 31, 2021		December 31, 2020		Unobservable Input	March 31, 2021	December 31, 2020
Indexed Annuities	$	704.4	$	670.8	Lapse Rate	1-50%	1-50%
					Mortality Multiplier	100%	100%
					Equity Volatility	15-62%	16-69%
Indexed Life	36.1		34.2		Equity Volatility	15-62%	16-69%

Quantitative Disclosures

The fair value hierarchy measurements of the financial instruments are shown below (in thousands):

	Assets and Liabilities Carried at Fair Value by Hierarchy Level at March 31, 2021
	Total Fair Value		Level 1		Level 2		Level 3
Financial assets
Fixed maturity, bonds available-for-sale
U.S. treasury and government	$	25,353	$	25,353	$	—	$	—
U.S. states and political subdivisions	1,108,536		—		1,108,536		—
Foreign governments	16,181		—		16,181		—
Corporate debt securities	6,163,651		—		6,037,574		126,077
Residential mortgage-backed securities	19,517		—		19,517		—
Collateralized debt securities	64,554		—		64,554		—
Total bonds available-for-sale	7,397,792		25,353		7,246,362		126,077
Equity securities
Common stock	2,148,131		2,147,001		—		1,130
Preferred stock	16,015		14,736		—		1,279
Total equity securities	2,164,146		2,161,737		—		2,409
Options	253,363		—		—		253,363
Short-term investments	1,212,342		—		1,212,342		—
Separate account assets	1,175,689		324,269		851,420		—
Separately managed accounts	66,981		—		—		66,981
Total financial assets	$	12,270,313	$	2,511,359	$	9,310,124	$	448,830
Financial liabilities
Embedded derivative for equity-indexed contracts	$	740,514	$	—	$	—	$	740,514
Notes payable	152,607		—		—		152,607
Separate account liabilities	1,175,689		324,269		851,420		—
Total financial liabilities	$	2,068,810	$	324,269	$	851,420	$	893,121

	Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020
	Total Fair Value		Level 1		Level 2		Level 3
Financial assets
Fixed maturity, bonds available-for-sale
U.S. treasury and government	$	29,183	$	—	$	29,183	$	—
U.S. states and political subdivisions	1,140,458		—		1,140,458		—
Foreign governments	16,388		—		16,388		—
Corporate debt securities	6,334,479		—		6,224,042		110,437
Residential mortgage-backed securities	21,291		—		21,291		—
Collateralized debt securities	55,381		—		55,381		—
Total bonds available-for-sale	7,597,180		—		7,486,743		110,437
Equity securities
Common stock	2,055,229		2,054,789		—		440
Preferred stock	15,537		14,909		—		628
Total equity securities	2,070,766		2,069,698		—		1,068
Options	242,201		—		—		242,201
Short-term investments	1,028,379		—		1,028,379		—
Separate account assets	1,153,702		309,425		844,277		—
Separately managed accounts	64,424		—		—		64,424
Total financial assets	$	12,156,652	$	2,379,123	$	9,359,399	$	418,130
Financial liabilities
Embedded derivative for equity-indexed contracts	$	705,013	$	—	$	—	$	705,013
Notes payable	153,703		—		—		153,703
Separate account liabilities	1,153,702		309,425		844,277		—
Total financial liabilities	$	2,012,418	$	309,425	$	844,277	$	858,716

For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands):

	Level 3
	Three months ended March 31, 2021
	Assets						Liability
	Investment Securities		Equity-Indexed Options		Separately Managed Accounts		Embedded Derivative
Balance at January 1, 2021	$	111,505	$	242,201	$	64,424	$	705,013
Net gain for derivatives included in net investment income	—		28,827		—		—
Net change included in interest credited	—		—		—		26,689
Net fair value change included in other comprehensive income	1,178		—		594		—
Purchases, sales and settlements or maturities
Purchases	27,453		20,147		10,072		—
Sales	(11,650)		—		(8,109)		—
Settlements or maturities	—		(37,812)		—		—
Premiums less benefits	—		—		—		8,812
Ending balance at March 31, 2021	$	128,486	$	253,363	$	66,981	$	740,514
	Level 3
	Three months ended March 31, 2020
	Assets						Liability
	Investment Securities		Equity-Indexed Options		Separately Managed Accounts		Embedded Derivative
Balance at January 1, 2020	$	45,307	$	256,005	$	50,503	$	731,552
Net loss for derivatives included in net investment income	—		(108,095)		—		—
Net change included in interest credited	—		—		—		(89,581)
Net fair value change included in other comprehensive income	—		—		80		—
Purchases, sales and settlements or maturities
Purchases	22,702		14,164		—		—
Sales	(14,156)		—		—		—
Settlements or maturities	—		(36,086)		—		—
Premiums less benefits	—		—		—		(11,019)
Ending balance at March 31, 2020	$	53,853	$	125,988	$	50,583	$	630,952

Within the net gain (loss) for derivatives included in net investment income were unrealized gains of $7.9 million and $127.2 million, relating to assets still held at March 31, 2021 and 2020, respectively.

Unless information is obtained from the pricing sources that indicates observable inputs were used in their pricing, there are not enough observable inputs to enable American National to classify the securities priced by the pricing source as other than Level 3. American National’s valuation of these securities involves judgment regarding assumptions market participants would use including quotes from independent pricing sources. The inputs used by the pricing sources include recent transactions in the security, similar bonds with same name, ratings, maturity and structure, external dealer quotes in the security, Bloomberg evaluated pricing and prior months pricing. None of these inputs were observable to American National as of March 31, 2021. The transfers out of Level 3 during the three months ended March 31, 2021 were the result of securities being priced by the third-party service at the end of the period, using inputs that were observable or derived from market data, which resulted in classification of these assets as Level 2.

Fair Value Information About Financial Instruments Not Recorded at Fair Value

Information about fair value estimates for financial instruments not measured at fair value is discussed below:

Fixed Maturity Securities—The fair value of bonds held-to-maturity is determined to be consistent with the disclosure under Valuation Techniques for the Financial Instrument Recorded at Fair Value section.

Mortgage Loans—The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan by loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property type, lien priority, payment type and current status.

Policy Loans—The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, American National believes the carrying value of policy loans approximates fair value.

Separately Managed Accounts—The amounts reported in separately managed accounts consist primarily of notes and private equity. These investments are private placements and do not have a readily determinable fair value. The carrying value of the separately managed accounts is cost or market value, if available from the separately managed account manager. Market value is provided by the separately managed account manager in subsequent quarters. American National believes that cost approximates fair value at initial recognition during the quarter of investment.

Investment Contracts—The carrying value of investment contracts is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, net of interest credited, fees and charges assessed and other adjustments. American National believes that the carrying value of investment contracts approximates fair value because the majority of these contracts’ interest rates reset at anniversary.

Notes Payable—Notes payable are carried at outstanding principal balance. The carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the balance sheet date.

Federal Home Loan Bank Advance—The Federal Home Loan Bank advance is carried at outstanding principal balance. The fair value of the advance is obtained from the Federal Home Loan Bank of Dallas.

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands):

	March 31, 2021
	FV Hierarchy Level	Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity
U.S. Treasury and government	Level 1	$	11,478	$	11,297
U.S. states and political subdivisions	Level 2	114,154		113,671
Foreign governments	Level 2	14,468		14,485
Corporate debt securities	Level 2	7,117,100		7,540,397
Residential mortgage-backed securities	Level 2	81,236		84,946
Collateralized debt securities	Level 2	137,426		143,971
Total fixed maturity, bonds held-to-maturity		7,475,862		7,908,767
Mortgage loans on real estate, net of allowance	Level 3	5,141,094		5,264,896
Policy loans	Level 3	369,525		369,525
Total financial assets		$	12,986,481	$	13,543,188
Financial liabilities
Investment contracts	Level 3	$	10,235,015	$	10,235,015
Notes payable	Level 3	152,607		152,607
Federal Home Loan Bank advance	Level 2	250,000		250,070
Total financial liabilities		$	10,637,622	$	10,637,692

	December 31, 2020
	FV Hierarchy Level	Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity
U.S. treasury and government	Level 2	$	7,732	$	7,744
U.S. states and political subdivisions	Level 2	109,445		113,535
Foreign governments	Level 2	3,851		4,225
Corporate debt securities	Level 2	6,981,597		7,595,712
Corporate debt securities	Level 3	3,024		3,024
Residential mortgage-backed securities	Level 2	114,127		117,728
Collateralized debt securities	Level 2	135,194		141,213
Total fixed maturity, bonds held-to-maturity		7,354,970		7,983,181
Mortgage loans on real estate, net of allowance	Level 3	5,242,531		5,451,152
Policy loans	Level 3	373,014		373,014
Total financial assets		$	12,970,515	$	13,807,347
Financial liabilities
Investment contracts	Level 3	$	10,101,764	$	10,101,764
Notes payable	Level 3	153,703		153,703
Federal Home Loan Bank advance	Level 2	250,000		250,227
Total financial liabilities		$	10,505,467	$	10,505,694

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Deferred Policy Acquisition Costs

3 Months Ended

Mar. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

Deferred policy acquisition costs are shown below (in thousands):

	Life		Annuity		Health		Property & Casualty		Total
Beginning balance at January 1, 2021	$	896,208	$	309,056	$	32,885	$	122,062	$	1,360,211
Additions	43,256		23,488		2,849		86,579		156,172
Amortization	(28,787)		(12,417)		(3,703)		(83,146)		(128,053)
Effect of change in unrealized gains on available-for-sale debt securities	8,915		24,655		—		—		33,570
Net change	23,384		35,726		(854)		3,433		61,689
Ending balance at March 31, 2021	$	919,592	$	344,782	$	32,031	$	125,495	$	1,421,900

Commissions comprise the majority of the additions to deferred policy acquisition costs.

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Liability for Unpaid Claims and Claim Adjustment Expenses

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Liability for Unpaid Claims and Claim Adjustment Expenses

The liability for unpaid claims and claim adjustment expenses (“claims”) for health and property and casualty insurance is included in “Policy and contract claims” in the condensed consolidated statements of financial position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled. The liability for unpaid claims is estimated based upon American National’s historical experience and actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, less anticipated salvage and subrogation. The effects of the changes are included in the condensed consolidated results of operations in the period in which the changes occur. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. There have been no significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses.

Information regarding the liability for unpaid claims is shown below (in thousands):

	Three months ended March 31,
	2021		2020
Unpaid claims balance, beginning	$	1,373,600	$	1,322,837
Less: Reinsurance recoverables	262,471		246,447
Net beginning balance	1,111,129		1,076,390
Incurred related to
Current	300,176		260,025
Prior years	(31,127)		4,172
Total incurred claims	269,049		264,197
Paid claims related to
Current	99,857		95,635
Prior years	160,716		174,986
Total paid claims	260,573		270,621
Net balance	1,119,605		1,069,966
Plus: Reinsurance recoverables	239,160		244,230
Unpaid claims balance, ending	$	1,358,765	$	1,314,196

The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $31.1 million during the first three months of 2021 and increased by $4.2 million during the same period in 2020. The favorable development in 2021 was a reflection of lower liability claim settlement costs emerging from commercial automobile, agribusiness, and private passenger automobile lines of business. The unfavorable development in 2020 was a reflection of higher-than-normal settlements of losses in the Managing General Underwriting and Collateral Protection Insurance lines of business.

For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses at March 31, 2021 and December 31, 2020 was $22.2 million and $20.5 million, respectively.

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Federal Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Federal Income Taxes

A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages):

	Three months ended March 31,
	2021				2020
	Amount		Rate		Amount		Rate
Total expected income tax expense at the statutory rate	$	44,625	21.0	%	$	(59,396)	21.0	%
Tax-exempt investment income	(1,172)		(0.6)		(1,027)		0.4
Dividend exclusion	(813)		(0.4)		(862)		0.3
Tax credits, net	(1,618)		(0.8)		(2,395)		0.8
Low income housing tax credit expense	1,513		0.7		1,774		(0.6)
Change in valuation allowance	29		—		112		—
Other items, net	607		0.4		126		(0.1)
Total	$	43,171	20.3	%	$	(61,668)	21.8	%

As of March 31, 2021, American National had no material net operating loss or tax credit carryforwards.

American National’s federal income tax returns for tax years 2016 to 2019 are subject to examination by the Internal Revenue Service. In the opinion of management, all prior year deficiencies have been paid or adequate provisions have been made for any tax deficiencies that may be upheld.

As of March 31, 2021, American National had no provision for uncertain tax positions and no provision for penalties or interest. In addition, management does not believe there are any uncertain tax benefits that could be recognized within the next twelve months that would impact American National’s effective tax rate.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands):

	Net Unrealized Gains (Losses) on Securities		Defined Benefit Pension Plan Adjustments		Foreign Currency Adjustments		Accumulated Other Comprehensive Income (Loss)
Beginning balance at January 1, 2021	$	292,166	$	(67,130)	$	(2,866)	$	222,170
Amounts reclassified from AOCI (net of tax benefit $944 and expense $1,013)	(3,553)		3,809		—		256
Unrealized holding losses arising during the period (net of tax benefit $35,260)	(132,644)		—		—		(132,644)
Unrealized adjustment to DAC (net of tax expense $7,050)	26,519		—		—		26,519
Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $908)	3,414		—		—		3,414
Foreign currency adjustment (net of tax expense $65)	—		—		244		244
Ending balance at March 31, 2021	$	185,902	$	(63,321)	$	(2,622)	$	119,959
	Net Unrealized Gains (Losses) on Securities		Defined Benefit Pension Plan Adjustments		Foreign Currency Adjustments		Accumulated Other Comprehensive Income (Loss)
Beginning balance at January 1, 2020	$	157,851	$	(55,232)	$	(3,101)	$	99,518
Amounts reclassified from AOCI (net of tax expense $2,554 and $467)	9,606		1,756		—		11,362
Unrealized holding losses arising during the period (net of tax benefit $53,533)	(201,385)		—		—		(201,385)
Unrealized adjustment to DAC (net of tax expense $18,759)	70,567		—		—		70,567
Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,342)	8,809		—		—		8,809
Foreign currency adjustment (net of tax benefit $246)	—		—		(924)		(924)
Ending balance at March 31, 2020	$	45,448	$	(53,476)	$	(4,025)	$	(12,053)

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Stockholders' Equity and Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity and Noncontrolling Interests

ANAT has one class of common stock with a par value $0.01 per share and 50,000,000 authorized shares. The number of shares outstanding at the dates indicated are shown below:

	March 31, 2021	December 31, 2020
Common stock
Shares issued	26,887,200	26,887,200
Restricted shares	(10,000)	(10,000)
Unrestricted outstanding shares	26,877,200	26,877,200

Stock-based Compensation

American National has made grants of Stock Appreciation Rights (“SAR”), Restricted Stock (“RS”) Awards, and Restricted Stock Units (“RSU”), pursuant to a stock-based compensation plan. The term for granting additional awards under such plan expired in 2019. Pursuant to the plan, grants were made to certain officers meeting established performance objectives, and grants were made to directors as compensation and to align their interests with those of other shareholders. In addition, American National has made grants to directors and advisory directors of RSUs that are cash-settled only, with no provision for conversion to stock. 8,250 of such cash-settled RSUs were granted during the third quarter of 2020 and remained outstanding at March 31, 2021 as shown in the table below.

RS and RSU information for the periods indicated are shown below:

	RS Shares			RSUs
	Shares	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2020	10,000	$	80.05	8,250	$	75.35
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Expired	—	—		—	—
Outstanding at March 31, 2021	10,000	$	80.05	8,250	$	75.35

	SAR		RS Shares		RSUs
Weighted-average contractual remaining life (in years)	0.00		1.92		0.08
Exercisable shares	—		N/A		N/A
Weighted-average exercise price	$	—	$	80.05	$	75.35
Weighted-average exercise price exercisable shares	—		N/A		N/A
Compensation expense (credit)
Three months ended March 31, 2021	$	—	$	20,000	$	220,000
Three months ended March 31, 2020	(1,000)		20,000		(171,000)
Fair value of liability award
March 31, 2021	$	—	N/A		$	890,000
December 31, 2020	—		N/A		793,000

The SARs gave the holder the right to cash compensation based on the difference between the stock price on the grant date and the stock price on the exercise date. The SARs vested at a rate of 20% per year for five years and expired five years after vesting. All remaining SARs expired on May 1, 2020.

RS awards entitle the participant to full dividend and voting rights. Each RS share awarded has the value of one share of restricted stock and vests 10 years from the grant date. Unvested shares are restricted as to disposition, and are subject to forfeiture under certain circumstances. Compensation expense is recognized over the vesting period. The restrictions on these awards lapse after 10 years and feature a graded vesting schedule in the case of the retirement, death or disability of an award holder. Restricted stock awards for 350,334 shares have been granted at an exercise price of zero, of which 10,000 shares are unvested.

RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65. During the twelve months ended December 31, 2020, 8,250 RSUs were granted and will vest on May 1, 2021 and will be settled in cash.

Earnings per Share

Basic earnings per share were calculated using a weighted average number of shares outstanding. Diluted earnings per share include RS awards. RSUs may only be settled in cash.

	Three months ended March 31,
	2021		2020
Weighted average shares outstanding	26,877,200		26,881,700
Incremental shares from RS awards and RSUs	7,699		9,975
Total shares for diluted calculations	26,884,899		26,891,675
Net income (loss) attributable to American National (in thousands)	$	170,173	$	(220,444)
Basic earnings (losses) per share	$	6.33	$	(8.20)
Diluted earnings (losses) per share	$	6.33	$	(8.20)

Statutory Capital and Surplus

Risk Based Capital (“RBC”) is a measure insurance regulators use to evaluate the capital adequacy of American National's insurance subsidiaries. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, investment risks related to the type and quality of investments, insurance risks associated with products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level at least 200% of the authorized control level RBC are required to take certain actions. At March 31, 2021 and December 31, 2020, ANICO's statutory capital and surplus was $3.7 billion and $3.6 billion, respectively, which resulted in an RBC level above 200% of the authorized control level. All of our other insurance subsidiaries had statutory capital and surplus at March 31, 2021 and December 31, 2020, above 200% of the authorized control level, except for ANPAC Louisiana Insurance Company ("ANPLA"). At March 31, 2021 and December 31, 2020, ANPLA's statutory capital and surplus was $63.5 million and $68.5 million respectively, which resulted in an RBC level of 179% and 194% of the authorized control level. This decrease in RBC of ANPLA is primarily driven by an increase in homeowners catastrophe losses impacting the operating results in 2021 and 2020. We are actively managing our homeowners exposure of ANPLA, will continue to monitor the surplus levels and will be addressing rate adequacy through future planned underwriting and rate actions.

American National's insurance subsidiaries prepare 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”). NAIC Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of our insurance subsidiaries.

Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus.

One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of both ANICO and American National Lloyds Insurance Company by $65.3 million and $75.3 million at March 31, 2021 and December 31, 2020, respectively. The statutory capital and surplus of both ANICO and American National Lloyds Insurance Company would have remained above the Company action level RBC had it not used the permitted practice.

The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands):

	March 31, 2021		December 31, 2020
Statutory capital and surplus
Life insurance entities	$	2,190,618	$	2,188,808
Property and casualty insurance entities	1,514,248		1,463,179

	Three months ended March 31,
	2021		2020
Statutory net income (loss)
Life insurance entities	$	(32,217)	$	52,975
Property and casualty insurance entities	39,272		48,254

Dividends

Dividends are paid on a quarterly basis. We paid a quarterly dividend of $0.82 per share for each quarter during the three months ended March 31, 2021 and March 31, 2020, and we expect to continue to pay regular cash dividends, although there is no assurance as to future dividends because they depend on future earnings, capital requirements and financial conditions.

The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net income from operations, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles. ANICO is permitted without prior approval of the Texas Department of Insurance to pay total dividends of $363.9 million during 2021.

Noncontrolling Interest

American National County Mutual Insurance Company (“County Mutual”) is a mutual insurance company owned by its policyholders. ANICO has a management agreement that effectively gives it control of County Mutual. As a result, County Mutual is included in the condensed consolidated financial statements of American National. Policyholder interests in the financial position of County Mutual are reflected as noncontrolling interest of $6.8 million at March 31, 2021 and December 31, 2020.

American National Group, Inc. and its subsidiaries exercise control or ownership of various joint ventures, resulting in their consolidation into American National’s condensed consolidated financial statements. The interests of the other partners in the consolidated joint ventures are shown as a noncontrolling interest of $0.5 million and a noncontrolling deficit of $0.9 million at March 31, 2021 and December 31, 2020, respectively.

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Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Management organizes the business into five operating segments:

•Life—consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels.

•Annuity—consists of fixed, indexed, and variable annuity products. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents.

•Health—consists of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters.

•Property and Casualty—consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents.

•Corporate and Other—consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations.

The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies and Practices, of American National’s 2020 annual report on Form 10-K filed with the SEC on March 4, 2021. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows:

•Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each line of business at the average yield available from these assets.

•Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment.

•Expenses are charged to segments through direct identification and allocations based upon various factors.

The results of operations measured as the income (loss) before federal income tax and other items by operating segments are summarized below (in thousands):

	Three months ended March 31, 2021
	Life		Annuity		Health		Property & Casualty		Corporate & Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	100,779	$	24,241	$	38,228	$	399,405	$	—	$	562,653
Other policy revenues	81,508		5,031		—		—		—		86,539
Net investment income	67,797		153,864		2,083		15,513		30,724		269,981
Net realized investment gains	—		—		—		—		19,239		19,239
Change in investment credit loss	—		—		—		—		(5,486)		(5,486)
Net gains on equity securities	—		—		—		—		95,940		95,940
Other income	458		856		4,094		3,489		855		9,752
Total premiums and other revenues	250,542		183,992		44,405		418,407		141,272		1,038,618
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	146,160		44,717		—		—		—		190,877
Claims incurred	—		—		24,251		244,135		—		268,386
Interest credited to policyholders’ account balances	19,770		88,017		—		—		—		107,787
Commissions for acquiring and servicing policies	45,420		23,042		5,986		79,237		—		153,685
Other operating expenses	47,041		12,181		10,608		53,886		9,786		133,502
Change in deferred policy acquisition costs	(14,469)		(11,071)		854		(3,433)		—		(28,119)
Total benefits, losses and expenses	243,922		156,886		41,699		373,825		9,786		826,118
Income before federal income tax and other items	$	6,620	$	27,106	$	2,706	$	44,582	$	131,486	$	212,500

	Three months ended March 31, 2020
	Life		Annuity		Health		Property & Casualty		Corporate & Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	89,516	$	15,509	$	43,086	$	388,657	$	—	$	536,768
Other policy revenues	75,540		4,065		—		—		—		79,605
Net investment income	45,575		41,541		2,233		16,085		25,557		130,991
Net realized investment gains	—		—		—		—		4,148		4,148
Change in investment credit loss	—		—		—		—		(44,678)		(44,678)
Net losses on equity securities	—		—		—		—		(332,575)		(332,575)
Other income	736		638		4,527		3,733		1,499		11,133
Total premiums and other revenues	211,367		61,753		49,846		408,475		(346,049)		385,392
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	110,466		34,802		—		—		—		145,268
Claims incurred	—		—		34,885		229,709		—		264,594
Interest credited to policyholders’ account balances	(1,903)		(2,420)		—		—		—		(4,323)
Commissions for acquiring and servicing policies	39,467		10,248		8,024		72,696		—		130,435
Other operating expenses	47,480		11,876		10,629		53,004		10,937		133,926
Change in deferred policy acquisition costs	(7,838)		7,286		(23)		(1,097)		—		(1,672)
Total benefits, losses and expenses	187,672		61,792		53,515		354,312		10,937		668,228
Income (loss) before federal income tax and other items	$	23,695	$	(39)	$	(3,669)	$	54,163	$	(356,986)	$	(282,836)

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

American National and its subsidiaries lease insurance sales office space, technological equipment, and automobiles. The remaining long-term lease commitments at March 31, 2021 were approximately $8.0 million.

American National had aggregate commitments at March 31, 2021 to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $1.3 billion of which $572.6 million is expected to be funded in 2021 with the remainder funded in 2022 and beyond.

American National had outstanding letters of credit in the amount of $3.5 million as of March 31, 2021 and December 31, 2020.

Federal Home Loan Bank (FHLB) Agreements

In May 2018, the Company became a member of the Federal Home Loan Bank of Dallas (“FHLB”) to augment its liquidity resources. The Company initially purchased $7.0 million of stock to meet the FHLB’s membership requirement. The FHLB member stock is recorded in other invested assets on the Company’s condensed consolidated statements of financial position. Through its membership, the Company has access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of March 31, 2021, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $60.3 million and commercial mortgage loans of approximately $1.5 billion were on deposit with the FHLB as collateral for borrowing. As of March 31, 2021, the collateral provided borrowing capacity for the $250.0 million in outstanding advances as well as approximately $740.7 million in additional borrowing capacity. The deposited securities and commercial mortgage loans are included in the Company’s condensed consolidated statements of financial position within fixed maturity securities and mortgage loans on real estate, net of allowance, respectively.

FHLB outstanding advances as of March 31, 2021 are shown below (in thousands, except percentages):

	Principal Amount		Interest Rate		Maturity Date
At March 31, 2021
FHLB advance, fixed rate	$	250,000	0.38	%	4/28/2021

Guarantees

ANICO has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by ANICO. The loans are secured by the cash values of the life insurance policies. If the customer were to default on a bank loan, ANICO would be obligated to pay off the loan. As the cash values of the life insurance policies always equal or exceed the balance of the loans, management does not foresee any loss on these guarantees. The total amount of the guarantees outstanding as of March 31, 2021, was approximately $121.4 million, while the total cash value of the related life insurance policies was approximately $143.8 million.

Litigation

American National and certain subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain of these lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on American National’s condensed consolidated financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future.

Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on our condensed consolidated financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to American National is remote and no estimate of range can be made for loss contingencies that are at least reasonably possible but not accrued.

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Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, health insurance contracts, and legal services. The impact on the condensed consolidated financial statements of significant related party transactions is shown below (in thousands):

		Dollar Amount of Transactions
	Financial Statement Line Impacted	Three months ended March 31,				Amount due from American National
Related Party		2021		2020		March 31, 2021		December 31, 2020
Greer, Herz & Adams, LLP	Other operating expenses	$	3,713	$	3,843	$	(617)	$	(441)

Transactions with Greer, Herz & Adams, LLP: Irwin M. Herz, Jr. is a member of the Board of Directors of American National Group, Inc. and certain of its subsidiaries, and a Partner with Greer, Herz & Adams, LLP, which serves as American National’s General Counsel.

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Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	On April 28, 2020, the Company borrowed from the Federal Home Loan Bank of Dallas' COVID-19 Relief Advance Program. The net amount of the advance was approximately $245.0 million after a required capital stock purchase of approximately $5.0 million. The loan had an interest rate of 0.38% with a final maturity date of April 28, 2021. The Company paid this advance in full on its maturity date of April 28, 2021. The capital stock purchased for the advance was not sold and is now considered excess stock at the Federal Home Loan Bank of Dallas, and will be available to use in the event of future advances.

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Summary of Significant Accounting Policies and Practices (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Accounting

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.

Consolidation

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 are accounted for using the equity method of accounting.

Reclassification

Changes in prior period presentation were made to conform to the current period presentation.

Use of Estimates

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.

Adoption of New Accounting Standards

Adoption of New Accounting Standards

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes.	This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.	The adoption of this standard did not have 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 FASB 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.	We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements.
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 inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the 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.

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Recently Issued Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Standards Update and Change in Accounting Principle [Abstract]

Accounting Standards Update

Adoption of New Accounting Standards

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes.	This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.	The adoption of this standard did not have 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 FASB 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.	We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements.
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 inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the 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.

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Investment in Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

The cost or amortized cost and fair value of investments in securities are shown below (in thousands):

	March 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	$	11,478	$	—	$	(181)	$	—	$	11,297
U.S. states and political subdivisions	114,154		3,186		(3,669)		—		113,671
Foreign governments	14,468		313		(296)		—		14,485
Corporate debt securities	7,128,893		458,923		(35,626)		(11,793)		7,540,397
Residential mortgage-backed securities	81,778		4,546		(836)		(542)		84,946
Collateralized debt securities	143,945		7,220		(675)		(6,519)		143,971
Total bonds held-to-maturity	7,494,716		474,188		(41,283)		(18,854)		7,908,767
Fixed maturity, bonds available-for-sale
U.S. treasury and government	25,088		298		(30)		(3)		25,353
U.S. states and political subdivisions	1,054,322		58,630		(4,416)		—		1,108,536
Foreign governments	14,999		1,182		—		—		16,181
Corporate debt securities	5,868,891		344,930		(42,162)		(8,008)		6,163,651
Residential mortgage-backed securities	19,048		675		(8)		(198)		19,517
Collateralized debt securities	64,592		671		(202)		(507)		64,554
Total bonds available-for-sale	7,046,940		406,386		(46,818)		(8,716)		7,397,792
Total investments in fixed maturity	$	14,541,656	$	880,574	$	(88,101)	$	(27,570)	$	15,306,559

	December 31, 2020
	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	$	7,733	$	11	$	—	$	—	$	7,744
U.S. states and political subdivisions	109,445		4,101		(11)		—		113,535
Foreign governments	3,851		374		—		—		4,225
Corporate debt securities	6,992,095		623,233		(9,117)		(7,475)		7,598,736
Residential mortgage-backed securities	114,579		5,065		(1,464)		(452)		117,728
Collateralized debt securities	139,709		6,864		(845)		(4,515)		141,213
Total bonds held-to-maturity	7,367,412		639,648		(11,437)		(12,442)		7,983,181
Fixed maturity, bonds available-for-sale
U.S. treasury and government	28,766		418		(1)		—		29,183
U.S. states and political subdivisions	1,066,627		73,976		(145)		—		1,140,458
Foreign governments	14,995		1,393		—		—		16,388
Corporate debt securities	5,887,756		471,205		(17,207)		(7,275)		6,334,479
Residential mortgage-backed securities	20,544		964		(29)		(188)		21,291
Collateralized debt securities	54,454		1,040		(94)		(19)		55,381
Total bonds available-for-sale	7,073,142		548,996		(17,476)		(7,482)		7,597,180
Total investments in fixed maturity	$	14,440,554	$	1,188,644	$	(28,913)	$	(19,924)	$	15,580,361

Maturities of Investments

The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands):

	March 31, 2021
	Bonds Held-to-Maturity				Bonds Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	553,460	$	561,970	$	371,354	$	374,859
Due after one year through five years	2,833,579		3,020,077		3,253,114		3,456,068
Due after five years through ten years	3,026,464		3,231,420		2,309,455		2,442,852
Due after ten years	1,081,213		1,095,300		1,113,017		1,124,013
Total	$	7,494,716	$	7,908,767	$	7,046,940	$	7,397,792

Proceeds from Available for Sale Securities and Realized Gain Loss

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,
	2021		2020
Proceeds from sales of fixed maturity, bonds available-for-sale	$	11,650	$	46,513
Gross realized gains	—		412
Gross realized losses	—		(4,072)

Change in Net Unrealized Gains (Losses) on Securities

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

	Three months ended March 31,
	2021		2020
Bonds available-for-sale: change in unrealized losses	$	(171,952)	$	(244,361)
Adjustments for
Deferred policy acquisition costs	33,570		89,326
Participating policyholders’ interest	4,322		11,151
Deferred federal income tax benefit	27,796		31,481
Change in net unrealized losses on debt securities, net of tax	$	(106,264)	$	(112,403)

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

	Three months ended March 31,
	2021		2020
Unrealized gains (losses) on equity securities	$	96,766	$	(333,601)
Net gains (losses) on equity securities sold	(826)		1,026
Net gains (losses) on equity securities	$	95,940	$	(332,575)

Gross Unrealized Losses and Fair Value of Investment Securities

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, 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	5	$	(30)	$	12,353	—	$	—	$	—	5	$	(30)	$	12,353
U.S. states and political subdivisions	19	(4,416)		83,704		—	—		—		19	(4,416)		83,704
Corporate debt securities	128	(31,727)		738,969		16	(10,435)		54,603		144	(42,162)		793,572
Residential mortgage-backed securities	1	(1)		245		3	(7)		566		4	(8)		811
Collateralized debt securities	8	(200)		39,113		1	(2)		156		9	(202)		39,269
Total	161	$	(36,374)	$	874,384	20	$	(10,444)	$	55,325	181	$	(46,818)	$	929,709

	December 31, 2020
	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	1	$	(1)	$	2,868	—	$	—	$	—	1	$	(1)	$	2,868
U.S. states and political subdivisions	2	(145)		10,205		—	—		—		2	(145)		10,205
Corporate debt securities	43	(8,507)		270,249		8	(8,700)		13,270		51	(17,207)		283,519
Residential mortgage-backed securities	1	(21)		1,391		3	(8)		593		4	(29)		1,984
Collateralized debt securities	3	(93)		12,752		1	(1)		158		4	(94)		12,910
Total	50	$	(8,767)	$	297,465	12	$	(8,709)	$	14,021	62	$	(17,476)	$	311,486

Equity Securities by Market Sector Distribution

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

	March 31, 2021		December 31, 2020
Consumer goods	18.4	%	19.3	%
Energy and utilities	5.8		5.2
Finance	22.9		21.6
Healthcare	14.5		15.0
Industrials	7.7		7.4
Information technology	26.2		27.1
Other	4.5		4.4
Total	100.0	%	100.0	%

Rollforward of the Allowance for Credit Losses for Held-to-maturity Securities

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

	Three months ended March 31, 2021
	Foreign Governments		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
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)
	Three months ended March 31, 2020
	Foreign Governments		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
Balance at January 1, 2020	$	4	$	(18,563)	$	(2,968)	$	(137)	$	(21,664)
Purchases	—		(622)		(323)		—		(945)
Disposition	—		6,901		106		134		7,141
Provision	1		(6,117)		199		—		(5,917)
Balance at March 31, 2020	$	5	$	(18,401)	$	(2,986)	$	(3)	$	(21,385)

Rollforward of the Allowance for Credit Losses for Available-for-sale Securities

The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands):

	Three months ended March 31, 2021
	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
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)
	Three months ended March 31, 2020
	U.S. Treasury and Government		Corporate Debt Securities		Collateralized Debt Securities		Residential Mortgage Backed Securities		Total
Allowance for credit losses
Balance at January 1, 2020	$	—	$	—	$	—	$	—	$	—
Allowance on securities that had an allowance recorded in a previous period	—		(12,499)		(236)		(130)		(12,865)
Balance at March 31, 2020	$	—	$	(12,499)	$	(236)	$	(130)	$	(12,865)

Credit Quality Indicators of Held-to-maturity Debt Securities

The credit quality indicators for the amortized cost of bonds held-to-maturity are shown below (in thousands):

	March 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	$	—	$	11,478	$	—	$	—	$	—	$	11,478
U.S. state and political subdivisions	17,828		55,474		34,325		—		6,527		114,154
Foreign governments	—		13,441		1,027		—		—		14,468
Corporate debt securities	25,982		337,853		3,210,816		3,455,649		98,593		7,128,893
Collateralized debt securities	—		—		105,327		33,580		5,038		143,945
Residential mortgage backed securities	—		80,268		—		—		1,510		81,778
Total	$	43,810	$	498,514	$	3,351,495	$	3,489,229	$	111,668	$	7,494,716

	December 31, 2020
	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	$	—	$	7,733	$	—	$	—	$	—	$	7,733
U.S. state and political subdivisions	25,831		43,964		34,893		—		4,757		109,445
Foreign governments	—		2,820		1,031		—		—		3,851
Corporate debt securities	1,956		262,830		2,976,571		3,647,496		103,242		6,992,095
Collateralized debt securities	—		—		107,795		31,914		—		139,709
Residential mortgage backed securities	—		112,995		—		—		1,584		114,579
Total	$	27,787	$	430,342	$	3,120,290	$	3,679,410	$	109,583	$	7,367,412

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Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Distribution Based on Carrying Amount of Mortgage Loans by Location

The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages):

	March 31, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
East North Central	$	741,253	14.4	%	$	783,614	14.9	%
East South Central	140,020		2.7		146,052		2.8
Mountain	1,324,391		25.8		1,284,555		24.5
Pacific	785,654		15.3		806,426		15.4
South Atlantic	574,516		11.2		619,405		11.8
West South Central	1,278,061		24.9		1,313,848		25.1
Other	297,199		5.7		288,631		5.5
Total	$	5,141,094	100.0	%	$	5,242,531	100.0	%

Schedule of Morgan Loans Foreclosure

As of March 31, 2021 and December 31, 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans):

	March 31, 2021			December 31, 2020
Foreclosure and foreclosed	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
In foreclosure	1	$	5,168	1	$	5,168
Filed for bankruptcy*	1	9,230		1	9,230
Total in foreclosure	2	$	14,398	2	$	14,398
Foreclosed	—	$	—	2	$	8,603

*Borrower filed for bankruptcy after foreclosure proceedings had begun.

Age Analysis of Past Due Loans

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, 2021											Amount		Percentage
Apartment	$	—	$	—	$	—	$	—	$	552,091	$	552,091	10.5	%
Hotel	101,432		—		—		101,432		791,927		893,359		17.0
Industrial	—		—		5,168		5,168		831,194		836,362		15.9
Office	9,803		—		9,230		19,033		1,524,777		1,543,810		29.3
Parking	—		—		—		—		363,737		363,737		6.9
Retail	74,004		—		—		74,004		709,392		783,396		14.9
Storage	—		—		—		—		152,488		152,488		2.9
Other	—		—		—		—		142,439		142,439		2.6
Total	$	185,239	$	—	$	14,398	$	199,637	$	5,068,045	$	5,267,682	100.0	%
Allowance for credit losses											(126,588)
Total, net of allowance											$	5,141,094
December 31, 2020
Apartment	$	—	$	—	$	—	$	—	$	557,159	$	557,159	10.5	%
Hotel	30,315		30,158		—		60,473		853,522		913,995		17.0
Industrial	14,930		—		5,168		20,098		836,105		856,203		15.9
Office	24,804		—		9,230		34,034		1,522,197		1,556,231		29.0
Parking	48,825		29,355		—		78,180		286,107		364,287		6.8
Retail	4,991		—		25,779		30,770		760,907		791,677		14.7
Storage	—		—		—		—		165,561		165,561		3.1
Other	—		—		—		—		163,121		163,121		3.0
Total	$	123,865	$	59,513	$	40,177	$	223,555	$	5,144,679	$	5,368,234	100.0	%
Allowance for credit losses											(125,703)
Total, net of allowance											$	5,242,531

Schedule of Troubled Debt Restructuring Mortgage Loan Information

Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans):

	Three months ended March 31,
	2021					2020
	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	—	$	—	$	—

Change in Allowance for Credit Losses in Mortgage Loans

The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands):

	Commercial Mortgage Loans
Balance at January 1, 2021	$	(125,703)
Provision	(885)
Balance at March 31, 2021	$	(126,588)
	Commercial Mortgage Loans
Balance at January 1, 2020	$	(19,160)
Cumulative adjustment at January 1, 2020	(11,216)
Provision	(29,069)
Balance at March 31, 2020	$	(59,445)

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

	March 31, 2021				December 31, 2020
	Asset Balance		Allowance		Asset Balance		Allowance
Apartment	$	552,091	$	(6,195)	$	557,159	$	(8,845)
Hotel	893,359		(53,075)		913,995		(45,596)
Industrial	836,362		(3,337)		856,203		(2,516)
Office	1,543,810		(25,753)		1,556,231		(33,373)
Parking	363,737		(21,583)		364,287		(18,178)
Retail	783,396		(12,725)		791,677		(10,856)
Storage	152,488		(1,697)		165,561		(2,509)
Other	142,439		(2,223)		163,121		(3,830)
Total	$	5,267,682	$	(126,588)	$	5,368,234	$	(125,703)

Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year

The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands):

	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
Apartment	$	—	$	48,092	$	218,763	$	48,323	$	160,068	$	76,845	$	552,091
Hotel	—		20,415		69,492		204,080		219,713		379,659		893,359
Industrial	40,891		251,592		157,235		114,493		46,912		225,239		836,362
Office	2,111		31,803		60,469		199,646		341,820		907,961		1,543,810
Parking	—		28,672		13,795		27,153		8,600		285,517		363,737
Retail	2,562		69,245		38,942		96,819		79,723		496,105		783,396
Storage	—		23,156		58,734		44,566		17,095		8,937		152,488
Other	—		—		21,612		69,087		2,236		49,504		142,439
Total	$	45,564	$	472,975	$	639,042	$	804,167	$	876,167	$	2,429,767	$	5,267,682
Allowance for credit losses													(126,588)
Total, net of allowance													$	5,141,094

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Real Estate and Other Investments (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Investment Real Estate by Property-Type and Geographic Distribution

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, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
Hotel	$	61,415	6.6	%	$	67,857	7.1	%
Industrial	119,122		12.7		132,757		13.8
Land	49,725		5.3		51,220		5.3
Office	297,756		31.7		299,500		31.2
Retail	268,224		28.6		268,588		28.0
Apartments	123,275		13.1		120,847		12.6
Other	18,672		2.0		19,803		2.0
Total	$	938,189	100.0	%	$	960,572	100.0	%

	March 31, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage
East North Central	$	96,423	10.3	%	$	81,310	8.5	%
East South Central	62,708		6.7		65,302		6.8
Mountain	134,988		14.4		133,233		13.9
Pacific	113,026		12.0		127,421		13.3
South Atlantic	90,755		9.7		97,801		10.1
West South Central	430,015		45.8		434,722		45.3
Other	10,274		1.1		20,783		2.1
Total	$	938,189	100.0	%	$	960,572	100.0	%

Assets and Liabilities Related to VIEs

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

	March 31, 2021		December 31, 2020
Real estate and real estate partnerships	$	130,448	$	131,405
Short-term investments	500		500
Cash and cash equivalents	6,925		8,070
Premiums due and other receivables	3,563		3,484
Other assets	14,128		13,796
Total assets of consolidated VIEs	$	155,564	$	157,255
Notes payable	$	152,607	$	153,703
Other liabilities	8,935		8,490
Total liabilities of consolidated VIEs	$	161,542	$	162,193

Schedule of Long-term Notes Payable of Consolidated VIEs

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

Interest rate	Maturity	March 31, 2021		December 31, 2020
LIBOR	2021	$	10,819	$	10,819
4% fixed	2022	77,759		78,565
4.18% fixed	2024	64,029		64,319
Total		$	152,607	$	153,703

Carrying Amount and Maximum Exposure to Loss Related to VIEs

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Real estate and real estate partnerships	$	349,073	$	349,073	$	368,588	$	368,588
Mortgage loans on real estate	691,488		691,488		722,917		722,917
Accrued investment income	4,692		4,692		4,980		4,980

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Reported in Financial Position

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, 2021					December 31, 2020
		Number of Instruments	Notional Amounts		Estimated Fair Value		Number of Instruments	Notional Amounts		Estimated Fair Value
Equity-indexed options	Other invested assets	452	$	3,013,400	$	253,363	455	$	2,867,600	$	242,201
Equity-indexed embedded derivative	Policyholders’ account balances	115,235	2,909,609		740,514		112,103	2,748,540		705,013

Schedule of Derivative Instruments Reported in Statements of Operations

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,
		2021		2020
Equity-indexed options	Net investment income	$	28,827	$	(108,095)
Equity-indexed embedded derivative	Interest credited to policyholders’ account balances	(26,689)		89,581

Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds

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

		March 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
Barclays	Baa2/BBB	$	54,613	$	36,563	$	18,100	$	54,663	$	54,613	$	50	$	—
Credit Suisse	Baa1/BBB+	13,416		12,580		—		12,580		12,580		—		836
Goldman-Sachs	A2/BBB+	1,285		1,170		—		1,170		1,170		—		115
ING	Baa1/A-	19,568		9,220		10,300		19,520		19,520		—		48
Morgan Stanley	A1/BBB+	50,800		44,526		5,700		50,226		50,226		—		574
NATIXIS*	A1/A+	29,198		29,500		—		29,500		29,198		302		—
Truist	A3/A-	44,698		33,810		11,000		44,810		44,698		112		—
Wells Fargo	A2/BBB+	39,785		29,580		9,900		39,480		39,480		—		305
Total		$	253,363	$	196,949	$	55,000	$	251,949	$	251,485	$	464	$	1,878

		December 31, 2020
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
Barclays	Baa2/BBB	$	51,489	$	31,513	$	18,100	$	49,613	$	49,613	$	—	$	1,876
Credit Suisse	Baa1/BBB+	9,447		8,680		—		8,680		8,680		—		767
Goldman-Sachs	A3/BBB+	1,227		1,170		—		1,170		1,170		—		57
ING	Baa1/A-	20,606		10,450		10,300		20,750		20,606		144		—
Morgan Stanley	A2/BBB+	37,406		30,616		5,700		36,316		36,316		—		1,090
NATIXIS*	A1/A+	30,567		30,720		—		30,720		30,567		153		—
Truist	A3/A-	52,127		43,960		11,000		54,960		52,127		2,833		—
Wells Fargo	A2/BBB+	39,332		29,370		9,900		39,270		39,270		—		62
Total		$	242,201	$	186,479	$	55,000	$	241,479	$	238,349	$	3,130	$	3,852

*Collateral is prohibited from being held in invested assets.

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Net Investment Income and Realized Investment Gains (Losses) (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Net Investment Income

Net investment income (loss) is shown below (in thousands):

	Three months ended March 31,
	2021		2020
Bonds	$	130,497	$	146,119
Equity securities	7,493		7,847
Mortgage loans	70,866		59,328
Real estate and real estate partnerships	3,485		12,487
Investment funds	21,356		4,933
Equity-indexed options	28,827		(108,095)
Other invested assets	7,457		8,372
Total	$	269,981	$	130,991

Summary of Realized Investment Gains (Losses)

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

	Three months ended March 31,
	2021		2020
Bonds	$	7,699	$	5,478
Real estate	11,193		(1,307)
Other invested assets	347		(23)
Total	$	19,239	$	4,148

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

	Three months ended March 31,
	2021		2020
Sales	$	12,898	$	(3,618)
Calls and maturities	7,260		9,120
Paydowns	439		19
Impairments	(1,265)		(1,276)
Other	(93)		(97)
Total	$	19,239	$	4,148

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Amount and Fair Value of Financial Instruments

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

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity	$	7,475,862	$	7,908,767	$	7,354,970	$	7,983,181
Fixed maturity, bonds available-for-sale	7,397,792		7,397,792		7,597,180		7,597,180
Equity securities	2,164,146		2,164,146		2,070,766		2,070,766
Equity-indexed options, included in other invested assets	253,363		253,363		242,201		242,201
Mortgage loans on real estate, net of allowance	5,141,094		5,264,896		5,242,531		5,451,152
Policy loans	369,525		369,525		373,014		373,014
Short-term investments	1,212,342		1,212,342		1,028,379		1,028,379
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754		1,207,754		1,185,467		1,185,467
Separately managed accounts, included in other invested assets	66,981		66,981		64,424		64,424
Total financial assets	$	25,288,859	$	25,845,566	$	25,158,932	$	25,995,764
Financial liabilities
Investment contracts	$	10,235,015	$	10,235,015	$	10,101,764	$	10,101,764
Embedded derivative liability for equity-indexed contracts	740,514		740,514		705,013		705,013
Notes payable	152,607		152,607		153,703		153,703
Federal Home Loan Bank advance	250,000		250,070		250,000		250,227
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754		1,207,754		1,185,467		1,185,467
Total financial liabilities	$	12,585,890	$	12,585,960	$	12,395,947	$	12,396,174

Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits

Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages):

	Fair Value					Range
	March 31, 2021		December 31, 2020		Unobservable Input	March 31, 2021	December 31, 2020
Indexed Annuities	$	704.4	$	670.8	Lapse Rate	1-50%	1-50%
					Mortality Multiplier	100%	100%
					Equity Volatility	15-62%	16-69%
Indexed Life	36.1		34.2		Equity Volatility	15-62%	16-69%

Quantitative Disclosures Regarding Fair Value Hierarchy Measurements

The fair value hierarchy measurements of the financial instruments are shown below (in thousands):

	Assets and Liabilities Carried at Fair Value by Hierarchy Level at March 31, 2021
	Total Fair Value		Level 1		Level 2		Level 3
Financial assets
Fixed maturity, bonds available-for-sale
U.S. treasury and government	$	25,353	$	25,353	$	—	$	—
U.S. states and political subdivisions	1,108,536		—		1,108,536		—
Foreign governments	16,181		—		16,181		—
Corporate debt securities	6,163,651		—		6,037,574		126,077
Residential mortgage-backed securities	19,517		—		19,517		—
Collateralized debt securities	64,554		—		64,554		—
Total bonds available-for-sale	7,397,792		25,353		7,246,362		126,077
Equity securities
Common stock	2,148,131		2,147,001		—		1,130
Preferred stock	16,015		14,736		—		1,279
Total equity securities	2,164,146		2,161,737		—		2,409
Options	253,363		—		—		253,363
Short-term investments	1,212,342		—		1,212,342		—
Separate account assets	1,175,689		324,269		851,420		—
Separately managed accounts	66,981		—		—		66,981
Total financial assets	$	12,270,313	$	2,511,359	$	9,310,124	$	448,830
Financial liabilities
Embedded derivative for equity-indexed contracts	$	740,514	$	—	$	—	$	740,514
Notes payable	152,607		—		—		152,607
Separate account liabilities	1,175,689		324,269		851,420		—
Total financial liabilities	$	2,068,810	$	324,269	$	851,420	$	893,121

	Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020
	Total Fair Value		Level 1		Level 2		Level 3
Financial assets
Fixed maturity, bonds available-for-sale
U.S. treasury and government	$	29,183	$	—	$	29,183	$	—
U.S. states and political subdivisions	1,140,458		—		1,140,458		—
Foreign governments	16,388		—		16,388		—
Corporate debt securities	6,334,479		—		6,224,042		110,437
Residential mortgage-backed securities	21,291		—		21,291		—
Collateralized debt securities	55,381		—		55,381		—
Total bonds available-for-sale	7,597,180		—		7,486,743		110,437
Equity securities
Common stock	2,055,229		2,054,789		—		440
Preferred stock	15,537		14,909		—		628
Total equity securities	2,070,766		2,069,698		—		1,068
Options	242,201		—		—		242,201
Short-term investments	1,028,379		—		1,028,379		—
Separate account assets	1,153,702		309,425		844,277		—
Separately managed accounts	64,424		—		—		64,424
Total financial assets	$	12,156,652	$	2,379,123	$	9,359,399	$	418,130
Financial liabilities
Embedded derivative for equity-indexed contracts	$	705,013	$	—	$	—	$	705,013
Notes payable	153,703		—		—		153,703
Separate account liabilities	1,153,702		309,425		844,277		—
Total financial liabilities	$	2,012,418	$	309,425	$	844,277	$	858,716

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands):

	March 31, 2021
	FV Hierarchy Level	Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity
U.S. Treasury and government	Level 1	$	11,478	$	11,297
U.S. states and political subdivisions	Level 2	114,154		113,671
Foreign governments	Level 2	14,468		14,485
Corporate debt securities	Level 2	7,117,100		7,540,397
Residential mortgage-backed securities	Level 2	81,236		84,946
Collateralized debt securities	Level 2	137,426		143,971
Total fixed maturity, bonds held-to-maturity		7,475,862		7,908,767
Mortgage loans on real estate, net of allowance	Level 3	5,141,094		5,264,896
Policy loans	Level 3	369,525		369,525
Total financial assets		$	12,986,481	$	13,543,188
Financial liabilities
Investment contracts	Level 3	$	10,235,015	$	10,235,015
Notes payable	Level 3	152,607		152,607
Federal Home Loan Bank advance	Level 2	250,000		250,070
Total financial liabilities		$	10,637,622	$	10,637,692

	December 31, 2020
	FV Hierarchy Level	Carrying Amount		Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity
U.S. treasury and government	Level 2	$	7,732	$	7,744
U.S. states and political subdivisions	Level 2	109,445		113,535
Foreign governments	Level 2	3,851		4,225
Corporate debt securities	Level 2	6,981,597		7,595,712
Corporate debt securities	Level 3	3,024		3,024
Residential mortgage-backed securities	Level 2	114,127		117,728
Collateralized debt securities	Level 2	135,194		141,213
Total fixed maturity, bonds held-to-maturity		7,354,970		7,983,181
Mortgage loans on real estate, net of allowance	Level 3	5,242,531		5,451,152
Policy loans	Level 3	373,014		373,014
Total financial assets		$	12,970,515	$	13,807,347
Financial liabilities
Investment contracts	Level 3	$	10,101,764	$	10,101,764
Notes payable	Level 3	153,703		153,703
Federal Home Loan Bank advance	Level 2	250,000		250,227
Total financial liabilities		$	10,505,467	$	10,505,694

Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs

For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands):

	Level 3
	Three months ended March 31, 2021
	Assets						Liability
	Investment Securities		Equity-Indexed Options		Separately Managed Accounts		Embedded Derivative
Balance at January 1, 2021	$	111,505	$	242,201	$	64,424	$	705,013
Net gain for derivatives included in net investment income	—		28,827		—		—
Net change included in interest credited	—		—		—		26,689
Net fair value change included in other comprehensive income	1,178		—		594		—
Purchases, sales and settlements or maturities
Purchases	27,453		20,147		10,072		—
Sales	(11,650)		—		(8,109)		—
Settlements or maturities	—		(37,812)		—		—
Premiums less benefits	—		—		—		8,812
Ending balance at March 31, 2021	$	128,486	$	253,363	$	66,981	$	740,514
	Level 3
	Three months ended March 31, 2020
	Assets						Liability
	Investment Securities		Equity-Indexed Options		Separately Managed Accounts		Embedded Derivative
Balance at January 1, 2020	$	45,307	$	256,005	$	50,503	$	731,552
Net loss for derivatives included in net investment income	—		(108,095)		—		—
Net change included in interest credited	—		—		—		(89,581)
Net fair value change included in other comprehensive income	—		—		80		—
Purchases, sales and settlements or maturities
Purchases	22,702		14,164		—		—
Sales	(14,156)		—		—		—
Settlements or maturities	—		(36,086)		—		—
Premiums less benefits	—		—		—		(11,019)
Ending balance at March 31, 2020	$	53,853	$	125,988	$	50,583	$	630,952

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Deferred Policy Acquisition Costs (Tables)

3 Months Ended

Mar. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

Deferred policy acquisition costs are shown below (in thousands):

	Life		Annuity		Health		Property & Casualty		Total
Beginning balance at January 1, 2021	$	896,208	$	309,056	$	32,885	$	122,062	$	1,360,211
Additions	43,256		23,488		2,849		86,579		156,172
Amortization	(28,787)		(12,417)		(3,703)		(83,146)		(128,053)
Effect of change in unrealized gains on available-for-sale debt securities	8,915		24,655		—		—		33,570
Net change	23,384		35,726		(854)		3,433		61,689
Ending balance at March 31, 2021	$	919,592	$	344,782	$	32,031	$	125,495	$	1,421,900

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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Liability for Unpaid Claims and Claim Adjustment Expenses

Information regarding the liability for unpaid claims is shown below (in thousands):

	Three months ended March 31,
	2021		2020
Unpaid claims balance, beginning	$	1,373,600	$	1,322,837
Less: Reinsurance recoverables	262,471		246,447
Net beginning balance	1,111,129		1,076,390
Incurred related to
Current	300,176		260,025
Prior years	(31,127)		4,172
Total incurred claims	269,049		264,197
Paid claims related to
Current	99,857		95,635
Prior years	160,716		174,986
Total paid claims	260,573		270,621
Net balance	1,119,605		1,069,966
Plus: Reinsurance recoverables	239,160		244,230
Unpaid claims balance, ending	$	1,358,765	$	1,314,196

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Federal Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Effective Income Tax Reconciliation

A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages):

	Three months ended March 31,
	2021				2020
	Amount		Rate		Amount		Rate
Total expected income tax expense at the statutory rate	$	44,625	21.0	%	$	(59,396)	21.0	%
Tax-exempt investment income	(1,172)		(0.6)		(1,027)		0.4
Dividend exclusion	(813)		(0.4)		(862)		0.3
Tax credits, net	(1,618)		(0.8)		(2,395)		0.8
Low income housing tax credit expense	1,513		0.7		1,774		(0.6)
Change in valuation allowance	29		—		112		—
Other items, net	607		0.4		126		(0.1)
Total	$	43,171	20.3	%	$	(61,668)	21.8	%

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Components of Other Comprehensive Income

The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands):

	Net Unrealized Gains (Losses) on Securities		Defined Benefit Pension Plan Adjustments		Foreign Currency Adjustments		Accumulated Other Comprehensive Income (Loss)
Beginning balance at January 1, 2021	$	292,166	$	(67,130)	$	(2,866)	$	222,170
Amounts reclassified from AOCI (net of tax benefit $944 and expense $1,013)	(3,553)		3,809		—		256
Unrealized holding losses arising during the period (net of tax benefit $35,260)	(132,644)		—		—		(132,644)
Unrealized adjustment to DAC (net of tax expense $7,050)	26,519		—		—		26,519
Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $908)	3,414		—		—		3,414
Foreign currency adjustment (net of tax expense $65)	—		—		244		244
Ending balance at March 31, 2021	$	185,902	$	(63,321)	$	(2,622)	$	119,959
	Net Unrealized Gains (Losses) on Securities		Defined Benefit Pension Plan Adjustments		Foreign Currency Adjustments		Accumulated Other Comprehensive Income (Loss)
Beginning balance at January 1, 2020	$	157,851	$	(55,232)	$	(3,101)	$	99,518
Amounts reclassified from AOCI (net of tax expense $2,554 and $467)	9,606		1,756		—		11,362
Unrealized holding losses arising during the period (net of tax benefit $53,533)	(201,385)		—		—		(201,385)
Unrealized adjustment to DAC (net of tax expense $18,759)	70,567		—		—		70,567
Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,342)	8,809		—		—		8,809
Foreign currency adjustment (net of tax benefit $246)	—		—		(924)		(924)
Ending balance at March 31, 2020	$	45,448	$	(53,476)	$	(4,025)	$	(12,053)

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Stockholders' Equity and Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Common Stock, Amounts Outstanding

The number of shares outstanding at the dates indicated are shown below:

	March 31, 2021	December 31, 2020
Common stock
Shares issued	26,887,200	26,887,200
Restricted shares	(10,000)	(10,000)
Unrestricted outstanding shares	26,877,200	26,877,200

Stock-Based Compensation Information

RS and RSU information for the periods indicated are shown below:

	RS Shares			RSUs
	Shares	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2020	10,000	$	80.05	8,250	$	75.35
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Expired	—	—		—	—
Outstanding at March 31, 2021	10,000	$	80.05	8,250	$	75.35

	SAR		RS Shares		RSUs
Weighted-average contractual remaining life (in years)	0.00		1.92		0.08
Exercisable shares	—		N/A		N/A
Weighted-average exercise price	$	—	$	80.05	$	75.35
Weighted-average exercise price exercisable shares	—		N/A		N/A
Compensation expense (credit)
Three months ended March 31, 2021	$	—	$	20,000	$	220,000
Three months ended March 31, 2020	(1,000)		20,000		(171,000)
Fair value of liability award
March 31, 2021	$	—	N/A		$	890,000
December 31, 2020	—		N/A		793,000

Summary of Basic and Diluted Earnings Per Share

	Three months ended March 31,
	2021		2020
Weighted average shares outstanding	26,877,200		26,881,700
Incremental shares from RS awards and RSUs	7,699		9,975
Total shares for diluted calculations	26,884,899		26,891,675
Net income (loss) attributable to American National (in thousands)	$	170,173	$	(220,444)
Basic earnings (losses) per share	$	6.33	$	(8.20)
Diluted earnings (losses) per share	$	6.33	$	(8.20)

Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices

The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands):

	March 31, 2021		December 31, 2020
Statutory capital and surplus
Life insurance entities	$	2,190,618	$	2,188,808
Property and casualty insurance entities	1,514,248		1,463,179

	Three months ended March 31,
	2021		2020
Statutory net income (loss)
Life insurance entities	$	(32,217)	$	52,975
Property and casualty insurance entities	39,272		48,254

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Summary of Results of Operations Measured as Income Before Federal Income Taxes and Other Items by Operating Segments

The results of operations measured as the income (loss) before federal income tax and other items by operating segments are summarized below (in thousands):

	Three months ended March 31, 2021
	Life		Annuity		Health		Property & Casualty		Corporate & Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	100,779	$	24,241	$	38,228	$	399,405	$	—	$	562,653
Other policy revenues	81,508		5,031		—		—		—		86,539
Net investment income	67,797		153,864		2,083		15,513		30,724		269,981
Net realized investment gains	—		—		—		—		19,239		19,239
Change in investment credit loss	—		—		—		—		(5,486)		(5,486)
Net gains on equity securities	—		—		—		—		95,940		95,940
Other income	458		856		4,094		3,489		855		9,752
Total premiums and other revenues	250,542		183,992		44,405		418,407		141,272		1,038,618
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	146,160		44,717		—		—		—		190,877
Claims incurred	—		—		24,251		244,135		—		268,386
Interest credited to policyholders’ account balances	19,770		88,017		—		—		—		107,787
Commissions for acquiring and servicing policies	45,420		23,042		5,986		79,237		—		153,685
Other operating expenses	47,041		12,181		10,608		53,886		9,786		133,502
Change in deferred policy acquisition costs	(14,469)		(11,071)		854		(3,433)		—		(28,119)
Total benefits, losses and expenses	243,922		156,886		41,699		373,825		9,786		826,118
Income before federal income tax and other items	$	6,620	$	27,106	$	2,706	$	44,582	$	131,486	$	212,500

	Three months ended March 31, 2020
	Life		Annuity		Health		Property & Casualty		Corporate & Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	89,516	$	15,509	$	43,086	$	388,657	$	—	$	536,768
Other policy revenues	75,540		4,065		—		—		—		79,605
Net investment income	45,575		41,541		2,233		16,085		25,557		130,991
Net realized investment gains	—		—		—		—		4,148		4,148
Change in investment credit loss	—		—		—		—		(44,678)		(44,678)
Net losses on equity securities	—		—		—		—		(332,575)		(332,575)
Other income	736		638		4,527		3,733		1,499		11,133
Total premiums and other revenues	211,367		61,753		49,846		408,475		(346,049)		385,392
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	110,466		34,802		—		—		—		145,268
Claims incurred	—		—		34,885		229,709		—		264,594
Interest credited to policyholders’ account balances	(1,903)		(2,420)		—		—		—		(4,323)
Commissions for acquiring and servicing policies	39,467		10,248		8,024		72,696		—		130,435
Other operating expenses	47,480		11,876		10,629		53,004		10,937		133,926
Change in deferred policy acquisition costs	(7,838)		7,286		(23)		(1,097)		—		(1,672)
Total benefits, losses and expenses	187,672		61,792		53,515		354,312		10,937		668,228
Income (loss) before federal income tax and other items	$	23,695	$	(39)	$	(3,669)	$	54,163	$	(356,986)	$	(282,836)

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Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Federal Home Loan Bank, Advances

FHLB outstanding advances as of March 31, 2021 are shown below (in thousands, except percentages):

	Principal Amount		Interest Rate		Maturity Date
At March 31, 2021
FHLB advance, fixed rate	$	250,000	0.38	%	4/28/2021

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The impact on the condensed consolidated financial statements of significant related party transactions is shown below (in thousands):

		Dollar Amount of Transactions
	Financial Statement Line Impacted	Three months ended March 31,				Amount due from American National
Related Party		2021		2020		March 31, 2021		December 31, 2020
Greer, Herz & Adams, LLP	Other operating expenses	$	3,713	$	3,843	$	(617)	$	(441)

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Nature of Operations (Detail)	3 Months Ended
	Mar. 31, 2021 state $ / shares shares	Dec. 31, 2020 $ / shares shares
Franchisor Disclosure [Line Items]
Treasury stock, shares retired (in shares) | shares	3,945,249
Common stock, shares authorized (in shares) | shares	50,000,000	50,000,000
Common stock, shares outstanding (in shares) | shares	26,887,200	26,887,200
Common stock, par value (in usd per share) | $ / shares	$ 0.01	$ 0.01
Number of states | state	50
ANICO Stock
Franchisor Disclosure [Line Items]
Common stock, par value (in usd per share) | $ / shares	$ 1.00
ANAT Stock
Franchisor Disclosure [Line Items]
Common stock, par value (in usd per share) | $ / shares	$ 0.01

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Summary of Significant Accounting Policies and Practices - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Significant Accounting Policies [Line Items]
Equity in earnings of unconsolidated affiliates	$ 23,161	$ 15,707
Maximum | American National
Schedule Of Significant Accounting Policies [Line Items]
Entity ownership percentage	100.00%

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Investment in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	$ 7,494,716	$ 7,367,412
Held-to-maturity securities, gross unrealized gains	474,188	639,648
Held-to-maturity securities, gross unrealized (losses)	(41,283)	(11,437)
Held-to-maturity securities, allowance for credit losses	(18,854)	(12,442)	$ (21,385)	$ (21,664)
Held-to-maturity securities, fair value	7,908,767	7,983,181
Available-for-sale securities, cost or amortized cost	7,046,940	7,073,142
Available-for-sale securities, gross unrealized gains	406,386	548,996
Available-for-sale securities, gross unrealized (losses)	(46,818)	(17,476)
Available-for-sale securities, allowance for credit losses	(8,716)	(7,482)	(12,865)	0
Available-for-sale securities, fair value	7,397,792	7,597,180
Investments in securities, cost or amortized cost	14,541,656	14,440,554
Investments in securities, gross unrealized gains	880,574	1,188,644
Investments in securities, gross unrealized (losses)	(88,101)	(28,913)
Investments in securities, allowance for credit losses	(27,570)	(19,924)
Investments in securities, fair value	15,306,559	15,580,361
U.S. treasury and government
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	11,478	7,733
Held-to-maturity securities, gross unrealized gains	0	11
Held-to-maturity securities, gross unrealized (losses)	(181)	0
Held-to-maturity securities, allowance for credit losses	0	0
Held-to-maturity securities, fair value	11,297	7,744
Available-for-sale securities, cost or amortized cost	25,088	28,766
Available-for-sale securities, gross unrealized gains	298	418
Available-for-sale securities, gross unrealized (losses)	(30)	(1)
Available-for-sale securities, allowance for credit losses	(3)	0	0	0
Available-for-sale securities, fair value	25,353	29,183
U.S. states and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	114,154	109,445
Held-to-maturity securities, gross unrealized gains	3,186	4,101
Held-to-maturity securities, gross unrealized (losses)	(3,669)	(11)
Held-to-maturity securities, allowance for credit losses	0	0
Held-to-maturity securities, fair value	113,671	113,535
Available-for-sale securities, cost or amortized cost	1,054,322	1,066,627
Available-for-sale securities, gross unrealized gains	58,630	73,976
Available-for-sale securities, gross unrealized (losses)	(4,416)	(145)
Available-for-sale securities, allowance for credit losses	0	0
Available-for-sale securities, fair value	1,108,536	1,140,458
Foreign governments
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	14,468	3,851
Held-to-maturity securities, gross unrealized gains	313	374
Held-to-maturity securities, gross unrealized (losses)	(296)	0
Held-to-maturity securities, allowance for credit losses	0	0	5	4
Held-to-maturity securities, fair value	14,485	4,225
Available-for-sale securities, cost or amortized cost	14,999	14,995
Available-for-sale securities, gross unrealized gains	1,182	1,393
Available-for-sale securities, gross unrealized (losses)	0	0
Available-for-sale securities, allowance for credit losses	0	0
Available-for-sale securities, fair value	16,181	16,388
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	7,128,893	6,992,095
Held-to-maturity securities, gross unrealized gains	458,923	623,233
Held-to-maturity securities, gross unrealized (losses)	(35,626)	(9,117)
Held-to-maturity securities, allowance for credit losses	(11,793)	(7,475)	(18,401)	(18,563)
Held-to-maturity securities, fair value	7,540,397	7,598,736
Available-for-sale securities, cost or amortized cost	5,868,891	5,887,756
Available-for-sale securities, gross unrealized gains	344,930	471,205
Available-for-sale securities, gross unrealized (losses)	(42,162)	(17,207)
Available-for-sale securities, allowance for credit losses	(8,008)	(7,275)	(12,499)	0
Available-for-sale securities, fair value	6,163,651	6,334,479
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	81,778	114,579
Held-to-maturity securities, gross unrealized gains	4,546	5,065
Held-to-maturity securities, gross unrealized (losses)	(836)	(1,464)
Held-to-maturity securities, allowance for credit losses	(542)	(452)	(3)	(137)
Held-to-maturity securities, fair value	84,946	117,728
Available-for-sale securities, cost or amortized cost	19,048	20,544
Available-for-sale securities, gross unrealized gains	675	964
Available-for-sale securities, gross unrealized (losses)	(8)	(29)
Available-for-sale securities, allowance for credit losses	(198)	(188)	(130)	0
Available-for-sale securities, fair value	19,517	21,291
Collateralized debt securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	143,945	139,709
Held-to-maturity securities, gross unrealized gains	7,220	6,864
Held-to-maturity securities, gross unrealized (losses)	(675)	(845)
Held-to-maturity securities, allowance for credit losses	(6,519)	(4,515)	(2,986)	(2,968)
Held-to-maturity securities, fair value	143,971	141,213
Available-for-sale securities, cost or amortized cost	64,592	54,454
Available-for-sale securities, gross unrealized gains	671	1,040
Available-for-sale securities, gross unrealized (losses)	(202)	(94)
Available-for-sale securities, allowance for credit losses	(507)	(19)	$ (236)	$ 0
Available-for-sale securities, fair value	$ 64,554	$ 55,381

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Investment in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Bonds held-to-maturity securities, amortized cost, due in one year or less	$ 553,460
Bonds held-to-maturity securities, amortized cost, due after one year through five years	2,833,579
Bonds held-to-maturity securities, amortized cost, due after five years through ten years	3,026,464
Bonds held-to-maturity securities, amortized cost, due after ten years	1,081,213
Bonds held-to-maturity securities, amortized cost	7,494,716	$ 7,367,412
Bonds held-to-maturity securities, fair value, due in one year or less	561,970
Bonds held-to-maturity securities, fair value, due after one year through five years	3,020,077
Bonds held-to-maturity securities, fair value, due after five years through ten years	3,231,420
Bonds held-to-maturity securities, fair value, due after ten years	1,095,300
Bonds held-to-maturity securities, fair value	7,908,767	7,983,181
Bonds available-for-sale securities, amortized cost, due in one year or less	371,354
Bonds available-for-sale securities, amortized cost, due after one year through five years	3,253,114
Bonds available-for-sale securities, amortized cost, due after five years through ten years	2,309,455
Bonds available-for-sale securities, amortized cost, due after ten years	1,113,017
Bonds available-for-sale securities, amortized cost	7,046,940	7,073,142
Bonds available-for-sale securities, fair value, due in one year or less	374,859
Bonds available-for-sale securities, fair value, due after one year through five years	3,456,068
Bonds available-for-sale securities, fair value, due after five years through ten years	2,442,852
Bonds available-for-sale securities, fair value, due after ten years	1,124,013
Bonds available-for-sale securities, fair value	$ 7,397,792	$ 7,597,180

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Investment in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of fixed maturity, bonds available-for-sale	$ 11,650	$ 46,513
Gross realized gains	0	412
Gross realized losses	$ 0	$ (4,072)

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Investment in Securities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Assets held by insurance regulators	$ 47.1	$ 47.7
Carrying value of bonds pledged	$ 97.2	$ 111.0

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Investment in Securities - Change in Net Unrealized Gains (Losses) on Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Adjustments for
Deferred policy acquisition costs	$ (33,570)
Change in net unrealized losses on debt securities, net of tax	(106,264)	$ (112,403)
Net gains (losses) on equity securities
Net gains (losses) on equity securities	95,940	(332,575)
Bonds
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale: change in unrealized losses	(171,952)	(244,361)
Adjustments for
Deferred policy acquisition costs	33,570	89,326
Participating policyholders’ interest	4,322	11,151
Deferred federal income tax benefit	27,796	31,481
Change in net unrealized losses on debt securities, net of tax	(106,264)	(112,403)
Equity Securities
Net gains (losses) on equity securities
Unrealized gains (losses) on equity securities	96,766	(333,601)
Net gains (losses) on equity securities sold	(826)	1,026
Net gains (losses) on equity securities	$ 95,940	$ (332,575)

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Investment in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Thousands	Mar. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($) investment
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale securities, less than 12 months, number of issues | investment	161,000	50,000
Bonds available-for-sale securities, less than 12 months, unrealized (losses)	$ (36,374)	$ (8,767)
Bonds available-for-sale securities, less than 12 months, fair value	$ 874,384	$ 297,465
Bonds available-for-sale securities, 12 months or more, number of issues | investment	20,000	12,000
Bonds available-for-sale securities, 12 months or more, unrealized (losses)	$ (10,444)	$ (8,709)
Bonds available-for-sale securities, 12 months or more, fair value	$ 55,325	$ 14,021
Bonds available-for-sale securities, total, number of issues | investment	181,000	62,000
Bonds available-for-sale securities, total, unrealized (losses)	$ (46,818)	$ (17,476)
Bonds available-for-sale securities, total, fair value	$ 929,709	$ 311,486
U.S. treasury and government
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale securities, less than 12 months, number of issues | investment	5,000	1,000
Bonds available-for-sale securities, less than 12 months, unrealized (losses)	$ (30)	$ (1)
Bonds available-for-sale securities, less than 12 months, fair value	$ 12,353	$ 2,868
Bonds available-for-sale securities, 12 months or more, number of issues | investment	0	0
Bonds available-for-sale securities, 12 months or more, unrealized (losses)	$ 0	$ 0
Bonds available-for-sale securities, 12 months or more, fair value	$ 0	$ 0
Bonds available-for-sale securities, total, number of issues | investment	5,000	1,000
Bonds available-for-sale securities, total, unrealized (losses)	$ (30)	$ (1)
Bonds available-for-sale securities, total, fair value	$ 12,353	$ 2,868
U.S. states and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale securities, less than 12 months, number of issues | investment	19,000	2,000
Bonds available-for-sale securities, less than 12 months, unrealized (losses)	$ (4,416)	$ (145)
Bonds available-for-sale securities, less than 12 months, fair value	$ 83,704	$ 10,205
Bonds available-for-sale securities, 12 months or more, number of issues | investment	0	0
Bonds available-for-sale securities, 12 months or more, unrealized (losses)	$ 0	$ 0
Bonds available-for-sale securities, 12 months or more, fair value	$ 0	$ 0
Bonds available-for-sale securities, total, number of issues | investment	19,000	2,000
Bonds available-for-sale securities, total, unrealized (losses)	$ (4,416)	$ (145)
Bonds available-for-sale securities, total, fair value	$ 83,704	$ 10,205
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale securities, less than 12 months, number of issues | investment	128,000	43,000
Bonds available-for-sale securities, less than 12 months, unrealized (losses)	$ (31,727)	$ (8,507)
Bonds available-for-sale securities, less than 12 months, fair value	$ 738,969	$ 270,249
Bonds available-for-sale securities, 12 months or more, number of issues | investment	16,000	8,000
Bonds available-for-sale securities, 12 months or more, unrealized (losses)	$ (10,435)	$ (8,700)
Bonds available-for-sale securities, 12 months or more, fair value	$ 54,603	$ 13,270
Bonds available-for-sale securities, total, number of issues | investment	144,000	51,000
Bonds available-for-sale securities, total, unrealized (losses)	$ (42,162)	$ (17,207)
Bonds available-for-sale securities, total, fair value	$ 793,572	$ 283,519
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale securities, less than 12 months, number of issues | investment	1,000	1,000
Bonds available-for-sale securities, less than 12 months, unrealized (losses)	$ (1)	$ (21)
Bonds available-for-sale securities, less than 12 months, fair value	$ 245	$ 1,391
Bonds available-for-sale securities, 12 months or more, number of issues | investment	3,000	3,000
Bonds available-for-sale securities, 12 months or more, unrealized (losses)	$ (7)	$ (8)
Bonds available-for-sale securities, 12 months or more, fair value	$ 566	$ 593
Bonds available-for-sale securities, total, number of issues | investment	4,000	4,000
Bonds available-for-sale securities, total, unrealized (losses)	$ (8)	$ (29)
Bonds available-for-sale securities, total, fair value	$ 811	$ 1,984
Collateralized debt securities
Schedule of Available-for-sale Securities [Line Items]
Bonds available-for-sale securities, less than 12 months, number of issues | investment	8,000	3,000
Bonds available-for-sale securities, less than 12 months, unrealized (losses)	$ (200)	$ (93)
Bonds available-for-sale securities, less than 12 months, fair value	$ 39,113	$ 12,752
Bonds available-for-sale securities, 12 months or more, number of issues | investment	1,000	1,000
Bonds available-for-sale securities, 12 months or more, unrealized (losses)	$ (2)	$ (1)
Bonds available-for-sale securities, 12 months or more, fair value	$ 156	$ 158
Bonds available-for-sale securities, total, number of issues | investment	9,000	4,000
Bonds available-for-sale securities, total, unrealized (losses)	$ (202)	$ (94)
Bonds available-for-sale securities, total, fair value	$ 39,269	$ 12,910

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Investment in Securities - Equity Securities by Market Sector Distribution (Detail) - Credit Concentration Risk - Equity Securities	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Percentage	100.00%	100.00%
Consumer goods
Concentration Risk [Line Items]
Percentage	18.40%	19.30%
Energy and utilities
Concentration Risk [Line Items]
Percentage	5.80%	5.20%
Finance
Concentration Risk [Line Items]
Percentage	22.90%	21.60%
Healthcare
Concentration Risk [Line Items]
Percentage	14.50%	15.00%
Industrials
Concentration Risk [Line Items]
Percentage	7.70%	7.40%
Information technology
Concentration Risk [Line Items]
Percentage	26.20%	27.10%
Other
Concentration Risk [Line Items]
Percentage	4.50%	4.40%

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Investment in Securities - Allowance for Credit Losses for Held-to-maturity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (12,442)	$ (21,664)
Purchases	(228)	(945)
Disposition	125	7,141
Provision	(6,309)	(5,917)
Allowance for credit losses, ending balance	(18,854)	(21,385)
Foreign governments
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	0	4
Purchases	0	0
Disposition	0	0
Provision	0	1
Allowance for credit losses, ending balance	0	5
Corporate debt securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	(7,475)	(18,563)
Purchases	(228)	(622)
Disposition	125	6,901
Provision	(4,215)	(6,117)
Allowance for credit losses, ending balance	(11,793)	(18,401)
Collateralized debt securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	(4,515)	(2,968)
Purchases	0	(323)
Disposition	0	106
Provision	(2,004)	199
Allowance for credit losses, ending balance	(6,519)	(2,986)
Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	(452)	(137)
Purchases	0	0
Disposition	0	134
Provision	(90)	0
Allowance for credit losses, ending balance	$ (542)	$ (3)

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Investment in Securities - Allowance for Credit Losses for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (7,482)	$ 0
Allowance on securities that had an allowance recorded in a previous period	(1,231)	(12,865)
Allowance on securities where credit losses were not previously recorded	(3)
Allowance for credit losses, ending balance	(8,716)	(12,865)
U.S. treasury and government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	0	0
Allowance on securities that had an allowance recorded in a previous period	0	0
Allowance on securities where credit losses were not previously recorded	(3)
Allowance for credit losses, ending balance	(3)	0
Corporate debt securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	(7,275)	0
Allowance on securities that had an allowance recorded in a previous period	(733)	(12,499)
Allowance on securities where credit losses were not previously recorded	0
Allowance for credit losses, ending balance	(8,008)	(12,499)
Collateralized debt securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	(19)	0
Allowance on securities that had an allowance recorded in a previous period	(488)	(236)
Allowance on securities where credit losses were not previously recorded	0
Allowance for credit losses, ending balance	(507)	(236)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	(188)	0
Allowance on securities that had an allowance recorded in a previous period	(10)	(130)
Allowance on securities where credit losses were not previously recorded	0
Allowance for credit losses, ending balance	$ (198)	$ (130)

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Investment in Securities - Credit Quality Indicators for Amortized Cost of Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	$ 7,494,716	$ 7,367,412
AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	43,810	27,787
AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	498,514	430,342
A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	3,351,495	3,120,290
BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	3,489,229	3,679,410
BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	111,668	109,583
U.S. treasury and government
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	11,478	7,733
U.S. treasury and government | AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
U.S. treasury and government | AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	11,478	7,733
U.S. treasury and government | A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
U.S. treasury and government | BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
U.S. treasury and government | BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
U.S. states and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	114,154	109,445
U.S. states and political subdivisions | AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	17,828	25,831
U.S. states and political subdivisions | AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	55,474	43,964
U.S. states and political subdivisions | A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	34,325	34,893
U.S. states and political subdivisions | BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
U.S. states and political subdivisions | BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	6,527	4,757
Foreign governments
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	14,468	3,851
Foreign governments | AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Foreign governments | AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	13,441	2,820
Foreign governments | A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	1,027	1,031
Foreign governments | BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Foreign governments | BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	7,128,893	6,992,095
Corporate debt securities | AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	25,982	1,956
Corporate debt securities | AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	337,853	262,830
Corporate debt securities | A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	3,210,816	2,976,571
Corporate debt securities | BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	3,455,649	3,647,496
Corporate debt securities | BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	98,593	103,242
Collateralized debt securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	143,945	139,709
Collateralized debt securities | AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Collateralized debt securities | AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Collateralized debt securities | A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	105,327	107,795
Collateralized debt securities | BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	33,580	31,914
Collateralized debt securities | BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	5,038	0
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	81,778	114,579
Residential mortgage-backed securities | AAA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Residential mortgage-backed securities | AA
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	80,268	112,995
Residential mortgage-backed securities | A
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Residential mortgage-backed securities | BBB
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	0	0
Residential mortgage-backed securities | BB and below
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, cost or amortized cost	$ 1,510	$ 1,584

XML

Mortgage Loans - Distribution Based on Carrying Amount of Mortgage Loans by Location (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Amount	$ 5,267,682	$ 5,368,234
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk
Concentration Risk [Line Items]
Amount	$ 5,141,094	$ 5,242,531
Percentage	100.00%	100.00%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | East North Central
Concentration Risk [Line Items]
Amount	$ 741,253	$ 783,614
Percentage	14.40%	14.90%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | East South Central
Concentration Risk [Line Items]
Amount	$ 140,020	$ 146,052
Percentage	2.70%	2.80%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Mountain
Concentration Risk [Line Items]
Amount	$ 1,324,391	$ 1,284,555
Percentage	25.80%	24.50%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Pacific
Concentration Risk [Line Items]
Amount	$ 785,654	$ 806,426
Percentage	15.30%	15.40%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | South Atlantic
Concentration Risk [Line Items]
Amount	$ 574,516	$ 619,405
Percentage	11.20%	11.80%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | West South Central
Concentration Risk [Line Items]
Amount	$ 1,278,061	$ 1,313,848
Percentage	24.90%	25.10%
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Amount	$ 297,199	$ 288,631
Percentage	5.70%	5.50%

XML

Mortgage Loans - Loans in Foreclosure and Foreclosed (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan
Receivables [Abstract]
Number of loans in foreclosure process | loan	1	1
Recorded investment of loans in foreclosure process | $	$ 5,168	$ 5,168
Number of loans filed for bankruptcy | loan	1	1
Recorded investment of loans filed for bankruptcy | $	$ 9,230	$ 9,230
Number of loans in foreclosure process, total | loan	2	2
Recorded investment of loans in foreclosure process, total | $	$ 14,398	$ 14,398
Number of loans foreclosed | loan	0	2
Recorded investment of loans foreclosed | $	$ 0	$ 8,603

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Mortgage Loans - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 loan	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) loan
Financing Receivable, Modifications [Line Items]
Number of loans, modified | loan	24			93
Loan balances, modified	$ 633,600,000			$ 1,600,000,000
Deferred interest	17,000,000.0
Unamortized discounts	0		$ 0
Unamortized origination fees, mortgage loans	$ 24,000,000.0		$ 26,100,000
Number of Loans | loan	6	0
Commitment to lend additional funds to debtors with modified loans as TDRs	$ 2,700,000
Commercial loans
Financing Receivable, Modifications [Line Items]
Nonaccrual commercial loans	14,400,000
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial loans
Financing Receivable, Modifications [Line Items]
Off balance sheet liability	8,800,000
Cumulative Effect, Period of Adoption, Adjustment | Commercial loans
Financing Receivable, Modifications [Line Items]
Off balance sheet liability	$ 549,700,000

XML

Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	$ 199,637	$ 223,555
Current	5,068,045	5,144,679
Gross loan receivable amount	$ 5,267,682	$ 5,368,234
Gross loan receivable percent	100.00%	100.00%
Allowance for credit losses	$ (126,588)	$ (125,703)
Total, net of allowance	5,141,094	5,242,531
Apartment
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
Current	552,091	557,159
Gross loan receivable amount	$ 552,091	$ 557,159
Gross loan receivable percent	10.50%	10.50%
Allowance for credit losses	$ (6,195)	$ (8,845)
Hotel
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	101,432	60,473
Current	791,927	853,522
Gross loan receivable amount	$ 893,359	$ 913,995
Gross loan receivable percent	17.00%	17.00%
Allowance for credit losses	$ (53,075)	$ (45,596)
Industrial
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	5,168	20,098
Current	831,194	836,105
Gross loan receivable amount	$ 836,362	$ 856,203
Gross loan receivable percent	15.90%	15.90%
Allowance for credit losses	$ (3,337)	$ (2,516)
Office
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	19,033	34,034
Current	1,524,777	1,522,197
Gross loan receivable amount	$ 1,543,810	$ 1,556,231
Gross loan receivable percent	29.30%	29.00%
Allowance for credit losses	$ (25,753)	$ (33,373)
Parking
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	78,180
Current	363,737	286,107
Gross loan receivable amount	$ 363,737	$ 364,287
Gross loan receivable percent	6.90%	6.80%
Allowance for credit losses	$ (12,725)	$ (10,856)
Retail
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	74,004	30,770
Current	709,392	760,907
Gross loan receivable amount	$ 783,396	$ 791,677
Gross loan receivable percent	14.90%	14.70%
Allowance for credit losses	$ (21,583)	$ (18,178)
Storage
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
Current	152,488	165,561
Gross loan receivable amount	$ 152,488	$ 165,561
Gross loan receivable percent	2.90%	3.10%
Allowance for credit losses	$ (1,697)	$ (2,509)
Other
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
Current	142,439	163,121
Gross loan receivable amount	$ 142,439	$ 163,121
Gross loan receivable percent	2.60%	3.00%
Allowance for credit losses	$ (2,223)	$ (3,830)
30-59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	185,239	123,865
30-59 Days Past Due | Apartment
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
30-59 Days Past Due | Hotel
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	101,432	30,315
30-59 Days Past Due | Industrial
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	14,930
30-59 Days Past Due | Office
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	9,803	24,804
30-59 Days Past Due | Parking
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	48,825
30-59 Days Past Due | Retail
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	74,004	4,991
30-59 Days Past Due | Storage
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
30-59 Days Past Due | Other
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
60-89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	59,513
60-89 Days Past Due | Apartment
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
60-89 Days Past Due | Hotel
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	30,158
60-89 Days Past Due | Industrial
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
60-89 Days Past Due | Office
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
60-89 Days Past Due | Parking
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	29,355
60-89 Days Past Due | Retail
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
60-89 Days Past Due | Storage
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
60-89 Days Past Due | Other
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
More Than 90 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	14,398	40,177
More Than 90 Days Past Due | Apartment
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
More Than 90 Days Past Due | Hotel
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
More Than 90 Days Past Due | Industrial
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	5,168	5,168
More Than 90 Days Past Due | Office
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	9,230	9,230
More Than 90 Days Past Due | Parking
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
More Than 90 Days Past Due | Retail
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	25,779
More Than 90 Days Past Due | Storage
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	0	0
More Than 90 Days Past Due | Other
Financing Receivable, Recorded Investment, Aging [Abstract]
Past due	$ 0	$ 0

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Mortgage Loans - Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($) loan
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	6	0
Recorded Investment Pre-Modification	$ 61,561	$ 0
Recorded Investment Post Modification	$ 61,561	$ 0
Office
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	2	0
Recorded Investment Pre-Modification	$ 14,660	$ 0
Recorded Investment Post Modification	$ 14,660	$ 0
Retail
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	2	0
Recorded Investment Pre-Modification	$ 28,234	$ 0
Recorded Investment Post Modification	$ 28,234	$ 0
Parking
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	1	0
Recorded Investment Pre-Modification	$ 9,730	$ 0
Recorded Investment Post Modification	$ 9,730	$ 0
Storage
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	1	0
Recorded Investment Pre-Modification	$ 8,937	$ 0
Recorded Investment Post Modification	$ 8,937	$ 0

XML

Mortgage Loans - Allowance for Credit Losses for Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (125,703)
Ending balance	(126,588)
Commercial loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(125,703)	$ (19,160)
Provision	(885)	(29,069)
Ending balance	$ (126,588)	(59,445)
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ (11,216)

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Mortgage Loans - Allowance for Credit Losses For Mortgage Loans by Property Type (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	$ 5,267,682	$ 5,368,234
Allowance for credit losses	(126,588)	(125,703)
Apartment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	552,091	557,159
Allowance for credit losses	(6,195)	(8,845)
Hotel
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	893,359	913,995
Allowance for credit losses	(53,075)	(45,596)
Industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	836,362	856,203
Allowance for credit losses	(3,337)	(2,516)
Office
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	1,543,810	1,556,231
Allowance for credit losses	(25,753)	(33,373)
Retail
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	363,737	364,287
Allowance for credit losses	(21,583)	(18,178)
Parking
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	783,396	791,677
Allowance for credit losses	(12,725)	(10,856)
Storage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	152,488	165,561
Allowance for credit losses	(1,697)	(2,509)
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Amount	142,439	163,121
Allowance for credit losses	$ (2,223)	$ (3,830)

XML

Mortgage Loans - Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 45,564
2020	472,975
2019	639,042
2018	804,167
2017	876,167
Prior	2,429,767
Total	5,267,682
Allowance for credit losses	(126,588)	$ (125,703)
Total, net of allowance	5,141,094
Apartment
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	48,092
2019	218,763
2018	48,323
2017	160,068
Prior	76,845
Total	552,091
Allowance for credit losses	(6,195)	(8,845)
Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	20,415
2019	69,492
2018	204,080
2017	219,713
Prior	379,659
Total	893,359
Allowance for credit losses	(53,075)	(45,596)
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2021	40,891
2020	251,592
2019	157,235
2018	114,493
2017	46,912
Prior	225,239
Total	836,362
Allowance for credit losses	(3,337)	(2,516)
Office
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,111
2020	31,803
2019	60,469
2018	199,646
2017	341,820
Prior	907,961
Total	1,543,810
Allowance for credit losses	(25,753)	(33,373)
Parking
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	28,672
2019	13,795
2018	27,153
2017	8,600
Prior	285,517
Total	363,737
Allowance for credit losses	(12,725)	(10,856)
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,562
2020	69,245
2019	38,942
2018	96,819
2017	79,723
Prior	496,105
Total	783,396
Allowance for credit losses	(21,583)	(18,178)
Storage
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	23,156
2019	58,734
2018	44,566
2017	17,095
Prior	8,937
Total	152,488
Allowance for credit losses	(1,697)	(2,509)
Other
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	21,612
2018	69,087
2017	2,236
Prior	49,504
Total	142,439
Allowance for credit losses	$ (2,223)	$ (3,830)

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Real Estate and Other Investments - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real estate and real estate partnerships - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Property Type Concentration Risk
Concentration Risk [Line Items]
Real estate investments	$ 938,189	$ 960,572
Percentage	100.00%	100.00%
Property Type Concentration Risk | Hotel
Concentration Risk [Line Items]
Real estate investments	$ 61,415	$ 67,857
Percentage	6.60%	7.10%
Property Type Concentration Risk | Industrial
Concentration Risk [Line Items]
Real estate investments	$ 119,122	$ 132,757
Percentage	12.70%	13.80%
Property Type Concentration Risk | Land
Concentration Risk [Line Items]
Real estate investments	$ 49,725	$ 51,220
Percentage	5.30%	5.30%
Property Type Concentration Risk | Office
Concentration Risk [Line Items]
Real estate investments	$ 297,756	$ 299,500
Percentage	31.70%	31.20%
Property Type Concentration Risk | Retail
Concentration Risk [Line Items]
Real estate investments	$ 268,224	$ 268,588
Percentage	28.60%	28.00%
Property Type Concentration Risk | Apartment
Concentration Risk [Line Items]
Real estate investments	$ 123,275	$ 120,847
Percentage	13.10%	12.60%
Property Type Concentration Risk | Other
Concentration Risk [Line Items]
Real estate investments	$ 18,672	$ 19,803
Percentage	2.00%	2.00%
Geographic Distribution
Concentration Risk [Line Items]
Real estate investments	$ 938,189	$ 960,572
Percentage	100.00%	100.00%
Geographic Distribution | East North Central
Concentration Risk [Line Items]
Real estate investments	$ 96,423	$ 81,310
Percentage	10.30%	8.50%
Geographic Distribution | East South Central
Concentration Risk [Line Items]
Real estate investments	$ 62,708	$ 65,302
Percentage	6.70%	6.80%
Geographic Distribution | Mountain
Concentration Risk [Line Items]
Real estate investments	$ 134,988	$ 133,233
Percentage	14.40%	13.90%
Geographic Distribution | Pacific
Concentration Risk [Line Items]
Real estate investments	$ 113,026	$ 127,421
Percentage	12.00%	13.30%
Geographic Distribution | South Atlantic
Concentration Risk [Line Items]
Real estate investments	$ 90,755	$ 97,801
Percentage	9.70%	10.10%
Geographic Distribution | West South Central
Concentration Risk [Line Items]
Real estate investments	$ 430,015	$ 434,722
Percentage	45.80%	45.30%
Geographic Distribution | Other
Concentration Risk [Line Items]
Real estate investments	$ 10,274	$ 20,783
Percentage	1.10%	2.10%

XML

Real Estate and Other Investments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Number of real estate investment held for sale | investment	0
Maximum amount of investment in long-term notes payable	$ 2,900	$ 3,000
Investment funds	$ 523,225	$ 477,135
Maximum | Investments In Joint Ventures
Debt Instrument [Line Items]
Percent of fair value	20.00%
Maximum | Investments In Joint Ventures | Assets Held
Debt Instrument [Line Items]
Percent of fair value	10.00%
Maximum | Investments In Joint Ventures | Total Assets
Debt Instrument [Line Items]
Percent of fair value	3.00%

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Real Estate and Other Investments - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Real estate and real estate partnerships	$ 938,189	$ 960,572
Cash and cash equivalents	459,087	339,947
Premiums due and other receivables	373,136	351,972
Other assets	162,701	155,600
Total assets	29,849,821	29,467,815
Notes payable	152,607	153,703
Other liabilities	407,377	335,219
Total liabilities	23,338,342	23,002,248
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate and real estate partnerships	130,448	131,405
Short-term investments	500	500
Cash and cash equivalents	6,925	8,070
Premiums due and other receivables	3,563	3,484
Other assets	14,128	13,796
Total assets	155,564	157,255
Notes payable	152,607	153,703
Other liabilities	8,935	8,490
Total liabilities	$ 161,542	$ 162,193

XML

Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes payable	$ 152,607	$ 153,703
VIE, Primary Beneficiary
Debt Instrument [Line Items]
Notes payable	152,607	153,703
Long Term Notes Payable Due 2022 | VIE, Primary Beneficiary
Debt Instrument [Line Items]
Notes payable	$ 77,759	78,565
Interest rate on long-term notes	4.00%
Long Term Notes Payable Due 2024 | VIE, Primary Beneficiary
Debt Instrument [Line Items]
Notes payable	$ 64,029	64,319
Interest rate on long-term notes	4.18%
LIBOR | Long Term Notes Payable Due 2021 | VIE, Primary Beneficiary
Debt Instrument [Line Items]
Notes payable	$ 10,819	$ 10,819
Basis spread on variable rate	LIBOR

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Real Estate and Other Investments - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage loans on real estate
Variable Interest Entity [Line Items]
Carrying Amount	$ 691,488	$ 722,917
Maximum Exposure to Loss	691,488	722,917
Real estate and real estate partnerships
Variable Interest Entity [Line Items]
Carrying Amount	349,073	368,588
Maximum Exposure to Loss	349,073	368,588
Accrued investment income
Variable Interest Entity [Line Items]
Carrying Amount	4,692	4,980
Maximum Exposure to Loss	$ 4,692	$ 4,980

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Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) - Derivatives Not Designated as Hedging Instruments $ in Thousands	Mar. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative
Equity-indexed options | Other invested assets
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	452	455
Notional Amount, assets	$ 3,013,400	$ 2,867,600
Estimated Fair Value, assets	$ 253,363	$ 242,201
Equity-indexed embedded derivative | Policyholders’ account balances
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	115,235	112,103
Notional Amount, liabilities	$ 2,909,609	$ 2,748,540
Estimated Fair Value, liabilities	$ 740,514	$ 705,013

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Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net investment income | Equity-indexed options
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Income on Derivatives	$ 28,827	$ (108,095)
Interest credited to policyholders’ account balances | Equity-indexed embedded derivative
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Income on Derivatives	$ (26,689)	$ 89,581

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Derivative Instruments - Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Credit Derivatives [Line Items]
Options Fair Value	$ 253,363	$ 242,201
Collateral Held	251,949	241,479
Collateral Amounts used to Offset Exposure	251,485	238,349
Excess Collateral	464	3,130
Exposure Net of Collateral	1,878	3,852
Barclays | Moody's, Baa2 Rating | S&P BBB Rating
Credit Derivatives [Line Items]
Options Fair Value	54,613	51,489
Collateral Held	54,663	49,613
Collateral Amounts used to Offset Exposure	54,613	49,613
Excess Collateral	50	0
Exposure Net of Collateral	0	1,876
Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Options Fair Value	13,416	9,447
Collateral Held	12,580	8,680
Collateral Amounts used to Offset Exposure	12,580	8,680
Excess Collateral	0	0
Exposure Net of Collateral	836	767
Goldman-Sachs | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Options Fair Value	1,285
Collateral Held	1,170
Collateral Amounts used to Offset Exposure	1,170
Excess Collateral	0
Exposure Net of Collateral	115
Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Options Fair Value		1,227
Collateral Held		1,170
Collateral Amounts used to Offset Exposure		1,170
Excess Collateral		0
Exposure Net of Collateral		57
ING | Moody Baa1 Rating | S&P A Minus Rating
Credit Derivatives [Line Items]
Options Fair Value	19,568	20,606
Collateral Held	19,520	20,750
Collateral Amounts used to Offset Exposure	19,520	20,606
Excess Collateral	0	144
Exposure Net of Collateral	48	0
Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Options Fair Value		37,406
Collateral Held		36,316
Collateral Amounts used to Offset Exposure		36,316
Excess Collateral		0
Exposure Net of Collateral		1,090
Morgan Stanley | Moody's, A1 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Options Fair Value	50,800
Collateral Held	50,226
Collateral Amounts used to Offset Exposure	50,226
Excess Collateral	0
Exposure Net of Collateral	574
NATIXIS | Moody's, A1 Rating | S&P A Plus Rating
Credit Derivatives [Line Items]
Options Fair Value	29,198	30,567
Collateral Held	29,500	30,720
Collateral Amounts used to Offset Exposure	29,198	30,567
Excess Collateral	302	153
Exposure Net of Collateral	0	0
Truist | Moody A3 Rating | S&P A Minus Rating
Credit Derivatives [Line Items]
Options Fair Value	44,698	52,127
Collateral Held	44,810	54,960
Collateral Amounts used to Offset Exposure	44,698	52,127
Excess Collateral	112	2,833
Exposure Net of Collateral	0	0
Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Options Fair Value	39,785	39,332
Collateral Held	39,480	39,270
Collateral Amounts used to Offset Exposure	39,480	39,270
Excess Collateral	0	0
Exposure Net of Collateral	305	62
Collateral Held in Cash
Credit Derivatives [Line Items]
Collateral Held	196,949	186,479
Collateral Held in Cash | Barclays | Moody's, Baa2 Rating | S&P BBB Rating
Credit Derivatives [Line Items]
Collateral Held	36,563	31,513
Collateral Held in Cash | Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	12,580	8,680
Collateral Held in Cash | Goldman-Sachs | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	1,170
Collateral Held in Cash | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held		1,170
Collateral Held in Cash | ING | Moody Baa1 Rating | S&P A Minus Rating
Credit Derivatives [Line Items]
Collateral Held	9,220	10,450
Collateral Held in Cash | Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held		30,616
Collateral Held in Cash | Morgan Stanley | Moody's, A1 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	44,526
Collateral Held in Cash | NATIXIS | Moody's, A1 Rating | S&P A Plus Rating
Credit Derivatives [Line Items]
Collateral Held	29,500	30,720
Collateral Held in Cash | Truist | Moody A3 Rating | S&P A Minus Rating
Credit Derivatives [Line Items]
Collateral Held	33,810	43,960
Collateral Held in Cash | Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	29,580	29,370
Collateral Held in Invested Assets
Credit Derivatives [Line Items]
Collateral Held	55,000	55,000
Collateral Held in Invested Assets | Barclays | Moody's, Baa2 Rating | S&P BBB Rating
Credit Derivatives [Line Items]
Collateral Held	18,100	18,100
Collateral Held in Invested Assets | Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	0	0
Collateral Held in Invested Assets | Goldman-Sachs | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	0
Collateral Held in Invested Assets | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held		0
Collateral Held in Invested Assets | ING | Moody Baa1 Rating | S&P A Minus Rating
Credit Derivatives [Line Items]
Collateral Held	10,300	10,300
Collateral Held in Invested Assets | Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held		5,700
Collateral Held in Invested Assets | Morgan Stanley | Moody's, A1 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	5,700
Collateral Held in Invested Assets | NATIXIS | Moody's, A1 Rating | S&P A Plus Rating
Credit Derivatives [Line Items]
Collateral Held	0	0
Collateral Held in Invested Assets | Truist | Moody A3 Rating | S&P A Minus Rating
Credit Derivatives [Line Items]
Collateral Held	11,000	11,000
Collateral Held in Invested Assets | Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating
Credit Derivatives [Line Items]
Collateral Held	$ 9,900	$ 9,900

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Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Net investment income (loss)	$ 269,981	$ 130,991
Bonds
Net Investment Income [Line Items]
Net investment income (loss)	130,497	146,119
Equity securities
Net Investment Income [Line Items]
Net investment income (loss)	7,493	7,847
Mortgage loans
Net Investment Income [Line Items]
Net investment income (loss)	70,866	59,328
Real estate and real estate partnerships
Net Investment Income [Line Items]
Net investment income (loss)	3,485	12,487
Investment funds
Net Investment Income [Line Items]
Net investment income (loss)	21,356	4,933
Other invested assets
Net Investment Income [Line Items]
Net investment income (loss)	7,457	8,372
Equity-indexed options
Net Investment Income [Line Items]
Net investment income (loss)	$ 28,827	$ (108,095)

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Net Investment Income and Realized Investment Gains (Losses) - Summary of Realized Investment Gains (Losses) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ 19,239	$ 4,148
Sales
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	12,898	(3,618)
Calls and maturities
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	7,260	9,120
Paydowns
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	439	19
Impairments
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	(1,265)	(1,276)
Other
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	(93)	(97)
Bonds
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	7,699	5,478
Real estate and real estate partnerships
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	11,193	(1,307)
Other invested assets
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ 347	$ (23)

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Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Fixed maturity, bonds held-to-maturity	$ 7,908,767	$ 7,983,181
Fixed maturity, bonds available-for-sale	7,397,792	7,597,180
Equity securities	2,164,146	2,070,766
Policy loans	369,525	373,014
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754	1,185,467
Financial liabilities
Federal Home Loan Bank advance	250,000	250,000
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754	1,185,467
Fair Value, Inputs, Level 1, 2 and 3
Financial assets
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,175,689	1,153,702
Financial liabilities
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,175,689	1,153,702
Carrying Amount
Financial assets
Fixed maturity, bonds held-to-maturity	7,475,862	7,354,970
Fixed maturity, bonds available-for-sale	7,397,792	7,597,180
Equity securities	2,164,146	2,070,766
Equity-indexed options, included in other invested assets	253,363	242,201
Mortgage loans on real estate, net of allowance	5,141,094	5,242,531
Policy loans	369,525	373,014
Short-term investments	1,212,342	1,028,379
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754	1,185,467
Separately managed accounts, included in other invested assets	66,981	64,424
Total financial assets	25,288,859	25,158,932
Financial liabilities
Investment contracts	10,235,015	10,101,764
Embedded derivative liability for equity-indexed contracts	740,514	705,013
Notes payable	152,607	153,703
Federal Home Loan Bank advance	250,000	250,000
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754	1,185,467
Total financial liabilities	12,585,890	12,395,947
Fair Value
Financial assets
Fixed maturity, bonds held-to-maturity	7,908,767	7,983,181
Fixed maturity, bonds available-for-sale	7,397,792	7,597,180
Equity securities	2,164,146	2,070,766
Equity-indexed options, included in other invested assets	253,363	242,201
Mortgage loans on real estate, net of allowance	5,264,896	5,451,152
Policy loans	369,525	373,014
Short-term investments	1,212,342	1,028,379
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754	1,185,467
Separately managed accounts, included in other invested assets	66,981	64,424
Total financial assets	25,845,566	25,995,764
Financial liabilities
Investment contracts	10,235,015	10,101,764
Embedded derivative liability for equity-indexed contracts	740,514	705,013
Notes payable	152,607	153,703
Federal Home Loan Bank advance	250,070	250,227
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy)	1,207,754	1,185,467
Total financial liabilities	$ 12,585,960	$ 12,396,174

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Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized gain (losses) relating to assets still held and included in net investment income	$ 7.9	$ 127.2
Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity volatility (as percent)	0.150		0.176

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Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits (Detail) - Level 3 - Policyholder Contract Deposits - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Indexed Annuities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial liabilities	$ 704,400,000	$ 670,800,000
Indexed Life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial liabilities	$ 36,100,000	$ 34,200,000
Minimum | Indexed Annuities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable input, lapse rate	1.00%	1.00%
Unobservable input, equity volatility	15.00%	16.00%
Minimum | Indexed Life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable input, equity volatility	15.00%	16.00%
Maximum | Indexed Annuities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable input, lapse rate	50.00%	50.00%
Unobservable input, mortality multiplier	100.00%	100.00%
Unobservable input, equity volatility	62.00%	69.00%
Maximum | Indexed Life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable input, equity volatility	62.00%	69.00%

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Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Available-for-sale securities, fair value	$ 7,397,792	$ 7,597,180
Equity securities	2,164,146	2,070,766
Separate account assets	1,207,754	1,185,467
Carrying Amount	7,494,716	7,367,412
Fixed maturity, bonds held-to-maturity	7,908,767	7,983,181
Mortgage loans on real estate, net of allowance	5,141,094
Policy loans	369,525	373,014
Total financial assets	29,849,821	29,467,815
Financial liabilities
Separate account liabilities	1,207,754	1,185,467
Notes payable	152,607	153,703
Federal Home Loan Bank advance	250,000	250,000
Total financial liabilities	23,338,342	23,002,248
U.S. treasury and government
Financial assets
Available-for-sale securities, fair value	25,353	29,183
Carrying Amount	11,478	7,733
Fixed maturity, bonds held-to-maturity	11,297	7,744
U.S. states and political subdivisions
Financial assets
Available-for-sale securities, fair value	1,108,536	1,140,458
Carrying Amount	114,154	109,445
Fixed maturity, bonds held-to-maturity	113,671	113,535
Foreign governments
Financial assets
Available-for-sale securities, fair value	16,181	16,388
Carrying Amount	14,468	3,851
Fixed maturity, bonds held-to-maturity	14,485	4,225
Corporate debt securities
Financial assets
Available-for-sale securities, fair value	6,163,651	6,334,479
Carrying Amount	7,128,893	6,992,095
Fixed maturity, bonds held-to-maturity	7,540,397	7,598,736
Residential mortgage-backed securities
Financial assets
Available-for-sale securities, fair value	19,517	21,291
Carrying Amount	81,778	114,579
Fixed maturity, bonds held-to-maturity	84,946	117,728
Collateralized debt securities
Financial assets
Available-for-sale securities, fair value	64,554	55,381
Carrying Amount	143,945	139,709
Fixed maturity, bonds held-to-maturity	143,971	141,213
Recurring
Financial assets
Available-for-sale securities, fair value	7,397,792	7,597,180
Equity securities	2,164,146	2,070,766
Equity-indexed options, included in other invested assets	253,363	242,201
Short-term investments	1,212,342	1,028,379
Separate account assets	1,175,689	1,153,702
Separately managed accounts, included in other invested assets	66,981	64,424
Total financial assets	12,270,313	12,156,652
Financial liabilities
Embedded derivative for equity-indexed contracts	740,514	705,013
Separate account liabilities	1,175,689	1,153,702
Notes payable	152,607	153,703
Total financial liabilities	2,068,810	2,012,418
Recurring | Common stock
Financial assets
Equity securities	2,148,131	2,055,229
Recurring | Preferred stock
Financial assets
Equity securities	16,015	15,537
Recurring | U.S. treasury and government
Financial assets
Available-for-sale securities, fair value	25,353	29,183
Recurring | U.S. states and political subdivisions
Financial assets
Available-for-sale securities, fair value	1,108,536	1,140,458
Recurring | Foreign governments
Financial assets
Available-for-sale securities, fair value	16,181	16,388
Recurring | Corporate debt securities
Financial assets
Available-for-sale securities, fair value	6,163,651	6,334,479
Recurring | Residential mortgage-backed securities
Financial assets
Available-for-sale securities, fair value	19,517	21,291
Recurring | Collateralized debt securities
Financial assets
Available-for-sale securities, fair value	64,554	55,381
Recurring | Level 1
Financial assets
Available-for-sale securities, fair value	25,353	0
Equity securities	2,161,737	2,069,698
Equity-indexed options, included in other invested assets	0	0
Short-term investments	0	0
Separate account assets	324,269	309,425
Separately managed accounts, included in other invested assets	0	0
Total financial assets	2,511,359	2,379,123
Financial liabilities
Embedded derivative for equity-indexed contracts	0	0
Separate account liabilities	324,269	309,425
Notes payable	0	0
Total financial liabilities	324,269	309,425
Recurring | Level 1 | Common stock
Financial assets
Equity securities	2,147,001	2,054,789
Recurring | Level 1 | Preferred stock
Financial assets
Equity securities	14,736	14,909
Recurring | Level 1 | U.S. treasury and government
Financial assets
Available-for-sale securities, fair value	25,353	0
Recurring | Level 1 | U.S. states and political subdivisions
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 1 | Foreign governments
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 1 | Corporate debt securities
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 1 | Residential mortgage-backed securities
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 1 | Collateralized debt securities
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 2
Financial assets
Available-for-sale securities, fair value	7,246,362	7,486,743
Equity securities	0	0
Equity-indexed options, included in other invested assets	0	0
Short-term investments	1,212,342	1,028,379
Separate account assets	851,420	844,277
Separately managed accounts, included in other invested assets	0	0
Total financial assets	9,310,124	9,359,399
Financial liabilities
Embedded derivative for equity-indexed contracts	0	0
Separate account liabilities	851,420	844,277
Notes payable	0	0
Total financial liabilities	851,420	844,277
Recurring | Level 2 | Common stock
Financial assets
Equity securities	0	0
Recurring | Level 2 | Preferred stock
Financial assets
Equity securities	0	0
Recurring | Level 2 | U.S. treasury and government
Financial assets
Available-for-sale securities, fair value	0	29,183
Recurring | Level 2 | U.S. states and political subdivisions
Financial assets
Available-for-sale securities, fair value	1,108,536	1,140,458
Recurring | Level 2 | Foreign governments
Financial assets
Available-for-sale securities, fair value	16,181	16,388
Recurring | Level 2 | Corporate debt securities
Financial assets
Available-for-sale securities, fair value	6,037,574	6,224,042
Recurring | Level 2 | Residential mortgage-backed securities
Financial assets
Available-for-sale securities, fair value	19,517	21,291
Recurring | Level 2 | Collateralized debt securities
Financial assets
Available-for-sale securities, fair value	64,554	55,381
Recurring | Level 3
Financial assets
Available-for-sale securities, fair value	126,077	110,437
Equity securities	2,409	1,068
Equity-indexed options, included in other invested assets	253,363	242,201
Short-term investments	0	0
Separate account assets	0	0
Separately managed accounts, included in other invested assets	66,981	64,424
Total financial assets	448,830	418,130
Financial liabilities
Embedded derivative for equity-indexed contracts	740,514	705,013
Separate account liabilities	0	0
Notes payable	152,607	153,703
Total financial liabilities	893,121	858,716
Recurring | Level 3 | Common stock
Financial assets
Equity securities	1,130	440
Recurring | Level 3 | Preferred stock
Financial assets
Equity securities	1,279	628
Recurring | Level 3 | U.S. treasury and government
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 3 | U.S. states and political subdivisions
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 3 | Foreign governments
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 3 | Corporate debt securities
Financial assets
Available-for-sale securities, fair value	126,077	110,437
Recurring | Level 3 | Residential mortgage-backed securities
Financial assets
Available-for-sale securities, fair value	0	0
Recurring | Level 3 | Collateralized debt securities
Financial assets
Available-for-sale securities, fair value	0	0
Nonrecurring
Financial assets
Carrying Amount	7,475,862	7,354,970
Fixed maturity, bonds held-to-maturity	7,908,767	7,983,181
Total financial assets	12,986,481	12,970,515
Total financial assets	13,543,188	13,807,347
Financial liabilities
Total financial liabilities	10,637,622	10,505,467
Total financial liabilities	10,637,692	10,505,694
Nonrecurring | Level 1 | U.S. treasury and government
Financial assets
Carrying Amount	11,478	7,732
Fixed maturity, bonds held-to-maturity	11,297	7,744
Nonrecurring | Level 2
Financial liabilities
Federal Home Loan Bank advance	250,000	250,000
Federal Home Loan Bank advance	250,070	250,227
Nonrecurring | Level 2 | U.S. states and political subdivisions
Financial assets
Carrying Amount	114,154	109,445
Fixed maturity, bonds held-to-maturity	113,671	113,535
Nonrecurring | Level 2 | Foreign governments
Financial assets
Carrying Amount	14,468	3,851
Fixed maturity, bonds held-to-maturity	14,485	4,225
Nonrecurring | Level 2 | Corporate debt securities
Financial assets
Carrying Amount	7,117,100	6,981,597
Fixed maturity, bonds held-to-maturity	7,540,397	7,595,712
Nonrecurring | Level 2 | Residential mortgage-backed securities
Financial assets
Carrying Amount	81,236	114,127
Fixed maturity, bonds held-to-maturity	84,946	117,728
Nonrecurring | Level 2 | Collateralized debt securities
Financial assets
Carrying Amount	137,426	135,194
Fixed maturity, bonds held-to-maturity	143,971	141,213
Nonrecurring | Level 3
Financial assets
Mortgage loans on real estate, net of allowance	5,141,094	5,242,531
Mortgage loans on real estate, net of allowance	5,264,896	5,451,152
Policy loans	369,525	373,014
Policy loans	369,525	373,014
Financial liabilities
Investment contracts	10,235,015	10,101,764
Investment contracts	10,235,015	10,101,764
Notes payable	152,607	153,703
Notes payable	$ 152,607	153,703
Nonrecurring | Level 3 | Corporate debt securities
Financial assets
Carrying Amount		3,024
Fixed maturity, bonds held-to-maturity		$ 3,024

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Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Embedded Derivative
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward]
Beginning balance	$ 705,013	$ 731,552
Net gain for derivatives included in net investment income	0	0
Net change included in interest credited	26,689	(89,581)
Net fair value change included in other comprehensive income	0	0
Purchases, sales and settlements or maturities
Purchases	0	0
Sales	0	0
Settlements or maturities	0	0
Premiums less benefits	8,812	(11,019)
Ending balance	740,514	630,952
Investment Securities
Fair Value, Assets Measured on Recurring Basis [Roll Forward]
Beginning balance	111,505	45,307
Net gain for derivatives included in net investment income	0	0
Net change included in interest credited	0	0
Net fair value change included in other comprehensive income	1,178	0
Purchases, sales and settlements or maturities
Purchases	27,453	22,702
Sales	(11,650)	(14,156)
Settlements or maturities	0	0
Premiums less benefits	0	0
Ending balance	128,486	53,853
Equity-Indexed Options
Fair Value, Assets Measured on Recurring Basis [Roll Forward]
Beginning balance	242,201	256,005
Net gain for derivatives included in net investment income	28,827	(108,095)
Net change included in interest credited	0	0
Net fair value change included in other comprehensive income	0	0
Purchases, sales and settlements or maturities
Purchases	20,147	14,164
Sales	0	0
Settlements or maturities	(37,812)	(36,086)
Premiums less benefits	0	0
Ending balance	253,363	125,988
Separately Managed Accounts
Fair Value, Assets Measured on Recurring Basis [Roll Forward]
Beginning balance	64,424	50,503
Net gain for derivatives included in net investment income	0	0
Net change included in interest credited	0	0
Net fair value change included in other comprehensive income	594	80
Purchases, sales and settlements or maturities
Purchases	10,072	0
Sales	(8,109)	0
Settlements or maturities	0	0
Premiums less benefits	0	0
Ending balance	$ 66,981	$ 50,583

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Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 1,360,211
Additions	156,172
Amortization	(128,053)
Effect of change in unrealized gains on available-for-sale debt securities	33,570
Net change	61,689
Ending balance	1,421,900
Life
Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	896,208
Additions	43,256
Amortization	(28,787)
Effect of change in unrealized gains on available-for-sale debt securities	8,915
Net change	23,384
Ending balance	919,592
Annuity
Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	309,056
Additions	23,488
Amortization	(12,417)
Effect of change in unrealized gains on available-for-sale debt securities	24,655
Net change	35,726
Ending balance	344,782
Health
Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	32,885
Additions	2,849
Amortization	(3,703)
Effect of change in unrealized gains on available-for-sale debt securities	0
Net change	(854)
Ending balance	32,031
Property & Casualty
Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	122,062
Additions	86,579
Amortization	(83,146)
Effect of change in unrealized gains on available-for-sale debt securities	0
Net change	3,433
Ending balance	$ 125,495

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Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Liability For Unpaid Claims And Claims Adjustment Expense Net
Unpaid claims balance, beginning	$ 1,575,288
Paid claims related to
Unpaid claims balance, ending	1,637,130
Property and Casualty Accident and Health
Liability For Unpaid Claims And Claims Adjustment Expense Net
Unpaid claims balance, beginning	1,373,600	$ 1,322,837
Less: Reinsurance recoverables	262,471	246,447
Net beginning balance	1,111,129	1,076,390
Incurred related to
Current	300,176	260,025
Prior years	(31,127)	4,172
Total incurred claims	269,049	264,197
Paid claims related to
Current	99,857	95,635
Prior years	160,716	174,986
Total paid claims	260,573	270,621
Net balance	1,119,605	1,069,966
Plus: Reinsurance recoverables	239,160	244,230
Unpaid claims balance, ending	$ 1,358,765	$ 1,314,196

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Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Insurance [Abstract]
Description of increase (decrease) in claims and claim adjustment expenses	The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years.
Decrease in claims and claim adjustments expenses amount	$ (31.1)		$ 4.2
Short-duration health insurance claims	$ 22.2	$ 20.5

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Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Total expected income tax expense at the statutory rate	$ 44,625	$ (59,396)
Tax-exempt investment income	(1,172)	(1,027)
Dividend exclusion	(813)	(862)
Tax credits, net	(1,618)	(2,395)
Low income housing tax credit expense	1,513	1,774
Change in valuation allowance	29	112
Other items, net	607	126
Provision for federal income taxes	$ 43,171	$ (61,668)
Total expected income tax expense at the statutory rate, percentage	21.00%	21.00%
Tax-exempt investment income, percentage	(0.60%)	0.40%
Dividend exclusion, percentage	(0.40%)	0.30%
Miscellaneous tax credits, net, percentage	(0.80%)	0.80%
Low income housing tax credit expense, percentage	0.70%	(0.60%)
Change in valuation allowance, percentage	0.00%	0.00%
Other items, net, percentage	0.40%	(0.10%)
Provision for federal income tax before interest expense, percentage	20.30%	21.80%

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Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of the period	$ 6,465,567	$ 5,995,763
Amounts reclassified from AOCI, net of tax expense (benefit)	256	11,362
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit)	(132,644)	(201,385)
Unrealized adjustment to DAC, net of tax expense (benefit)	26,519	70,567
Unrealized gains (losses) on investments attributable to participating policyholders' interest, net of tax expense (benefit)	3,414	8,809
Foreign currency adjustment, net of tax benefit	244	(924)
Balance at end of the period	6,511,479	5,607,089
Amounts reclassified from AOCI, sale of securities tax expense (benefit)	944
Amounts reclassified from AOCI, pension tax expense (benefit)	1,013
Unrealized holding gains (losses) arising during the period, tax expense	35,260
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit)	7,050
Unrealized gains (losses) on investments attributable to participating policyholders' interest, tax expense (benefit)	908
Foreign currency adjustment, tax expense (benefit)	65
Net Unrealized Gains (Losses) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of the period	292,166	157,851
Amounts reclassified from AOCI, net of tax expense (benefit)	(3,553)	9,606
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit)	(132,644)	(201,385)
Unrealized adjustment to DAC, net of tax expense (benefit)	26,519	70,567
Unrealized gains (losses) on investments attributable to participating policyholders' interest, net of tax expense (benefit)	3,414	8,809
Balance at end of the period	185,902	45,448
Defined Benefit Pension Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of the period	(67,130)	(55,232)
Amounts reclassified from AOCI, net of tax expense (benefit)	3,809	1,756
Balance at end of the period	(63,321)	(53,476)
Foreign Currency Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of the period	(2,866)	(3,101)
Foreign currency adjustment, net of tax benefit	244	(924)
Balance at end of the period	(2,622)	(4,025)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of the period	222,170	99,518
Balance at end of the period	$ 119,959	(12,053)
Amounts reclassified from AOCI, sale of securities tax expense (benefit)		2,554
Amounts reclassified from AOCI, pension tax expense (benefit)		467
Unrealized holding gains (losses) arising during the period, tax expense		53,533
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit)		18,759
Unrealized gains (losses) on investments attributable to participating policyholders' interest, tax expense (benefit)		2,342
Foreign currency adjustment, tax expense (benefit)		$ 246

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Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				12 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share)	$ 0.01				$ 0.01
Common stock, shares authorized (in shares)	50,000,000				50,000,000
Risk based capital action level percentage	200.00%
Cash dividends to common stockholders (in usd per share)	$ 0.82	$ 0.82	$ 0.82	$ 0.82
Description of regulatory capital requirement	The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net income from operations, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles.
ANAT Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share)	$ 0.01
Scenario, Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Statutory amount available for dividend payments without regulatory approval						$ 363.9
Parent Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Statutory capital and surplus	$ 3,700.0				$ 3,600.0
ANPAC Louisiana Insurance Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk based capital action level percentage	179.00%				194.00%
Statutory capital and surplus	$ 63.5				$ 68.5
Subsidiaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling equity	$ 0.5				$ (0.9)
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk based capital action level percentage	200.00%				200.00%
Insurance Subsidiary | Missouri
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Statutory accounting practices permitted practice amount	$ 65.3				$ 75.3
County Mutual
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling equity	$ 6.8				$ 6.8
SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Expiration of vesting period	5 years
SAR | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate per year	20.00%
RS Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years
Lapse restrictions on restricted stock awards	10 years
Shares granted (in shares)	350,334
Exercise price of Restricted shares granted (in usd per share)	$ 0
Number of shares unvested (in shares)	10,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	8,250			8,250
Vesting period description	RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65.
RSUs | Graded Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

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Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares	Mar. 31, 2021	Dec. 31, 2020
Common Stock
Common stock, shares issued (in shares)	26,887,200	26,887,200
Restricted shares (in shares)	(10,000)	(10,000)
Unrestricted outstanding shares (in shares)	26,877,200	26,877,200

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Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Expired (in shares)	0
Weighted-Average Grant Date Fair Value, Expired (in dollars per share)	$ 0
SAR
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Weighted-average contractual remaining life (in years)	0 years
Exercisable shares (in shares)	0
Weighted-average exercise price (in dollars per share)	$ 0
Weighted-average exercise price exercisable shares (in dollars per share)	$ 0
Compensation expense (credit)	$ 0		$ (1)
Fair value of liability award	$ 0			$ 0
RS Shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	10,000
Weighted-Average Grant Date Fair Value, Beginning balance (in dollars per share)	$ 80.05
Ending balance (in shares)	10,000			10,000
Weighted-Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 80.05			$ 80.05
Weighted-average contractual remaining life (in years)	1 year 11 months 1 day
Weighted-average exercise price (in dollars per share)	$ 80.05
Compensation expense (credit)	$ 20		20
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	8,250
Weighted-Average Grant Date Fair Value, Beginning balance (in dollars per share)	$ 75.35
Granted (in shares)	0	8,250		8,250
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	$ 0
Exercised (in shares)	0
Weighted-Average Grant Date Fair Value, Exercised (in dollars per share)	$ 0
Ending balance (in shares)	8,250			8,250
Weighted-Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 75.35			$ 75.35
Weighted-average contractual remaining life (in years)	29 days
Weighted-average exercise price (in dollars per share)	$ 75.35
Compensation expense (credit)	$ 220		$ (171)
Fair value of liability award	$ 890			$ 793

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Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Weighted average shares outstanding (in shares)	26,877,200	26,881,700
Incremental shares form RS award and RSUs (in shares)	7,699	9,975
Total shares for diluted calculations (in shares)	26,884,899	26,891,675
Net income (loss) attributable to American National (in thousands)	$ 170,173	$ (220,444)
Basic earnings per share (in usd per share)	$ 6.33	$ (8.20)
Diluted earnings per share (in usd per share)	$ 6.33	$ (8.20)

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Stockholders' Equity and Noncontrolling Interests - Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Life insurance entities
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 2,190,618		$ 2,188,808
Statutory net income (loss)	(32,217)	$ 52,975
Property and casualty insurance entities
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	1,514,248		$ 1,463,179
Statutory net income (loss)	$ 39,272	$ 48,254

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Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Segment information, number of operating segments	5

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Segment Information - Summary of Results of Operations Measured as Income Before Federal Income Taxes and Other Items by Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Premiums	$ 562,653	$ 536,768
Other policy revenues	86,539	79,605
Net investment income	269,981	130,991
Net realized investment gains	19,239	4,148
Change in investment credit loss	(5,486)	(44,678)
Net gains (losses) on equity securities	95,940	(332,575)
Other income	9,752	11,133
Total premiums and other revenues	1,038,618	385,392
Policyholder benefits	190,877	145,268
Claims incurred	268,386	264,594
Interest credited to policyholders’ account balances	107,787	(4,323)
Commissions for acquiring and servicing policies	153,685	130,435
Other operating expenses	133,502	133,926
Change in deferred policy acquisition costs	(28,119)	(1,672)
Total benefits, losses and expenses	826,118	668,228
Income before federal income tax and other items	212,500	(282,836)
Life
Segment Reporting Information [Line Items]
Premiums	100,779	89,516
Other policy revenues	81,508	75,540
Net investment income	67,797	45,575
Net realized investment gains	0	0
Change in investment credit loss	0	0
Net gains (losses) on equity securities	0	0
Other income	458	736
Total premiums and other revenues	250,542	211,367
Policyholder benefits	146,160	110,466
Claims incurred	0	0
Interest credited to policyholders’ account balances	19,770	(1,903)
Commissions for acquiring and servicing policies	45,420	39,467
Other operating expenses	47,041	47,480
Change in deferred policy acquisition costs	(14,469)	(7,838)
Total benefits, losses and expenses	243,922	187,672
Income before federal income tax and other items	6,620	23,695
Annuity
Segment Reporting Information [Line Items]
Premiums	24,241	15,509
Other policy revenues	5,031	4,065
Net investment income	153,864	41,541
Net realized investment gains	0	0
Change in investment credit loss	0	0
Net gains (losses) on equity securities	0	0
Other income	856	638
Total premiums and other revenues	183,992	61,753
Policyholder benefits	44,717	34,802
Claims incurred	0	0
Interest credited to policyholders’ account balances	88,017	(2,420)
Commissions for acquiring and servicing policies	23,042	10,248
Other operating expenses	12,181	11,876
Change in deferred policy acquisition costs	(11,071)	7,286
Total benefits, losses and expenses	156,886	61,792
Income before federal income tax and other items	27,106	(39)
Health
Segment Reporting Information [Line Items]
Premiums	38,228	43,086
Other policy revenues	0	0
Net investment income	2,083	2,233
Net realized investment gains	0	0
Change in investment credit loss	0	0
Net gains (losses) on equity securities	0	0
Other income	4,094	4,527
Total premiums and other revenues	44,405	49,846
Policyholder benefits	0	0
Claims incurred	24,251	34,885
Interest credited to policyholders’ account balances	0	0
Commissions for acquiring and servicing policies	5,986	8,024
Other operating expenses	10,608	10,629
Change in deferred policy acquisition costs	854	(23)
Total benefits, losses and expenses	41,699	53,515
Income before federal income tax and other items	2,706	(3,669)
Property & Casualty
Segment Reporting Information [Line Items]
Premiums	399,405	388,657
Other policy revenues	0	0
Net investment income	15,513	16,085
Net realized investment gains	0	0
Change in investment credit loss	0	0
Net gains (losses) on equity securities	0	0
Other income	3,489	3,733
Total premiums and other revenues	418,407	408,475
Policyholder benefits	0	0
Claims incurred	244,135	229,709
Interest credited to policyholders’ account balances	0	0
Commissions for acquiring and servicing policies	79,237	72,696
Other operating expenses	53,886	53,004
Change in deferred policy acquisition costs	(3,433)	(1,097)
Total benefits, losses and expenses	373,825	354,312
Income before federal income tax and other items	44,582	54,163
Corporate & Other
Segment Reporting Information [Line Items]
Premiums	0	0
Other policy revenues	0	0
Net investment income	30,724	25,557
Net realized investment gains	19,239	4,148
Change in investment credit loss	(5,486)	(44,678)
Net gains (losses) on equity securities	95,940	(332,575)
Other income	855	1,499
Total premiums and other revenues	141,272	(346,049)
Policyholder benefits	0	0
Claims incurred	0	0
Interest credited to policyholders’ account balances	0	0
Commissions for acquiring and servicing policies	0	0
Other operating expenses	9,786	10,937
Change in deferred policy acquisition costs		0
Total benefits, losses and expenses	9,786	10,937
Income before federal income tax and other items	$ 131,486	$ (356,986)

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Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2018	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Remaining long-term lease commitments		$ 8,000
Commitments outstanding, aggregate amount		1,300,000
Commitments expected to be funded in 2020		572,600
Letters of credit outstanding, amount		3,500	$ 3,500
FHLB stock purchased	$ 7,000
Federal Home Loan Bank advance		250,000	$ 250,000
Federal home bank advance, additional borrowing capacity		740,700
Total amount of guarantees outstanding		121,400
Life insurance policies with guarantees, cash value		143,800
Collateralized Mortgage Obligations
Financing Receivable, Impaired [Line Items]
Fair value of collateral held at FHLB		60,300
Commercial Mortgage Loans
Financing Receivable, Impaired [Line Items]
Fair value of collateral held at FHLB		$ 1,500,000

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Commitment and Contingencies - FHLB Outstanding Advances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank advance	$ 250,000	$ 250,000
FHLB Advance, Maturity Date April 28, 2021 | Federal Home Loan Bank Advances
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank advance	$ 250,000
Interest Rate	0.38%

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Related Party Transactions - Related Party Transactions (Detail) - Greer, Herz & Adams, LLP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other operating expenses
Related Party Transaction [Line Items]
Amount due from American National	$ (617)		$ (441)
Other operating expenses
Related Party Transaction [Line Items]
Dollar Amount of Transactions	$ 3,713	$ 3,843

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Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended
	Apr. 28, 2020	May 31, 2018	Mar. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Federal Home Loan Bank advance			$ 250,000	$ 250,000
FHLB stock purchased		$ 7,000
FHLB Advance, Maturity Date October 13, 2020 | Federal Home Loan Bank Advances
Subsequent Event [Line Items]
Federal Home Loan Bank advance	$ 245,000
FHLB stock purchased	$ 5,000
FHLB loan interest rate	0.38%