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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


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

For the fiscal year ended December 31, ~~2020~~2021


☐			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)

(formerly American National Insurance Company)


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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. ☐ Yes ☒ No

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, a 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:

~~Indicate~~Large ~~by check mark whether the registrant is a large~~ accelerated filer, an☒ ~~accelerated~~Accelerated filer, a☐ ~~non~~Non-accelerated filer, a☐ ~~smaller~~Smaller reporting company, or☐ anEmerging ~~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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The aggregate market value on June 30, ~~2020~~2021 (the last business day of the registrant’s most recently completed second fiscal quarter) of the voting stock held by non-affiliates of the registrant was approximately $~~530~~1.~~5 million~~1 billion. For purposes of the determination of the above-stated amount, only directors, executive officers and 10% shareholders are presumed to be affiliates, but neither the registrant nor any such person concedes that they are affiliates of registrant.

As of February 25, ~~2021~~2022, there were 26,887,200 shares of the registrant’s voting common stock, $0.01 par value per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Information called for in Part III of this Form 10-K is incorporated by reference to the registrant’s Definitive Proxy Statement to be filed within 120 days of the close of the registrant’s fiscal year in conjunction with the registrant’s annual meeting of shareholders.

Table of Contents

AMERICAN NATIONAL GROUP, INC.

TABLE OF CONTENTS



	PART I
ITEM 1.	BUSINESS	3
ITEM 1A.	RISK FACTORS	15
ITEM 1B.	UNRESOLVED STAFF COMMENTS	27
ITEM 2.	PROPERTIES	27
ITEM 3.	LEGAL PROCEEDINGS	27
ITEM 4.	MINE SAFETY DISCLOSURES	27

	PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	28
ITEM 6.	[RESERVED]	29
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	30
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	64
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	67
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	136
ITEM 9A.	CONTROLS AND PROCEDURES	136
ITEM 9B.	OTHER INFORMATION	136
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	136

	PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	137
ITEM 11.	EXECUTIVE COMPENSATION	137
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	137
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	137
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	137

	PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	138
	EXHIBITS INDEX	138
ITEM 16.	FORM 10-K SUMMARY	139
SIGNATURES		140

	PART I
ITEM 1.	BUSINESS	3
ITEM 1A.	RISK FACTORS	14
ITEM 1B.	UNRESOLVED STAFF COMMENTS	26
ITEM 2.	PROPERTIES	26
ITEM 3.	LEGAL PROCEEDINGS	26
ITEM 4.	MINE SAFETY DISCLOSURES	26
	PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	26
ITEM 6.	SELECTED FINANCIAL DATA	27
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	28
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	62
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	65
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	133
ITEM 9A.	CONTROLS AND PROCEDURES	133
ITEM 9B.	OTHER INFORMATION	133
	PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	133
ITEM 11.	EXECUTIVE COMPENSATION	134
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	134
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	134
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	134
	PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	134
	EXHIBITS INDEX	134
ITEM 16.	FORM 10-K SUMMARY	135
SIGNATURES		136

Table of Contents

PART I

ITEM 1. BUSINESS

Company Overview

We have conducted business from our headquarters in Galveston, Texas since 1905. Our core business segments are life insurance, annuities, and property and casualty insurance. We also offer limited health insurance. We provide personalized service to approximately six million policyholders throughout the United States, the District of Columbia, and Puerto Rico. In addition, as of December 31, ~~2020~~2021, we have over $~~128~~136.9 billion of life insurance in-force.

On July 1, 2020, American National Insurance Company, a Texas insurance company (“ANICO”), completed its previously announced holding company reorganization, which was approved by its shareholders at its Annual Meeting of Shareholders held on April 23, 2020. 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~~have bebeen filed by ANAT under CIK No. 0001801075. For purposes of filing this Form 10-K, the accompanying consolidated financial statements and notes thereto have been titled “American National Group, Inc.” to reflect the current name of the public registrant, with the parenthetical notation “formerly American National Insurance Company” to reflect the reporting entity for the periods covered therein.

InOn ~~this~~August ~~document~~6, we2021, ~~refer~~ANAT toentered ~~American~~into ~~National~~an ~~Group~~Agreement and Plan of Merger (the "Merger Agreement") with Brookfield Asset Management Reinsurance Partners Ltd. ("Brookfield Reinsurance"), an exempted company limited by shares existing under the laws of Bermuda, and Freestone Merger Sub Inc., a Delaware corporation and ~~its~~an ~~subsidiaries~~indirect aswholly-owned subsidiary of Brookfield Reinsurance ("~~American~~Merger ~~National,~~Sub"). On the terms and subject to the conditions of the Merger Agreement, at the closing, Merger Sub will merge with and into ANAT (the "Merger"), with ANAT continuing as the surviving entity, which will become an indirect, wholly-owned subsidiary of Brookfield Reinsurance. On the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company's common stock will be converted into the right to receive $190.00 in cash without interest (the "Merger Consideration"),” ~~“we~~for total Merger Consideration of approximately $5.1 billion. The Merger was unanimously approved by the ANAT's board of directors. See Part II,” ~~“our~~Item 7,” Management's Discussion and ~~“us~~Analysis of Financial Condition and Results of Operations, for further information regarding the Merger.”

~~Our~~In ~~vision~~this ~~is to be a leading provider of financial products and services for current and future generations. For more than a century~~document, we ~~have~~refer ~~maintained~~to aANAT ~~conservative business approach~~ and ~~corporate~~its ~~culture.~~subsidiaries Weas ~~have~~"American ~~an unwavering commitment to serve our policyholders~~National," ~~agents,~~the ~~and shareholders by providing excellent service and competitively priced products and services through a diversified network of distribution channels. We are committed to profitable growth~~"Company,” ~~which enables us to remain financially strong. Acquisitions that are strategic or offer synergies may be considered~~“we,” ~~but they are not~~ “our ~~primary source of growth. We invest regularly in our distribution channels~~,” ~~technology,~~ and ~~our human resources to fuel our capacity for profitable growth~~“us.”

WeOur ~~are~~vision ~~committed~~is to ~~excellence~~be ~~and~~a ~~maintaining~~leading ~~high~~provider ~~ethical~~of ~~standards~~financial inproducts ~~all~~and ~~our~~services ~~business~~for ~~dealings.~~current ~~Disciplined~~and ~~adherence~~future togenerations. ~~our~~For ~~values~~more ~~has~~than ~~allowed~~a uscentury, towe ~~deliver~~have ~~consistently~~maintained ~~high~~a ~~levels~~conservative ofbusiness ~~service~~approach ~~through~~and ~~talented~~corporate ~~people, who are at the heart of our business~~culture. We ~~define~~have ~~our~~an ~~values~~unwavering ~~with~~commitment ~~the~~to ~~acronym~~serve ~~FIRST,~~our ~~which stands for Financial strength~~policyholders, ~~Integrity~~agents, ~~Respect, Service,~~ and ~~Teamwork.~~shareholders ~~Additionally,~~by weproviding ~~describe~~excellent ~~our~~service ~~culture~~and ascompetitively ~~ACE~~priced ~~which~~products ~~stands~~and ~~for~~services ~~Agility,~~through ~~Collaboration,~~a ~~and~~diversified ~~Engagement;~~network ~~three~~of ~~characteristics~~distribution ~~that~~channels. ~~describe~~We ~~how~~are wecommitted ~~want~~ to ~~operate~~profitable asgrowth, awhich ~~team~~enables ~~dedicated~~us to ~~the~~remain ~~success~~financially ofstrong. ~~our~~We ~~stakeholders.~~invest Inregularly ~~2021,~~in weour ~~are~~distribution ~~initiating~~channels, ~~ACE~~technology, ~~Culture~~and ~~2.0~~our ~~with~~human ~~additional~~resources ~~emphasis~~to onfuel ~~diversity,~~our ~~equity,~~capacity ~~and~~for ~~inclusion~~profitable growth.

We are committed to excellence and maintaining high ethical standards in all our business dealings. Disciplined adherence to our values has allowed us to deliver consistently high levels of service through talented people, who are at the heart of our business. We define our values with the acronym FIRST, which stands for Financial strength, Integrity, Respect, Service, and Teamwork. Additionally, we describe our culture as ACE which stands for Agility, Collaboration, and Engagement, three characteristics that describe how we want to operate as a team dedicated to the success of our stakeholders. In 2021, we instituted ACE Culture 2.0 with additional emphasis on diversity, equity, and inclusion.

Business Segments

Our family of companies includes five life insurance companies, eight property and casualty insurance companies, and numerous non-insurance subsidiaries. We organize and operate our businesses in the following business segments: Life, Annuity, Property and Casualty, Health, and Corporate and Other. The following discussion provides an overview of the products we offer within these segments.

Life Segment

Whole Life. Whole life products provide a guaranteed benefit upon the death of the insured in return for the periodic payment of a fixed premium over a predetermined period. Premium payments may be required for the entire life of the contract, to a specified age or a fixed number of years, and may be level or change in accordance with a predetermined schedule. Whole life insurance includes some policies that provide a participation feature in the form of dividends. Policyholders may receive dividends in cash or apply them to increase death benefits or cash values available upon surrender, or reduce the premiums required to maintain the contract in-force.

Term Life. Term life products provide a guaranteed benefit upon the death of the insured for a specified time period in return for the periodic payment of premiums. Coverage periods typically range from one to thirty years, but in no event longer than the period over which premiums are paid.

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ITEM 1. BUSINESS — (Continued)

Life Segment

Universal Life. Universal life insurance products provide coverage through a contract that gives the policyholder flexibility in premium payments and coverage amounts. Universal life products may allow the policyholder, within certain limits, to increase or decrease the amount of death benefit coverage over the term of the contract and to adjust the frequency and amount of premium payments. Universal life products are interest rate sensitive, and we determine the interest crediting rates during the contract period, subject to policy specific minimums.

An equity-indexed universal life product is credited with interest using a return that is based, in part, on changes in an index, such as the Standard & Poor’s 500 Index (“S&P 500”), subject to a specified minimum.

Variable Universal Life. Variable universal life products provide insurance coverage on a similar basis as universal life, except that the policyholder bears the investment risk because the value of the policyholder’s account balance varies with the investment experience of the securities selected by the policyholder held in the separate account.

Credit Life Insurance. Credit life insurance products are sold in connection with a loan or other credit account. Credit life insurance products are designed to pay to the lender the borrower’s remaining debt on a loan or credit account if the borrower dies during the coverage period.

Annuity Segment

Deferred Annuity. A deferred annuity is an asset accumulation product. Deposits are received as a single premium deferred annuity or in a series of payments for a flexible premium deferred annuity. Deposits are credited with interest at our determined rates subject to policy minimums. For certain limited periods of time, usually from one to ten years, interest rates are guaranteed not to change. Deferred annuities usually have surrender charges that begin at issue and reduce over time and may have market value adjustments that can increase or decrease any surrender value.

An equity-indexed deferred annuity is credited with interest using a return that is based, in part, on changes in an index, such as the S&P 500, subject to a specified minimum.

Single Premium Immediate Annuity (“SPIA”). A SPIA is purchased with one premium payment, providing periodic (usually monthly or annual) payments to the annuitant for a specified period, such as for the remainder of the annuitant’s life. Return of the original deposit may or may not be guaranteed, depending on the terms of the annuity contract.

Variable Annuity. With a variable annuity, the policyholder bears the investment risk because the value of the policyholder’s account balance varies with the investment experience of the separate account investment options selected by the policyholder. Our variable annuity products have no guaranteed minimum withdrawal benefits.

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ITEM 1. BUSINESS — (Continued)

Health Segment

Medicare Supplement. Medicare ~~Supplement~~supplement insurance is a type of private health insurance designed to supplement or pay the costs of certain medical services not covered by Medicare. Due to competitive pressures and a marketing shift toward more profitable lines of business, we are completing the process of withdrawing from the Medicare Supplement market. New business sales ceased as of January 31, 2022. Going forward, existing policies will be in run-off and lapse at the end of the policy period.

Supplemental Insurance. Supplemental insurance is designed to provide supplemental coverage for specific events or illnesses such as cancer, accidental injury or death, or disability for short periods of time.

Stop-Loss. Stop-loss coverage is used by employers to limit their exposure under self-insured medical plans. Two coverages, which are usually offered concurrently, are available. Specific stop-loss provides coverage when claims for an individual reach a threshold; after the threshold is reached, the policy reimburses claims paid by the employer up to a coverage limit for each individual. Aggregate stop-loss reimburses the employer once the group’s total paid claims reach a threshold.

Credit Disability. Credit disability (also called credit health) insurance pays a limited number of monthly payments on a loan or credit account if the borrower becomes disabled during the coverage period.

Medical Expense. Medical expense insurance covers most health expenses including hospitalization, surgery, and outpatient services (excluding dental and vision costs). We no longer market these products and existing contracts are in run-off.

Short -Term Medical Insurance. Short-term ~~Term~~medical ~~Medical~~ provides temporary medical expense coverage for policyholders between jobs, waiting for other coverages to begin, or currently without other medical expense coverage. Under current federal regulation, ~~Short~~short-term ~~Term~~medical ~~Medical~~ may be renewed up to ~~a period not exceeding~~ 36 months.

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ITEM 1. BUSINESS — (Continued)

Property and Casualty Segment

Personal Lines. Personal lines include insurance policies sold to individuals for auto, homeowners, and other similar exposures. Auto insurance covers specific risks involved in owning and operating an automobile. ~~Homeowner~~Homeowners insurance provides coverage that protects the insured owner’s property against loss from perils. Other personal insurance provides coverage for property such as boats, motorcycles and recreational vehicles, and umbrella protection coverage.

Commercial Lines. Commercial lines are primarily focused on providing insurance to agricultural related operations and small to midsize businesses. This includes property and casualty coverage tailored for a farm, ranch, or other agricultural-related businesses. Commercial auto insurance is typically issued in conjunction with the sale of our policies covering farms, ranches, and businesses and covers specific risks involved in owning and operating motor vehicles. Business owners' property and liability insurance, workers' compensation insurance, and other commercial insurance encompassing umbrella protection coverage and other liability coverages, are also offered.

Specialty Markets. Specialty ~~Markets~~markets products include renters, mortgage security, aviation, private flood, and credit insurance. Credit insurance provides protection to borrowers and the creditors that extend credit to them against unpaid indebtedness as a result of death, disability, involuntary unemployment, or untimely loss to the collateral securing a personal or mortgage loan. Coverage available for the segment includes:

•Collateral or Creditor Protection Insurance (“CPI”). CPI provides insurance against loss, expense to recover, or damage to personal property pledged as collateral (typically automobiles and homes) resulting from fire, burglary, collision, or other loss occurrence that would either impair a creditor’s interest or adversely affect the value of the collateral. The coverage is purchased from us by the lender according to the terms of the credit obligation and charged to the borrower by the lender when the borrower fails to provide the required insurance.

•Guaranteed Auto Protection or Guaranteed Asset Protection (“GAP”). GAP insures the excess outstanding indebtedness over the primary property insurance benefits that may occur when there is a total loss to or an unrecovered theft of the collateral. GAP can be written on a variety of assets that are used as collateral to secure credit; however, it is most commonly written on automobiles.

Corporate and Other Segment

Our Corporate and Other segment includes our noninsurance subsidiaries and other invested assets not matched with insurance activities.

Marketing Channels

Our diversified product distribution network is designed to satisfy the needs of the markets we serve.

Career Sales and Service Division (“CSSD”) — can be traced to the Company's founding in 1905, and offers life insurance, annuities, and limited benefit health insurance products through employee agents primarily to the lower and middle-income market. CSSD's business model is structured to enable agents located throughout the United States to efficiently distribute new products and provide personalized service to the customer. CSSD has evolved its operations to offer a wider variety of products and electronic processing to meet the ever-changing needs of the customer and the agents that serve them.

Independent Marketing Group (“IMG”) — distributes our life insurance and annuity products and solutions through independent agents, financial institutions, large marketing organizations, employee benefit firms, broker-dealers and brokers. IMG provides these products and services to clients in need of wealth protection, accumulation, distribution, and transfer. IMG also markets to individuals who favor purchasing life insurance directly from an insurance company, through call centers.

Multiple Line Agencies — offers life insurance, annuities, and property and casualty insurance and a limited amount of health insurance primarily through agents, who, for the most part, primarily or exclusively represent the Company. This distribution channel serves individuals, families, farmers, ranchers, other agricultural clients, and small business owners across the country. Policyholders can generally obtain all their insurance solutions through our multiple line agents, which has been identified as an important driver to client satisfaction.

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ITEM 1. BUSINESS — (Continued)

~~Health~~Corporate ~~Insurance Division — serves the needs of a variety of markets including middle-income seniors, self-insured employers,~~ and ~~the~~Other ~~special~~Segment needs of individuals with supplemental products which are sold direct to consumer, and by independent agents, brokers, and Managing General Underwriters (“MGU”). The Health Insurance Division primarily offers health insurance products, supplemental health insurance products, health reinsurance, and traditional Medicare Supplement products.

~~Specialty~~Our ~~Markets~~Corporate ~~Group ("SMG") — primarily offers property~~ and ~~casualty~~Other ~~products,~~segment ~~including some credit property and casualty products. Credit product distribution~~ includes ~~general~~our agents who market to financial institutions, automobile dealers, and furniture dealers. Our SMG distribution channel also provides property and casualty products for renters, mortgage security, aviation for small hull aircraft, selfnon-~~storage contents, and private flood~~ insurance ~~through~~subsidiaries ~~general agents~~ and ~~managing~~other ~~general~~invested ~~agents.~~assets ~~Some~~not ofmatched ~~the~~with ~~products~~insurance ~~distributed by SMG, including aviation and private flood, are fully reinsured~~activities. ~~In addition, SMG sells some credit life and credit disability products.~~

Marketing Channels

Our diversified product distribution network is designed to satisfy the needs of the markets we serve.

Career Sales and Service Division (“CSSD”)—can be traced to the Company's founding in 1905, and offers life insurance, annuities, and limited benefit health insurance products through employee agents primarily to the lower and middle-income market. CSSD's business model is structured to enable agents located throughout the United States to efficiently distribute new products and provide personalized service to the customer. CSSD has evolved its operations to offer a wider variety of products and electronic processing to meet the ever-changing needs of the customer and the agents that serve them.

Independent Marketing Group (“IMG”)—distributes our life insurance and annuity products and solutions through independent agents, financial institutions, large marketing organizations, employee benefit firms, broker-dealers and brokers. IMG provides these products and services to clients in need of wealth protection, accumulation, distribution, and transfer. IMG also markets to individuals who favor purchasing life insurance directly from an insurance company, through call centers.

Multiple Line Agencies—offers life insurance, annuities, and property and casualty insurance and a limited amount of health insurance primarily through agents, who, for the most part, primarily or exclusively represent the Company. This distribution channel serves individuals, families, farmers, ranchers, other agricultural clients, and small business owners across the country. Policyholders can generally obtain all their insurance solutions through our multiple line agents, which has been identified as an important driver to client satisfaction.

Health Insurance Division—serves the needs of a variety of markets including middle-income seniors, self-insured employers, and the special needs of individuals with supplemental products which are sold direct to consumer, and by independent agents, brokers, and Managing General Underwriters (“MGU”). The Health Insurance Division primarily offers health insurance products, supplemental health insurance products, health reinsurance, and traditional medicare supplement products.

Specialty Markets Group ("SMG")—primarily offers property and casualty products, including some credit property and casualty products. Credit product distribution includes general agents who market to financial institutions, automobile dealers, and furniture dealers. Our SMG distribution channel also provides property and casualty products for renters, mortgage security, aviation for small hull aircraft, self-storage contents, and private flood insurance through general agents and managing general agents. Some of the products distributed by SMG, including aviation and private flood, are fully reinsured. In addition, SMG sells some credit life and credit disability products.

Policyholder Liabilities

We record the amounts for policyholder liabilities in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the standards of practice of the American Academy of Actuaries. We carry liabilities for future policy benefits associated with base policies and riders, unearned mortality charges and future disability benefits, for other policyholder liabilities associated with unearned premiums and claims payable, and for unearned revenue from front-end fees. We also establish liabilities for unpaid claims and claim adjustment expenses, including those that have been incurred but not yet reported. In addition, we carry liabilities for secondary guarantees relating to certain life policies and fair value reserves associated with embedded derivatives on equity -indexed products.

Additional information regarding our policyholder liabilities may be found in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates — Reserves section, and Part II, Item 8, Financial Statements and Supplementary Data — Note 11, Liability for Future Policy Benefits and Policyholder Account Balances, and Note 12, Liability for Unpaid Claims and Claim Adjustment Expenses, of the Notes to the Consolidated Financial Statements.

Risk Management

A conservative operating philosophy was a founding principle for our Company and continues to be a guiding principle for us. We manage risks across the Company by employing controls throughout our business operations. These controls are designed to both place limits on activities and provide internal reporting information that helps us monitor our businesses and shape decisions and actions. The Company’s Board of Directors oversees a formal enterprise risk management program to coordinate risk management efforts and to provide reasonable assurance that risk taking activities are aligned with strategic objectives. The Board Audit Committee assists the Board in its risk management oversight. The risk management program includes a Corporate Risk Officer who chairs an Enterprise Risk Management Committee intended to ensure consistent application of the enterprise risk management process across all business segments. The Enterprise Risk Management Committee is supported by three sub-committees, one focusing on life and annuity business risks, one focusing on property and casualty business risks, and another focusing on health and credit life business risks. In addition, several other senior management committees support the discussion and enforcement of risk controls in the management of the Company.

Our insurance products are designed to balance features desired by the marketplace with provisions that mitigate our risk exposures across our insurance products portfolio. We employ underwriting standards to help ensure proper rates are charged to different classes of risks. In our life insurance and annuity products, we seek to mitigate disintermediation risk with surrender charges and market value adjustment features.

The process of linking the timing and the amount of payment obligations related to our insurance and annuity contracts and the cash flows and valuations of the invested assets supporting those obligations is commonly referred to as asset-liability management (“ALM”). Our ALM Committee, including many of our Company's senior executive officers, regularly monitors the level of risk in the interaction of assets and liabilities and helps shape actions intended to attain our desired risk-return profile. Investment allocations and duration targets are also intended to manage the risk exposure in our annuity products by setting the credited rate within a range supported by our investments. Tools that help shape investment decisions include deterministic and stochastic interest rate scenario analyses using a licensed third-party economic scenario generator and detailed insurance ALM models. These models also use experience related to surrenders and claims.

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ITEM 1. BUSINESS — (Continued)

WeRisk also manage risk by purchasing reinsurance to limit exposure in our Life, Health, and Property and Casualty segments. In our Life segment, we currently retain 100% of newly developed permanent and term products up to our retention limit and cede the excess exposure to reinsurers that are evaluated for their credit strength. Consistent with our corporate risk management strategy, we periodically adjust our Life reinsurance program and retention limits as market conditions warrant. In our Health segment, we use reinsurance on an excess of loss basis for our MGU stop-loss business. In our Property and Casualty segment, our reinsurance program provides coverage for some individual risks with exposures above certain amounts as well as exposure to catastrophes including hurricanes, tornadoes, wind and hail events, earthquakes, fires following earthquakes, winter storms, and wildfires. In all segments, we purchase reinsurance from many providers and regularly review the financial strength ratings of our reinsurers. Reinsurance does not remove our liability to pay our policyholders, and we remain liable to our policyholders for the risks we insure. See Part II, Item 7, Management~~'s Discussion and Analysis of Financial Condition and Results of Operations for retention limits.~~

InA conservative operating philosophy was a founding principle for our ~~Property~~Company and ~~Casualty~~continues ~~segment,~~to ~~the~~be ~~use~~a ofguiding ~~catastrophic~~principle ~~event~~for ~~models~~us. isWe anmanage ~~important~~risks ~~element~~across ofthe ~~risk~~Company ~~management~~by employing controls throughout our business operations. These ~~models~~controls ~~assist~~are designed to both place limits on activities and provide internal reporting information that helps us inmonitor ~~the~~our ~~measurement~~businesses and ~~management~~shape decisions and actions. The Company’s Board of ~~exposure~~Directors ~~concentrations~~oversees a formal enterprise risk management program to coordinate risk management efforts and to provide reasonable assurance that risk taking activities are aligned with strategic objectives. The Board Audit Committee assists the ~~amount~~Board ~~and~~in ~~structure~~its ofrisk ~~reinsurance~~management ~~purchases~~oversight. InThe ~~addition~~risk tomanagement ~~reinsurance,~~program weincludes ~~manage~~a ~~exposure~~Corporate Risk Officer to ~~catastrophic~~ensure consistent application of the enterprise risk management process across all business segments. The Enterprise Risk Management Committee is supported by ~~limiting~~three ~~property~~sub-committees, ~~exposure~~one infocusing ~~areas~~on ~~with~~life ~~heightened~~and ~~brush~~annuity ~~fire~~business risks, ~~and~~one ~~exposures~~focusing on property and incasualty ~~coastal~~business ~~areas~~risks, ~~implementing~~and ~~hurricane,~~another ~~wind~~focusing on health and ~~hail~~credit ~~deductible~~life ~~requirements~~business ~~where~~risks. ~~appropriate~~In addition, ~~and~~several ~~not~~other ~~renewing~~senior ~~coverage~~management incommittees ~~regions~~support ~~where~~the wediscussion ~~believe~~and ~~exposure~~enforcement toof ~~risky~~risk ~~events~~controls ~~exceeds~~in ~~our~~the ~~risk~~management ~~appetite~~of the Company.

Our insurance products are designed to balance features desired by the marketplace with provisions that mitigate our risk exposures across our insurance products portfolio. We employ underwriting standards to help ensure proper rates are charged to different classes of risks. In our life insurance and annuity products, we seek to mitigate disintermediation risk, the risk of large outflows of cash at times when it is disadvantageous to us to dispose of invested assets, with surrender charges and market value adjustment features.

We also manage risk by purchasing reinsurance to limit exposure in our Life, Health, and Property and Casualty segments. In our Life segment, we currently retain 100% of newly developed permanent and term products up to our retention limit and cede the excess exposure to reinsurers that are evaluated for their credit strength. Consistent with our corporate risk management strategy, we periodically adjust our Life reinsurance program and retention limits as market conditions warrant. In our Health segment, we use reinsurance on an excess of loss basis for our MGU stop-loss business. In our Property and Casualty segment, our reinsurance program provides coverage for some individual risks with exposures above certain amounts as well as exposure to catastrophes including hurricanes, tornadoes, wind and hail events, earthquakes, fires following earthquakes, winter storms, and wildfires. In all segments, we purchase reinsurance from multiple providers and regularly review the financial strength ratings of our reinsurers. Reinsurance does not remove our liability to pay our policyholders, and we remain liable to our policyholders for the risks we insure. See Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, for retention limits.

In our Property and Casualty segment, the use of catastrophic event models is an important element of risk management. These models assist in the measurement and management of exposure concentrations and the amount and structure of reinsurance purchases. In addition to reinsurance, we manage exposure to catastrophic risk by limiting property exposure in areas with heightened brush fire risks and exposures and in coastal areas, implementing hurricane, wind and hail deductible requirements where appropriate, and not renewing coverage, when permitted by applicable law, in regions where we believe exposure to risky events exceeds our risk appetite.

Pricing

We establish premium rates for life, annuity, and health products using assumptions as to future mortality, morbidity, persistency, investments, and expenses, all of which are estimates generally based on our experience, industry data, projected investment earnings, competition, regulation and legislation. These assumptions are also considered when setting crediting rates for interest sensitive life and annuity products. Premium rates for property and casualty insurance are influenced by many factors, including the estimated frequency and severity of claims, expenses, state regulation and legislation, and general business and economic conditions, including market interest rates and inflation. Profitability is affected to the extent actual experience deviates from our pricing assumptions.

Payments we receive for certain annuity and life products are not recognized as revenues, but are deposits added to policyholder account balances. Revenues from these products result from charges to the account balances for the cost of insurance risk and administrative fees and, in some cases, surrender fees. Profits are earned to the extent these revenues exceed actual costs. Profits are also earned from investment income on assets invested from the deposits in excess of the amounts credited to policyholders.

Premiums for health policies with medical expense components must take into account the rising utilization and cost of medical care. The annual rate of medical cost inflation has historically been higher than the general rate of inflation, requiring frequent rate increases, most of which are subject to approval by state regulatory agencies.

Credit life and health rates are set by each state. These rates are the maximum amounts that may be charged. We may charge a lower rate to reflect a variety of factors including better than expected experience, compensation adjustments, and competitive forces. If an account's experience is poor and less than our pricing assumptions, we may request a rate increase from the applicable state.

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ITEM 1. BUSINESS — (Continued)

Competition

We compete principally on the breadth of our product offerings, reputation, the overall ease of doing business with us, marketing expertise and support, the scope of our distribution systems, financial strength and ratings, product features and prices, customer service, claims handling, and in the case of producers, service as well as compensation. The market for insurance, retirement and investment products continues to be highly fragmented and competitive. We compete with a large number of domestic and foreign insurance companies, many of which offer one or more similar products. In addition, for products that include an asset accumulation component, our competition includes domestic and foreign securities firms, investment advisors, mutual funds, banks, and other financial institutions.

Several competing insurance carriers are larger than we are, have brands that are more commonly known, and spend significantly more on advertising than we do. We endeavor to remain competitive with these commonly known brands by managing costs, providing attractive coverage and service, maintaining positive relationships with our agents and our policyholders, and by maintaining our financial strength.

Ratings

Rating agencies provide independent opinions or ratings. These ratings are based on each rating agency’s quantitative and qualitative evaluation of a company. The rating agencies do not provide ratings as a recommendation to purchase insurance or annuities, nor as a guarantee of an insurer’s current or future ability to meet contractual obligations. Each agency’s rating should be evaluated independently of any other rating. Ratings may be changed, suspended, or withdrawn at any time.

ANICO's current insurer financial strength rating from two of the most widely referenced rating organizations as of the date of this filing are as follows:

•A.M. Best Company: A (Excellent) (1)

•Standard & Poor’s (“S&P”): A (Strong) (2)

(1)A.M. Best's active company rating scale consists of thirteen ratings ranging from A++ (Superior) to D (poor).

(2)S&P’s active company ratings scale ‘AAA’ to ‘R’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

~~Regulations~~A.M. ~~Applicable~~Best has placed American National’s issuer credit and financial strength ratings under review with developing implications and S&P Global Ratings has placed the ratings on CreditWatch with negative implications due to ~~Our~~the ~~Business~~pending Merger with Brookfield Reinsurance. See Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations for additional details.

Our insurance operations are subject to extensive regulation, primarily at the state level. Such regulation varies by state but generally has its source in statutes that establish requirements for the business of insurance and that grant broad regulatory authority to a state agency. Insurance regulation has a substantial effect on us and governs a wide variety of matters, such as insurance company licensing, agent and adjuster licensing, policy benefits, price setting, accounting practices, product suitability, the payment of dividends, the nature and amount of investments, underwriting practices, reserve requirements, sales and advertising practices, privacy practices, information systems security, policy forms, reinsurance reserve requirements, risk and solvency assessments, mergers and acquisitions, corporate governance practices, capital adequacy, transactions with affiliates, participation in shared markets and guaranty associations, claims practices, the remittance of unclaimed property, and enterprise risk management requirements. The models for state laws and regulations often emanate from the National Association of Insurance Commissioners (“NAIC”). While it is not mandatory for insurers to comply with an NAIC model law, nor for states to adopt a model law, state and federal legislators and regulators are likely to look to the model law for guidance in proposing new legislation and regulation.

State insurance departments monitor compliance with regulations through periodic reporting procedures and examinations. At any given time, financial, market conduct or other examinations of our insurance companies may be occurring.

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ITEM 1. BUSINESS — (Continued)

~~The~~Regulations ~~Dodd-Frank~~Applicable Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) expanded the U.S. federal government presence in insurance oversight. Dodd-Frank also established the Federal Insurance Office within the U.S. Department of Treasury, which is authorized to, ~~among~~Our other things, gather data and information to monitor aspects of the insurance industry, identify certain issues in the regulation of insurers, and preempt state insurance measures under certain circumstances. Provisions of Dodd-Frank are or may become applicable to us, our competitors, or certain entities with which we do business. For example, it is possible that regulations issued by the Consumer Financial Protection Bureau (“CFPB”) may extend, or be interpreted to extend, to the sale of certain insurance products by covered financial institutions, which could adversely affect sales of such products. The Federal Insurance Office, as a result of various studies it conducts, may also recommend changes in laws or regulations that affect our business. There may be further federal involvement in the business of insurance in the future, which may add significant legal complexity and associated costs to our business. Business

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) expanded the U.S. federal government presence in insurance oversight. Dodd-Frank also established the Federal Insurance Office within the U.S. Department of Treasury, which is authorized to, among other things, gather data and information to monitor aspects of the insurance industry, identify certain issues in the regulation of insurers, and preempt state insurance measures under certain circumstances. Provisions of Dodd-Frank are or may become applicable to us, our competitors, or certain entities with which we do business. For example, it is possible that regulations issued by the Consumer Financial Protection Bureau may extend, or be interpreted to extend, to the sale of certain insurance products by covered financial institutions, which could adversely affect sales of such products. The Federal Insurance Office, as a result of various studies it conducts, may also recommend changes in laws or regulations that affect our business. There may be further federal involvement in the business of insurance in the future, which may add significant legal complexity and associated costs to our business.

Regulatory matters having the most significant effects on our insurance operations and financial reporting are described further below. In addition, Item 1A, Risk Factors, Litigation and Regulation Risk Factors, below discusses significant risks presented to our business by extensive regulation and describes certain other laws and regulations that are or may become applicable to us.

Holding Company Regulation. We are an insurance holding company system under the insurance laws of the states where we do business. Our insurance companies are organized under the laws of Texas, Missouri, New York, Louisiana, and California. Insurance holding company system laws and regulations in such states generally require periodic reporting to state insurance regulators of various business, enterprise risk management, corporate governance, and financial matters, as well as advance notice to, and in some cases approval by, such regulators prior to certain transactions between insurers and their affiliates. These laws also generally require regulatory approval prior to the acquisition of a controlling interest in an insurance company. These requirements may deter or delay certain transactions considered desirable by management or our stockholders.

Limitations on Dividends by Insurance Subsidiaries. Dividends received from ANICO are the sole source of cash for ANAT. ANICO's and its insurance subsidiaries’ ability to pay dividends is generally limited by state law and is also impacted by federal income tax considerations. Our insurance subsidiaries' ability to pay dividends is important to ANAT's ability to pay dividends to shareholders.

Rate Regulation. Nearly all states have laws that require life, health, credit, and property and casualty insurers to file rate schedules and require most insurers to file policy or coverage forms and other information with the state’s insurance regulatory authority. In many cases these must be approved prior to use. The objectives of rate laws vary, but generally a price cannot be excessive, inadequate, or unfairly discriminatory. Prohibitions on discriminatory underwriting practices apply in the context of certain products as well.

Our ability to adjust ~~prices~~premium rates, particularly with certain property and casualty and health insurance products, is often dependent on the applicable pricing law and our ability to demonstrate to the particular regulator that current or proposed pricing complies with such law. Rate increases that we believe are necessary for our profitability may be delayed or denied as a result of such laws. We manage our risk of loss by charging a price that reflects the cost and expense of providing insurance products and by being selective in underwriting. When a state has significant underwriting and pricing restrictions, it becomes more difficult to manage our risk of loss, which can adversely impact our ability to market products profitably in such states.

Guaranty Associations and Involuntary Markets. State laws allow insurers to be assessed, subject to prescribed limits, insurance guaranty fund fees to pay certain obligations of insolvent insurance companies. In addition, to maintain our licenses to write property and casualty insurance in various states, we are required to participate in assigned risk plans, reinsurance facilities, and joint underwriting associations that provide various insurance coverages to purchasers that otherwise are unable to obtain coverage from private insurers.

Investment Regulation. Insurance company investment regulations require investment portfolio diversification and limit the amount of investment in certain asset categories. Failure to comply with these regulations leads to the treatment of non-conforming investments as non-admitted assets for measuring statutory surplus. In some instances, these rules require the sale of non-conforming investments.

Exiting Geographic Markets, Canceling and Non-Renewing Policies. Most states regulate an insurer’s ability to exit a market by limiting the ability to cancel and non-renew policies. Some states prohibit an insurer from withdrawing one or more types of insurance business from the state, except pursuant to an approved plan. These regulations could restrict our ability to exit unprofitable markets.

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Exiting Geographic Markets, Canceling and Non-Renewing Policies. Most states regulate an insurer’s ability to exit a market by limiting the ability to cancel and non-renew policies. Some states prohibit an insurer from withdrawing one or more types of insurance business from the state, except pursuant to an approved plan. These regulations can restrict our ability to exit unprofitable markets.

Statutory Accounting. Financial reports to state insurance regulators utilize statutory accounting practices as defined in the Accounting Practices and Procedures Manual of the NAIC, which are different from GAAP. Statutory accounting practices, in keeping with the intent to assure the protection of policyholders, are generally based on a solvency concept, while GAAP is based on a going-concern concept. While not a substitute for GAAP performance measures, statutory information is used by industry analysts and reporting sources to compare the performance of insurance companies and impacts the ability of insurance subsidiaries to pay dividends to ANAT. Maintaining both GAAP and statutory financial records increases our business costs.

Pursuant to state insurance laws, we establish statutory reserves, which are reported as liabilities in the separate stand-alone statutory-basis financial statements of ANAT's insurance subsidiaries, and which generally differ from future policy benefits determined using GAAP on our respective policies. These statutory reserves are established in amounts sufficient to meet policy and contract obligations, when taken together with expected future premiums and interest at prescribed rates.

Insurance Reserves. State insurance laws require life and property and casualty insurers to annually analyze the adequacy of statutory reserves. Our appointed actuaries must submit opinions annually for our insurance companies that policyholder and claim reserves are adequate.

Risk-Based Capital and Solvency Requirements. The NAIC has a formula for analyzing capital levels of insurance companies called Risk-Based Capital (“RBC”). The RBC formula has minimum capital thresholds that vary with the size and mix of a company’s business and assets. It is designed to identify companies with capital levels that may require regulatory attention. AtAs of December 31, ~~2020~~2021, the capital level of each of our insurance company subsidiaries exceeded 300% of their respective Authorized Control Levels, the minimum RBC ~~requirements~~requirement before any action level is triggered or considered.

Own Risk and Solvency Assessment ("ORSA"). The NAIC Risk Management and ORSA Model Act (#505) requires insurers to maintain a framework for identifying, assessing, monitoring, managing, and reporting on the “material and relevant risks” associated with the insurers' (or insurance groups') current and future business plans. ~~ORSA~~The model act, which has been adopted by the state insurance regulators of our insurance companies, requires companies to file an internal assessment of their solvency with insurance regulators annually. Although no specific capital adequacy standard is currently articulated in the ORSA requirement, it is possible that such standard will be developed over time and may increase insurers' minimum capital requirements, which could adversely impact our growth and return on equity. Our own minimum capital requirement, the Defined Security Standard in our 2021 ORSA, is 200% of the 1-in-250 Conditional Tail Expectation event as measured by the American National Internal Capital Model. As of December 31, 2021, GAAP equity exceeds this minimum requirement.

Securities Regulation. The sale and administration of variable life insurance and variable annuities are subject to extensive regulation at the federal and state level, including by the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”). Our variable annuity contracts and variable life insurance policies, other than group unallocated, were issued through separate accounts that are registered with the SEC as investment companies under the Investment Company Act of 1940. Each registered separate account is generally divided into sub-accounts, each of which invests in an underlying mutual fund that is itself a registered investment company under such act. In addition, the variable annuity contracts and variable life insurance policies issued by the separate accounts generally are registered with the SEC under the Securities Act of 1933. The U.S. federal and state regulatory authorities and FINRA, from time to time, make inquiries and conduct examinations regarding our compliance with securities and other laws and regulations.

In addition, our periodic reports and proxy statements to stockholders are subject to the requirements of the Securities Exchange Act of 1934 and corresponding rules of the SEC, and our corporate governance processes are subject to regulation by the SEC and the National Association of Securities Dealers Automated Quotations ("NASDAQ") Stock Market. Our registered wholesale broker-dealer and registered investment adviser subsidiaries are subject to regulation and supervision by the SEC, FINRA and, in some cases, state securities administrators.

Suitability. FINRA rules require broker-dealers selling variable insurance products to determine that transactions in such products are “suitable” to the circumstances of the particular customer. In addition, most states have enacted the NAIC’s Suitability in Annuity Transactions Model Regulation that, in adopting states, places suitability responsibilities on insurance companies in the sale of fixed and indexed annuities, including responsibilities for training agents. The NAIC has adopted revisions to this model regulation that would further elevate the standard of care for annuity sales and align it with the SEC's new Regulation Best Interest. Three states have adopted the revised model regulation, and several other states have proposed adoption. We anticipate that the revised model will be adopted in some form by many of the states in which we do business. New York has already taken further action, through the adoption by the New York Department of Financial Services ("NYDFS") of a regulation that requires in part that life insurance policies and annuity contracts delivered or issued for delivery in New York be in the best interest of the consumer.

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ITEM 1. BUSINESS — (Continued)

~~Protection~~In ~~of Consumer Information. U.S. federal laws~~addition, ~~such~~our asperiodic ~~the~~reports ~~Gramm-Leach-Bliley Act,~~ and ~~the~~proxy ~~laws~~statements ofto ~~some~~stockholders ~~states~~are ~~regulate~~subject ~~disclosures of certain customer information and require us~~ to ~~protect~~ the ~~security~~requirements ~~and confidentiality~~ of ~~such~~the ~~information.~~Securities ~~Such~~Exchange ~~laws~~Act ~~also~~of ~~require~~1934 ~~us to notify customers about our policies~~ and ~~practices~~corresponding ~~relating~~rules toof the ~~collection~~SEC, ~~protection~~ and ~~disclosure~~our ofcorporate ~~confidential~~governance ~~customer~~processes ~~information.~~are ~~State~~subject ~~and~~to ~~federal~~regulation ~~laws,~~by ~~such as~~ the ~~federal~~SEC ~~Health Insurance Portability~~ and ~~Accountability~~the ~~Act~~NASDAQ ~~("HIPAA"),~~Stock ~~regulate our use, protection, and disclosure of certain personal health information~~Market. InOur ~~addition,~~registered ~~most~~wholesale ~~states~~broker-dealer ~~have~~and ~~laws~~registered orinvestment ~~regulations~~adviser ~~that~~subsidiaries ~~require~~are ussubject to ~~notify~~regulation ~~regulators~~ and ~~affected~~supervision ~~customers~~by in the ~~event~~SEC, ofFINRA ~~a data breach~~and, ~~and~~in some ofcases, ~~these~~state ~~laws~~securities ~~and regulations are becoming more stringent by requiring faster notifications and creating private causes of action for violations~~administrators.

OnSuitability. ~~June~~FINRA ~~28,~~rules ~~2018,~~require ~~California~~broker-dealers ~~enacted~~selling avariable ~~sweeping~~insurance ~~new~~products ~~privacy~~to ~~law~~determine ~~known~~that astransactions ~~the~~in ~~California~~such ~~Consumer~~products ~~Privacy~~are ~~Act of 2018 (~~“~~CCPA~~suitable”). ~~The CCPA requires enhanced customer disclosure about how a business collects and uses personal data, how such data is used in business processes, and with and~~ to ~~whom~~the ~~customer~~circumstances ~~data~~of isthe ~~shared~~particular ~~or sold~~customer. In addition, ~~the~~most ~~CCPA~~states ~~also~~have ~~affords~~enacted athe ~~consumer~~NAIC’s aSuitability ~~“right to request deletion”~~ in ~~certain~~Annuity ~~circumstances.~~Transactions OnModel ~~August~~Regulation 31that, ~~2018,~~in ~~the~~adopting ~~California~~states, ~~State~~places ~~Legislature~~suitability ~~passed~~responsibilities ~~SB-1121,~~on ainsurance ~~bill~~companies ~~that~~in ~~delayed~~the ~~enforcement~~sale of ~~the~~fixed ~~CCPA~~and ~~until~~indexed ~~July 1~~annuities, ~~2020,~~including ~~and~~responsibilities ~~made~~for ~~other~~training ~~amendments~~agents. ~~and~~The ~~clarifications~~NAIC tohas ~~the~~adopted ~~law.~~revisions ~~Such~~to ~~clarifications~~this ~~include~~model ~~exempting~~regulation ~~from~~that ~~certain~~would ~~requirements~~further ofelevate the ~~CCPA~~standard ~~information~~of ~~that~~care isfor ~~collected,~~annuity ~~processed,~~sales ~~sold~~and oralign ~~disclosed~~it ~~pursuant~~with to the ~~California~~SEC's ~~Financial~~new ~~Information~~Regulation ~~Privacy~~Best ~~Act,~~Interest. ~~the~~Several ~~federal~~states ~~Gramm-Leach-Bliley~~have ~~Act,~~either adopted the ~~federal~~model ~~Fair~~regulation ~~Credit~~or ~~Reporting~~are ~~Act~~considering ~~("FCRA"),~~adopting ~~HIPAA, or~~ the ~~federal~~model ~~Driver’s Privacy Protection Act~~regulation. ~~The~~We ~~revisions,~~anticipate ~~however,~~that ~~do not exempt such information from~~ the ~~CCPA’s~~revised ~~private~~model ~~right~~will ofbe ~~action~~adopted ~~provision~~ in ~~all~~some ~~instances.~~form ~~Additionally,~~by ~~the~~many ~~definition~~ of ~~“personal~~the ~~information”~~states in ~~the~~which ~~CCPA is broad and may encompass other information that~~ we ~~maintain~~do ~~in our California~~ business. ~~beyond~~New ~~that~~York ~~excluded~~has ~~under~~already ~~the~~taken ~~Gramm-Leach-Bliley~~further ~~Act~~action, ~~FCRA,~~through ~~HIPAA,~~ the ~~Driver’s~~adoption ~~Privacy~~by ~~Protection~~the ~~Act,~~New orYork ~~the~~Department ~~California~~of Financial ~~Information~~Services ~~Privacy~~("NYDFS") ~~Act~~of ~~exemption.~~a Inregulation ~~addition,~~that requires in ~~November~~part ~~2020,~~that ~~California~~life ~~enacted~~insurance ~~the~~policies ~~Consumer~~and ~~Privacy~~annuity ~~Rights~~contracts ~~Act,~~delivered ~~which~~or isissued ~~effective~~for ~~January~~delivery 1,in ~~2023~~New ~~and~~York ~~grants~~be ~~new~~in ~~consumer~~the ~~rights~~best ~~regarding~~interest ~~personal information and strengthens certain provisions~~ of the ~~CCPA~~consumer.

Protection of Consumer Information. U.S. federal laws, such as the Gramm-Leach-Bliley Act ("GLB"), and state laws regulate disclosures of certain customer information and require us to protect the security and confidentiality of such information. Such laws also require us to notify customers about our policies and practices relating to the collection, protection and disclosure of confidential customer information. State and federal laws, such as the federal Health Insurance Portability and Accountability Act ("HIPAA"), regulate our use, protection, and disclosure of certain personal health information. In addition, most states have laws or regulations that require us to notify regulators and affected customers in the event of a data breach, and some of these laws and regulations are becoming more stringent by requiring faster notifications and creating private causes of action for violations.

On June 28, 2018, California enacted a sweeping new privacy law known as the California Consumer Privacy Act of 2018 (“CCPA”). The CCPA requires enhanced customer disclosure about how a business collects and uses personal data, how such data is used in business processes, and with and to whom customer data is shared or sold. In addition, the CCPA also affords a consumer a “right to request deletion” in certain circumstances. On August 31, 2018, the California State Legislature passed SB-1121, a bill that delayed enforcement of the CCPA until July 1, 2020, and made other amendments and clarifications to the law. Such clarifications include exempting from certain requirements of the CCPA information that is collected, processed, sold or disclosed pursuant to the California Financial Information Privacy Act, GLB, the federal Fair Credit Reporting Act ("FCRA"), HIPAA, or the federal Driver’s Privacy Protection Act. The revisions, however, do not exempt such information from the CCPA’s private right of action provision in all instances. Additionally, the definition of “personal information” in the CCPA is broad and may encompass other information that we maintain in our California business beyond that excluded under GLB, FCRA, HIPAA, the Driver’s Privacy Protection Act, or the California Financial Information Privacy Act exemption. In addition, in November 2020, California enacted the Consumer Privacy Rights Act, which is effective January 1, 2023 and grants new consumer rights regarding personal information and strengthens certain provisions of the CCPA. Other states may adopt comprehensive privacy laws like California. For example, on March 2, 2021, Virginia enacted the Virginia Consumer Data Protection Act ("CDPA"). On June 8, 2021, Colorado passed the Colorado Privacy Act ("CPA"). Both the CDPA and CPA give certain consumers data protections rights including the right to opt-out of processing their personal data, the right to delete information, and the right to correct information. The CDPA will go into effect on January 1, 2023 and CPA will go into effect on July 1, 2023.

We anticipate further efforts at the federal and state levels to strengthen the protection of consumer information, and such efforts will continue to have a significant impact on our information practices.

In addition, FCRA is a federal law that governs the use and sharing of consumer credit information provided by a consumer reporting agency. Requirements under FCRA apply to an insurer if such insurer obtains and uses consumer credit information to underwrite insurance. Such requirements may include obtaining the consumer’s consent and providing various notices to the consumer. While the use of consumer credit information in the underwriting process is expressly authorized by FCRA, various states have issued regulations that limit or prohibit the use of consumer credit information by insurers, and some consumer groups continue to criticize the use of credit-based insurance scoring in underwriting and rating processes. There may be additional efforts at the federal or state level to regulate the use of credit-based information by insurers. Any such regulation could force changes in our underwriting practices and impact our profitability.

Cybersecurity. In recent years, millions of consumers and businesses have been impacted by data breaches of companies in various industries, increasing the regulatory focus on consumer information protection and data privacy. With the August 28, 2017, effectiveness of new regulations applicable to certain financial institutions, New York became the first state to adopt minimum cybersecurity standards. Other states have followed by adopting the NAIC's Data Security Model Law, which is patterned after the New York regulation. The NYDFS requires financial institutions authorized to do business under New York banking, insurance, or other financial services laws, including certain of our subsidiaries, to develop a cybersecurity program and policy based on an assessment of the institution’s cybersecurity risks, designate a Chief Information Security Officer, maintain written policies and procedures with respect to third-party service providers, limit who has access to data or systems, use qualified cybersecurity personnel to manage cybersecurity risks, notify the NYDFS of a cybersecurity event within seventy-two hours, maintain a written incident response plan, and provide the NYDFS with an annual certification of compliance.

In addition, the NAIC has adopted the Cybersecurity Bill of Rights, a set of directives aimed at protecting consumer data, and the Insurance Data Security Model Law. The data security model law establishes standards for data security in the insurance industry, including standards for investigating a data breach and requiring certain notifications to regulators, producers and consumers. South Carolina became the first state to adopt the data security model law in May 2018. Several other states have adopted or are considering adopting this model law or versions thereof. As explained above, it is not mandatory for insurers to comply with an NAIC model law, nor for states to adopt a model law; however, state and federal legislators and regulators are likely to look to the model law, as well as the NYDFS regulation, for guidance in proposing new legislation and regulation. The NAIC model law could also become a standard to which insurance companies are held accountable in decisions on whether to bring enforcement actions. The NAIC has also strengthened and enhanced the cybersecurity guidance included in its handbook for state insurance examiners. We expect a continuing focus at the state and federal levels on the privacy and security of personal information.

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ITEM 1. BUSINESS — (Continued)

~~Anti-Money Laundering~~Cybersecurity. ~~Federal~~In ~~law~~recent ~~and~~years, ~~regulation~~millions ~~requires~~of usconsumers toand ~~take~~businesses ~~certain~~have ~~steps~~been toimpacted ~~help~~by ~~prevent~~data ~~and~~breaches ~~detect~~of ~~money~~companies ~~laundering~~in ~~activities.~~various ~~The~~industries, ~~USA~~increasing ~~PATRIOT~~the ~~Act~~regulatory offocus ~~2001~~on ~~contains~~consumer ~~anti-money~~information ~~laundering~~protection and ~~financial~~data ~~transparency~~privacy. ~~requirements~~On ~~applicable~~August to28, ~~certain~~2017, ~~financial~~New ~~services~~York ~~companies,~~became ~~including~~the ~~insurance~~first ~~companies.~~state ~~The~~to ~~Bank~~adopt ~~Secrecy~~minimum ~~Act~~cybersecurity ~~requires~~standards ~~insurers~~for tocertain ~~implement~~financial ainstitutions. ~~risk-based~~NYDFS ~~compliance~~requires ~~program~~financial toinstitutions ~~detect,~~authorized ~~deter~~to ~~and~~do ~~(in~~business ~~some~~under ~~cases)~~New ~~report~~York ~~financial~~banking, insurance, or other ~~illicit~~financial ~~crimes~~services ~~including~~laws, ~~but~~including ~~not~~certain ~~limited~~of toour subsidiaries, ~~money~~to ~~laundering~~develop a cybersecurity program and ~~terrorist~~policy ~~financing.~~based ~~The~~on ~~Office~~an assessment of ~~Foreign~~the ~~Assets~~institution’s ~~Control~~cybersecurity ~~(“OFAC”)~~risks, designate a ~~division~~Chief ofInformation ~~the~~Security ~~U.S.~~Officer, ~~Treasury~~maintain ~~Department,~~written ~~administers~~policies and ~~enforces~~procedures ~~economic~~with ~~and~~respect ~~trade~~to ~~sanctions.~~third-party ~~For~~service ~~certain transactions~~providers, anlimit ~~insurer~~who ~~may~~has beaccess ~~required~~ to ~~search~~data ~~policyholder,~~or ~~agent~~systems, ~~vendor~~use ~~and~~qualified ~~employee~~cybersecurity ~~databases~~personnel ~~for~~to ~~specially~~manage ~~designated~~cybersecurity ~~nationals~~risks, ornotify ~~suspected~~NYDFS ~~terrorists~~of a cybersecurity event within seventy-two hours, inmaintain ~~order~~a towritten ~~comply~~incident response plan, and provide NYDFS with ~~OFAC~~an ~~obligations~~annual certification of compliance.

~~Healthcare~~In ~~Regulation.~~addition, Wethe ~~are~~NAIC ~~subject~~has toadopted ~~various~~the ~~conditions~~Cybersecurity ~~and~~Bill ~~requirements~~ of ~~the~~Rights, ~~Patient~~a ~~Protection~~set ~~and Affordable Care Act~~ of ~~2010~~directives ~~(the~~aimed ~~“Healthcare~~at ~~Act”).~~protecting ~~The~~consumer ~~Healthcare~~data, ~~Act~~and ~~affects~~ the ~~small~~Insurance ~~blocks~~Data ofSecurity ~~business~~Model weLaw, ~~have~~a ~~offered~~model orlaw ~~acquired~~patterned ~~over~~after ~~the~~New ~~years~~York's ~~that~~cybersecurity ~~are, or are deemed to be, health insurance~~standards. The ~~Healthcare~~Insurance ~~Act~~Data ~~also~~Security ~~influences~~Model ~~the~~Law ~~design~~establishes ofstandards ~~products~~for ~~sold~~data bysecurity ~~our~~in ~~Health segment, which may influence consumer acceptance of such products and~~ the ~~cost~~insurance ~~of monitoring compliance with the Healthcare Act. Moreover~~industry, ~~the~~including ~~Healthcare~~standards ~~Act~~for ~~affects~~investigating ~~the~~a ~~benefit~~data ~~plans~~breach ~~we sponsor for employees, retirees~~ and ~~their~~requiring ~~dependents,~~certain ~~our~~notifications ~~expense~~ to ~~provide such benefits~~regulators, ~~our~~producers ~~tax~~and ~~liabilities~~consumers. inSouth ~~connection~~Carolina ~~with~~became the ~~provision~~first ofstate ~~such benefits, and our ability~~ to ~~attract~~adopt ~~or retain employees. Any repeal, replacement or amendment of~~ the ~~Healthcare~~Insurance ~~Act~~Data ~~could~~Security ~~have~~Model ~~similar~~Law ~~effects~~in onMay us2018. ~~Additionally~~Since then, onmore ~~December~~states ~~18,~~have ~~2019,~~adopted the ~~Fifth~~model ~~Circuit~~law ~~Court~~in ofsome ~~Appeals~~form. ~~affirmed~~In astates ~~district~~that ~~court~~have ~~finding~~not ~~that~~adopted the ~~Healthcare~~Insurance ~~Act’s~~Data ~~individual~~Security ~~mandate~~Model isLaw, ~~unconstitutional~~it ~~but~~is ~~sent~~not ~~the~~mandatory ~~case~~for ~~back~~insurers to ~~the~~comply ~~district~~with ~~court~~the tomodel ~~reconsider~~law; ~~how much~~however, ifstate ~~any,~~and offederal ~~the~~legislators ~~remainder~~and ofregulators ~~the~~are ~~Healthcare~~likely ~~Act~~to ~~should~~look ~~be invalidated. Several states, led by California, appealed the Fifth Circuit’s ruling~~ to the ~~U.S.~~model ~~Supreme Court~~law, ~~which~~as ~~heard~~well ~~oral~~as ~~arguments regarding~~ the ~~case~~NYDFS ~~on November 10~~regulation, ~~2020.~~for Aguidance ~~decision~~in ~~from~~proposing ~~the~~new ~~Supreme~~legislation ~~Court~~and ~~regarding~~regulation. ~~the~~The ~~constitutionality~~NAIC ofhas ~~the~~also ~~individual~~strengthened ~~mandate~~ and enhanced the ~~Healthcare~~cybersecurity ~~Act~~guidance asincluded ain ~~whole~~its ishandbook ~~expected~~for ~~during~~state ~~2021.~~insurance ~~Such litigation creates further uncertainty regarding the future of the Healthcare Act~~examiners. We ~~are~~expect ~~unable~~a tocontinuing ~~predict~~focus ~~how~~at ~~these~~the ~~events~~state ~~will ultimately be resolved~~ and ~~what~~federal ~~the~~levels ~~potential impact may be~~ on the ~~Healthcare~~privacy ~~Act~~ and ~~our~~security ~~business~~of personal information.

Anti-Money Laundering. Federal law and regulations require us to take certain steps to help prevent and detect money laundering activities. The USA PATRIOT Act of 2001 contains anti-money laundering and financial transparency requirements applicable to certain financial services companies, including insurance companies. The Bank Secrecy Act requires insurers to implement a risk-based compliance program to detect, deter and (in some cases) report financial or other illicit crimes including, but not limited to, money laundering and terrorist financing. The Office of Foreign Assets Control (“OFAC”), a division of the U.S. Treasury Department, administers and enforces economic and trade sanctions. For certain transactions, an insurer may be required to search policyholder, agent, vendor and employee databases for specially designated nationals or suspected terrorists, in order to comply with OFAC obligations.

Healthcare Regulation. We are subject to various conditions and requirements of the Patient Protection and Affordable Care Act of 2010 (the “Healthcare Act”). The Healthcare Act affects the small blocks of business we have offered or acquired over the years that are, or are deemed to be, health insurance. The Healthcare Act also influences the design of products sold by our Health segment, which may influence consumer acceptance of such products and the cost of monitoring compliance with the Healthcare Act. Moreover, the Healthcare Act affects the benefit plans we sponsor for employees, retirees and their dependents, our expense to provide such benefits, our tax liabilities in connection with the provision of such benefits, and our ability to attract or retain employees. Any repeal, replacement or amendment of the Healthcare Act, or judicial decisions impacting the Healthcare Act, could have similar effects on us.

Environmental Considerations. As an owner and operator of real property, we are subject to extensive federal, state and local environmental laws and regulations. Inherent in such ownership and operation is the risk that there may be potential environmental liabilities and costs in connection with any required remediation of such properties. We routinely have environmental assessments performed with respect to real estate being acquired for investment or through foreclosure, but we cannot provide assurance that unexpected environmental liabilities will not arise. In addition, we hold equity interests in companies that could potentially be subject to environmental liabilities. Based on information currently available to us, management believes that any costs associated with compliance with environmental laws and regulations or any required remediation will not have a material adverse effect on our business, results of operations or financial condition.

Other types of regulations that affect us include insurable interest laws, employee benefit plan laws, antitrust laws, employment and labor laws, and federal and state tax laws. Failure to comply with federal and state laws and regulations may result in censure; the issuance of cease-and-desist orders; reputational damage; suspension, termination or limitation of the activities of our operations and/or our employees and agents; or the obligation to pay fines, penalties, assessments, interest, or additional taxes and wages. In some cases, severe penalties may be imposed for breach of these laws. We cannot predict the impact of these actions on our business, results of operations or financial condition.

Human Capital Resources

As of December 31, 2020, we employed approximately 4,600 employees in 45 states. Most employees work from one of our four primary office locations in Galveston, Texas, Springfield, Missouri, League City, Texas, and Glenmont, New York. We do have employees working remotely, primarily employees of our CSSD division, which has 57 district offices operating in 22 states. Approximately 1,000 of our employees are covered under a collective bargaining agreement, the majority of which are within CSSD.

In addition to our employees, we have approximately 132,000 non-employee producers who are appointed by the Company to market specific products and insurance solutions to the various markets we serve. These non-employee producers are considered vital to our long-term success in the financial services industry, which is a human-capital intensive business. As such, we support and monitor these relationships through our commitment to attracting, developing, and retaining producers who are client focused and align with our company values.

During 2020, the Company’s total employee voluntary turnover was less than 8%. We believe that we have good relationships with our employees. We consider our employees to be the foundation for our continued growth and success through demonstration of our FIRST values and Code of Business Conduct and Ethics, which speak to who we are and define the expectation for how we conduct ourselves.

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ITEM 1. BUSINESS — (Continued)

~~Diversity,~~Human ~~Equity~~Capital and Inclusion. American National is committed to fostering a culture that welcomes diverse talents and perspectives and uses varied insights to make us better. We believe our company is strongest when each member of our team is respected, treated fairly, and comfortable to be who they are in a professional environment. We value the creativity and vitality that an inclusive workforce creates, and strive to embrace what makes each of us unique, including: race, ethnicity, culture, sexual orientation, gender, religion, age, personal style, and physical ability, as well as diverse opinions, perspectives, lifestyles, and ideas.Resources

WeAs ~~have~~of ~~steadily~~December ~~increased~~31, ~~our~~2021, ~~efforts~~we employed approximately 4,545 employees in ~~recent~~45 ~~years~~states. toMost ~~attract,~~employees ~~retain,~~work ~~develop~~from ~~and~~one ~~promote~~of ~~qualified~~our ~~women,~~four ~~and~~primary ~~diverse~~office ~~candidates~~locations in ~~our~~Galveston, ~~company.~~Texas; ~~Females~~Springfield, ~~constitute~~Missouri; ~~approximately~~League ~~60%~~City, ofTexas; ~~our~~and ~~workforce~~Glenmont, New York. ~~The~~As ~~percentage~~a result of ~~women~~COVID-19, ina ~~leadership~~majority ~~grew~~of ~~from~~employees ~~25%~~have transitioned to ~~32%~~a ~~with~~hybrid anwork ~~additional~~model ~~growth~~that incombines ~~supervisory~~on-premise ~~positions~~and ~~from~~remote ~~55%~~work. toWe ~~56%~~also inhave ~~the~~employees ~~past~~working ~~four~~at ~~years.~~other ~~Diversity~~locations, inprimarily ~~officer~~employees ~~positions~~of ~~grew~~our ~~from~~CSSD 6%division, towhich ~~10%~~has ~~and~~57 district offices operating in ~~leadership~~15 ~~positions~~states. ~~grew~~Approximately ~~from~~985 ~~16%~~of toour ~~18%~~employees inare covered under a collective bargaining agreement, the ~~past~~majority ~~four~~of ~~years.~~whom are within CSSD.

~~Through~~In ~~our~~addition ~~“ACE”~~to ~~(Agility~~our employees, ~~Collaboration~~we ~~and~~have ~~Engagement)~~approximately ~~culture efforts~~143,000 wenon-employee ~~promote~~producers ~~diverse~~who ~~discussion~~are ~~and~~appointed ~~value~~by ~~ideas~~the ~~from~~Company ~~all~~to ~~employees~~market onspecific ~~how~~products and insurance to ~~work~~the ~~more~~various ~~effectively~~markets we serve. ~~Our~~These ~~corporate~~non-employee ~~values~~producers ~~drive~~are ~~who~~vital weto ~~are~~our long-term success in the financial services industry, which is ~~directly~~a ~~related~~human-capital tointensive ~~the~~business. ~~high~~As ~~marks~~such, ~~for~~we ~~ethics~~support weand ~~received~~monitor inthese relationships through our ~~biannual~~commitment ~~employee~~to ~~survey~~attracting, ~~managed~~developing ~~through~~and aretaining ~~third~~producers who are client-~~party~~focused ~~vendor.~~and align with our company values.

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InEngagement. ~~our~~We ~~recruiting,~~periodically weconduct ~~strive~~employee tosurveys ~~use~~managed through a ~~variety~~third-party ofvendor ~~opportunities and programs~~ to ~~reach~~capture athe ~~broader~~voice ~~range~~ of ~~applicants~~our ~~and~~employees, ~~talented~~to ~~individuals.~~provide ~~Our~~current ~~talent~~data ~~acquisition~~on ~~team~~the ~~attends~~level ~~job~~of ~~fairs,~~employee ~~provides internships~~engagement, and ~~visits~~to ~~with~~identify ~~several~~strengths ~~colleges~~ and ~~universities,~~opportunities ~~including~~for ~~certain~~improvement. ~~historically~~Our ~~black~~corporate ~~institutions~~values todrive ~~find~~who ~~exceptional~~we ~~talent.~~are, Wewhich ~~also~~directly ~~participate~~relates into the ~~U.S.~~consistently ~~Army~~high ~~Partnership~~marks for ~~Youth~~ethics ~~Success~~that towe ~~help~~receive ~~honorably~~in ~~discharged~~our ~~soldiers~~employee ~~find a civilian career~~surveys.

~~Compensation~~Employee survey input is routinely integrated into new and ~~Benefits~~existing programs, policies and practices. WeCulture ~~invest~~initiatives infocused ~~our~~on ~~employees’~~increasing ~~development~~agility, collaboration, and ~~well-being~~engagement ~~and~~("ACE"), ~~place~~ongoing asince ~~focus~~2016, oncontinue ~~providing~~to aevolve ~~competitive~~and ~~total~~benefit ~~rewards~~with ~~package~~direct input from employees. ~~Our~~Through ~~total~~our ~~rewards~~ACE ~~package~~culture ~~includes~~efforts, ~~the~~we ~~following:~~promote diverse discussion and value ideas from all employees on how to work more effectively and more inclusively.

~~•Base~~Diversity, ~~salaries~~Equity and Inclusion ("DEI"). ACE culture includes focus and commitment towards diversity, equity and inclusion. American National is committed to fostering a culture that welcomes diverse talents and perspectives and uses varied insights to make us better. We believe our company is strongest when each member of our team is respected, treated fairly and is comfortable to be who they are. ~~consistent~~We ~~with~~value ~~position~~the creativity and vitality an inclusive workforce creates and strive to embrace what makes each of us unique, ~~skill~~including: ~~level~~race, ~~experience~~ethnicity, ~~and~~culture, ~~location.~~sexual ~~Base~~orientation, ~~salaries~~gender, ~~are~~religion, ~~reviewed~~age, ~~annually~~personal style and ~~may~~physical beability, ~~increased~~as ~~based~~well onas ~~performance;~~diverse opinions, perspectives, lifestyles and ideas.

•~~Employees~~DEI ~~are~~Statement. ~~eligible~~In ~~for health benefits~~2020, ~~health~~we ~~savings/flexible~~released ~~spending~~a ~~accounts~~diversity, ~~paid~~equity and ~~unpaid~~inclusion ~~leaves~~commitment –statement ~~including~~and ~~tenure~~formed ~~based~~an ~~paid~~executive-led ~~time~~ACE ~~off~~culture ~~and~~task ~~floating~~force ~~holidays,~~to build a ~~401(k)~~strategy ~~plan~~and ~~that~~roadmap ~~includes~~of aactions 4%aimed ~~company~~at ~~match,~~continuing ~~company~~to ~~paid~~grow ~~life~~diversity, ~~insurance~~equity and ~~disability/accident~~inclusion ~~coverage,~~within ~~and~~the ~~dental and vision insurance;~~company

•Inclusive Leadership Development. We believe ~~that~~inclusive ~~our~~leaders ~~employees’~~are ~~personal~~necessary ~~well-being~~for ~~and~~building ~~professional~~diverse ~~development~~teams, isleveraging ~~critical~~diverse perspectives to ~~our~~innovate ~~long-term~~and ~~success~~are ascritical ato ~~company.~~achieving Weorganizational ~~provide~~growth ~~all~~in ~~employees~~the ~~with~~21st ~~the~~century. ~~opportunity~~Inclusive ~~for~~behavioral ~~paid~~expectations ~~volunteer~~are ~~time,~~reflected ain ~~strong~~all ~~Employee~~manager ~~Assistance~~goal ~~Program~~forms ~~(EAP)~~and toare ~~support~~considered ~~our~~when ~~team~~evaluating ~~with~~performance aand ~~variety~~compensation. ofOur ~~topics~~leadership ~~impacting~~development ~~them~~program, ~~access~~Ascend, is designed to ~~wellness~~address ~~coaching,~~and ~~health~~sharpen ~~risk~~leaders’ ~~assessments,~~skills ~~access~~we tobelieve engage and ~~cost~~retain ~~sharing~~employees. ~~for~~Leadership ~~weight~~skills ~~loss~~and ~~programs,~~behaviors asare ~~well~~reviewed asand ~~onsite~~calibrated ~~fitness~~in ~~classes~~the ~~and~~annual ~~gyms.~~succession planning process.

~~Development~~•Women's ~~and~~Leadership ~~Training~~Forum. ~~American~~Our ~~National~~Women’s isLeadership ~~committed~~Forum towas ~~supporting~~created ~~the~~in ~~advancement~~2018 offor ~~our~~female ~~employees~~leaders ~~through~~to ~~both~~discuss ~~formal~~important issues and ~~informal~~share ~~learning~~advice ~~opportunities,~~for ~~all~~working ofand ~~which~~advancing ~~are~~within ~~driven~~American ~~by our company goals, values, and culture initiatives~~National.

~~Our~~•Texas ~~leadership~~Competes. ~~development~~We ~~program,~~are ~~Ascend,~~members isof ~~targeted~~Texas toCompetes, ~~our people leaders and currently consists of~~ a ~~series~~partnership of 10business ~~hybrid~~leaders ~~(eLearning~~that ~~and~~is ~~virtual/classroom)~~welcoming ~~courses designed~~ to ~~address~~people ~~and~~in ~~sharpen~~the ~~those~~LGBTQIA+ ~~skills that we believe engage and retain employees~~community.

~~Engagement~~•Celebrating Diversity. AOur ~~biennial~~annual ~~employee~~calendar ~~survey~~campaign ~~managed~~recognizes, ~~through~~celebrates aand ~~third-party~~educates ~~vendor~~that iswhich ~~used~~makes tous ~~capture~~unique ~~the~~and ~~voice~~includes ofcommemorative ~~our~~months ~~employees~~such as Black History Month, toWomen's ~~provide~~History ~~current~~Month, ~~data~~Asian onAmerican ~~the~~Pacific ~~level~~Islander ofMonth, ~~employee~~LGBTQIA+ ~~engagement~~Pride Month, ~~and~~National toHispanic ~~identify~~Heritage ~~strengths~~Month, asNational ~~well~~Disability asEmployment ~~opportunities~~Awareness ~~for~~Month ~~improvement.~~and National American Indian Heritage Month.

Employee Health and Welfare. During the COVID-19 pandemic, American National has devoted key resources to make employee health and safety a top priority. These efforts are having a positive impact as reflected in recent employee engagement survey results. As we proceed through the pandemic, we believe employee safety, productivity and retention are vital to meeting important business goals and objectives. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional discussion on management’s response to COVID-19.

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ITEM 1. BUSINESS — (Continued)

•Recruitment and Retention. We have steadily increased our efforts in recent years to attract, retain, develop and promote qualified women and diverse candidates in our company. We use a variety of opportunities and programs to reach a broader range of applicants and talented individuals. Our talent acquisition team attends job fairs, provides internships and visits many colleges and universities, including certain historically black institutions, to find exceptional talent. We also participate in the U.S. Army Partnership for Youth Success to help honorably discharged soldiers find civilian careers.

•Females constitute approximately 61% of our workforce. In the past five years, the percentage of women in officer positions grew from 25% to 34% with additional growth in all people-leader positions from 51% to 55%. Diversity in people-leader positions grew from 16% to 20% and diversity in officer positions grew from 6% to 10%.

Compensation and Benefits. We invest in our employees’ development and well-being and place a focus on providing a competitive total rewards package that includes the following:

•Base salaries that are consistent with position, skill level, experience and location. Base salaries are reviewed annually and have an opportunity to be increased based on performance. With the current competitive talent market, we routinely review critical positions against the market and adjust as necessary.

•Employees are eligible for health benefits, health savings/flexible spending accounts, paid and unpaid leaves – including tenure-based paid time off and floating holidays - a 401(k) plan with a 4% company match, company-paid life insurance and disability/accident coverage, and dental and vision insurance

•Our employees’ personal well-being and professional development are critical to our long-term success. We provide all employees with the opportunity for paid volunteer time, a strong Employee Assistance Program to support individuals on a variety of topics impacting them, access to wellness coaching, health risk assessments, and onsite gyms.

Development and Training. American National is committed to supporting the advancement of all employees through formal and informal learning opportunities, all of which are driven by our company goals, values and culture initiatives. All employees have opportunities to increase their insurance knowledge through certifications. The company partners with LOMA (Life Office Management Association) and The Institutes (Risk & Insurance Knowledge Group) to further employee education and professional development.

Employee Health and Welfare. During the COVID-19 pandemic, American National has devoted key resources to make employee health and safety a top priority. A majority of the workforce has transitioned to a hybrid work model that combines on-premise and remote work. This approach has reduced the daily volume of people on-site and has created a more flexible environment for employees. These efforts are having a positive impact as reflected in recent employee engagement survey results. As we proceed through the pandemic, we believe employee safety, productivity and retention are vital to meeting important business goals and objectives. Refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional discussion on management’s response to COVID-19.

Succession Planning. Succession planning is part of a larger talent management process which feeds organizational strategy to capitalize on the full potential of American National leaders. The talent management process touches on all key human resource areas of the employee life cycle and is aimed at retaining and growing high potential leaders, increasing performance and engagement, supporting internal mobility and future organizational structure.

Available Information

We file periodic and current reports, proxy statements and other information with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy statements, and other information regarding issuers that file electronically with the SEC, including us.

Our press releases, financial information and reports filed with the SEC (for example, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those forms) are also available online atthrough www.americannational.com. The reference to our website does not constitute the incorporation by reference of information contained at such website into this, or any other, report. Copies of any documents on our website are available without charge, and reports filed with or furnished to the SEC will be available as soon as reasonably practicable after they are filed with or furnished to the SEC.

ITEM 1A. RISK FACTORS

We are exposed to numerous risk factors that individually or in the aggregate could cause actual results to differ materially from recent results or anticipated future results. The following discussion details the material risk factors to our Company. While our enterprise risk management framework contains various strategies, processes, policies and procedures to address these risks and uncertainties, we cannot be certain that these measures will be implemented successfully in all circumstances. In addition, we could experience risks that we failed to identify, or risks of a magnitude greater than expected. Readers are advised to consider all of these factors along with the other information included in this 2020 Annual Report, including the factors set forth under the caption "Caution Regarding Forward-Looking Statements" in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations and to consult any further disclosures we make on related subjects in our filings with the SEC.

Economic and Investment Market Risk Factors

Our results of operations are materially affected by economic and political conditions in the U.S. and elsewhere. The strength and sustainability of economic activity is inherently uncertain. Factors such as unemployment, workforce participation levels, consumer prices, domestic political uncertainty and strife, geopolitical and international trade issues, energy prices, stagnant or declining family incomes, consumer confidence and spending, and increased student and consumer debt can adversely affect the economy and demand for our products. Unfavorable economic developments could adversely affect us if our customers have less need for insurance coverage, cancel existing insurance policies, modify coverage, or choose not to renew with us. Challenging economic conditions may impair the ability of our customers to pay premiums as they come due. These risks are exacerbated by the ongoing COVID-19 pandemic.

Interest rates have a significant impact on our business and on consumer demand for our products. When interest rates rise, the value of our investment portfolio may decline due to decreases in the fair value of our fixed maturity securities. In addition, increasing rates on other insurance or investment products offered by competitors can lead to higher surrenders by our customers at a time when fixed maturity investment asset values are lower. We may react to market conditions by increasing crediting rates, which narrows our “spread,” or the difference between the amounts we earn on investments and the amount we must pay under our contracts. Decreasing interest rates also can adversely affect our spreads, particularly with interest-sensitive life insurance and fixed annuities. An environment of persistently low (or lower) interest rates, as in recent years, compounds this spread compression. Further, when market interest rates decrease or remain at relatively low levels, prepayments and redemptions affecting our investment securities and mortgage loan investments may increase as issuers and borrowers seek to refinance at a lower rate. Proceeds from maturing, prepaid or sold bonds or mortgage loan investments may be reinvested at lower yields, reducing our spread. Our ability to decrease product crediting rates in response may be limited by market and competitive conditions and by regulatory or contractual minimum rate guarantees. While we use ALM processes to mitigate the effect on our spreads of changes in interest rates, they may not be fully effective. See the Risk Management discussion in Part I, Item 1, Business above and Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations — General Trends below for further details about interest rates and our ALM processes.

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ITEM 1A. RISK FACTORS ~~— (Continued)~~

We are exposed to numerous risk factors that individually or in the aggregate could cause actual results to differ materially from recent results or anticipated future results. The following discussion details the material risk factors to our Company. While our enterprise risk management framework contains various strategies, processes, policies and procedures to address these risks and uncertainties, we cannot be certain that these measures will be implemented successfully in all circumstances. In addition, we could experience risks that we failed to identify, or risks of a magnitude greater than expected. Readers are advised to consider all of these factors along with the other information included in this 2021 Annual Report, including the important factors relating to the Merger set forth under the caption "Caution Regarding Forward-Looking Statements" in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and to consult any further disclosures we make on related subjects in our filings with the SEC.

Economic and Investment Market Risk Factors

Our results of operations are materially affected by economic and political conditions in the U.S. and elsewhere. The strength and sustainability of economic activity is inherently uncertain. Factors such as unemployment, workforce participation levels, inflation, domestic political uncertainty and strife, geopolitical and international trade issues, energy prices, stagnant or declining family incomes, consumer confidence and spending, and increased student and consumer debt can adversely affect the economy and demand for our products. Unfavorable economic developments could adversely affect us if our customers have less need for insurance coverage, cancel existing insurance policies, modify coverage, or choose not to renew with us. Challenging economic conditions may impair the ability of our customers to pay premiums as they come due. These risks are exacerbated by the ongoing COVID-19 pandemic.

The low-interest rate environment is a challenge for life and annuity insurers as the spreads on deposit-type contracts remain narrow, especially as interest rates have approached minimum crediting rates. Low market interest rates reduce the spreads between the amounts we credit to fixed annuity and individual life policyholders and the amounts we earn on the investments that support these obligations. Our ALM Committee actively manages the profitability of these in-force blocks of business. In previous years, we reduced the guaranteed minimum crediting rates on new fixed annuity contracts, which has afforded us the flexibility to respond to the unusually low-interest rate environment. We have also reduced crediting rates on in-force contracts, where permitted to do so. These actions help mitigate the adverse impact of low interest rates on the profitability of these products, although sales volume may be negatively impacted as a result. We also maintain assets with various maturities to support product liabilities and ensure liquidity. A gradual increase in longer-term interest rates relative to short-term rates generally will have a favorable effect on the profitability of our products. Rapidly rising interest rates could result in reduced persistency of our spread-based products if contract holders shift assets into higher yielding investments. We believe our ability to react quickly to the changing marketplace will help us manage this risk.

The interest rate environment affects estimated future profit projections, which could impact the amortization of our deferred policy acquisition costs ("DAC") assets and the estimates of policyholder liabilities. Significantly lower future estimated profits may cause us to accelerate the amortization of DAC or require us to establish additional policyholder liabilities, thereby reducing earnings. We periodically review assumptions with respect to future earnings to ensure they remain appropriate considering the current interest rate environment.

Low interest rates are also challenging for property and casualty insurers. Investment income is an important element in earning an acceptable return on capital. Lower interest rates resulting in lower investment income require us to achieve better underwriting results. We have adjusted policy prices to help mitigate the adverse impact of low interest rates on our property and casualty business.

Fluctuations in the markets for fixed maturity securities, equity securities, and commercial real estate could adversely affect our business. Investment returns are an important part of our profitability. Substantially all investments, including our fixed maturity, equity, real estate, and mortgage loan investment portfolios, are subject to market and credit risks, including market volatility and deterioration in the credit or prospects of companies or governmental entities in which we invest. We could incur significant losses from such risks, particularly during extreme market events. The concentration of our investments in any particular industry, group of related industries or government issuers, or geographic area can compound these risks. Moreover, the Board of Governors of the Federal Reserve System may move further towards normalizing monetary policy from the programs of recent years that have fostered a historically low interest rate environment. In addition to resulting in higher interest rates, such a move may generate volatility in debt and equity markets.

In addition to negatively affecting investment returns, equity market downturns and volatility can have other adverse effects on us. First, equity market downturns and volatility may discourage new purchases of our products that have returns linked to the performance of the equity market and may cause some existing customers to withdraw cash values or reduce investments in such products, in turn reducing our fee revenues. Second, the guarantees provided under certain products may cost more than expected in volatile or declining equity market conditions, which could negatively affect our earnings. Third, our estimates of liabilities and expenses for pension and other postretirement benefits incorporate assumptions regarding the rate used to discount estimated future liabilities and the long-term rate of return on plan assets. Declines in the discount rate or the rate of return on plan assets, both of which are influenced by potential investment returns, could increase our required cash contributions or pension-related expenses in future periods.

Some of our investments are relatively illiquid. Investments in privately placed securities, mortgage loans, and real estate, including real estate joint ventures and other equity interests, are relatively illiquid. If we suddenly require significant amounts of cash in excess of ordinary cash requirements, it may be difficult or not possible to sell these investments in an orderly manner for a favorable price.

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ITEM 1A. RISK FACTORS — (Continued)

Fluctuations in the markets for fixed maturity securities, equity securities, alternative investments, and commercial real estate could adversely affect our business. Investment returns are an important part of our profitability. Substantially all investments, including our fixed maturity, equity, alternative investments, real estate, and mortgage loan investment portfolios, are subject to market and credit risks, including market volatility and deterioration in the credit or prospects of companies or governmental entities in which we invest. We could incur significant losses from such risks, particularly during extreme market events. The concentration of our investments in any particular industry, group of related industries or government issuers, or geographic area can compound these risks. Moreover, the Board of Governors of the Federal Reserve System may move further towards normalizing monetary policy from the programs of recent years that have fostered a historically low interest rate environment. In addition to resulting in higher interest rates, such a move may generate volatility in debt and equity markets. During the fourth quarter 2021, the Company sold the majority of our equity securities portfolio.

Some of our investments are relatively illiquid. Investments in privately placed securities, mortgage loans, and real estate, including real estate joint ventures and certain other equity interests, are relatively illiquid. If we suddenly require significant amounts of cash in excess of ordinary cash requirements, it may be difficult or not possible to sell these investments in an orderly manner for a favorable price.

Risk Factors Relating to Our Business and Industry

Major public health issues, such as the novel coronavirus identified in 2019, COVID-19, could have an adverse impact on our business and results of operations. We are continuing to closely ~~monitoring~~monitor developments related to the COVID-19 pandemic to assess its impact on our business; however, due to the wide-ranging and highly uncertain nature of this event, it currently is not possible to estimate the ultimate direct and indirect impact of COVID-19 on our business, results of operations, financial condition, or liquidity with reasonable certainty. The COVID-19 pandemic has resulted in, and is expected to continue to result in, significant disruptions in economic activity and financial markets. COVID-19 has impacted us, as discussed below and elsewhere in the report, and COVID-19 or other major public health issues may further impact us in a number of ways.

As a result of COVID-19, we ~~may~~have ~~face~~incurred increased death claims and due to supply chain issues and inflation, which appear to be connected with the impact of the pandemic, we are facing increased costs associated with claims under our life, health, and commercial property and casualty insurance products. COVID-19 has directly and indirectly increased mortality. The cost of reinsurance to us for these coverages has increased and could increase further, and we may encounter decreased availability of reinsurance. With respect to our commercial property and casualty insurance business, reinsurers generally have excluded reinsurance coverage for losses attributable to COVID-19 and other communicable diseases beginning January 1, 2021. Our commercial property and casualty policies generally exclude coverage for losses attributable to communicable diseases. However, courts, legislatures or state insurance regulators could invalidate or refuse to give effect to such exclusions, forcing us to extend coverage beyond our policy language and underwriting intent. Without adequate reinsurance coverage available for such losses, the resulting impact on our commercial property and casualty business could be significant. In particular, there is much litigation in the industry regarding whether losses from business closures attributable to the COVID-19 pandemic are insured under the business interruption coverages of many commercial property and casualty insurance policies. As of February 104, ~~2021~~2022, we have received ~~318~~321 business interruption claims related to COVID-19; ~~one~~all ~~claim~~claims ~~remains~~received ~~open, and the remainder~~ have been closed without payment based on applicable exclusions. See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for additional information regarding the impact of COVID-19.

Our investment portfolio has been and may continue to be adversely affected by market volatility, changes in interest rates, reduced liquidity, deteriorating capacity of our mortgage loan borrowers to meet their obligations to us, possible declining values of collateral securing our mortgage loan portfolio, and by a U.S. and global economic slowdown caused by the COVID-19 pandemic and the uncertainty of its outcome. Extreme market volatility may leave us unable to react to market events in a prudent manner consistent with our historical practices in dealing with more orderly markets. For additional information regarding the impact of COVID-19 to mortgage loans, see Note 5, Mortgage Loans, of the Notes to the Consolidated Financial Statements.

Our workforce, and the workforces of our vendors, service providers and counterparties, could be materially affected by COVID-19, which could result in an adverse impact on our ability to conduct business. We are taking precautions to protect the safety and well-being of our employees while striving to provide uninterrupted service to our policyholders and claimants. Since the onset of the pandemic, we have continued to support our business operations. However, no assurance can be given that these actions will be sufficient, nor can we predict the level of disruption that will occur to our employees' ability to continue to provide customer support and service as many continue to work remotely. In addition, the increase in the number of our employees working remotely has increased certain risks to our business, including increased demand on our information technology resources and systems, greater potential for phishing and other cybersecurity attacks, and an increase in the number of points of potential attack. Any failure to manage these risks effectively and to identify and respond to any cyberattacks on a timely basis may adversely affect our business. Our internal controls over financial reporting could be adversely impacted by the large number of our employees working remotely. New processes, procedures, and controls may be required to respond to this change in our business environment. Further, should any key employees become ill from COVID-19 and unable to work, our ability to operate our internal controls may be adversely impacted.

The efforts of governmental and non-governmental organizations in combating the spread and severity of COVID-19 or other major public health issues may not be effective. Further, we cannot predict how legal and regulatory responses to concerns about COVID-19 or other major public health issues, will impact our business. For example, state insurance regulators across the country have restricted our ability to cancel certain policies for non-payment, which has impacted and will continue to impact our cash flows from these policies. In addition, some state insurance regulators are restricting the introduction of new communicable disease exclusions by property and casualty insurers.

The extent to which COVID-19 impacts our business, results of operations, financial condition, or liquidity will depend on future developments which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions taken to contain or treat its impact.

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ITEM 1A. RISK FACTORS — (Continued)

Our investment portfolio has been and may continue to be adversely affected by market volatility, changes in interest rates, reduced liquidity, deteriorating capacity of our mortgage loan borrowers to meet their obligations to us, possible declining values of collateral securing our mortgage loan portfolio, and by the impact of the COVID-19 pandemic on the U.S. and global economies and the uncertainty of its outcome. Extreme market volatility may leave us unable to react to market events in a prudent manner consistent with our historical practices in dealing with more orderly markets. For additional information regarding the impact of COVID-19 to mortgage loans, see Part II, Item 8, Financial Statements and Supplementary Data —Note 5, Mortgage Loans, of the Notes to the Consolidated Financial Statements.

Our workforce, and the workforces of our vendors, service providers and counterparties, could be affected by COVID-19, which could result in an adverse impact on our ability to conduct business. We are continuing to take precautions to protect the safety and well-being of our employees while striving to provide uninterrupted service to our policyholders and claimants. Since the onset of the pandemic, we have continued to support our business operations. However, no assurance can be given that these actions will be sufficient, nor can we predict the level of disruption that will occur to our employees' ability to continue to provide customer support and service as many continue to work remotely. In addition, the increase in the number of our employees working remotely has increased certain risks to our business, including increased demand on our information technology resources and systems, greater potential for phishing and other cybersecurity attacks, and an increase in the number of points of potential attack. Any failure to manage these risks effectively and to identify and respond to any cyberattacks on a timely basis may adversely affect our business. We continue to monitor our internal controls over financial reporting for adverse impacts due to the large number of our employees working remotely. New processes, procedures, and controls may be required to respond to any changes in our business environment. Further, should any key employees become ill from COVID-19 and unable to work, our ability to operate our internal controls may be adversely impacted.

The efforts of governmental and non-governmental organizations in combating the spread and severity of COVID-19 or other major public health issues may not be effective. Further, we cannot predict how legal and regulatory responses to concerns about COVID-19 or other major public health issues will impact our business. For example, during the height of the pandemic, state insurance regulators across the country restricted our ability to cancel certain policies for non-payment. Such actions impacted our cash flows from these policies. In addition, some state insurance regulators have restricted the introduction of new communicable disease exclusions by property and casualty insurers.

Thus far, throughout the pandemic, we believe we have successfully navigated the risks associated with COVID-19 and have been able to successfully maintain our business operations. However, as the pandemic continues, the extent to which COVID-19 impacts our business, results of operations, financial condition, or liquidity will depend on future developments which remain highly uncertain.

Our actual experience could differ from our estimates and assumptions. Our product pricing includes long-term assumptions such as investment returns, mortality, morbidity (the rate of incidence of illness), persistency (the rate at which policies remain in-force), and operating expenses. Our profitability substantially depends on actual experience being consistent with or better than these assumptions. If we fail to appropriately price our insured risks, or if claims experience is more severe than we assumed, our earnings and financial condition may be negatively affected. Conversely, significantly overpriced risks may negatively impact new business sales and retention of existing business.

Our ~~loss~~liabilities ~~reserves~~for losses are estimates of amounts needed to pay and administer incurred claims and, as such, are inherently uncertain; they do not and cannot represent exact measures of liability. Inflationary events, especially events outside of historical norms, or regulatory changes that affect the assumptions underlying our estimates can cause variability. For example, increases in costs for auto parts and repair services, construction costs, and commodities (whether as a result of market forces, tariffs or other conditions or events) result in higher losses for property damage claims. Accordingly, our ~~loss~~liabilities ~~reserves~~for losses could prove to be inadequate to cover our actual losses and related expenses. See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates — Reserves, for additional information.

With respect to our investments, the determination of estimates for allowances and impairments varies by investment type and is based upon our periodic evaluation of known and inherent risks associated with the respective asset class. Historical trends and assumed changes may not be indicative of future impairments or allowances. See Part II, Item 8, Financial Statements and Supplementary Data — Note 2, Summary of Significant Accounting Policies and Practices, of the Notes to the Consolidated Financial Statements for further description of our evaluation of impairments.

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Assumptions regarding the future realization of deferred tax assets are dependent upon estimating the generation of sufficient future taxable income, including capital gains. If future events differ from our current forecasts and it is determined that deferred tax assets cannot be realized, a deferred tax valuation allowance must be established, with a charge to tax expense.

Interest rate fluctuations and other events may require us to accelerate the amortization of DAC. When interest rates rise, life and annuity surrenders and withdrawals may increase as policyholders seek to buy products with higher or perceived higher returns, impacting estimates of future profits. When interest rates fall, we would have the opposite effect. Significantly lower future profits may cause us to accelerate DAC amortization, and such acceleration could adversely affect our results of operations to the extent such amortization exceeds any surrender or other charges earned as income upon surrender and withdrawal. See also Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates, and Part II, Item 8, Financial Statements and Supplementary Data — Note 2, Summary of Significant Accounting Policies and Practices, and Note 10, Deferred Policy Acquisition Costs, of the Notes to the Consolidated Financial Statements, for additional information.

Our business operations depend on our ability to appropriately distribute, execute and administer our policies and claims. Our primary business is writing and servicing life, annuity, property and casualty, and health insurance for individuals, families and businesses. Any problems or discrepancies that arise in our pricing, underwriting, billing, processing, claims handling or other practices, whether as a result of employee error, vendor error, or technological problems, could have a negative effect on operations and reputation, particularly if such problems or discrepancies are replicated through multiple policies.

Our financial strength ratings could be downgraded. Various Nationally Recognized Statistical Rating Organizations (“NRSROs”) publish financial strength ratings as their opinion of an insurance company’s creditworthiness and ability to meet policyholder and contractholder obligations. As with other rated companies, our ratings could be downgraded at any time and without any notice by any NRSRO. A downgrade or an announced potential downgrade of our financial strength ratings could have multiple adverse effects on us including:

•reducing new sales of insurance and annuity products or increasing the number or amount of surrenders and withdrawals;

•affecting our relationships with our sales force, independent sales intermediaries, and credit counterparties;

•requiring us to offer higher crediting rates or greater policyholder guarantees on our insurance products in order to remain competitive; and

•affecting our ability to obtain reinsurance at reasonable prices.

It is likely that the NRSROs will continue to apply a high level of scrutiny to financial institutions, including us and our competitors, and may adjust the capital, risk management and other requirements employed in the NRSRO models for maintenance of certain ratings levels.

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Advances in medical technology may adversely affect our business. Genetic testing and diagnostic imaging technology is advancing rapidly. Increases in the prevalence, availability (particularly in the case of direct to consumer genetic testing) and accuracy of such testing may increase our adverse selection risk, as people who learn that they are predisposed to certain medical conditions associated with reduced life expectancy may be more likely to purchase and maintain life insurance. Conversely, people who learn that they lack genetic predisposition to conditions associated with reduced life expectancy may forego the purchase of life insurance, or permit existing policies to lapse, and may be more likely to purchase certain annuity products. Our access to and ability to use medical information, including the results of genetic and diagnostic testing, that is known to our prospective policyholders is important to our underwriting of life insurance and annuities. Some states restrict insurers’ access and use of genetic information, and similar additional regulations and legislation may be adopted. Such regulation and legislation likely would exacerbate adverse risk selection related to genetic and diagnostic testing.

In addition to earlier diagnosis and knowledge of disease risk, medical advances may increase overall health and longevity. If this were to occur, the duration of payments made under certain of our annuity products would be extended beyond our actuarial assumptions, reducing the profitability of such business. This may require us to modify our assumptions, models or reserves.

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Information Technology Risk Factors

We may be unable to maintain the availability and performance of our systems and to safeguard our data and our customers' confidential information and privacy. We rely on the availability, reliability, and security of internet technologies, our internal networks, information-processing infrastructure, system platforms, business applications and third-party providers (collectively “systems”) to operate our businesses. We use these systems to receive, store, process, retrieve, calculate and evaluate customer and company information, including to provide insurance quotes, process premium payments, administer our products, provide customer support, process claims and make changes to existing policies, among many other functions. We also rely on systems for investment management, financial reporting and data analysis to support our policyholder reserves and other actuarial estimates.

We have strategies and processes to secure, maintain and enhance our existing internal networks, technology and processing infrastructure and our information systems, including updating or replacing certain information systems to keep pace with advancing technology, changing customer preferences and expectations, and increasingly stringent industry and regulatory standards. However, despite these efforts, we still may experience system failures, extended unavailability or other outages, or damage or destruction to internal or external networks or systems, whether caused by intentional or unintentional acts or events, as well as difficulties arising from the implementation of system-security vulnerability patches, third-party system upgrades, and new systems and technologies, any of which could compromise our ability to perform critical functions on a timely basis. For instance, if these systems were inaccessible or inoperable, or if they fail to function properly, the resulting disruptions may impede or interrupt our business operations, cause misstated or unreliable financial data, or impact the effectiveness of our internal controls over financial reporting.

In certain lines of our business, our information technology and telecommunication systems interface with and rely upon third-party services, over which we have no direct control, including providers of computing infrastructure platforms or externally hosted systems commonly known as the “cloud.” We are highly dependent on our ability to access these external services for necessary business functions, such as acquiring new business, managing existing business, paying claims, and ensuring timely and accurate financial reporting. If we do not effectively develop, implement and monitor these relationships, if third-party providers do not perform as anticipated, if technological or other problems are incurred with a transition, or if outsourcing relationships relevant to our business process functions are terminated or otherwise interrupted, we may not realize expected productivity improvements or cost-efficiencies, and we may experience operational difficulties, increased costs and a loss of business.

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We receive and transmit legally protected information with and among customers, agents, financial institutions and selected third-party vendors and service providers, including personally identifiable information and non-public information. We have invested significant time and resources towards preventing and mitigating the risks associated with unauthorized access to this data through security penetration and vulnerability assessments, vulnerability patching processes and several layers of data intrusion and detection protection technologies, designs and authentication capabilities. However, because the techniques used to obtain unauthorized access, disable or degrade service, deposit ransomware or sabotage systems constantly evolve and may be difficult to detect for long periods of time, we may be unable to implement adequate preventive measures. In addition, hardware, software or applications we develop or procure from third parties may contain vulnerability defects in design or manufacture or other problems that could unexpectedly compromise information security or access thereto. Consequently, our cybersecurity efforts may not be effective against all security threats and breach attempts in light of increasingly complex and advanced persistent threat techniques and the evolving sophistication of individual and nation state-sponsored cyber-attacks. A breach, whether from external or internal sources, or from the theft or loss of equipment, can result in access, viewing, misappropriation, altering or deleting information in our or a third-party’s systems on which we rely, including customers’, agents’ and employees’ sensitive personal and financial information and our proprietary business information.

Like other companies, we have experienced threats to our data and systems through phishing campaigns, malware, ransomware and other fraudulent and deceptive activities, and we have experienced certain incidents of unauthorized access to our data and systems. In addition, spoofing attacks have been carried out by individuals impersonating customers, which have resulted in unauthorized withdrawals from a limited number of customer accounts. Such withdrawals have been refunded by us, and we believe we have implemented appropriate business process changes to help mitigate the impact of any future attacks. We have also implemented technology to further assist in the identification of these bad actors. These various threats, attacks and incidents that have occurred to date have not been material to our operations and are not expected to be material to our operations based on information presently known to management. However, any significant attacks, unauthorized access or disclosures, disruptions or other security breaches, whether affecting us or third parties, could result in substantial business disruption and consequences, including without limitation, costs of repairing or replacing systems, increased security costs, costs of customer notifications and credit monitoring services, lost revenues, litigation, regulatory action, fines and penalties, and harm to customer and producer confidence and our reputation. While we have purchased cybersecurity risk insurance and intend to assess the adequacy of this insurance annually, this insurance may not be sufficient in scope or amount to cover all of our losses from breaches of our data.

Our failure to complete and implement technology initiatives in a timely manner could result in the loss of business and incurrence of software development costs that may not be recoverable. Data and analytics play an increasingly important role in the insurance industry. We may initiate multi-year technology projects from time to time to enhance operations or replace aging systems. While technology developments can enhance the utility and value of data and analytics, streamline business processes and ultimately reduce the cost of operations, technology initiatives can also present significant economic and organizational challenges, short-term costs and implementation risks. In addition, projections of expenses and implementation schedules could change materially and costs could escalate over time, while the ultimate utility of a technology initiative could deteriorate over time.

Due to the highly-regulated nature of the insurance industry, we also face increasing costs and competing time constraints in adapting technology to meet compliance requirements of new and proposed regulations. The costs to develop and implement systems to replace our aging systems and to comply with new regulatory requirements as needed over time are expected to be significant. Due to the complexities involved, there can be no assurances that new multi-year projects will be successful and that the costs incurred to develop and implement replacement systems will be recoverable. Furthermore, failure to implement replacement systems in a timely manner could result in loss of business from our delay or inability to design and introduce new insurance products that meet emerging consumer needs and competitive trends.

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Like other companies, we have experienced threats to our data and systems through phishing campaigns, malware, ransomware and other fraudulent and deceptive activities, and we have experienced certain incidents of unauthorized access to our data and systems. In addition, spoofing attacks have been carried out by individuals impersonating customers, which have resulted in unauthorized withdrawals from a limited number of customer accounts. Such withdrawals were refunded by us, and we believe that implemented business process changes have helped mitigate the impact of new attacks. We have also implemented technology to further assist in the identification of these bad actors. These various threats, attacks and incidents that have occurred to date have not been material to our operations and are not expected to be material to our operations based on information presently known to management. However, any significant attacks, unauthorized access or disclosures, disruptions or other security breaches, whether affecting us or third parties, could result in substantial business disruption and consequences, including without limitation, costs of repairing or replacing systems, increased security costs, costs of customer notifications and credit monitoring services, lost revenues, litigation, regulatory action, fines and penalties, and harm to customer and producer confidence and our reputation. While we have purchased cybersecurity risk insurance and intend to assess the adequacy of this insurance annually, this insurance may not be sufficient in scope or amount to cover all of our losses from breaches of our data.

Our failure to complete and implement technology initiatives in a timely manner could result in the loss of business and incurrence of software development costs that may not be recoverable. Digital strategies, data, and analytics play an increasingly important role in the insurance industry. We may initiate multi-year technology projects from time to time to enhance the client experience, operations or replace aging systems. While technology developments can enhance the utility and value of data and analytics, deliver on client expectations, streamline business processes and ultimately reduce the cost of operations, technology initiatives can also present significant economic and organizational challenges, short-term costs and implementation risks. In addition, projections of expenses and implementation schedules could change materially and costs could escalate over time, while the ultimate utility of a technology initiative could deteriorate over time.

Due to the highly-regulated nature of the insurance industry, we also face increasing costs and competing time constraints in adapting technology to meet compliance requirements of new and proposed regulations. The costs to develop and implement systems to replace our aging systems and to comply with new regulatory requirements as needed over time are expected to be significant. Due to the complexities involved, there can be no assurances that new multi-year projects will be successful and that the costs incurred to develop and implement replacement systems will be recoverable. Furthermore, failure to implement replacement systems in a timely manner could result in loss of business from our delay or inability to design and introduce new insurance systems and solutions that meet emerging consumer needs and competitive trends.

Catastrophic Event Risk Factors

We may incur significant losses resulting from catastrophic events. Our property and casualty operations are exposed to catastrophes caused by natural events, such as hurricanes, tornadoes, wildfires, droughts, earthquakes, snow, hail and windstorms, and manmade events, such as terrorism, riots, explosions, hazardous material releases, and utility outages. Our life and health insurance operations are exposed to the risk of catastrophic mortality or illness, such as a pandemic, an outbreak of an easily communicable disease, or another event that causes a large number of deaths or high morbidity. Our investment operations are exposed to catastrophes as a result of direct investments and mortgages related to real estate. Our operating results may vary significantly from one period to the next since the likelihood, timing, severity, number or type of catastrophe events cannot be accurately predicted. Our losses in connection with catastrophic events are primarily a function of the severity of the event and the amount of our exposure in the affected area.

Climate change, and increasing regulation with respect to climate change, may adversely impact our results of operations. There are concerns that the increased frequency and severity of weather-related catastrophes and other losses, such as hurricanes and wildfires, incurred by the industry in recent years isare indicative of changing weather patterns, whether as a result of global climate change caused by human activities or otherwise, which could cause such events to persist. Increased weather-related catastrophes would lead to higher overall losses, which we may not be able to recoup, particularly in a highly regulated and competitive environment, and higher reinsurance costs. Increased weather-related catastrophes could also result in increased credit exposure to reinsurers and other counterparties we do business with. Certain catastrophe models assume an increase in frequency and severity of certain weather or other events, which could result in a disproportionate impact on insurers with certain geographic concentrations of risk. This would also likely increase the risks of writing property insurance in coastal areas or areas susceptible to wildfires or flooding, particularly in jurisdictions that restrict pricing and underwriting flexibility. The threat of rising seas or other catastrophe losses as a result of climate change may also cause property values in coastal or such other communities to decrease, reducing the total amount of insurance coverage that is required.

In addition, climate change could have an impact on assets in which we invest, resulting in realized and unrealized losses in future periods that could have a material adverse impact on our results of operations and/or financial position. It is not possible to foresee which, if any, assets, industries or markets will be materially and adversely affected, nor is it possible to foresee the magnitude of such effect. Moreover, we cannot predict how legal, regulatory and social responses to concerns about global climate change will impact our business or the value of our investments.20

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In addition, climate change could have an impact on assets in which we invest, resulting in realized and unrealized losses in future periods that could have a material adverse impact on our results of operations and/or financial position. Such investment risks can include, but are not limited to, changes in supply and demand characteristics for fossil fuels, advances in low-carbon technology and renewable energy development, effects of extreme weather events on the physical and operating exposure of industries and issuers, and the transition that issuers make towards addressing climate risk in their own businesses. It is not possible to foresee with certainty which, if any, assets, industries or markets will be materially and adversely affected, nor is it possible to foresee the magnitude of such effect.

Moreover, we cannot predict how legal, regulatory and social responses to concerns about climate change will impact our business or the value of our investments. We are subject to complex and changing regulation and public policy debates relating to climate change that are difficult to predict and quantify and that may have an adverse impact on our business. For example, in November of 2021, NYDFS finalized its “Guidance for Domestic Insurers on Managing the Financial Risks from Climate Change.” In general, the guidance provides that a New York-domiciled insurer should integrate consideration of climate risks into its governance structure at the insurer or group level, consider the impact of climate-related factors on its business decisions using time horizons that are tailored to the insurer and its activities, incorporate climate risks into its existing financial risk management framework, use scenario analysis to inform business strategies and risk identification and assessment, and disclose its climate risks and engage with the Task Force on Climate-related Financial Disclosures and other initiatives when developing disclosure approaches. In addition, the NAIC and federal agencies, including the SEC and Federal Insurance Office, are increasingly focused on assessment and disclosure of climate change risks. Governmental guidance or regulations relating to climate change, or our own leadership decisions implemented as a result of assessing the impact of climate change on our business, may increase our costs of doing business.

Marketplace Risk Factors

Our future results are dependent in part on successfully operating in insurance and annuity industries that are highly competitive with regard to customers, employees and producers. Strong competition for customers has led to increased marketing and advertising by our competitors, many of whom have well-established national reputations and greater financial and marketing resources, as well as the introduction of new insurance products and aggressive pricing. These competitive pressures could result in increased pricing pressures on a number of our products and services, particularly as competitors seek to win market share, and may limit our ability to maintain or increase our profitability. Because of its relatively low cost of entry, the Internet has emerged as a significant place of new competition, both from existing competitors and new competitors. In addition, product development and life-cycles have shortened in many product segments, leading to intense competition with respect to product features.

We compete for customers’ funds with a variety of investment products offered by financial services companies other than insurance companies, such as banks, investment advisors, mutual fund companies and other financial institutions. Moreover, customer expectations are evolving as technology advances and consumers become accustomed to enjoying tailored, easy to-use-services and products from various industries. This is reshaping and raising consumer expectations when dealing with insurance. We are addressing these changing consumer expectations by investing in technology with a particular focus on consumer-facing sales and service platforms, by internally promoting a strategically-focused innovative culture initiative, and by creating internal forums to drive next generation solutions based on consumer insights. However, if we cannot effectively respond to increased competition and such increased consumer expectations, we may not be able to grow our business or we may lose market share.

We compete with other insurers for producers primarily on the basis of our financial position, reputation, ~~stable ownership~~longevity, support services, compensation, product features and pricing. We may be unable to compete for producers with insurers that adopt more aggressive pricing or compensation, that offer a broader array of products or packages of products, or that have extensive promotional and advertising campaigns. Attracting qualified individuals and retaining existing employees continues to be a challenge for employers. Businesses have become extremely competitive in the ever-changing landscape of the talent marketplace. As a result, it is an increasing challenge to distinguish us as an employer of choice.

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Our supplemental health business could be negatively affected by alternative healthcare providers or changes in federal healthcare policy. Our Medicare Supplement business is impacted by market trends in the senior-aged healthcare industry that provide alternatives to traditional Medicare such as HMO and other managed care or private plans. The success of these alternative healthcare solutions for seniors could negatively affect the sales and premium growth of traditional Medicare Supplement and impact our ability to offer such products. Additionally, other supplemental products in our portfolio, including Short-Term Care and Limited Benefit plans could be impacted by future federal and state legislation. These products are excluded from coverage requirements in the Healthcare Act. They are designed to fill the niche for consumers unable to get full coverage at any given time. State and federal legislation, either through Congress or the U.S. Department of Health & Human Services ("HHS"), could impact marketing by enacting laws and regulations restricting these products in the market. Changes to healthcare policy could limit the ability to renew/rewrite, impose limitations on the length of coverage periods or limit benefit amounts available in plans.

Litigation and Regulation Risk Factors

Litigation may result in significant financial losses and harm our reputation. Plaintiffs have brought and may bring lawsuits, including class actions, against us relating to, among other things, sales or underwriting practices, alleged agent misconduct, product design, product disclosure, product administration, fees charged, denial or delay of claims and benefits, product suitability, claims-handling practices (including the permitted use of aftermarket, non-original equipment manufacturer auto parts), loss valuation methodology, refund practices, employment and producer contracting matters, and breaches of duties to customers. Plaintiffs may seek very large or indeterminate amounts, including punitive and treble damages, and our reputation could be harmed. The damages claimed and the amount of any probable and estimable liability, if any, may remain unknown for substantial periods of time. Even when successful in the defense of such actions, we incur significant attorneys’ fees, direct litigation costs and substantial amounts of management time that otherwise would be devoted to our business.

We are subject to extensive regulation, and potential further regulation may increase our operating costs, restrict our ability to innovate and limit our growth. We are subject to extensive insurance laws and regulations that affect nearly every aspect of our business. We are also subject to additional laws and regulations administered and enforced by a number of different governmental authorities, such as state securities and workforce regulators, the SEC, the Internal Revenue Service (“IRS”), FINRA, the U.S. Department of Justice, the U.S. Department of Labor (“DOL”), the U.S. Department of Housing and Urban Development (“HUD”), HHS, the Federal Trade Commission and state attorneys general, each of which exercises a degree of interpretive latitude. We face the risk that any particular regulator’s or enforcement authority’s interpretation of a legal issue may conflict with that of another regulator or enforcement authority or may change over time to our detriment. Regulatory investigations and examinations, which can be broad and unpredictable, may raise issues not identified previously and could result in new legal actions against us and industry-wide regulations that could adversely affect us. Further, we are experiencing increasing information requests from regulators without corresponding direct regulation being applicable to us, on issues such as climate change, diversity and our investments in certain companies or industries. Responding to such requests adds to our compliance ~~burden~~costs.

The laws and regulations applicable to us are complex and subject to change, and compliance is time consuming and personnel-intensive. Changes in these laws and regulations, or interpretations by courts or regulators, may materially increase our costs of doing business and may result in changes to our practices that may limit our ability to grow and improve our profitability. Regulatory developments or actions against us could have material adverse financial effects and could harm our reputation. Among other things, we could be fined, prohibited from engaging in some or all of our business activities, or made subject to limitations or conditions on our business activities.

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As insurance industry practices and legal, judicial, social, and other conditions outside of our control change, unexpected issues related to claims and coverage may emerge. These changes may include modifications to long established business practices or policy interpretations, which may adversely affect us by extending coverage beyond our underwriting intent or by increasing the type, number, or size of claims. For example, in January 2019, ~~the~~ NYDFS issued Circular Letter No. 1, in which the department set out its views concerning the use of external consumer data sources in the underwriting of life insurance. ~~The~~ NYDFS contends that external data sources can be unreliable and that many are not subject to regulatory oversight. Circular Letter No. 1 further highlights two particular areas of immediate concern for ~~the~~ NYDFS involving the use of external data sources by life insurers. First, the department states that the use of external data sources has a significant potential to negatively impact protected classes of consumers in violation of state and federal anti-discrimination laws, and that insurers should not use an external data source unless the insurer can prove that such source does not violate anti-discrimination laws. Second, ~~the~~ NYDFS contends that an insurer’s use of external data sources is often accompanied by a lack of transparency to consumers, which may implicate unfair trade practice law. ~~Such~~Other ~~guidance, or similar guidance adopted by other~~ states, may ~~significantly~~undertake ~~hinder~~regulatory ~~our~~efforts ~~use~~similar ~~of technological and innovative advances~~ to ~~underwrite~~Circular ~~and~~Letter ~~price~~No. ~~life~~1. ~~insurance~~For ~~accurately. This~~example, ~~guidance~~on ~~may~~July ~~also~~6, ~~deter~~2021, the ~~use~~governor of ~~what~~Colorado issigned ~~commonly~~Senate ~~called~~Bill ~~“big~~21-169, ~~data”~~which inalso ~~the~~regulates ~~underwriting~~an ofinsurer’s ~~property~~use ~~and~~of ~~casualty~~external ~~insurance. Moreover,~~consumer indata ~~response to the demonstrations~~ and ~~social~~information ~~unrest~~sources. ~~that~~In ~~occurred this past summer~~addition, the NAIC formed a committee on race and insurance ~~and~~which is focused on underwriting practices that may be an unintentional proxy for discrimination. ~~There~~As a result of these regulatory efforts, there is a great deal of uncertainty whether traditional underwriting criteria will be restricted by new state laws or regulations. Such regulatory efforts may significantly hinder our use of technological and innovative advances to underwrite and price life insurance accurately and deter the use of what is commonly called “big data” in the underwriting of property and casualty insurance.

Federal regulatory changes and initiatives have a growing impact on us. For example, certain federal regulation may impact our property and casualty operations. In 2013, ~~under the Obama Administration,~~ HUD finalized a regulation under the Fair Housing Act that applies to home lenders, landlords and other housing providers (the "2013 Rule"). Such regulation prohibits lending and housing practices having a disparate impact against protected classes, even if there is no intent to discriminate. Various legal challenges to this regulation were pursued, culminating in a decision of the U.S. Supreme Court in 2015 generally viewed as favorable to the regulation. ~~More recently, the Trump Administration sought delay and reconsideration of the 2013 regulation.~~ In September 2020, HUD adopted a regulation that substantially revises the 2013 ~~regulation~~Rule, making it more difficult for plaintiffs to bring disparate impact claims under the Fair Housing Act. ~~Nevertheless,~~(the ~~there~~"2020 isRule"). ~~still~~Prior ~~concern~~to ~~among~~the ~~property~~2020 ~~and~~Rule’s ~~casualty~~effective ~~insurers~~date, ~~that~~ the ~~revised~~U.S. ~~regulation~~District ~~could~~Court befor ~~applied~~the inDistrict aof ~~manner~~Massachusetts ~~that~~issued ~~adversely~~a ~~impacts~~preliminary ~~price~~injunction ~~differentiation~~to ~~for~~stay ~~homeowners~~HUD’s ~~policies~~implementation ~~using~~and ~~traditional~~enforcement ~~risk~~of ~~selection~~the ~~analysis~~2020 Rule. ~~Further~~On June 25, it2021, isHUD ~~uncertain~~reconsidered the 2020 Rule and instead proposed to ~~what~~recodify ~~extent~~the 2013 Rule. While the recodification of the 2013 Rule is not yet final, finalization appears likely. There is concern among property and casualty insurers that such regulation may impact property and casualty industry underwriting practices, ~~particularly~~and ~~given~~could ~~the~~be ~~potential~~applied ~~for~~in ~~further~~a ~~changes~~manner tothat ~~the~~adversely ~~regulation~~impacts ~~under~~price ~~the~~differentiation ~~Biden~~for ~~Administration.~~homeowners’ ~~The~~policies ~~regulation,~~using ~~whether~~traditional orrisk ~~not~~selection ~~further~~analysis. ~~revised~~Such an outcome, could increase litigation costs, force changes in underwriting practices, and impair our ability to write homeowners business profitably. In addition, Congress or states may enact legislation affecting insurers’ ability to use credit-based insurance scores as part of the property and casualty underwriting or rating process, which also could force changes in underwriting practices and impair our property and casualty operations’ ability to write homeowners business profitably.

There have been federal efforts to change the standards of care applicable to broker-dealers and investment advisers. We have previously reported that in April 2016, ~~under~~ the ~~Obama Administration, the U.S. Department of Labor (“~~DOL”) issued a regulation that significantly expanded the range of activities considered to be fiduciary investment advice under the Employee Retirement and Income Security Act of 1974 ("ERISA") and the Internal Revenue Code of 1986 (the “fiduciary rule”). The fiduciary rule would have applied ERISA’s fiduciary standard to many insurance agents, broker-dealers, advisers and others not previously subject to the standard when they sell annuities tothrough IRA’s and qualified retirement plans. The fiduciary rule ultimately was vacated on June 21, 2018, by the U.S. Court of Appeals for the Fifth Circuit, ending the rule's effectiveness. InEffective ~~response~~February ~~to this ruling~~16, ~~in June 2020~~2021, the DOL ~~took~~adopted ~~administrative~~a ~~action~~rule that ~~generally~~formally ~~reinstates~~reinstated the ~~regulatory~~investment ~~text~~advice ~~existing~~fiduciary definition that existed before the 2016 fiduciary rule was enacted and that included new interpretations that expanded the definition’s reach to include advice to roll over assets from a qualified plan to an IRA. The new regulation also included certain new exemptions. Nevertheless, there are indications that the DOL may propose an alternative fiduciary rule under the Biden Administration.

In addition, the SEC adopted "Regulation Best Interest," which was effective June 1, 2020 and addresses the standards of care applicable to broker-dealers and investment advisers. Regulation Best Interest requires a broker-dealer to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. The rule also requires broker-dealers and investment advisers to provide retail customers a Client Relationship Summary (“Form CRS”) to disclose certain information about the nature of the customer’s relationship with their investment professional, including fees and costs associated with services and conflicts of interest the firm may have.

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There have also been state efforts to change the standards of care applicable to broker-dealers, investment advisers and insurance producers, including through the NAIC's Suitability in Annuity Transactions Model Regulation and the “Suitability and Best Interests in Life Insurance and Annuity Transactions” regulation adopted by the NYDFS. The NAIC model regulation places suitability responsibilities on insurance companies in the sale of fixed and indexed annuities, including responsibilities for training agents. The NAIC recently has adopted revisions to this model regulation that would further elevate the standard of care for annuity sales and harmonize it with the SEC's new Regulation Best Interest. WeThe ~~anticipate that the~~ revised model ~~will~~has bebeen adopted in some form by many of the states in which we do business, including Texas, and is pending or under consideration in several others. The NYDFS regulation addresses the duties and obligations of insurers and their producers and provides that any transactions with respect to life insurance policies and annuity contracts delivered or issued for delivery in New York must be in the best interest of the consumer and appropriately address the insurance needs and financial objectives of the consumer at the time of the transaction. It further requires that any recommendation must be based on an evaluation of the suitability information of the consumer and reflect the care, skill, prudence and diligence that a prudent person acting in a like capacity and familiar with such matters would use under the prevailing circumstances. Further, a producer’s compensation and other incentives must not influence his or her recommendations. The New York regulation became effective for annuity products on August 1, 2019 and for life insurance products on February 1, 2020.

All or any of the above-described federal and state efforts to address the standards of care applicable to broker-dealers, investment advisers and insurance producers could materially affect how our life insurance and annuity products are designed, marketed and serviced. We may find it necessary to change our producer compensation practices, limit the assistance producers can provide to contract owners, replace or engage additional producers, or otherwise change how we design and support sales of our annuities. Any of these regulatory or legislative measures, or judicial rulings regarding the same, or consumer and producer reaction to such measures, could have a material adverse impact on our ability to sell annuities and certain other products and to retain in-force business.

Lastly, international standards continue to emerge in response to the globalization of the insurance industry and evolving standards of regulation, privacy, solvency measurement and risk management. Any international conventions or mandates that directly or indirectly impact or influence the nature of U.S. regulation or industry operations could negatively affect us.

For further discussions of the kinds of regulation applicable to us, see Part I, Item 1, Business, — Regulations Applicable to Our Business section.

Changes in tax laws could adversely affect our business. Under current U.S. federal and state income tax laws, certain products we offer, primarily life insurance and annuities, receive tax treatment designed to encourage consumers to purchase these products. This treatment may encourage some consumers to select our products over non-insurance products. The U.S. Congress from time to time may consider legislation that would change the taxation of insurance products and/or reduce the taxation of competing products. Such legislation, if adopted, could materially change consumer behavior, which may harm our ability to sell such products and result in the surrender of some existing contracts and policies. In addition, changes in the U.S. federal and state estate tax laws could negatively affect the demand for the types of life insurance used in estate planning. Uncertainty regarding the tax structure in the future may also cause some current or future purchasers to delay or indefinitely postpone the purchase of products we offer. Finally, changes in federal corporate income tax laws could adversely affect the federal income taxation of our ongoing operations and have a material adverse impact on our business and results of operations.

New accounting rules or changes to existing accounting rules could negatively impact our business. We are required to comply with GAAP. A number of organizations are instrumental in the development and interpretation of GAAP, such as the SEC, the Financial Accounting Standards Board (“FASB”), and the American Institute of Certified Public Accountants. GAAP is subject to review by these organizations and others and is, therefore, subject to change in ways that could change the current accounting treatments we apply.

We also must comply with Statutory Accounting Principles (“SAP”) in our insurance operations. SAP and various components of SAP (such as actuarial reserving methodology) are subject to review by the NAIC and its taskforces and committees, as well as state insurance departments.

Future changes to GAAP or SAP could impact our product profitability, reserve and capital requirements, financial condition or results of operations. See Note 3, Recently Issued Accounting Pronouncements, of the Notes to the Consolidated Financial Statements for a detailed discussion regarding the impact of the recently issued accounting pronouncements and the future adoption of new accounting standards on the Company.24

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ITEM 1A. RISK FACTORS — (Continued)

Future changes to GAAP or SAP could impact our product profitability, reserve and capital requirements, financial condition or results of operations. For example, in August 2018, the FASB released Accounting Standards Update ("ASU") 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, which is expected to result in significant changes to accounting and disclosures for long-duration insurance contracts, which primarily relates to our life and annuity products as well as certain health products, among others. See Part II, Item 8, Financial Statements and Supplementary Data — Note 3, Recently Issued Accounting Pronouncements, of the Notes to the Consolidated Financial Statements for a detailed discussion regarding the impact of the recently issued accounting pronouncements and the future adoption of new accounting standards on the Company.

Reinsurance and Counterparty Risk Factors

Reinsurance may not be available, affordable, adequate or collectible to protect us against losses. As part of our risk management strategy, we purchase reinsurance for certain risks that we underwrite. Market conditions, catastrophes, significant public health events (such as the COVID-19 pandemic) and geo-political events beyond our control, including the continued threat of terrorism, influence the availability and cost of reinsurance for new business. In certain circumstances, the price of existing reinsurance contracts may also increase. Reinsurance does not relieve us of our direct liability to our policyholders, even when the reinsurer is liable to us. Our reinsurers may not pay the reinsurance recoverables owed to us or they may not pay these balances on a timely basis.

The counterparties to derivative instruments we use to hedge our business risks could default or fail to perform. We enter into derivative contracts, such as options, with a number of counterparties to hedge various business risks. If our counterparties fail or refuse to honor their obligations, our economic hedges of the related risks will be ineffective. Such counterparty failures could have a material adverse effect on us. See Part II, Item 8, Financial Statements and Supplementary Data — Note 7, Derivative Instruments, of the Notes to the Consolidated Financial Statements for additional details.

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

We depend on dividends from our operating subsidiaries to pay dividends to our stockholders. The amount of dividends paid by our insurance subsidiaries is limited by law. American National Group, Inc. (ticker symbol ANAT) is a Delaware holding company with no business operations of its own. Its only significant assets are the capital stock of its subsidiaries. As a result, ANAT relies on funds from its current subsidiaries and any subsidiaries that it may form or acquire in the future to pay dividends to stockholders and to meet its obligations.

The amount of dividends that ANAT’s insurance company subsidiaries can pay is restricted under applicable insurance law and regulations. 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~~gain from operations before realized capital gains, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles.

From time to time, the NAIC has considered, and may in the future consider, proposals to further limit dividend payments that an insurance company may make without regulatory approval. No assurance is given that more stringent restrictions will not be adopted from time to time by the State of Texas or other states in which our insurance subsidiaries are domiciled, and such restrictions could have the effect, under certain circumstances, of significantly reducing dividends or other amounts payable to ANAT by its insurance company subsidiaries without prior approval from regulatory authorities.

We are controlled by a small number of stockholders. As of December 31, ~~2020~~2021, the Moody Foundation, a charitable trust, beneficially owned approximately 22.758% of our common stock. In addition, Moody National Bank, in its capacity as trustee or agent of various accounts, had the power to vote approximately 47.677% of our common stock as of such date. As a result, ~~subject to applicable legal and regulatory requirements,~~ these institutions have the ability to exercise a controlling influence over matters submitted for stockholder approval, including the composition of our Board of Directors, and ~~through~~extraordinary ~~the~~transactions, ~~Board~~such ofas ~~Directors~~the ~~any~~Merger ~~determination~~Agreement with ~~respect~~Brookfield ~~to our business direction and policies~~Reinsurance. ~~This concentration of voting power could deter a change of control or other business combination that might be beneficial or preferable to other stockholders.~~ It may also adversely affect the trading price of our common stock if controlling stockholders sell a significant number of shares or if investors perceive disadvantages in owning stock in a company controlled by a small number of stockholders.

Anti-takeover provisions in our Certificate of Incorporation and Amended and Restated Bylaws (“Bylaws”) and under Delaware law may delay or prevent a third-party from acquiring us, which could decrease the value of our common stock. ANAT’s Certificate of Incorporation and Bylaws contain provisions that could make it more difficult for a third-party to acquire us, even if such an acquisition may be beneficial to our stockholders. For example, such provisions authorize our Board of Directors, without stockholder approval, to issue up to 5,000,000 shares of “blank check” preferred stock that could be issued to increase the number of outstanding shares and prevent a takeover attempt; limit the business at special meetings of the stockholders to the purpose stated in the notice of the meeting; and establish advance notice requirements for submitting nominations for election to the Board of Directors and for proposing matters that can be acted upon by stockholders at a meeting, including requirements as to the content and timely provision of such a notice. These provisions, as well as other provisions in our Certificate of Incorporation, our Bylaws, and Delaware law could delay or make more difficult transactions involving a change in control of us or our management.25

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ITEM 1A. RISK FACTORS — (Continued)

Our Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for substantially all disputes between our stockholders and us, to the fullest extent permitted by law. Such provision could limit the ability of our stockholders to obtain a favorable judicial forum for disputes with us or our directors, officers, stockholders, employees or agents. ANAT’s Certificate of Incorporation provides that, to the fullest extent permitted by law, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for the following: any derivative action or proceeding brought on behalf of ANAT; any action asserting a claim of breach of a fiduciary duty owed to ANAT or ANAT’s stockholders by any of ANAT’s directors, officers or other employees; any action asserting a claim against ANAT arising pursuant to any provision of the Delaware General Corporation Law or ANAT’s organizational documents; or any action asserting a claim against ANAT that is governed by the internal affairs doctrine.

This exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, or other employees, which may discourage lawsuits and increase the costs with respect to such claims. With respect to the federal securities laws and the rules and regulations thereunder, this provision does not apply to suits brought to enforce a duty or liability created by the Securities Exchange Act of 1934, as amended, which provides for the exclusive jurisdiction of the federal courts with respect to such claims. This provision could apply, however, to a suit that falls within one or more of the categories enumerated in the exclusive forum provision and asserts claims under the Securities Act of 1933, as amended (the “Securities Act”), because Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by such act or the rules and regulations thereunder. There is uncertainty as to whether a court would enforce the exclusive forum provision with respect to claims under the Securities Act, and our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder. If a court were to find the exclusive forum provision contained in our Certificate of Incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations and financial condition.

General Risk Factors

We are subject to environmental, social and governance (“ESG”) risks that could adversely affect our reputation, the market price of our common stock and/or our business, operations and earnings. Governments, investors, rating agencies, customers and the general public are increasingly focused on the ESG practices and disclosures of companies. In addition, certain organizations that provide corporate governance and other corporate risk information to investors and shareholders have developed scores and ratings to evaluate companies based on ESG metrics. Currently, there are no universal standards for such scores or ratings, but the importance of ESG evaluations is becoming more broadly accepted by investors and shareholders. Investors have begun to consider how issuers are addressing ESG matters when making investment decisions. Any negative publicity regarding ESG or low ESG scores or ratings, or shifts in investing priorities relating to ESG, may adversely affect the market price of our common stock, our ability to attract and retain customers and employees, and/or our business, operations and earnings if investors, shareholders, ratings agencies or other stakeholders determine that we have not adequately considered and addressed ESG matters. In addition, regulatory efforts with respect to ESG matters, including climate change, may increase our costs of doing business.

Employee and agent error and misconduct may be difficult to detect and prevent and may result in significant losses. The actions or inaction of our employees, agents, producers, managing general agents, managing general underwriters and third-party administrators could result in losses arising from, among other things, fraud, errors, failure to properly document transactions, failure to obtain proper internal authorization, failure to maintain effective internal controls, or failure to comply with underwriting guidelines or regulatory requirements. It is not always possible to deter or prevent misconduct, and the precautions we take to prevent and detect this activity may not be effective in all cases.

If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results, which may adversely impact our Company. It is necessary for us to maintain effective internal controls over financial reporting to prevent fraud and errors and to maintain effective disclosure controls and procedures to provide timely and reliable financial and other information. However, we cannot be certain that we will be able to prevent future material weaknesses or that there are no existing, but as yet undiscovered, weaknesses that we need to address. A failure to maintain adequate internal controls may adversely affect our ability to provide information that accurately reflects our financial condition on a timely basis. This could cause an adverse effect on our business, results of operations and the market price of our stock if investors, customers, rating agencies, regulators or others lose confidence in our reported financial and other information, if we become subject to SEC or other regulatory review and sanctions, or if we become subject to litigation that results in substantial fines, penalties or liabilities.

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ITEM 1A. RISK FACTORS — (Continued)

The occurrence of events that are unanticipated in our business continuity and disaster recovery planning could impair our ability to conduct business effectively. Our corporate headquarters are located in Galveston, Texas, on the coast of the Gulf of Mexico and in the past has been impacted by hurricanes. Our League City, Texas offices are designed to support our operations and service our policyholders in the event of a hurricane or other natural disaster affecting Galveston. The primary offices of our property and casualty insurance companies are in Springfield, Missouri and Glenmont, New York, which helps to insulate these facilities and their operations from coastal catastrophes. While we periodically test our business continuity and disaster recovery plans, the severity, timing, duration or extent of an event may be unanticipated by such plans, which could result in an adverse impact on our ability to conduct business. In the event a significant number of our employees or agents were unavailable or unable to work following such a disaster, or if our computer-based data processing, transmission, storage and retrieval systems were affected, our ability to effectively conduct our business could be compromised.

See also Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk, for additional details regarding certain risks that we face.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

None

ITEM 2. PROPERTIES

We own and occupy our corporate headquarters in Galveston, Texas. We also own and occupy the following properties that are materially important to our operations:

•Three buildings in League City, Texas, which are used primarily by our backup datacenter and Life, Health, and Corporate and Other segments.

•Five buildings, four in Springfield, Missouri and the other in Glenmont, New York, which are used primarily by our Property and Casualty segment.

We believe our properties are adequate and suitable for our business as currently conducted and are adequately maintained. The above does not include properties we own only for investment purposes.

ITEM 3. LEGAL PROCEEDINGS

Information required for Item 3 is incorporated by reference to the discussion under the heading “Litigation” in Part II, Item 8, Financial Statements and Supplementary Data — Note 19, Commitments and Contingencies, of the Notes to the Consolidated Financial Statements.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Stockholder Information

Our common stock is traded on the NASDAQ Global Select Market under the symbol “ANAT.”

On December 31, ~~2020~~2021, our year-end closing stock price was $96188.1284 per share, and there were ~~621~~596 holders of record of our issued and outstanding shares of common stock.

Securities Authorized for Issuance under Equity Compensation Plans

The following table provides information regarding securities issued under American National’s 1999 Stock and Incentive Plan as of December 31, ~~2020~~2021. The term for granting additional awards under such plan expired in 2019.

	Equity Compensation Plan Information
	Number of securities to be issuedupon exercise of outstandingoptions, warrants and rights	Weighted-average exercise priceoutstanding options, warrantsand rights		Number of securities remainingavailable for future issuance underequity compensation plans(excluding securities reflected incolumn (a))
	Number of securities to be issued upon exercise of outstanding options, warrants and rights	Weighted-average exercise price outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)	(b)		(c)
Plan category
Equity compensation plans
Approved by security holders	—	$	80.05	—
Not approved by security holders	—	—		—
Total	—	$	80.05	—

2628

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ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES — (Continued)

Performance Graph

The following graph compares the cumulative stockholder return for our common stock for the last five years with the performance of the NASDAQ Stock Market and a NASDAQ Insurance Stock index using NASDAQ OMX Global Indexes. It shows the cumulative changes in value of an initial $100 investment on December 31, ~~2015~~2016, with all dividends reinvested.

Value at each year-end of a $100 initial investment made on December 31, ~~2015~~2016:

	December 31,
	2015		2016		2017		2018		2019		2020
	2016		2017		2018		2019		2020		2021
American National (ANAT)	$	100.00	$	~~124~~104.1952	$	~~130~~105.9989	$	~~133~~100.3345	$	~~127~~85.3946	$	~~109~~162.8327
NASDAQ Total OMX	100.00		~~113~~121.0138		~~137~~114.1778		~~129~~150.7155		~~170~~182.1458		~~206~~229.3384
NASDAQ Insurance OMX	100.00		~~120~~116.4495		~~140~~109.8508		~~131~~133.3715		~~160~~132.3639		~~159~~170.4509

This performance graph shall not be deemed to be incorporated by reference into our SEC filings or to constitute soliciting material or otherwise be considered filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

ITEM 6. ~~SELECTED FINANCIAL DATA~~[RESERVED]

Not applicable

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This MD&A should be read in conjunction with our consolidated financial statements and related notes included in Part II, Item 8, Financial Statements and Supplementary Data. For comparison of ~~2019~~2020 to ~~2018~~2019, see Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, ~~2019~~2020, filed with the SEC on ~~February~~March 284, ~~2020~~2021.

~~Caution~~Introductory Note Regarding ~~Forward-Looking~~Pending ~~Statements~~Merger

~~Certain~~On ~~statements~~August ~~made in this report~~6, ~~including but not limited to the accompanying consolidated financial statements~~2021, ~~and~~ the ~~notes~~Company ~~thereto~~entered ~~appearing~~into inan ~~Part~~Agreement ~~II, Item 8, Financial Statements~~ and ~~Supplementary~~Plan ~~Data herein, Management's Discussion and Analysis~~ of ~~Financial~~Merger ~~Condition and Results of Operations in this Item 7~~ (~~"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~~Merger ~~harbor~~Agreement”) ~~provisions~~with ofBrookfield ~~the~~Asset ~~Private~~Management ~~Securities~~Reinsurance ~~Litigation~~Partners ~~Reform Act of 1995~~Ltd. ~~Forward-looking statements generally are indicated by words such as~~ (“~~expects,”~~Brookfield ~~“intends,~~Reinsurance” ~~“anticipates~~),” ~~“plans,”~~an ~~“believes,”~~exempted ~~“estimates,”~~company ~~“will”~~limited orby ~~words~~shares ofexisting ~~similar~~under ~~meaning, and include, without limitation, statements regarding~~ the ~~outlook~~laws of ~~our business and expected financial performance~~Bermuda, and ~~statements~~Freestone ~~relating~~Merger toSub ~~the COVID-19 pandemic and its effects on the Company~~Inc. ~~These forward-looking statements are subject to changes and uncertainties which are~~, ina ~~many~~Delaware ~~instances,~~corporation ~~beyond our control~~ and ~~have~~an ~~been~~indirect ~~made~~wholly-owned ~~based~~subsidiary ~~upon~~of ~~our~~Brookfield ~~assumptions,~~Reinsurance ~~expectations~~(“Merger ~~and beliefs concerning future developments and their potential effect upon us~~Sub”). ~~There~~Upon ~~can~~completion ~~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~~transactions ~~relating~~contemplated toby the ~~COVID-19~~Merger ~~pandemic. We do not make public specific projections relating to future earnings~~Agreement, ~~and~~the weCompany dowill ~~not~~become ~~endorse~~an ~~any~~indirect ~~projections~~wholly ~~regarding~~owned ~~future~~subsidiary ~~performance~~of ~~made~~Brookfield byReinsurance ~~others.~~in ~~Additionally,~~consideration wefor ~~do not publicly update or revise forward-looking statements based on~~ the ~~outcome~~payment of ~~various foreseeable or unforeseeable events~~$190.00 ~~Forward-looking~~per ~~statements~~share 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~~cash, ~~including~~for ~~without~~total ~~limitation~~merger ~~risks,~~consideration ~~uncertainties~~of ~~and other factors discussed in Part I, Item 1A, Risk Factors and elsewhere in this report~~$5.1 billion.

~~Many~~Regulatory ofApproval ~~these~~Process. ~~risks~~The ~~and~~completion ~~uncertainties~~of ~~have~~the ~~been~~Merger ~~exacerbated~~contemplated by the ~~COVID-19~~Merger ~~pandemic~~Agreement (the “Merger”) is subject to satisfaction or waiver of certain customary closing conditions, ~~particularly~~including ~~those~~obtaining ~~described~~the inrequired regulatory approval from the ~~Economic~~insurance ~~and~~authorities ~~Investment~~in ~~Risk~~Texas, ~~Factors~~Missouri, ~~Litigation~~New York, Louisiana and ~~Regulation~~California. ~~Risk~~The ~~Factors~~required insurance regulatory process has been moving forward consistent with our prior disclosures, and ~~Reinsurance~~we ~~and~~continue ~~Counterparty~~to ~~Risk~~expect ~~Factors~~to complete the Merger before the end of the first half of 2022. However, because state insurance regulatory approval remains outstanding, the Company cannot provide assurance the Merger will be completed on the terms or timeline currently contemplated, or at all.

~~COVID-19~~Merger ~~Response~~Agreement's Restrictions on Interim Operations. The Company has agreed to certain covenants in the Merger Agreement restricting the conduct of its business between the date of the Merger Agreement and ~~Update~~the earlier of the Effective Time and the termination of the Merger Agreement. The general effect of these covenants is that, during such interim period, the Company will be limited in its ability to pursue strategic and operational matters outside the ordinary course of business. The Company has agreed that it and its subsidiaries will conduct their business in the ordinary course consistent with past practice in all material respects and use reasonable best efforts to preserve their business organizations, goodwill and assets, keep available the services of their current key officers and employees, and preserve their present relationships with governmental entities and other key third parties, including customers, reinsurers, distributors, suppliers and other persons with whom the Company and its subsidiaries have business relationships.

OnIn ~~March 11~~addition, ~~2020,~~the Company has agreed to specific restrictions relating to the ~~World~~conduct ~~Health~~of ~~Organization~~its ~~formally~~business ~~declared~~between the ~~outbreak~~date of the ~~novel~~Merger ~~coronavirus~~Agreement ~~COVID-19~~and tothe beearlier aof ~~pandemic.~~the ~~The~~Effective ~~spread~~Time ofand ~~COVID-19~~the ~~has~~termination ~~caused~~of ~~illness~~the Merger Agreement, ~~quarantines~~including, ~~cancellation~~but ofnot ~~events~~limited ~~and travel~~to, ~~alternative~~not ~~arrangements~~to ~~and~~take ~~shutdowns~~(or ~~for~~permit ~~business~~any ~~and~~of ~~schools,~~its ~~reduction~~subsidiaries into ~~business~~take) ~~activity~~the following actions (subject, ~~widespread~~in ~~unemployment~~each case, ~~and~~to ~~overall~~exceptions ~~economic~~specified below and ~~financial~~in ~~market~~the ~~instability.~~Merger ~~Through~~Agreement ~~the~~or ~~fourth~~previously ~~quarter~~disclosed ofin ~~2020,~~writing ~~American~~to ~~National~~Brookfield isReinsurance ~~for~~as provided in the ~~most~~Merger ~~part~~Agreement ~~conducting~~or ~~its~~as ~~normal~~consented ~~business~~to ~~operations.~~in ~~However,~~writing ~~because~~in ofadvance ~~the~~by ~~impact~~Brookfield ofReinsurance ~~COVID-19~~(which weconsent ~~have~~shall ~~approximately~~not ~~80%~~be ofunreasonably ~~our~~withheld, ~~back-office~~delayed ~~employees~~or ~~working~~conditioned) ~~remotely.~~or as required by law:

~~Below~~•subject isto acertain ~~summary~~limited exceptions, offer, issue, sell, transfer, pledge, dispose of ~~significant~~or ~~actions~~encumber weany ~~have~~shares ~~taken~~of, ~~through~~or ~~the~~securities ~~date~~convertible into or exchangeable for, or options, warrants, calls, commitments or rights of ~~this~~any ~~report~~kind to ~~manage~~acquire, ~~the~~any ~~risks~~shares of ~~disruption~~capital tostock ~~business~~or ~~operation~~other ~~from~~voting ~~COVID-19:~~or equity interests of any class or series of the Company or its subsidiaries;

•Weamend ~~have~~or ~~taken~~propose ~~steps~~ to ~~protect~~amend ~~employees with~~ the ~~goals~~Company’s ofor ~~maintaining~~its ~~their~~subsidiaries’ ~~health~~certificate ~~and~~of ~~sustaining an adequate workforce~~incorporation, ~~including~~bylaws ~~directing~~or asother ~~many~~comparable ~~employees~~organizational ~~as possible to work from home and offering flexibility for employees negotiating scheduling conflicts due to the impacts of COVID-19~~documents, ~~such~~in aseach ~~caring for family~~case, ~~alternative~~whether ~~arrangements~~by ~~and shutdowns for business and schools~~merger, ~~self-isolation~~consolidation or ~~personal illness, including granting additional paid time off to address these hardships.~~otherwise;

•Weauthorize, ~~are~~recommend, ~~communicating with our board of directors~~propose, ~~senior~~enter ~~management~~into ~~and~~or ~~employees~~adopt ~~regarding~~a ~~the~~plan ~~ongoing~~or ~~developments~~agreement of ~~the~~complete ~~COVID-19~~or ~~pandemic.~~partial Weliquidation, ~~are~~dissolution, ~~communicating through email~~merger, ~~company intranet~~consolidation, ~~videos~~restructuring, ~~posters~~recapitalization ~~and~~or other ~~signage,~~reorganization anof HRthe ~~email~~Company ~~hotline,~~or ~~teleconferences,~~any ~~and~~of ~~online~~its ~~MS Teams meetings.~~subsidiaries;

28•subject to certain limited exceptions (including permitting the Company to execute investment portfolio transactions in the ordinary course of business consistent with past practice and in accordance with its existing investment plan and investment guidelines), acquire or agree to acquire any business or any corporation, partnership, association or other business organization or division thereof;

•make or authorize capital expenditures that are, on an individual basis, in excess of 110% of the Company’s capital expenditure budget or in excess of 105% of the aggregate capital expenditure budget, except for (i) planned capital expenditures disclosed to Brookfield Reinsurance at signing of the Merger Agreement and (ii) reasonable emergency capital expenditures (after consultation with Brookfield Reinsurance) necessary to maintain its ability to operate its businesses in the ordinary course or for the safety of individuals, assets or the environment;

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

•Wesubject ~~have~~to ~~implemented~~certain ~~multiple~~limited ~~communication~~exceptions, ~~avenues~~sell, tolease, ~~keep~~license, ~~our~~transfer, ~~customers~~pledge, ~~vendors~~subject ~~and~~to ~~producers~~any ~~informed,~~encumbrance ~~including:~~or otherwise dispose of any of its or their assets or properties;

•~~Provide~~incur, ~~regular~~guarantee ~~communications~~or assume any indebtedness, subject to ~~producers~~certain ~~with~~limited ~~updates~~exceptions, onincluding ~~our~~investment ~~operations~~portfolio transactions in the ordinary course of business consistent with past practice and ~~service,~~other ~~contacts~~incurrences ~~for~~of ~~support,~~indebtedness ~~available~~not ~~resources~~to exceed $10,000,000 ~~and~~in ~~expectations;~~the aggregate;

•~~Engage~~enter ininto ~~ongoing~~any ~~communications~~material ~~with~~contract ~~critical~~or ~~vendors~~reinsurance ~~related~~contract toother ~~their~~than in the ordinary course of business ~~continuity~~consistent ~~plans~~with past practice; and

•~~Provide~~terminate, anamend, ~~overview~~modify, ofassign ~~our~~or ~~response~~waive toany ~~COVID-19~~material onright ~~our~~under ~~corporate~~any ~~website~~material contract or reinsurance contract except in the ordinary course of business consistent with past practice.

~~•During~~The ~~2020,~~Merger weAgreement ~~offered~~permits ~~leniency~~the ~~and~~Company ~~flexibility~~to oncontinue ~~premium~~to ~~payments~~pay ~~and~~regular ~~other~~quarterly ~~deadlines,~~cash individends ~~some~~not ~~cases pursuant~~ to ~~regulatory~~exceed ~~requirements~~$0.82 ~~for~~per ~~customers~~share ~~impacted~~of bycommon ~~the~~stock ~~COVID-19~~prior ~~outbreak,~~to ascompletion ~~discussed~~of ~~elsewhere~~the ~~in this report~~Merger.

~~•We~~The ~~also~~above ~~reduced~~is ~~premiums~~a ~~for~~summary ~~some~~of certain material terms of ~~our~~the ~~property~~Merger Agreement and ~~casualty~~is ~~policies~~qualified byin ~~providing~~its ~~policy~~entirety ~~credits~~by orthe ~~exposure~~terms ~~adjustments~~and toconditions ~~personal~~of ~~automobile~~the ~~insurance~~Merger Agreement, ~~workers~~which ~~compensation~~was orfiled ~~other~~as ~~commercial~~an ~~policies,~~exhibit into ~~some~~the ~~cases~~Company’s ~~pursuant~~current toreport ~~regulatory~~on ~~requirements~~Form 8-K filed on August 9, 2021.

~~•We~~Caution ~~have~~Regarding ~~assessed our facilities, systems, policies and procedures and have implemented plans to continue critical operations and services while many employees are working off~~Forward-~~site.~~Looking The implementation of these plans across all locations was addressed simultaneously in accordance with standards and procedures for remote access that existed prior to the current challenges COVID-19 has introduced. We also have plans for increasing capacity in critical operations should employees in any of our locations become unavailable to work due to COVID-19 health issues. We are continuing to evaluate our cybersecurity program for the next challenges that COVID-19 might cause.Statements

~~•We~~Certain statements made in this report, including but not limited to the accompanying consolidated financial statements, and the notes thereto appearing in Part II, Item 8, Financial Statements and Supplementary Data herein, Management's Discussion and Analysis of Financial Condition and Results of Operations in this Item 7 ("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 certain statements relating to the COVID-19 pandemic and its potential effects on the Company. These forward-looking statements are subject to changes and uncertainties which are, in many instances, beyond our control and have ~~provided~~been made based upon our ~~employees~~assumptions, ~~education~~expectations and ~~training~~beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with ~~respect~~our toexpectations, ~~cybersecurity~~that ~~issues~~the effect of future developments on us will be as anticipated, or that ~~may~~our ~~arise~~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 ~~working~~we ~~remotely~~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. Forward-looking statements relate to the transaction contemplated by the Merger Agreement (the "Proposed Transaction"), as well as to the Company’s financial and operating performance on a stand-alone basis prior to the consummation of the Merger or if the Merger is not consummated. 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 Part I, Item 1A, Risk Factors, above and elsewhere in this report, and the following factors relating the Proposed Transaction:

•Weconditions ~~have~~to ~~provided~~the ~~our~~closing ~~managers~~of ~~resources~~the onProposed ~~leading~~Transaction ~~virtually,~~may ~~virtual~~not ~~meeting~~be ~~tips and transitioning back to the office.~~satisfied;

•Weregulatory ~~deferred~~approvals ~~salary~~required ~~merit~~for ~~and~~the ~~promotional~~Proposed ~~increases~~Transaction ~~which~~may ~~are~~not ~~traditionally~~be ~~effective in May 2020 to September 15~~obtained, ~~2020.~~or ~~Promotions~~required ~~were~~regulatory ~~effective~~approvals inmay ~~May,~~delay ~~however~~the ~~there~~Proposed ~~were~~Transaction noor ~~corresponding~~result ~~compensation~~in ~~adjustments~~the ~~until~~imposition ~~September~~of ~~15,~~conditions ~~2020.~~that ~~During~~could ~~the~~have ~~third~~a ~~quarter,~~material ~~the~~adverse ~~board~~effect ofon ~~directors approved~~ the ~~salary~~Company ~~actions~~or ~~that~~Brookfield ~~had~~Reinsurance ~~previously~~or ~~been~~cause ~~deferred.~~certain ~~Salary~~conditions ~~merit~~to ~~and~~closing ~~promotional~~not ~~increases~~to ~~were~~be ~~paid~~satisfied, towhich ~~employees~~could ~~effective~~result ~~September~~in ~~15,~~the ~~2020.~~termination ~~The~~of ~~pay~~the ~~was~~Merger ~~not retroactive.~~Agreement;

•Wethe ~~have~~timing ~~suspended~~of ~~our~~completion ~~summer~~of ~~Internship~~the ~~Program~~Proposed ~~for~~Transaction ~~2020~~is ~~and plan to resume these efforts in 2021.~~uncertain;

•~~We developed return-to-office programs as we transition through~~ the ~~different~~business ~~reopening situations at our locations. During the fourth quarter~~ of ~~2020, viral infections in~~ the ~~general~~Company ~~population~~or ~~had~~Brookfield ~~begun~~Reinsurance tocould ~~increase~~suffer ~~again~~as ~~resulting in resumption of restrictions in certain areas in which we operate. As~~ a result, weof ~~have~~uncertainty ~~temporarily~~surrounding ~~paused~~the ~~further~~Proposed ~~return-to-office plans at our locations until May 2021.~~Transaction;

•Weevents, ~~have~~changes ~~provided~~or ~~alternatives~~other tocircumstances ~~employees~~could ~~who~~occur ~~are~~that ~~working~~could ~~remotely~~give ~~who~~rise ~~wish~~ to ~~receive~~the atermination ~~free~~of ~~flu~~the ~~shot.~~Merger Agreement;

•Wethere ~~have~~are ~~taken~~risks ~~numerous~~related ~~steps~~ to ~~promote~~disruption ~~the~~of ~~safety~~management’s ofattention ~~our~~from ~~employees~~the inongoing ~~keeping~~business ~~current~~operations ~~with~~of the ~~local~~Company ~~and~~or ~~state~~Brookfield ~~mandates~~Reinsurance ~~and~~due ~~health~~to ~~expert~~the ~~recommendations~~Proposed ~~including:~~Transaction;

~~•Enhanced cleaning protocols by increasing the cleaning rounds per day and focusing on high touch areas, including door handles, elevator knobs, etc.~~ 31

•Practice social distancing and promote safe interactions by not congregating in general areas such as workrooms, breakrooms and copier rooms, refraining from shaking hands, staying 6 feet apart, and keeping in-person meetings short and opting for teleconference, email and phone calls.

•Require all employees to wear face coverings when they enter our buildings, in common areas and whenever they are away from their workspace.

•Provide face masks to all employees, primarily those who are unable to work remotely and those returning to the office.

•Placed signs regarding social distancing guidelines, wearing of face masks, and washing hands around high traffic areas.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

•~~Posted~~the ~~social~~announcement ~~distancing~~or ~~markers~~pendency ~~and~~of ~~additional~~the ~~signage~~Proposed ~~throughout~~Transaction could affect the ~~buildings~~relationships asof ~~reminders~~the Company or Brookfield Reinsurance with its clients, and operating results and business generally, including on our ability to ~~remain~~retain ~~six~~and ~~feet~~attract ~~apart.~~employees;

•~~Procured~~the ~~and~~outcome ~~maintained~~of ~~sufficient~~any ~~supply~~legal proceedings initiated against the Company or Brookfield Reinsurance following the announcement of ~~hand~~the ~~sanitizer~~Proposed ~~and~~Transaction ~~sanitizing~~could ~~wipes~~adversely ~~for~~affect ~~use~~the atCompany ~~entry~~or ~~points~~Brookfield ~~and~~Reinsurance, ~~common~~including ~~areas.~~their ability to consummate the Proposed Transaction; and

•~~Arranged~~the ~~chairs~~Company inor ~~reception~~Brookfield ~~areas~~Reinsurance ~~and~~may be adversely affected by other ~~communal~~economic, ~~seating~~business, ~~areas~~and/or bycompetitive ~~removing~~factors ~~chairs~~as well as management’s response to ~~maintain~~any ~~social~~of ~~distancing~~the aforementioned factors.

~~•Installed~~The ~~transparent~~foregoing ~~shields~~review inof ~~work~~important ~~areas~~factors ~~where~~related ~~social~~to ~~distancing~~the ~~cannot~~Proposed Transaction should not be ~~practiced~~construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Brookfield Reinsurance’s Registration Statement on Form F-1 and in this 2021 Annual Report and other documents of the Company and Brookfield Reinsurance on file with the SEC. Neither the Company nor Brookfield Reinsurance undertakes any obligation to update, correct or otherwise revise any forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or Brookfield Reinsurance and/or any person acting on behalf of either of them are expressly qualified in their entirety by this paragraph. The information contained on any websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this Annual Report on Form 10-K.

~~•Adjusted~~COVID-19 ~~air fan/filtration systems, where possible, to help enhance air flow by letting more fresh air into the buildings, while maintaining adequate comfort levels.~~Response

~~•Approved~~On ~~procedures~~March ~~for~~11, ~~suspected~~2020, ~~and~~the ~~confirmed~~World ~~employee~~Health ~~cases~~Organization formally declared the outbreak of the novel coronavirus COVID-19 ~~that~~to ~~include~~be ~~notification,~~a ~~quarantine~~pandemic. ~~and~~A ~~cleaning~~summary ~~practices~~of ~~that~~significant ~~are~~actions the Company took in ~~line~~response to COVID-19 through December 31, 2020 is disclosed in our 2020 Annual Report on form 10-K filed with the ~~current~~SEC ~~CDC~~on ~~guidelines~~March 4, 2021. Below is a summary of significant subsequent developments in our COVID-19 response:

No•We ~~assurance~~continue ~~can~~to betake ~~given~~steps ~~that~~to ~~these~~protect ~~actions~~employees ~~will~~with ~~be successful, nor can we predict~~ the ~~level~~goals of ~~disruption~~maintaining ~~that~~their ~~will~~health ~~occur should the COVID-19 pandemic~~ and ~~its~~sustaining ~~related~~an ~~macroeconomic~~adequate ~~risks~~workforce, ~~continue~~including ~~for~~employees anworking ~~extended~~from ~~period~~home ofand ~~time.~~offering ~~Given~~flexibility ~~this~~for ~~uncertainty,~~employees wenegotiating ~~are~~scheduling ~~unable~~conflicts due to ~~quantify with reasonable confidence~~ the ~~expected~~impacts ~~impact~~ of ~~the~~ COVID-19, ~~pandemic~~such onas ~~our~~caring ~~future~~for ~~operations~~family, ~~financial~~alternative ~~condition,~~arrangements ~~liquidity~~ and ~~results~~shutdowns offor ~~operations.~~business ~~The~~and ~~wide-ranging social~~schools, ~~economic and financial consequences of the COVID~~self-19isolation ~~pandemic~~or ~~and~~personal ~~the~~illness, ~~possible~~including ~~effects~~granting ofadditional ~~ongoing~~paid ~~and~~time ~~future~~off ~~governmental~~for ~~action~~vaccinations ~~in response to COVID-19 compound this uncertainty. Additional information regarding risks~~ and ~~uncertainties related~~ to ~~the~~address ~~COVID-19~~these ~~pandemic are set forth in Part I, Item 1A, Risk Factors~~hardships.

•We suspended our summer Internship Program for 2020, and in 2021 piloted a program which combined both virtual and in-person elements for a small group of interns. In 2022, we will be offering a hybrid program with virtual and in-person elements, to an expanded group of interns.

•We have developed and are continually refining our return-to-office plans for our locations. Beginning in June 2021, we gradually re-introduced more employees to our office locations but had to lessen our in-office presence in the latter part of the year due to a surge in the Omicron variant. We are continually monitoring the situation with a longer-term plan to offer employees hybrid work schedules, where possible.

Although we have been able to maintain our business operations since the onset of the pandemic, no assurance can be given that these actions will continue to 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 further extended periods of time. Given this uncertainty, we are unable to quantify with reasonable confidence the total 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 I, Item 1A, Risk Factors. For additional information regarding the direct and indirect impact to mortality refer to Part II, Item 7, MD&A, Life.

This MD&A should be read in conjunction with our consolidated financial statements and related notes included in Part II, Item 8, Financial Statements and Supplementary Data.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Overview

American National Group, Inc. ("ANAT") is a family of companies that has $31.3 billion in assets, $24.3 billion in liabilities and $7.0 billion in stockholders' equity as of December 31, 2021. 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 ~~American National Insurance Company~~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.

Our business has been and will continue to be influenced by several industry-wide, segment or product-specific trends and conditions. In our discussion below, we first outline the broad macro-economic or industry trends (General Trends) that we expect to impact our overall business. Second, we discuss certain segment-specific trends we believe may impact individual segments or specific products within these segments.

Segments

Our insurance segments do not directly own assets. Rather, assets are allocated to support the liabilities and capital allocated to each segment. The mix of assets allocated to each of the insurance segments is intended to support the characteristics of the insurance liabilities within each segment including expected cash flows and pricing assumptions, and is intended to be sufficient to support each segment’s business activities. We have utilized this methodology consistently over all periods presented.

The Corporate and Other segment acts as the owner of all invested assets of the Company. The investment income from the invested assets is allocated to the insurance segments in accordance with the assets allocated to each insurance segment. Earnings of the Corporate and Other segment are derived from income related to invested assets not allocated to the insurance segments and from our non-insurance subsidiaries. All realized investment gains and losses, which includes other-than-temporary impairments (“OTTI”) and credit losses, are recorded in this segment.

General Trends

Our business, financial condition and results of operations are materially affected by economic and financial market conditions. The U.S. and global economies, as well as the capital markets, continue to show mixed signals, and uncertainties continue to be significant factors in the markets in which we operate. Factors such as consumer spending, business investment, the volatility of the capital markets, the level of interest rates, unemployment, the level of participation in the workforce and the risk of inflation or deflation will affect the business and economic environment and, in turn, impact the demand for the type of financial and insurance products we offer. Adverse changes in the economy could have a material adverse effect on us. However, we believe those risks are somewhat mitigated by our financial strength, active enterprise risk management and disciplined underwriting for our products. Our diverse product mix and distribution channels across insurance segments is a strength that we expect will help us adapt to the volatile economic environment and give us the ability to serve the changing needs of our customers. Additionally, through our long-term business approach, we believe we are financially strong, and we are committed to providing a steady and reliable source of financial protection for policyholders.

Interest Rates: The low-interest rate environment is a challenge for life and annuity insurers as the spreads on deposit-type contracts remain narrow, especially as interest rates have approached minimum crediting rates. Low market interest rates reduce the spreads between the amounts we credit to fixed annuity and individual life policyholders and the amounts we earn on the investments that support these obligations. Our ALM Committee actively manages the profitability of these blocks of business. In previous years, we reduced the guaranteed minimum crediting rates on new fixed annuity contracts, which has afforded us the flexibility to respond to the unusually low-interest rate environment. We have also reduced crediting rates on in-force contracts, where permitted to do so. These actions help mitigate the adverse impact of low interest rates on the profitability of these products, although sales volume may be negatively impacted as a result. We also maintain assets with various maturities to support product liabilities and ensure liquidity. A gradual increase in longer-term interest rates relative to short-term rates generally will have a favorable effect on the profitability of our products. Rapidly rising interest rates could result in reduced persistency of our spread-based products, if contract holders shift assets into higher yielding investments. We believe our ability to react quickly to the changing marketplace will help us manage this risk.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

The interest rate environment affects estimated future profit projections, which could impact the amortization of our DAC assets and the estimates of policyholder liabilities. Significantly lower future estimated profits may cause us to accelerate the amortization of DAC or require us to establish additional policyholder liabilities, thereby reducing earnings. We periodically review assumptions with respect to future earnings to ensure they remain appropriate considering the current interest rate environment.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Changing Regulatory Environment: The insurance industry is primarily regulated at the state level, although some life and annuity products and services are also subject to U.S. federal regulation. We are regularly subjected to additional or changing regulation that requires us to update systems, change product structure, increase the amount of reporting or adopt changes to distribution. These changes may increase the capital requirements for us and the industry, increase operating costs, change our operating practices and change our ability to provide products with pricing attractive to the marketplace.

Importance of Operating Efficiencies: The volatile economic environment and costs associated with greater regulation create a further need for operating efficiencies. We manage our cost base while maintaining our commitment to provide superior customer service to policyholders and agents. Investments in technology are coordinated through a disciplined project management process. We anticipate continuous improvement in our use of technology to enhance our policyholders’ and agents’ experience and increase our overall operating effectiveness.

Increased Role of Advanced Technology: The use of mobile technology has changed the way consumers want to conduct their business, including real-time access to information. Many customers expect to complete transactions in a digital format instead of traditional methods that require a phone call or submission of paper forms. Social media and other customer-facing technologies also reshape the way companies communicate and collaborate with key stakeholders, and new tools exist to better collect and analyze information for potential business opportunities and better management of risks. For example, we have mobile-enabled all internet-based access and leveraged social media channels to reach out to potential customers to promote awareness of the company, including the products and services offered. We expect that technology will continue to evolve, offering new and more effective ways to reach and service our customers and shareholders. We evaluate available and evolving technologies and incorporate those we believe offer appropriate benefits to the company and its customers.

Continued Challenges of Talent Attraction and Retention: Attracting qualified individuals and retaining existing employees continues to be a challenge for employers. Businesses have become extremely competitive in the ever-changing landscape of the talent marketplace. As a result, it is an increasing challenge to distinguish us as an employer of choice.

To address these challenges, we continue to seek out new and expanded uses for technology and social media that enhance our employer brand and educate candidates on the many benefits of working for us. Our planning and outreach efforts to develop a more diverse and inclusive workplace continue and help to strengthen the engagement of current employees as well as attract future employees. We continue to amplify the voice of our employees with regular surveys which help us grow and innovate. We actively value the perspectives that each employee brings and encourage broader employee influence on how decisions are made. As a result, we continue to experience increase in overall employee engagement. Providing robust career development conversations and career paths, personal growth opportunities and effective succession planning are also important elements of our retention and employee development efforts.

During the COVID-19 pandemic, the Company has devoted key resources to make employee health and safety a top priority. These efforts are having a positive impact as reflected in recent employee engagement survey results. Additionally, as we speak with candidates during the talent acquisition process, our precautions and protocols to ensure employee safety have been important to them when making the decision to join us. As we proceed though the pandemic, employee safety, productivity and retention are vital to meeting business goals and objectives.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Life and Annuity

Life insurance and annuity are mainstay segments, as they have been during our long history.

Effective management of invested assets and associated liabilities using crediting rates and, where applicable, financial hedging instruments (which we use as economic hedges of equity-indexed life and annuity products), is important to the success of our Life and Annuity segments. Asset “disintermediation,” the risk of large outflows of cash at times when it is disadvantageous to us to dispose of invested assets, is a risk associated with these segments as are rates of mortality and surrenders that exceed our assumptions.

Demographics: We believe a key driver shaping the actions of the life insurance industry is the rising income protection, wealth accumulation and insurance needs of an increasing number of retirees. As a result of increasing longevity and uncertainty regarding the Social Security System and an ongoing transition from defined benefit pension plans to 401(k) type retirement plans, retirees will need to accumulate sufficient savings to support retirement income requirements.

We believe we are well positioned to address the increasing need for savings tools and income protection. We believe our overall financial strength and broad distribution channels position us to respond with a variety of products for individuals approaching retirement age, who seek information to plan for and manage their retirement needs. We believe our products that offer guaranteed income flows are well suited to serve this market.

Competitive Pressures: In recent years, the competitive landscape of the U.S. life insurance industry has shifted. Established insurers are competing against each other and also against new market entrants that are developing products to attract the interest of the growing number of retirees. Competition exists in terms of retaining and acquiring consumers’ business and also in terms of access to producers and distributors. Consolidation among distributors coupled with the aging sales force remains a challenge among insurers. In addition, the increased technological sophistication of consumers necessitates that insurers and distributors invest significant resources in technology to adapt to consumer expectations. We believe we possess sufficient scale, financial strength, resources and flexibility to compete effectively.

We believe we will continue to be competitive in the life and annuity markets through our broad line of products, diverse distribution channels, and consistent high level of customer service. We modify our products to meet customer needs and to expand our reach where we believe we can obtain profitable growth.

Health

As a result of the Healthcare Acts of 2010 new opportunities were created in the limited benefit and supplemental product markets. In recent years, we built a portfolio of such products to be sold in the worksite market as well as to individuals. We believe that changes to the Healthcare Acts that removed the tax consequences for not having health coverage and the removal of limitations on Short Term Medical products could significantly increase our production. We also continue to expand our presence in the worksite market to generate new opportunities in the broker market, as well as developing and implementing a captive sales force.

We expect our Managing General Underwriter (“MGU”) business to remain stable during 2021. We generally retain only 10% of the premiums and risks produced by MGUs. The majority of the revenue generated from this business is fee income included in “Other income” of the Health segment’s operating results.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Property and Casualty

We offer our personal and commercial property and casualty lines of business primarily through our multiple line agencies. We favor a balanced, focused and collaborative approach to both growth and profitability through the development of successful agencies.

To acquire and retain profitable business, we use sophisticated pricing models and risk segmentation, along with a focused distribution force. We believe this approach allows us to make product enhancements and offer programs that are charging an appropriate premium for the risk.

Demand for property and casualty credit-related insurance products continues to increase. We continue to update credit-related insurance product offerings and pricing to meet changing market needs, as well as adding new agents to expand market share in the credit-related insurance market. We are reviewing and implementing procedures to enhance customer service while, simultaneously, looking for efficiencies to reduce administrative costs.

Competitive Pressures: The property and casualty insurance industry remains highly competitive. Despite the competitive environment, we expect to identify profitable opportunities through our strong distribution channels, expanding geographic coverage, marketing efforts, new product development and pricing sophistication.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Health

As a result of the Healthcare Acts of 2010 new opportunities were created in the limited benefit and supplemental product markets. In recent years, we built a portfolio of such products to be sold in the worksite market as well as to individuals. We believe that changes to the Healthcare Acts that removed the tax consequences for not having health coverage and the current removal of limitations on Short-Term Medical products could significantly increase our production. We constantly monitor the legislative environment for new changes that would impact our outlook on these products.

We also continue to expand our presence and product portfolio in the worksite market to generate new opportunities in the broker market, as well as developing and implementing a captive sales force.

We expect our Managing General Underwriter (“MGU”) business to remain stable during 2022. We generally retain only 10% of the premiums and risks produced by MGUs. The majority of the revenue generated from this business is fee income included in “Other income” of the Health segment’s operating results.

We have decided to exit the Medicare Supplement market due to increasing pricing pressures and deterioration of new sales and operational performance. Marketing efforts are refocused to MGU, Worksite and Individual Supplemental lines of business.

Sale of Equity Securities Portfolio

During the fourth quarter of 2021, we sold the majority of our equity securities portfolio. Such sale was based upon senior management's assessment of market conditions and the potential for changes in the U.S. federal corporate income tax rate. The sale resulted in net proceeds of $1.7 billion and did not have a significant impact on our stockholders' equity.

Proceeds from the sale of the equity securities portfolio will be reinvested primarily in fixed income investments. We expect that such sale, coupled with the reinvestment of proceeds in primarily fixed income investments, will have a positive impact on our net investment income and cash flows, as well as on the Risk Based Capital of our insurance company subsidiaries that held equity security investments. Such actions will also mitigate fluctuations in net income associated with non-cash earnings from net gains (losses) from the change in fair value of equity securities.

Critical Accounting Estimates

The preparation of financial statements in accordance with GAAP requires estimates and assumptions that often involve a significant degree of judgment. These estimates and judgments include expectations of current and future mortality, morbidity, persistency, claims and claim adjustment expenses, recoverability of receivables, investment returns and interest rates which extend well into the future. In developing these estimates there is inherent uncertainty, and material changes to facts and circumstances may develop. Although variability is inherent in these estimates, we believe the amounts as reported are appropriate based upon the facts available upon compilation of the consolidated financial statements.

On an ongoing basis, management reviews the estimates and assumptions used in preparing the financial statements. If current facts and circumstances warrant modifications in estimates and assumptions, our financial position and results of operations as reported in the consolidated financial statements could change significantly.

A description of these critical accounting estimates is presented below. Also, see ~~the~~Part II, Item 8, Financial Statements and Supplementary Data — Notes to the Consolidated Financial Statements for additional information.

Future Policy Benefits

Life and Annuity ~~Reserves~~Liability for Unpaid Claims

Life Reserving—Principal assumptions used in the determination of the reserves for future policy benefits are mortality, policy lapse rates, investment return, inflation, expenses and other contingent events as appropriate to the respective product type. Reserves for incurred but not reported (“IBNR”) claims on life policies are calculated using historical claims information. Reserves for interest-sensitive and variable universal life insurance policies are equal to the current account value calculated for the policyholder. Some of our universal life policies contain secondary guarantees, for which additional reserves are recorded based on the term of the policy.

Annuity Reserving—Reserves for payout annuities with more than insignificant amounts of mortality risk are calculated in accordance with the applicable accounting guidance for limited pay insurance contracts. Benefit and maintenance expense reserves are calculated by using assumptions reflecting our expectations of future costs, including an appropriate margin for adverse deviation. These assumptions are locked-in at issue and generally reflect pricing assumptions from that period. If the resulting reserve would otherwise cause profits to be recognized at the issue date, additional reserves are recorded. The resulting recognition of profits would be gradual over the expected life of the contract. 36

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Reserves for fixed deferred annuities are established equivalent to the account value held on behalf of the policyholder. Reserves for indexed annuities are calculated in accordance with derivative accounting guidance which defines a host liability for return of principal and guaranteed interest, and an embedded derivative liability for funded benefits in excess of the host guarantee. Additional reserves for benefits that can exceed contract fund value, such as lifetime income riders, are determined as needed in accordance with the applicable accounting guidance. The profit recognition on deferred annuity contracts is gradual over the expected life of the contract. No immediate profit is recognized on the sale of the contract.

Key Assumptions—The following assumptions reflect our best estimates and may impact our life and annuity reserves:

•Future lapse rates will remain reasonably consistent with our current expectations;

•Mortality rates will remain reasonably consistent within standard industry mortality table ranges; and

•Future interest spreads will remain reasonably consistent with our current expectations.

Recoverability—At least annually, we test the adequacy of the net benefit reserves (policy benefit reserves less DAC) recorded for life insurance and annuity products. To perform the tests, we use our current best-estimate assumptions as to policyholder mortality, persistency, maintenance expenses and invested asset returns.

For interest-sensitive business, best-estimate assumptions are updated to reflect observed changes based on experience studies and current economic conditions. We reflect the effect of such assumption changes in DAC and reserve balances accordingly. Due to the long-term nature of many of the liabilities, small changes in certain assumptions may cause large changes in profitability. In particular, changes in estimates of the future invested asset return have a large effect on the degree of reserve adequacy and DAC recoverability.

For traditional business, a “lock-in” principle applies, whereby the assumptions used to calculate the benefit reserves and DAC are set when a policy is issued and do not change with changes in actual experience. These include margins for adverse deviation in the event that actual experience differs from the original assumptions.

Health Liability for Unpaid Claims

Health liabilities for unpaid claims are established using the following methods:

Completion Factor Approach—This method assumes that the historical claim patterns will be an accurate representation of unpaid claim liabilities. An estimate of the unpaid claims is calculated by subtracting period-to-date paid claims from an estimate of the ultimate “complete” payment for all incurred claims in the period. Completion factors are calculated which “complete” the current period-to-date payment totals for each incurred month to estimate the ultimate expected payout.

Tabular Claims Reserves—This method is used to calculate the reserves for long-term care and disability income blocks of business. These reserves rely on published valuation continuance tables created using industry experience regarding assumptions of continued morbidity and subsequent recovery. Reserves are calculated by applying these continuance tables, along with appropriate company experience adjustments, to the stream of contractual benefit payments. These expected benefit payments are discounted at the required interest rate.

Future Policy Benefits—Reserves are equal to the aggregate of the present value of expected future benefit payments, less the present value of expected future premiums. Morbidity and termination assumptions are based on our experience or published valuation tables when available and appropriate.

Premium Deficiency Reserves—Deficiency reserves are established when the expected future claim payments and expenses for a classification of policies are in excess of the expected premiums for these policies. The determination of a deficiency reserve takes into consideration the likelihood of premium rate increases, the timing of these increases, future net investment income, and the expected benefit utilization patterns. We have established premium deficiency reserves for portions of the major medical business and the long-term care business that are in run-off. The assumptions and methods used to determine the deficiency reserves are reviewed periodically for reasonableness, and the reserve amount is monitored against emerging losses.37

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Property and Casualty Liability for Unpaid Claims and Claim Adjustment Expenses

Liability for unpaid claims and Claim Adjustment Expense (“CAE”)—Property and casualty liability for unpaid claims and CAE are established to provide for the estimated cost of settling and paying both reported as well as IBNR claims. The two major categories of CAE are defense and cost containment expense, and adjusting and other expense. The details of property and casualty liability for unpaid claims are shown below (in thousands):

December 31, 2020

December 31, 2019

December 31, 2021

December 31, 2020

Gross

Ceded

Net

Gross

Ceded

Net

Case

~~628~~673,~~729~~929

6071,~~081~~408

~~568~~602,~~648~~521

~~656~~628,~~367~~729

6260,~~543~~081

~~593~~568,~~824~~648

IBNR

~~518~~549,~~358~~223

3237,~~926~~788

~~485~~511,~~432~~435

~~449~~518,~~718~~358

2532,~~826~~926

~~423~~485,~~892~~432

Total

1,~~147~~223,~~087~~152

93109,~~007~~196

1,~~054~~113,~~080~~956

1,~~106~~147,~~085~~087

8893,~~369~~007

1,~~017~~054,~~716~~080

Case Reserves—Reserves for reported losses are determined on either a judgment or a formula basis, depending on the timing and type of the loss. The formula reserve is a fixed amount for each claim of a given type based on historical paid loss data for similar claims with a provision for claim inflation. Judgment reserve amounts replace initial formula reserves and are set for each loss based on facts and circumstances of each case and the expectation of damages. We regularly monitor the adequacy of reserves on a case-by-case basis and change the amount of such reserves as necessary.

IBNR—IBNR liabilities are estimated based on many variables including historical statistical information, inflation, legal environment, economic conditions, trends in claim severity and frequency as well as other factors affecting the adequacy of claim reserves. Loss and premium data is aggregated by exposure class and by accident year. IBNR liabilities are estimated by projecting ultimate losses on each class of business and subtracting paid losses and case reserves. Our overall reserve practice provides for ongoing claims evaluation and adjustment based on the development of related data and other relevant information pertaining to claims. Adjustments in aggregate reserves, if any, are included in the results of operations for the period during which such adjustments are made.

The property and casualty liabilities for unpaid claims are established to recognize future development on reported losses for each line of business. The estimation of these amounts is subject to significant uncertainty due to the volatile nature of property and casualty insurance liabilities. The estimation process is based significantly on the assumption that past developments are an appropriate predictor of future events and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. See the following paragraphs as well as Part II, Item 8, Financial Statements and Supplementary Data — Note 12, Liability for Unpaid Claims and Claim Adjustment Expenses, of the Notes to the Consolidated Financial Statements for additional information.

The evaluation process to determine liability for unpaid claims involves the collaboration of underwriting, claims and actuarial departments. The process also includes consultation with independent actuarial firms as part of our process of gaining reassurance that claims and CAE liability estimate sufficiently, all obligations arising from all losses incurred as of year-end.

Premium Deficiency Reserve—Deficiency reserves are recorded when the expected claims payments and policy maintenance costs for a product line exceed the expected premiums for that product line. The estimation of a deficiency reserve considers the current profitability of a product line using anticipated claims, CAE, and policy maintenance costs. The assumptions and methods used to determine the need for deficiency reserves are reviewed periodically for reasonableness. There were no reserves of this type at December 31, ~~2020~~2021 and December 31, ~~2019~~2020, respectively.

3638

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Property and Casualty Reserving Methodology—The following methods are utilized:

•Initial Expected Loss Ratio—This method calculates an estimate of ultimate losses by applying an estimated loss ratio to actual earned premium for each calendar/accident year. This method is appropriate for classes of business where the actual paid or reported loss experience is not yet mature enough to influence initial expectations of the ultimate loss ratios.

•Pegged Frequency and Severity—This method uses actual claims count data and emergence patterns of older accident periods to project the ultimate number of reported claims for a given accident year. A similar process projects the ultimate average severity per claim so that the product of the two projections results in a projection of ultimate loss for a given accident year.

•Bornhuetter-Ferguson—This method uses, as a starting point, either an assumed Initial Expected Loss Ratio Method or Pegged Frequency and Severity method and blends in the loss ratio or frequency and severity implied by the claims experience to date by using loss development patterns based on our historical experience. This method is generally appropriate where there are few reported claims and an unstable pattern of reported losses.

•Loss or Expense Development (Chain Ladder)—This method uses actual loss or defense and cost containment expense data and the historical development profiles on older accident periods to project more recent, less developed periods to their ultimate total. This method is appropriate when there is a relatively stable pattern of loss and expense emergence and a relatively large number of reported claims.

•Ratio of Paid Defense and Cost Containment Expense to Paid Loss Development—This method uses the ratio of paid defense and cost containment expense to paid loss data and the historical development profiles on older accident periods to project more recent, less developed periods to their ultimate total. In this method, an ultimate ratio of paid defense and cost containment expense to paid loss is selected for each accident period. The selected paid defense and cost containment expense to paid loss ratio is then applied to the selected ultimate loss for each accident period to estimate the ultimate defense and cost containment expense. Paid defense and cost containment expense is then subtracted from the ultimate defense and cost containment expense to calculate the unpaid defense and cost containment expense for that accident period.

•Calendar Year Paid Adjusting and Other Expense to Paid Loss—This method uses a selected prior calendar years’ paid expense to paid loss ratio to project ultimate loss adjustment expenses for adjusting and other expense. A percentage of the selected ratio is applied to the case reserves (depending on the line of insurance) and 100% to the indicated IBNR reserves. These ratios assume that a percentage of the expense is incurred when a claim is opened and the remaining percentage is paid throughout the claim's life.

The basis of our selected single point best estimate on a particular line of business is often a blended result from two or more methods (e.g. weighted averages). Our estimate is highly dependent on actuarial and management judgment as to which method(s) is most appropriate for a particular accident year and class of business. Our methodology changes over time, as new information emerges regarding underlying loss activity and other factors.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Key Assumptions—The following assumptions reflect our best estimates and may impact our property and casualty reserves:

•The expected loss development patterns, estimated primarily using our historical loss experience;

•The expected loss ratios, claim frequency and severity, estimated primarily using our historical loss experience;

•Consistent claims handling, reserving and payment processes;

•No unusual growth patterns or unexpected changes in the mix of business; and

•No significant prospective changes in laws that would significantly affect future payouts.

Management believes our reserves at December 31, ~~2020~~2021 are adequate. New information, regulation, events or circumstances unknown at the original valuation date, however, may result in future development resulting in ultimate losses being significantly greater or less than the recorded reserves at December 31, ~~2020~~2021.

~~Deferred Policy Acquisition Costs~~39

We had a DAC asset of approximately $1.4 billion and $1.4 billion at December 31, 2020 and 2019, respectively. See Note 10, Deferred Policy Acquisition Costs, of the Notes to the Consolidated Financial Statements for additional details.

We believe the estimates used in our DAC calculations provide insight into how variations in assumptions and estimates would affect our business. The following table displays the sensitivity of reasonably likely changes in assumptions in the DAC amortization for our long-duration business at December 31, 2020 (in thousands):

	Increase (Decrease) in DAC
Increase in future investment margins of 25 basis points	$	47,856
Decrease in future investment margins of 25 basis points	(54,304)
Decrease in future life mortality by 1%	1,768
Increase in future life mortality by 1%	(1,702)

Reinsurance

We manage our insurance underwriting risk exposures by purchasing reinsurance. We manage counterparty risk by entering into agreements with reinsurers we consider creditworthy, generally measured by the individual entity or entities’ financial strength rating. However, we do require a specified minimum rating by a NRSRO. We monitor the concentrations of the reinsurers and reduce the participation percentage of lower-rated and unrated companies when appropriate in our judgment. While we believe we currently have no significant credit risk related to reinsurance counterparties, we continue to monitor their financial condition.

Some of our reinsurance contracts contain clauses that allow us to terminate the participation with reinsurers whose ratings are downgraded. Information used in our risk assessment is comprised of industry ratings, recent news and reports, and a limited review of financial statements. We also may require reinsurers not licensed in our state of domicile or with whom we have limited experience, to provide letters of credit, trust agreements, or cash advances to fund their share of reserves.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Deferred Policy Acquisition Costs (DAC)

We had a DAC asset of approximately $1.5 billion and $1.4 billion at December 31, 2021 and 2020, respectively. See Part II, Item 8, Financial Statements and Supplementary Data — Note 10, Deferred Policy Acquisition Costs, of the Notes to the Consolidated Financial Statements for additional details.


	Increase (Decrease) in DAC
Increase in future investment margins of 25 basis points	$	50,772
Decrease in future investment margins of 25 basis points	(57,127)
Decrease in future life mortality by 1%	2,189
Increase in future life mortality by 1%	(2,258)

Allowance for Credit Losses

On January 1, 2020, we adopted ASC 326, Financial Instruments—Credit Losses, accounting guidance related to the allowance for credit losses. ~~Refer to Note 3, Recently Issued Accounting Pronouncements, of the Notes to the Consolidated Financial Statements in Item 8.~~ The new standard significantly ~~changes~~changed how entities measure credit losses for most financial assets and reinsurance recoverables that are not measured at fair value through net income. The guidance ~~replaces~~replaced the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. Refer to Part II, Item 8, Financial Statements and Supplementary Data — Note 4, Investment in Securities, and Note 5, Mortgage Loans, of the Notes to the Consolidated Financial Statements ~~in Item 8~~ for further discussion of the accounting policies and methodologies for establishing the allowance for credit losses.

The accounting estimates relating to the allowance for credit losses over financial assets held at amortized cost have been evaluated and monitored since adoption and management has deemed these estimates to be critical for the following reasons:

•Changes in the provision for credit losses can be material to the financial position and results of operations for the Company;

•Estimates relating to the allowance for credit losses require us to project future cash flows, delinquencies, collateral values, occupancy rates, prepayments based on a reasonable and supportable forecast in order to estimate probability of default and the loss given default;

•The allowance for credit losses is also affected by factors outside of our control including, but not limited to, market volatility, deterioration in the credit or prospects of companies and governmental entities, political uncertainty, industry trends, pandemics, and trends in interest rates; and

•Management judgment is required to determine which models, methodologies, and scenario conditions are used to calculate the allowance for credit losses to produce a reasonable estimate that encompasses the expected lifetime credit losses.

Since our estimate for the allowance for credit losses relies on management judgment and is sensitive to factors outside of our control, as noted above, there are inherent uncertainties within the estimates. As a result, the changes in the allowance for credit losses could materially impact our consolidated financial statements.

~~Valuation of Financial Instruments~~40

The fair value of available-for-sale fixed maturity and equity securities is determined by management using one of the three primary sources of information: the quoted prices in active markets; third-party pricing services; or independent broker quotations. Estimated fair value of securities based on quoted prices in active markets is readily and regularly available; therefore, valuation of these securities generally does not involve management judgment. For securities without quoted prices, fair value measurement is determined using third-party pricing services’ proprietary pricing applications. Typical inputs used by the models are relevant market information, benchmark curves, benchmark pricing of like securities, sector groupings and matrix pricing. Any securities remaining unpriced after utilizing the first two pricing methods are submitted to independent brokers for prices. We have analyzed the third-party pricing services and independent brokers’ valuation methodologies and related inputs, and have evaluated the various types of securities in our investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Management completes certain tests throughout the year and at year-end to determine that prices provided by our pricing services are reasonable.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Valuation of Financial Instruments

The fair value of available-for-sale fixed maturity and equity securities is determined by management using one of the three primary sources of information: the quoted prices in active markets, third-party pricing services, or independent broker quotations. Estimated fair value of securities based on quoted prices in active markets is readily and regularly available; therefore, valuation of these securities generally does not involve management judgment. For securities without quoted prices, fair value measurement is determined using third-party pricing services’ proprietary pricing applications. Typical inputs used by the models are relevant market information, benchmark curves, benchmark pricing of like securities, sector groupings and matrix pricing. Any securities remaining unpriced after utilizing the first two pricing methods are submitted to independent brokers for prices. We have analyzed the third-party pricing services and independent brokers’ valuation methodologies and related inputs, and have evaluated the various types of securities in our investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Management completes certain tests throughout the year and at year-end to determine that prices provided by our pricing services are reasonable.

The Company sells equity-indexed universal life and equity-indexed deferred annuity contracts with guaranteed minimum benefits, some of which contain embedded derivatives that are required to be bifurcated from a host reserve, separately accounted for, and measured at fair value. We utilize over-the-counter equity options to hedge our exposure to equity-indexed universal life and equity-indexed deferred annuity benefits, and the fair values for these options are sourced from broker quotations. Accounting guidance requires a fair value calculation as part of equity-indexed policy reserves. This is called the value of embedded derivative ("VED") and the other part of the indexed policy reserve is called the host reserve. The embedded derivative represents future benefit cash flows in excess of the minimum guarantee cash flows. The host covers the minimum guarantee cash flows. Both the VED and the host reserve are calculated by a vendor-sourced reserve valuation system. The VED calculation model incorporates assumptions related to current option pricing (such as implied volatility and interest rates), future policyholder behavior (such as surrenders and withdrawals), and factors affecting the value of future indexed interest periods (such as option budgets). These assumptions are evaluated annually by management with any changes in the estimated fair value resulting in a cumulative charge or credit to income from operations.

Pension and Postretirement Benefit Plans

The Company has frozen each of its defined benefit pension plans. Our pension and postretirement benefit obligations and related costs covering our employees are estimated using actuarial concepts in accordance with the relevant accounting guidance. The discount rate and the expected return on plan assets are important elements of expense and/or liability measurements. Each year, these key assumptions are reevaluated to determine whether they reflect the best estimates for the current period. Changes in the methodology used to determine the best estimates are made when facts or circumstances change. Other assumptions involve demographic factors such as retirement age, mortality and turnover. The expected long-term rate of return on plan assets is determined by a modeling method utilizing several factors which is described further in Item 8, Financial Statements and Supplementary Data, Notes to the Consolidated Financial Statements, Note 2, Summary of Significant Accounting Policies and Practices, Pension and Postretirement Benefit Plans. See Item 8, Financial Statements and Supplementary Data, Notes to the Consolidated Financial Statements, Note 18, Pension and Postretirement Benefits for additional details.

Litigation Contingencies

Based on information currently available, we believe that amounts ultimately paid, if any, arising from existing and currently potential litigation would not have a material effect on our results of operations and financial condition. However, it should be noted that the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs, continues to create the potential for an unpredictable judgment in any given lawsuit. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than we anticipate, the resulting liability could have a material impact on the consolidated financial statements.

40Segments

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Consolidated Results of Operations

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

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

PREMIUMS AND OTHER REVENUES

Premiums

2,~~218~~301,~~074~~053

2,~~182~~218,~~794~~074

2,~~228~~182,~~193~~794

3582,~~280~~979

~~(45~~35,~~399)~~280

Other policy revenues

~~310~~359,~~746~~707

~~305~~310,~~256~~746

~~285~~305,~~549~~256

548,~~490~~961

195,~~707~~490

Net investment income

~~933~~1,~~685~~171,654

1976,~~077,406~~152

~~858~~1,~~367~~180,907

~~(143~~195,~~721)~~502

~~219~~(204,~~039~~755)

Net realized investment gains

3564,~~660~~628

3035,~~751~~660

1630,~~931~~751

428,~~909~~968

134,~~820~~909

Change in investment credit loss

(102,603)

—

(102,603)

—

(Increase) decrease in investment credit loss

28,778

(102,603)

—

131,381

(102,603)

Net gains (losses) on equity securities

356,281

422,535

(107,188)

(66,254)

529,723

Net gains on equity securities

420,283

356,281

422,535

64,002

(66,254)

Other income

4045,~~556~~688

5140,~~401~~556

4451,~~530~~401

~~(10~~5,~~845)~~132

6(10,~~871~~845)

Total premiums and other revenues

34,~~792~~391,~~399~~791

43,~~070~~834,~~143~~866

34,~~326~~173,~~382~~644

~~(277~~556,~~744)~~925

~~743~~(338,~~761~~778)

BENEFITS, LOSSES AND EXPENSES

Policyholder benefits

~~748~~755,~~083~~655

~~667~~748,~~828~~083

~~708~~667,~~313~~828

807,~~255~~572

~~(40~~80,~~485)~~255

Claims incurred

1,~~121~~192,~~742~~155

1,~~151~~121,~~166~~742

1,~~171~~151,~~659~~166

~~(29~~70,~~424)~~413

(2029,~~493~~424)

Interest credited to policyholders’ account balances

~~321~~448,~~042~~654

~~511~~321,~~999~~042

~~315~~511,~~684~~999

~~(190~~127,~~957)~~612

~~196~~(190,~~315~~957)

Commissions for acquiring and servicing policies

~~553~~640,~~600~~097

~~532~~553,~~634~~600

~~564~~532,~~054~~634

2086,~~966~~497

~~(31~~20,~~420)~~966

Other operating expenses

~~515~~571,~~413~~869

~~524~~515,~~888~~413

~~497~~524,~~011~~888

(956,~~475)~~456

27(9,~~877~~475)

Change in deferred policy acquisition costs (1)

(579,~~678~~632)

(125,~~749~~678)

(7112,~~497~~749)

7(73,~~071~~954)

587,~~748~~071

Total benefits, losses and expenses

3,~~254~~528,~~202~~798

3,~~375~~254,~~766~~202

3,~~185~~375,~~224~~766

~~(121~~274,~~564)~~596

~~190~~(121,~~542~~564)

Income before federal income taxes and other items

~~538~~862,~~197~~993

~~694~~580,~~377~~664

~~141~~797,~~158~~878

~~(156~~282,~~180)~~329

~~553~~(217,~~219~~214)

(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 ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

Earnings ~~decreased~~increased primarily due to the following:

•AAn ~~decrease~~increase in net ~~gains~~investment onincome ~~equity~~driven ~~securities~~by ~~resulting~~increases from ~~less~~investment ~~favorable~~funds ~~market~~and ~~conditions~~mortgage loan profit participation and prepayment income

•AnA ~~increase~~favorable change in ~~the~~investment ~~allowance for~~ credit ~~losses~~loss due to ~~the~~improvement ~~economic~~in ~~disruptions~~our ~~caused~~commercial mortgage loans driven by ~~the~~improvement ~~COVID-19~~in ~~pandemic~~cash flows and a positive economic outlook from our properties, and improving conditions in travel and leisure

The ~~decrease~~increase in earnings was partially offset by the following:

•AnA ~~improvement~~decrease in Life segment earnings ~~from~~driven ~~our~~by ~~Property~~an ~~and~~overall ~~Casualty~~increase ~~segment~~in ~~primarily~~mortality ~~from~~which ~~our~~includes ~~personal~~claims ~~auto~~directly ~~products~~and indirectly attributable to COVID-19

41•A decrease in Property and Casualty segment earnings driven by an increase in net catastrophe losses and higher claim frequency in our personal automobile products as miles driven have increased

•An increase in operating expenses primarily due to Merger-related expenses of $21.5 million

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ITEM 7. 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):

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

PREMIUMS AND OTHER REVENUES

Premiums

~~396~~412,~~099~~769

~~359~~396,~~419~~099

~~350~~359,~~012~~419

3616,~~680~~670

936,~~407~~680

Other policy revenues

~~295~~336,~~263~~136

~~288~~295,~~061~~263

~~270~~288,~~839~~061

740,~~202~~873

177,~~222~~202

Net investment income

~~261~~277,~~389~~962

~~263~~261,~~788~~389

~~233~~263,~~181~~788

(216,~~399)~~573

30(2,~~607~~399)

Other income

21,~~084~~577

12,~~967~~084

21,~~266~~967

~~117~~(507)

~~(299)~~117

Total premiums and other revenues

~~954~~1,~~835~~028,444

~~913~~954,~~235~~835

~~856~~913,~~298~~235

4173,~~600~~609

5641,~~937~~600

BENEFITS, LOSSES AND EXPENSES

Policyholder benefits

~~533~~605,~~925~~724

~~449~~533,~~252~~925

~~417~~449,~~702~~252

8471,~~673~~799

3184,~~550~~673

Interest credited to policyholders’ account balances

7584,~~943~~005

8075,~~950~~943

5480,~~249~~950

(58,~~007)~~062

26(5,~~701~~007)

Commissions for acquiring and servicing policies

~~167~~186,~~548~~470

~~162~~167,~~203~~548

~~158~~162,~~657~~203

518,~~345~~922

35,~~546~~345

Other operating expenses

~~182~~195,~~395~~127

~~190~~182,~~104~~395

190,~~835~~104

(712,~~709)~~732

(~~731~~7,709)

Change in deferred policy acquisition costs (1)

(5350,~~756~~134)

(2653,~~036~~756)

(3326,~~893~~036)

~~(27~~3,~~720)~~622

7(27,~~857~~720)

Total benefits, losses and expenses

~~906~~1,~~055~~021,192

~~856~~906,~~473~~055

~~787~~856,~~550~~473

49115,~~582~~137

6849,~~923~~582

Income before federal income taxes and other items

487,~~780~~252

5648,~~762~~780

6856,~~748~~762

(741,~~982~~528)

(117,~~986~~982)

(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 ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

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

•An overall increase in mortality ~~primarily~~which ~~from~~includes ~~deaths~~claims ~~we believe are~~ directly and indirectly attributable to COVID-19

The decrease in earnings was partially offset by the following:

•~~Better~~Strong persistency, resulting in an increase in premiums and other policy revenues

~~•Lower DAC amortization driven by better persistency~~43

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ITEM 7. 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):

	Years ended December 31,						Change over prior year
	2020		2019		2018		2020		2019
	2021		2020		2019		2021		2020
Traditional Life	$	6264,~~044~~178	$	5662,~~681~~044	$	5756,~~714~~681	$	52,~~363~~134	$	(15,~~033)~~363
Universal Life	2832,~~900~~989		28,~~673~~900		2528,~~270~~673		~~227~~4,089		~~3,403~~227
Indexed UL	3036,~~643~~333		3630,~~906~~643		3336,~~543~~906		(65,~~263)~~690		3(6,~~363~~263)
Total Recurring	121,587		122,260		116,527		(673)		5,733
Total recurring	133,500		121,587		122,260		11,913		(673)
Single and excess (1)	12,~~509~~097		21,~~193~~509		32,~~336~~193		~~(684)~~588		(~~1,143~~684)
Credit life (1)	87,~~140~~714		108,~~723~~140		810,~~076~~723		(~~2,583~~426)		(2,~~647~~583)
Total annualized premium	$	~~131~~143,~~236~~311	$	~~135~~131,~~176~~236	$	~~127~~135,~~939~~176	$	(312,~~940)~~075	$	7(3,~~237~~940)

(1)~~These~~Weighted ~~are weighted~~ amounts ~~representing~~with ~~10% of~~ single and excess premiums. counted at 10%

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 ~~decreased~~increased 9.2% during the twelve months ended December 31, ~~2020~~2021 compared to ~~2019~~2020 ~~primarily~~as ~~due~~new tolife ~~lower Indexed Universal Life and Credit Life~~ sales ~~which~~rebounded wefrom ~~believe was due to~~ the ~~economic uncertainty from~~ COVID-19 economic uncertainties and social distancing practices ~~related~~during ~~to the pandemic~~2020.

Policy In-force Information

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

	December 31,						Change over prior year
	2020		2019		2018		2020		2019
	2021		2020		2019		2021		2020
Life insurance in-force
Traditional life	$	9198,~~920~~142,~~577~~544	$	8491,~~129~~920,~~193~~577	$	7884,~~872~~129,~~533~~193	$	76,~~791~~221,~~384~~967	$	57,~~256~~791,~~660~~384
Interest-sensitive life	3638,~~326~~789,~~621~~008		3336,~~975~~326,~~092~~621		3133,~~483~~975,~~582~~092		2,~~351~~462,~~529~~387		2,~~491~~351,~~510~~529
Total life insurance in-force	$	~~128~~136,~~247~~931,~~198~~552	$	~~118~~128,~~104~~247,~~285~~198	$	~~110~~118,~~356~~104,~~115~~285	$	108,~~142~~684,~~913~~354	$	710,~~748~~142,~~170~~913

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

December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

Number of policies in-force

Traditional life

1,~~832~~696,~~536~~145

1,~~911~~832,~~305~~536

21,~~016~~911,~~170~~305

(78136,~~769~~391)

(~~104~~78,~~865~~769)

Interest-sensitive life

~~269~~281,~~668~~380

~~256~~269,~~146~~668

~~243~~256,~~447~~146

1311,~~522~~712

1213,~~699~~522

Total number of policies in-force

21,~~102~~977,~~204~~525

2,~~167~~102,~~451~~204

2,~~259~~167,~~617~~451

(65124,~~247~~679)

(9265,~~166~~247)

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

4344

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

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):

	Years ended December 31,						Change over prior year
	2020		2019		2018		2020		2019
	2021		2020		2019		2021		2020
Acquisition cost capitalized	$	(~~148~~161,~~142~~898)	$	(~~139~~148,~~336~~142)	$	(~~131~~139,~~156~~336)	$	(813,~~806~~756)	$	(8,~~180~~806)
Amortization of DAC	94111,~~386~~764		~~113~~94,~~300~~386		97113,~~263~~300		~~(18~~17,~~914)~~378		16(18,~~037~~914)
Change in DAC	$	(5350,~~756~~134)	$	(2653,~~036~~756)	$	(3326,~~893~~036)	$	~~(27~~3,~~720)~~622	$	7(27,~~857~~720)

The reduction in DAC amortization relates to lower actual gross profits on the universal block due to an increase in claims and better persistency on the traditional life block.

Reinsurance

The table below summarizes reinsurance reserves and premium amounts assumed and ceded (in thousands):

	Reserves						Premiums
	Years ended December 31,						Years ended December 31,
	2020		2019		2018		2020		2019		2018
	2021		2020		2019		2021		2020		2019
Reinsurance assumed	$	12,~~067~~902	$	1,~~103~~067	$	1,~~922~~103	$	15,~~419~~035	$	~~507~~1,419	$	~~389~~507
Reinsurance ceded	(~~195~~221,~~251~~898)		(~~203~~195,~~011~~251)		(~~248~~203,~~688~~011)		(7787,~~444~~721)		(8677,~~017~~444)		(~~103~~86,~~749~~017)
Total	$	(~~194~~218,~~184~~996)	$	(~~201~~194,~~908~~184)	$	(~~246~~201,~~766~~908)	$	(7682,~~025~~686)	$	(8576,~~510~~025)	$	(~~103~~85,~~360~~510)

We use reinsurance to mitigate certain risks to the Life segment. During ~~2020~~2021, our retention limits were $5.0 million for issue ages 75 and under, and $2.0 million for issue ages 76 through 80, and $1.0 million for issue ages 81 and older for traditional and universal life. In our Life segment, we currently retain 100% of newly developed permanent and term products up to our retention limit and cede the excess. American National utilizes facultative reinsurance when a case requires support that does not follow the Company’s standard underwriting guidelines. Accidental death and premium waiver benefits are mostly retained on new business. The reduction in reinsurance ceded is due to a change in retention limits effective January 1, 2019.

For ~~2020~~2021, the companies to whom we have ceded reinsurance for the Life segment are shown below (in thousands, except percentages):

Reinsurer

A.M. ~~BestRating~~Best Rating (1)

~~CededPremium~~Ceded Premium

Percentage ~~ofGross~~of Ceded Premium

Swiss Re Life & Health of America Inc.

A+

2325,~~271~~133

30.1

SCOR Global Life Reinsurance Company of Delaware

A+

1518,~~500~~039

2021.06

Munich American Reassurance Company

A+

1413,~~117~~091

1815.27

Canada Life Reinsurance

A+

87,~~881~~543

119.50

Reinsurance Group of America

A+

5,~~437~~576

76.07

General Re Life Corporation

A++

54,~~102~~807

65.68

Other Reinsurers with no single company with greater than 5% of the total ceded premium

59,~~136~~262

611.61

Total life reinsurance ceded

7783,~~444~~451

100.0

(1)A.M. Best rating as of the most current information available February 109, ~~2021~~2022.

In addition, reinsurance is used in the credit life business primarily to provide producers of credit-related insurance products the opportunity to participate in the underwriting risk through producer-owned captive reinsurance companies often domiciled outside of the United States. A majority of the treaties entered into by our Specialty Markets Group are written on a 100% coinsurance basis with benefit limits of $0.1 million on credit life.

4445

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ITEM 7. 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):

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

PREMIUMS AND OTHER REVENUES

Premiums

9274,~~866~~925

~~147~~92,~~139~~866

~~231~~147,~~027~~139

(5417,~~273~~941)

(8354,~~888~~273)

Other policy revenues

1523,~~483~~571

1715,~~195~~483

1417,~~710~~195

(18,~~712)~~088

2(1,~~485~~712)

Net investment income

~~570~~629,~~003~~417

~~663~~570,~~895~~003

~~467~~663,~~788~~895

~~(93~~59,~~892)~~414

~~196~~(93,~~107~~892)

Other income

23,~~716~~282

2,~~727~~716

2,~~611~~727

~~(11)~~566

~~116~~(11)

Total premiums and other revenues

~~681~~731,~~068~~195

~~830~~681,~~956~~068

~~716~~830,~~136~~956

~~(149~~50,~~888)~~127

~~114~~(149,~~820~~888)

BENEFITS, LOSSES AND EXPENSES

Policyholder benefits

~~214~~149,~~158~~931

~~218~~214,~~576~~158

~~290~~218,~~611~~576

(464,~~418~~227)

(724,~~035~~418)

Interest credited to policyholders’ account balances

~~245~~364,~~099~~649

~~431~~245,~~049~~099

~~261~~431,~~435~~049

~~(185~~119,~~950)~~550

~~169~~(185,~~614~~950)

Commissions for acquiring and servicing policies

5598,~~910~~842

7155,~~350~~910

9471,~~879~~350

~~(15~~42,~~440)~~932

(2315,~~529~~440)

Other operating expenses

4853,~~359~~379

5048,~~507~~359

4650,~~859~~507

(25,~~148)~~020

3(2,~~648~~148)

Change in deferred policy acquisition costs (1)

48(22,~~298~~838)

948,~~474~~298

~~(35~~9,~~135)~~474

38(71,~~824~~136)

4438,~~609~~824

Total benefits, losses and expenses

~~611~~643,~~824~~963

~~780~~611,~~956~~824

~~658~~780,~~649~~956

~~(169~~32,~~132)~~139

~~122~~(169,~~307~~132)

Income before federal income taxes and other items

6987,~~244~~232

5069,~~000~~244

5750,~~487~~000

1917,~~244~~988

(719,~~487)~~244

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

Comparison of the ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

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

•~~Due~~An toincrease ~~a change~~ in ~~estimate~~net ininvestment ~~the~~income ~~fourth~~due ~~quarter of 2020 related~~ to ~~our~~higher ~~equity~~option ~~indexed~~gains ~~annuity~~resulting products, policyholder benefits increased by $47.1 million and deferred policy acquisition costs increased by $26.3 million. Offsetting these increases, interest credited to policyholders' account balances was reduced by $96.4 million. The net impact of this change in estimate was an increase of $23.0 million to earnings from ~~our~~favorable ~~annuity~~market ~~segment in 2020~~conditions

•A favorable mark-to-market impact to equity-indexed annuity reserves primarily due to higher treasury 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 previous expectations

The increase in earnings was partially offset by the following:

•AnA ~~increase~~change in ~~reserves~~estimate ~~for~~in the fourth quarter of 2020 related to our equity-indexed annuity products ~~due~~that toresulted ~~mark-to-market~~in ~~based~~an ~~adjustments~~increase ~~attributable~~of $23.0 million in earnings from our Annuity segment. The impacts of the change in estimate consist of an increase to ~~lower~~policyholder benefits of $47.1 million, deferred policy acquisition costs of $26.3 million and a reduction in interest ~~rates~~credited to policyholders' account balances of $96.4 million

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

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

Fixed deferred annuity

~~366~~920,~~384~~541

~~944~~366,~~128~~384

~~399~~944,~~102~~128

~~(577~~554,~~744)~~157

~~545~~(577,~~026~~744)

Single premium immediate annuity

~~125~~90,~~175~~336

~~203~~125,~~314~~175

~~278~~203,~~402~~314

(7834,~~139~~839)

(7578,~~088~~139)

Equity-indexed deferred annuity

~~394~~793,~~178~~068

~~330~~394,~~744~~178

~~858~~330,~~283~~744

63398,~~434~~890

~~(527~~63,~~539)~~434

Variable deferred annuity

6062,~~279~~719

6960,~~178~~279

6469,~~907~~178

(82,~~899)~~440

4(8,~~271~~899)

Total premium and deposits

~~946~~1,~~016~~866,664

1946,~~547,364~~016

1,~~600~~547,~~694~~364

~~(601~~920,~~348)~~648

(53601,~~330~~348)

Less: Policy deposits

~~853~~1,~~150~~791,739

1853,~~400,225~~150

1,~~369~~400,~~667~~225

~~(547~~938,~~075)~~589

30(547,~~558~~075)

Total earned premiums

9274,~~866~~925

~~147~~92,~~139~~866

~~231~~147,~~027~~139

(5417,~~273~~941)

(8354,~~888~~273)

Annuity premiums and deposits ~~decreased~~increased primarily for equity-indexed and fixed deferred products during the year ended December 31, ~~2020~~2021 compared to ~~2019.~~2020 ~~The~~reflecting ~~low~~improved ~~interest~~competitiveness ~~rate~~of ~~environment~~the ~~and~~product. ~~choices~~The wedecrease ~~made~~in onearned ~~setting~~premium ~~crediting~~is ~~rates,~~due ~~coupled with the economic impact attributable~~ to ~~COVID-19~~a ~~resulted~~decline in ~~lower~~single ~~sales~~premium ofannuity ~~fixed deferred annuities during the year ended December 31, 2020~~sales.

4546

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

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):

	Years ended December 31,						Change over prior year
	2020		2019		2018		2020		2019
	2021		2020		2019		2021		2020
Acquisition cost capitalized	$	(5599,~~411~~971)	$	(7055,~~272~~411)	$	(9270,~~602~~272)	$	14(44,~~861~~560)	$	2214,~~330~~861
Amortization of DAC	~~103~~77,~~709~~133		79103,~~746~~709		5779,~~467~~746		23(26,~~963~~576)		2223,~~279~~963
Change in DAC	$	48(22,~~298~~838)	$	948,~~474~~298	$	~~(35~~9,~~135)~~474	$	38(71,~~824~~136)	$	4438,~~609~~824

The change in ~~amortization~~acquisition ~~was~~costs ~~primarily~~capitalized ~~due~~relates to aincreased commissions from sales. The change in ~~estimates~~amortization ~~related~~of DAC includes the unlocking of assumptions to our equity -indexed annuities. Aslargely offset by the effects of increases in interest rates, and as mentioned above, the change in estimate related to our equity -indexed annuities resulted in a $26.3 million increase in the amortization of DAC. ~~The change~~ in ~~acquisition costs capitalized strongly correlated with the change in commissions, which declined due to lower sales~~2020.

Shown below are the changes in ~~reserves~~reserve (in thousands):

Years ended December 31,

2020

2019

2018

2021

2020

2019

Fixed deferred annuity

Reserve, beginning of period

6,~~893~~635,~~174~~203

6,~~773~~893,~~603~~174

76,~~108~~773,~~254~~603

Premiums

~~366~~920,~~384~~541

~~944~~366,~~128~~384

~~399~~944,~~102~~128

Death and other benefits

(~~215~~234,~~330~~912)

(~~237~~215,~~346~~330)

(~~304~~237,~~721~~346)

Surrenders

(~~594~~484,~~253~~048)

(~~787~~594,~~617~~253)

(~~622~~787,~~436~~617)

Fees

(~~968~~1,557)

(~~2,616~~968)

(2,~~980~~616)

Interest and mortality

~~186~~184,~~196~~060

~~203~~186,~~022~~196

~~196~~203,~~384~~022

Reserve, end of period

67,~~635~~019,~~203~~287

6,~~893~~635,~~174~~203

6,~~773~~893,~~603~~174

Equity-indexed annuity

Reserve, beginning of period

34,~~985~~097,~~165~~012

3,~~668~~985,~~645~~165

23,~~934~~668,~~430~~645

Premiums

~~394~~793,~~178~~068

~~330~~394,~~744~~178

~~858~~330,~~283~~744

Death and other benefits

(4857,~~451~~070)

(4048,~~670~~451)

(40,~~678~~670)

Surrenders

(~~331~~298,~~359~~181)

(~~193~~331,~~957~~359)

(~~140~~193,~~742~~957)

Fees

(23,~~990~~358)

(32,~~640~~990)

(3,~~843~~640)

Interest and mortality

~~100~~176,~~469~~620

~~224~~100,~~043~~469

61224,~~195~~043

Reserve, end of period

4,~~097~~708,~~012~~091

34,~~985~~097,~~165~~012

3,~~668~~985,~~645~~165

Single premium immediate annuity

Reserve, beginning of period

1,~~874~~851,~~942~~955

1,~~826~~874,~~137~~942

1,~~691~~826,~~502~~137

Premiums

~~125~~90,~~175~~336

~~203~~125,~~314~~175

~~278~~203,~~402~~314

Payments

(~~218~~203,~~469~~115)

(~~216~~218,~~782~~469)

(~~204~~216,~~067~~782)

Interest and mortality

7060,~~307~~767

6270,~~273~~307

6062,~~300~~273

Reserve, end of period

1,~~851~~799,~~955~~943

1,~~874~~851,~~942~~955

1,~~826~~874,~~137~~942

Variable deferred annuity

Account value, beginning of period

385,735

332,898

381,903

Reserve, beginning of period

418,508

385,735

332,898

Premiums

6062,~~279~~719

6960,~~178~~279

6469,~~907~~178

Other flows

~~1,356~~614

~~(97)~~1,356

~~562~~(97)

Surrenders

(8779,~~068~~465)

(8587,~~994~~068)

(9285,~~198~~994)

Fees

(45,~~479~~262)

(4,~~703~~479)

(4,~~431~~703)

Change in market value and other

6258,~~685~~036

7462,~~453~~685

~~(17~~74,~~845)~~453

Reserve, end of period

~~418~~455,~~508~~150

~~385~~418,~~735~~508

~~332~~385,~~898~~735

Total reserve, end of period

13,~~002~~982,~~678~~471

13,~~139~~002,~~016~~678

1213,~~601~~139,~~283~~016

4647

Table of Contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Interest and Mortality Margin

~~Equity~~Margins ~~indexed~~decreased ~~annuity~~for ~~change~~fixed inannuities ~~estimates~~over ~~during~~ the ~~fourth~~past ~~quarter~~two ofyears ~~2020~~due ~~resulted~~to indeclining aportfolio ~~reduction~~rates ofand ~~interest~~increased ~~credited~~for indexed annuities in 2020 due to ~~policyholder's~~the byaforementioned ~~$96~~change in estimate.4 ~~million~~The ~~partially~~increased ~~offset~~margin byfor aindexed ~~$47.1~~annuities ~~million~~was ~~increase~~sustained in ~~policyholder~~2021 ~~benefits,~~due ~~combining~~to ~~for~~the afavorable ~~net~~impact ~~increase~~ of ~~$49.3~~increases ~~million~~ in ~~interest~~treasury ~~and~~rates ~~mortality~~on ~~margin~~mark-to-market reserves. The following table summarizes the interest margin due to the impact of the investment performance, ~~net of~~ interest credited to policyholder’s account balances, and the ~~net~~end ~~cost~~ of ~~mortality~~period ~~related~~assets ~~reserves~~measured by account balance (in thousands):

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

Fixed annuity

Fixed investment income

~~369~~352,~~795~~392

~~384~~369,~~700~~795

~~380~~384,~~806~~700

(1417,~~905~~403)

3(14,~~894~~905)

Interest credited and mortality

(~~256~~244,~~503~~827)

(~~265~~256,~~295~~503)

(~~256~~265,~~684~~295)

811,~~792~~676

(8,~~611)~~792

Interest and mortality margin

~~113~~107,~~292~~565

~~119~~113,~~405~~292

~~124~~119,~~122~~405

(65,~~113~~727)

(46,~~717~~113)

Equity-indexed annuity

Fixed investment income

~~160~~174,~~271~~479

~~152~~160,~~101~~271

~~135~~152,~~595~~101

814,~~170~~208

168,~~506~~170

Option return

39102,~~937~~546

~~127~~39,~~094~~937

~~(48~~127,~~613)~~094

~~(87~~62,~~157)~~609

~~175~~(87,~~707~~157)

Interest credited and mortality

(~~100~~176,~~469~~620)

(~~224~~100,~~043~~469)

(61224,~~195~~043)

~~123~~(76,~~574~~151)

~~(162~~123,~~848)~~574

Interest and mortality margin

99100,~~739~~405

5599,~~152~~739

2555,~~787~~152

~~44,587~~666

2944,~~365~~587

Variable annuity

Separate account management fees

45,~~164~~073

4,~~122~~164

4,~~164~~122

42909

(42)

Interest and mortality margin

45,~~164~~073

4,~~122~~164

4,~~164~~122

42909

(42)

Total interest and mortality margin

~~217~~213,~~195~~043

~~178~~217,~~679~~195

~~154~~178,~~073~~679

38(4,~~516~~152)

2438,~~606~~516

4748

Table of Contents

ITEM 7. 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):

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

PREMIUMS AND OTHER REVENUES

Premiums

~~168~~143,~~805~~484

~~165~~168,~~035~~805

~~180~~165,~~414~~035

3(25,~~770~~321)

~~(15~~3,~~379)~~770

Net investment income

8,~~637~~153

98,~~467~~637

9,~~376~~467

(~~830~~484)

91(830)

Other income

1921,~~598~~743

2019,~~762~~598

2420,~~185~~762

(12,~~164)~~145

(31,~~423~~164)

Total premiums and other revenues

~~197~~173,~~040~~380

~~195~~197,~~264~~040

~~213~~195,~~975~~264

1(23,~~776~~660)

~~(18~~1,~~711)~~776

BENEFITS, LOSSES AND EXPENSES

Claims incurred

~~116~~98,~~122~~029

~~109~~116,~~013~~122

~~122~~109,~~547~~013

7(18,~~109~~093)

~~(13~~7,~~534)~~109

Commissions for acquiring and servicing policies

3024,~~182~~231

3130,~~624~~182

3231,~~516~~624

(15,~~442~~951)

(~~892~~1,442)

Other operating expenses

3942,~~265~~284

4139,~~475~~265

41,~~819~~475

(23,~~210)~~019

(~~344~~2,210)

Change in deferred policy acquisition costs (1)

~~(307)~~3,537

~~1,382~~(307)

21,~~846~~382

(13,~~689)~~844

(1,~~464~~689)

Total benefits, losses and expenses

~~185~~168,~~262~~081

~~183~~185,~~494~~262

~~199~~183,~~728~~494

1(17,~~768~~181)

~~(16~~1,~~234)~~768

Income before federal income taxes and other items

115,~~778~~299

11,~~770~~778

1411,~~247~~770

8(6,479)

~~(2,477)~~8

(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 ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

Earnings for our Health segment ~~remained~~decreased ~~consistent;~~primarily ~~however,~~due ~~there~~to ~~were~~the ~~offsetting variances as follows~~following:

•An increase in ~~Worksite~~the ~~premium~~amortization ~~driven~~of bydeferred ~~the~~policy ~~addition~~acquisition costs ("DAC") related to corrective actions impacting contract issue and administration processes, as well as an increase in claims in our Worksite line of abusiness ~~large~~driven ~~group~~by short-term disability

•A reduction in ~~other~~premiums ~~operating~~and ~~expenses~~an ~~primarily~~increase ~~attributable~~in toDAC aamortization ~~reduction~~driven by policy lapses in ~~travel~~our ~~and~~Medicare ~~related~~Supplement ~~marketing~~line ~~costs~~of business

~~•Increased~~The ~~Supplemental~~decrease ~~claim~~in ~~severity~~earnings onwas ~~the~~partially ~~legacy~~offset ~~master~~by ~~cancer~~the ~~plan~~following:

48•An increase in fee income from various MGU programs

Table of Contents

ITEM 7. 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):

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

Medicare Supplement

8570,~~201~~679

7885,~~779~~201

7178,~~357~~779

6(14,~~422~~522)

76,422

MGU

2220,~~166~~285

2722,~~205~~166

4627,~~133~~205

(51,~~039~~881)

(185,~~928~~039)

Supplemental insurance

1814,~~586~~076

2118,~~633~~586

2421,~~119~~633

(34,~~047~~510)

(23,~~486~~047)

Credit Health

1413,~~576~~140

1714,~~938~~576

17,~~948~~938

(31,~~362~~436)

(103,362)

Medical expense

87,~~541~~475

98,~~496~~541

119,~~127~~496

(~~955~~1,066)

(~~1,631~~955)

Worksite

1413,~~594~~002

414,~~817~~594

24,~~513~~817

9(1,~~777~~592)

29,~~304~~777

Group health

1,~~809~~766

1,~~964~~809

31,~~063~~964

(~~155~~43)

(~~1,099~~155)

All other

3,~~332~~061

3,~~203~~332

43,~~154~~203

~~129~~(271)

~~(951)~~129

Total

~~168~~143,~~805~~484

~~165~~168,~~035~~805

~~180~~165,~~414~~035

3(25,~~770~~321)

~~(15~~3,~~379)~~770

~~Competitive~~Policy ~~premium~~lapses ~~rates~~as ~~were~~a ~~the~~result ~~primary~~of ~~driver~~rate ~~behind~~increases ~~the~~drove ~~increase~~a decrease in ~~sales~~premiums for Medicare Supplement induring ~~late 2019~~2021. ~~Similarly~~In addition, ~~Worksite~~Supplemental ~~premium~~insurance ~~increased~~premiums decreased due to ~~the addition of~~ a ~~large~~reduction ~~group. The decline~~ in ~~MGU~~sales ~~premium~~across isall ~~driven~~product bylines, ~~the~~primarily ~~completion~~in ofshort-term ~~prior treaties for a large MGU program that is inactive for 2020~~medical.

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

Years ended December 31,

Change over prior year

2020

2019

2018

2020

2019

2021

2020

2019

2021

2020

Medicare Supplement

6654,~~492~~324

6366,~~705~~492

5563,~~416~~705

2(12,~~787~~168)

82,~~289~~787

MGU

1915,~~657~~219

2319,~~498~~657

3823,~~930~~498

(34,~~841~~438)

(153,~~432~~841)

Supplemental insurance

97,~~945~~409

89,~~508~~945

78,~~516~~508

1(2,~~437~~536)

~~992~~1,437

Credit Health

3,~~501~~673

3,~~400~~501

43,~~819~~400

~~101~~172

~~(1,419)~~101

Medical expense

75,~~212~~434

57,~~857~~212

85,~~785~~857

(1,~~355~~778)

(21,~~928)~~355

Worksite

69,~~732~~744

16,~~958~~732

1,~~598~~958

43,~~774~~012

~~360~~4,774

Group health

~~1,142~~578

~~639~~1,142

~~2,227~~639

~~503~~(564)

~~(1,588)~~503

All other

1,~~441~~648

1,~~448~~441

31,~~256~~448

~~(7)~~207

(~~1,808~~7)

Total

~~116~~98,~~122~~029

~~109~~116,~~013~~122

~~122~~109,~~547~~013

7(18,~~109~~093)

~~(13~~7,~~534)~~109

~~Generally,~~Medicare ~~the~~Supplement ~~fluctuation~~claims indecreased ~~claims~~driven ~~correlate~~by ~~with~~policy ~~fluctuations~~lapses. inIn ~~premium;~~addition, ~~however~~claims experience for our Medical Expense, ~~increases~~MGU inand Supplemental ~~insurance~~health ~~claim~~lines ~~severity~~of ~~for~~business ~~the~~improved ~~legacy~~but ~~master~~was ~~cancer~~partially ~~plan~~offset ~~and~~by ~~the~~an increase in ~~Medical~~short-term ~~expense~~disability claims ~~for~~from ~~this~~our ~~closed~~Worksite ~~block~~line of business ~~do not follow this trend~~.

Change in Deferred Policy Acquisition Costs

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

	Years ended December 31,						Change over prior year
	2020		2019		2018		2020		2019
	2021		2020		2019		2021		2020
Acquisition cost capitalized	$	(1514,~~926~~369)	$	(1915,~~940~~926)	$	(1219,~~590~~940)	$	41,~~014~~557	$	(74,~~350)~~014
Amortization of DAC	1517,~~619~~906		2115,~~322~~619		1521,~~436~~322		(52,~~703)~~287		(5,~~886~~703)
Change in DAC	$	~~(307)~~3,537	$	~~1,382~~(307)	$	21,~~846~~382	$	(13,~~689)~~844	$	(1,~~464~~689)

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Reinsurance

We cede or retrocede the majority of the premium and risk associated with our stop-loss and other MGU programs. We maintain reinsurance on a quota share basis for our long-term care and long-term disability income business.

For ~~2020~~2021, the companies to which we have ceded reinsurance for the Health segment are shown below (in thousands, except percentages):

Reinsurer	A.M. ~~BestRating~~Best Rating (1)	~~CededPremium~~Ceded Premium		Percentage ~~ofGross~~of Ceded Premium
Roundstone Insurance, Ltd.	N/A (2)	$	4684,~~274~~287	1729.74	%
RGA Reinsurance Company	A+	3339,~~719~~975		1213.9
Transatlantic Reinsurance Company	A+	26,648		10.2
AXIS Insurance Company	A	26,455		9.2
PartnerRe America Insurance Company	A+	1721,~~862~~811		67.86
Navigators Insurance Company	A+	15,443		5.9
Swiss Re Life & Health America Inc.	A+	16,098		5.6
AXIS Insurance Company	A	14,034		5.4
Transatlantic Reinsurance Company	A+	15,516		5.4
Other reinsurers with no single company with greater than 5.0% of the total ceded premium		107,752		41.1
AmFirst Insurance Company	A-	15,403		5.4
Total health reinsurance ceded		$	261,732	100.0	%
Other reinsurers with no single company with greater than 5.0% of the total ceded premium		67,543		23.5
Total health reinsurance ceded		$	287,088	100.0	%

(1) A.M. Best rating as of the most current information available February 109, ~~2021~~2022.

(2) N/A reflects no A.M. Best rating available.

~~Reinsurance~~We is also ~~used~~utilize reinsurance in ~~the~~our credit health business. In certain cases, we may also reinsure the policy written through non-U.S. producer-owned captive reinsurers to allow the dealer to participate in the performance of these credit health contracts. A majority of the treaties entered into by our Specialty Markets Group are written on a 100% coinsurance basis with benefit limits of $1,000 per month.

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ITEM 7. 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):

	Years ended December 31,									Change over prior year
	2020			2019			2018			2020			2019
	2021			2020			2019			2021			2020
PREMIUMS AND OTHER REVENUES
Net premiums written	$	1,~~590~~726,~~740~~151		$	1,~~546~~590,~~144~~740		$	1,~~514~~546,~~563~~144		$	44135,~~596~~411		$	3144,~~581~~596
Net premiums earned	$	1,~~560~~669,~~304~~875		$	1,~~511~~560,~~201~~304		$	1,~~466~~511,~~740~~201		$	49109,~~103~~571		$	4449,~~461~~103
Net investment income	6362,~~949~~140			6463,~~263~~949			6264,~~320~~263			(~~314~~1,809)			~~1,943~~(314)
Other income	1215,~~779~~807			1112,~~897~~779			1011,~~628~~897			~~882~~3,028			~~1,269~~882
Total premiums and other revenues	1,~~637~~747,~~032~~822			1,~~587~~637,~~361~~032			1,~~539~~587,~~688~~361			49110,~~671~~790			4749,~~673~~671
BENEFITS, LOSSES AND EXPENSES
Claims incurred	1,~~005~~094,~~620~~126			1,~~042~~005,~~153~~620			1,~~049~~042,~~112~~153			~~(36~~88,~~533)~~506			(636,~~959~~533)
Commissions for acquiring and servicing policies	~~299~~330,~~960~~554			~~267~~299,~~457~~960			~~278~~267,~~002~~457			3230,~~503~~594			~~(10~~32,~~545)~~503
Other operating expenses	~~202~~213,~~503~~486			~~201~~202,~~580~~503			~~186~~201,~~019~~580			~~923~~10,983			~~15,561~~923
Change in deferred policy acquisition costs (1)	87(10,197)			~~2,431~~87			(52,~~315)~~431			(210,~~344~~284)			7(2,~~746~~344)
Total benefits, losses and expenses	1,~~508~~627,~~170~~969			1,~~513~~508,~~621~~170			1,~~507~~513,~~818~~621			(5119,~~451)~~799			(5,~~803~~451)
Income before federal income taxes and other items	$	~~128~~119,~~862~~853		$	73128,~~740~~862		$	3173,~~870~~740		$	55(9,~~122~~009)		$	4155,~~870~~122
Loss and loss adjustment expense ratio	6465.5		%	6964.05		%	7169.50		%	(41.5)0		%	(24.5)		%
Underwriting expense ratio	32.20			3132.2			31.32			1.(0.2)			~~(0.~~1).0
Combined ratio	9697.75		%	~~100~~96.27		%	~~102~~100.82		%	(30.5)8		%	(23.65)		%
Impact of catastrophe events on combined ratio	9.2			5.9			7.1			3.3			(1.2)
Less: Impact of catastrophe events on combined ratio	9.4			9.2			5.9			0.2			3.3
Combined ratio without impact of catastrophe events	8788.51		%	9487.35		%	9594.73		%	(60.8)6		%	(16.48)		%
Gross catastrophe losses	$	~~176~~184,~~824~~803		$	91176,~~265~~824		$	~~103~~91,~~890~~265		$	857,~~559~~979		$	~~(12~~85,~~625)~~559
Net catastrophe losses	$	~~140~~154,~~512~~871		$	89140,~~063~~512		$	~~105~~89,~~670~~063		$	5114,~~449~~359		$	~~(16~~51,~~607)~~449

(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 ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

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

•~~Earnings~~An ~~from~~increase ~~our~~in ~~personal~~net ~~and~~catastrophe ~~specialty~~losses ~~market~~and ~~products~~higher ~~increased.~~claim ~~The~~frequency ~~biggest~~in ~~increase came from~~ our personal ~~auto~~automobile products ~~attributable~~as ~~to fewer~~ miles driven byhave ~~policyholders and favorable claim development somewhat offset by approximately $16.8 million of COVID-19 relief policy credits we issued to policyholders~~increased

~~•Earnings~~The ~~from~~decrease ~~our~~in ~~specialty~~earnings ~~market~~was ~~products~~partially ~~increased~~offset primarily due to ~~rate actions as well as strong persistency and growth in~~ the ~~number of policies~~following:

~~The~~•Improvement ~~increase~~ in ~~earnings~~the ~~was~~combined ~~partially~~ratio ~~offset~~for byour ~~the~~commercial ~~following:~~and specialty markets products

~~•Significantly~~Additional ~~higher catastrophe losses, which had the greatest impact on our homeowners loss ratio~~Information:

~~Additional~~•Net ~~information:~~premiums written and earned were reduced by COVID-19 relief policy credits of $1.9 million for personal automobile policies in 2021 compared to $16.8 million for the same period in 2020. Policy credits were $0.9 million for commercial automobile policies in 2020

•~~Net~~The ~~premiums~~increase ~~written~~in ~~and~~commissions ~~earned~~was ~~for~~primarily ~~the~~attributable ~~year~~to ~~were~~an ~~reduced~~increase byin ~~COVID-19~~premiums ~~relief~~written ~~policy credits~~ for ~~auto~~our ~~policyholders~~specialty ~~totaling~~markets ~~$17~~products.7 ~~million;~~The ~~$16.8~~growth ~~million~~in ~~for~~specialty ~~personal~~markets ~~auto~~products ~~policies~~was ~~and~~also ~~$0.9~~the ~~million~~primary driver for ~~commercial~~the ~~auto~~increase ~~policies.~~in ~~The~~operating ~~policy~~expenses ~~credits~~and ~~were~~the ~~based~~deferral onof ~~10%-15%~~policy ofacquisition ~~monthly~~expenses ~~premiums~~ outpacing amortization

•The increase in commissions expense for the year was primarily due to the increase in premiums written and an increase in contingent commissions due to the improvement in the loss ratios for the Specialty Markets Group products52

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ITEM 7. 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 5552% of net premiums written; (ii) Commercial products, focused primarily on agricultural and other business related markets, representing 30% of net premiums written; and (iii) Specialty Markets Group products, marketed through independent managing general agents and managing general underwriters, representing 1518% of net premiums written.

Personal Products

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

	Years ended December 31,									Change over prior year
	2020			2019			2018			2020			2019
	2021			2020			2019			2021			2020
Net premiums written
Automobile	$	~~540~~535,~~645~~653		$	~~569~~540,~~675~~645		$	~~564~~569,~~833~~675		$	(294,~~030~~992)		$	4(29,~~842~~030)
Homeowner	~~286~~304,~~560~~473			~~266~~286,~~849~~560			~~247~~266,~~203~~849			1917,~~711~~913			19,~~646~~711
Other Personal	5254,~~290~~070			5052,~~834~~290			4750,~~925~~834			1,~~456~~780			21,~~909~~456
Total net premiums written	$	~~879~~894,~~495~~196		$	~~887~~879,~~358~~495		$	~~859~~887,~~961~~358		$	(714,~~863)~~701		$	27(7,~~397~~863)
Net premiums earned
Automobile	$	~~536~~537,~~376~~356		$	~~559~~536,~~524~~376		$	~~543~~559,~~163~~524		$	~~(23,148)~~980		$	16(23,~~361~~148)
Homeowner	~~274~~290,~~350~~084			~~251~~274,~~228~~350			~~241~~251,~~208~~228			2315,~~122~~734			1023,~~020~~122
Other Personal	5153,~~552~~163			4951,~~475~~552			4749,~~026~~475			21,~~077~~611			2,~~449~~077
Total net premiums earned	$	~~862~~880,~~278~~603		$	~~860~~862,~~227~~278		$	~~831~~860,~~397~~227		$	218,~~051~~325		$	282,~~830~~051
Loss and loss adjustment expense ratio
Automobile	5969.51		%	7259.75		%	8172.47		%	~~(13~~9.2)6		%	(813.72)		%
Homeowner	8788.76		%	7987.27		%	8079.62		%	80.59		%	(18.4)5		%
Other Personal	6254.03		%	5862.0		%	6258.10		%	4(7.07)		%	(4.1)0		%
Personal line loss and loss adjustment expense ratio	68.6		%	73.8		%	80.1		%	(5.2)		%	(6.3)		%
Personal lines loss and loss adjustment expense ratio	74.6		%	68.6		%	73.8		%	6.0		%	(5.2)		%
Combined Ratio
Automobile	8393.92		%	9583.9		%	~~104~~95.39		%	~~(12~~9.0)3		%	(812.40)		%
Homeowner	118.95		%	~~112~~118.19		%	112.1		%	6(0.84)		%	—6.8		%
Other Personal	9484.45		%	9994.14		%	9899.51		%	(49.79)		%	0(4.67)		%
Personal line combined ratio	95.7		%	100.8		%	106.2		%	(5.1)		%	(5.4)		%
Personal lines combined ratio	101.0		%	95.7		%	100.8		%	5.3		%	(5.1)		%

Comparison of the ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

Automobile: ~~COVID-19~~Net ~~relief~~premiums ~~policy~~written ~~credits~~ decreased ~~net~~primarily ~~premiums~~due ~~written~~to ~~and~~fewer policies in-force. Net premiums earned byincreased ~~$16.8~~primarily ~~million,~~due asto ~~previously~~a ~~discussed,~~decrease asin ~~well~~COVID-19 asrelief ~~exposure~~policy ~~changes~~credits ~~primarily~~which ~~caused~~were by$1.9 ~~fewer~~million ~~miles~~in ~~driven~~2021 ~~due~~compared to ~~the~~$16.8 ~~impact~~million ofin ~~COVID-19~~2020. The loss and loss adjustment expense and combined ratios ~~improved~~increased primarily due to aan ~~decrease~~increase in claim frequency ascompared ~~policyholders~~to ~~drove~~the ~~fewer~~prior ~~miles~~year ~~and~~due ~~favorable~~to ~~claim~~the ~~development.~~lessening impact of COVID-19.

Homeowners: Net premiums written and earned increased primarily due to rate increases. The loss and loss adjustment expense and combined ratios increased due to increased net catastrophe losses caused by multiple wind and hailstorms. Catastrophe losses, net of reinsurance, increased by $32.2 million, to $91.2 million in 2020 compared to $59.0 million in 2019.

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. ~~The~~Net ~~loss~~premiums written and ~~loss~~earned ~~adjustment ratio~~ increased due to ~~the~~rate ~~increase~~increases in ~~non-catastrophe~~the ~~losses~~rental ~~incurred~~owners product. The loss and ~~the~~loss adjustment expense and combined ~~ratio~~ratios ~~decreased~~improved due to ~~decreased~~fewer ~~commissions~~non-catastrophe ~~and operating expenses~~losses.

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ITEM 7. 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):

	Years ended December 31,									Change over prior year
	2020			2019			2018			2020			2019
	2021			2020			2019			2021			2020
Net premiums written
Agricultural Business	$	~~165~~180,~~112~~575		$	~~154~~165,~~408~~112		$	~~146~~154,~~460~~408		$	1015,~~704~~463		$	710,~~948~~704
Automobile	~~128~~140,~~701~~058			~~122~~128,~~938~~701			~~110~~122,~~259~~938			511,~~763~~357			125,~~679~~763
Business Owner	8087,~~383~~209			7280,~~008~~383			6672,~~583~~008			86,~~375~~826			58,~~425~~375
Workers Compensation	6970,~~092~~901			7469,~~077~~092			7674,~~107~~077			(41,~~985)~~809			(24,~~030~~985)
Other Commercial	3336,~~205~~541			3633,~~454~~205			3436,~~964~~454			(3,~~249)~~336			1(3,~~490~~249)
Total net premiums written	$	~~476~~515,~~493~~284		$	~~459~~476,~~885~~493		$	~~434~~459,~~373~~885		$	1638,~~608~~791		$	2516,~~512~~608
Net premiums earned
Agricultural Business	$	~~161~~173,~~450~~686		$	~~150~~161,~~632~~450		$	~~142~~150,~~996~~632		$	1012,~~818~~236		$	710,~~636~~818
Automobile	~~126~~135,~~365~~301			~~116~~126,~~329~~365			~~106~~116,~~718~~329			108,~~036~~936			910,~~611~~036
Business Owner	7683,~~920~~485			6976,~~109~~920			6369,~~453~~109			76,~~811~~565			57,~~656~~811
Workers Compensation	70,~~179~~783			7570,~~648~~179			75,~~946~~648			~~(5,469)~~604			(~~298~~5,469)
Other Commercial	3235,~~919~~980			3532,~~603~~919			3435,~~473~~603			(23,~~684)~~061			1(2,~~130~~684)
Total net premiums earned	$	~~467~~499,~~833~~235		$	~~447~~467,~~321~~833		$	~~423~~447,~~586~~321		$	2031,~~512~~402		$	2320,~~735~~512
Loss and loss adjustment expense ratio
Agricultural Business	5655.41		%	6356.4		%	6263.74		%	(71.03)		%	0.(7.0)		%
Automobile	7665.65		%	8476.56		%	8984.05		%	(711.91)		%	(47.59)		%
Business Owner	8673.14		%	5486.81		%	6254.48		%	31(12.37)		%	(731.6)3		%
Workers Compensation	5165.72		%	5551.67		%	4555.56		%	(313.9)5		%	10(3.19)		%
Other Commercial	7052.28		%	5070.82		%	3450.48		%	19(17.4)		%	1619.4		%
Commercial line loss and loss adjustment expense ratio	67.0		%	65.2		%	63.9		%	1.8		%	1.3		%
Commercial lines loss and loss adjustment expense ratio	62.2		%	67.0		%	65.2		%	(4.8)		%	1.8		%
Combined ratio
Agricultural Business	9391.91		%	~~101~~93.29		%	101.2		%	(72.38)		%	—(7.3)		%
Automobile	9988.0		%	~~109~~99.30		%	~~113~~109.43		%	(1011.30)		%	(410.13)		%
Business Owner	~~120~~107.82		%	93120.68		%	~~100~~93.56		%	27(13.26)		%	(627.9)2		%
Workers Compensation	6880.5		%	7368.45		%	6373.74		%	(412.9)0		%	9(4.79)		%
Other Commercial	~~109~~93.97		%	92109.89		%	7592.8		%	17(16.12)		%	17.01		%
Commercial line combined ratio	97.0		%	96.8		%	95.4		%	0.2		%	1.4		%
Commercial lines combined ratio	91.7		%	97.0		%	96.8		%	(5.3)		%	0.2		%

Comparison of the ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~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 primarily due to ~~rate~~ increases ~~and an increase~~ in policies in-force. ~~The loss~~ and ~~loss~~rate ~~adjustment expense and combined ratios improved primarily due to fewer non-catastrophe claims as well as favorable prior year claim severity development~~increases.

Commercial Automobile: Net premiums written and earned increased primarily due to rate increases ~~and an increase in policies in-force~~. The loss and loss adjustment expense and combined ratios improved primarily due to afavorable ~~decrease~~prior inyear claim ~~frequency~~development asand ~~policyholders~~rate ~~drove fewer miles~~increases.

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 primarily due to ~~rate~~ increases ~~and an increase~~ in policies in-force and rate increases. The loss and loss adjustment expense and combined ratios ~~increased~~improved primarily due to ~~unfavorable~~more ~~prior~~favorable ~~year~~ claim development. compared to prior year.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Workers Compensation: ~~Net premiums written and earned decreased primarily due to the rate decreases.~~ The loss and loss adjustment expense and combined ratios ~~improved~~increased primarily due to ~~favorable~~an ~~prior~~increase ~~year~~in claim ~~development~~severity.

Other Commercial: Other commercial products primarily provide umbrella and other liability coverages. Net premiums written and earned ~~decreased~~increased primarily due to an increase in ~~ceded~~premium ~~premiums~~ for ~~reinsurance~~umbrella ~~coverage~~products. The loss and loss adjustment expense and combined ratios ~~increased~~improved primarily due to anfavorable ~~increase~~prior inyear claim ~~severity and frequency~~development.

Specialty Markets Products

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

	Years ended December 31,									Change over prior year
	2020			2019			2018			2020			2019
	2021			2020			2019			2021			2020
Net premiums written	$	~~234~~316,~~752~~671		$	~~198~~234,~~901~~752		$	~~220~~198,~~229~~901		$	3581,~~851~~919		$	~~(21~~35,~~328)~~851
Net premiums earned	~~230~~290,~~192~~035			~~203~~230,~~653~~192			~~211~~203,~~757~~653			2659,~~539~~843			(826,~~104)~~539
Loss and loss adjustment expense ratio (1)	43.7		%	56.8		%	53.1		%	(13.1)		%	3.7		%
Loss and loss adjustment expense ratio	43.4		%	43.7		%	56.8		%	(0.3)		%	(13.1)		%
Combined ratio (1)	99.7		%	104.7		%	104.4		%	(5.0)		%	0.3		%
Combined ratio	96.8		%	99.7		%	104.7		%	(2.9)		%	(5.0)		%

~~(1)Ratio~~Specialty ~~does~~markets ~~not~~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 ~~fee~~renters, ~~income~~mortgage security, aviation, and private flood insurance.

~~Specialty~~Comparison ~~Markets~~of ~~products provide protection to borrowers and~~ the ~~creditors~~year ~~that~~ended ~~extend~~December ~~credit to them. Products offer coverage against unpaid indebtedness as a result of death~~31, ~~disability,~~2021 ~~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.~~2020

Net written and earned premiums increased primarily due to higher production on renters products and the addition of new accounts related to ~~mortgage~~the ~~security~~investor ~~and~~property ~~collateral~~ protection products. The loss and loss adjustment expense and combined ratios ~~decreased~~improved primarily due to ~~the~~lower ~~improvement~~losses offor ~~loss~~Credit ~~ratios~~GAP on products, ~~that~~partially ~~provide~~offset ~~collateral~~by ~~protection~~an ~~related~~increase toin ~~automobiles,~~net ~~also~~catastrophe ~~known~~losses asfrom ~~auto~~$4.2 ~~GAP~~million ~~business,~~in ~~and~~2020 ~~mortgage~~to ~~security products~~$12.3 million in 2021.

Reinsurance

We reinsure a portion of the risks that we underwrite to manage our loss exposure. In return for ceded premiums, reinsurers assume a portion of the claims incurred. In addition to our reinsurance coverage, we are partially protected by the Terrorism Risk Insurance Program Reauthorization Act of 2015 and its predecessors. We participate in the National Flood Insurance Program administered by the Federal Emergency Management Agency.

During ~~2020~~2021, we retained the first $12.0 million ~~for workers’ compensation risks and the first $1.5 million~~ of loss per risk ~~for non-workers’ compensation risks~~. Our catastrophe reinsurance retention covering property and casualty companies in total is $1735.50 million.

The following table summarizes the Company’s catastrophe reinsurance coverage effective during ~~2020~~2021:

Layer of Loss						Catastrophe Reinsurance Coverage In-Force
Less than $17.5 million						100% of loss retained except for certain losses covered by the Catastrophe Aggregate and Second and Third Event Property Catastrophe Excess cover (coverage described below)
Less than $35.0 million						100% of loss retained except for certain losses covered by the Property Catastrophe Top and Drop and Aggregate Property Catastrophe Excess covers (coverage described below)
$17.5 million - $25 million						20% of multiple peril losses covered by Corporate Program (1) (all perils)
$35.0 million - $470.0 million						95% of multiple peril losses covered by Corporate Program (1) (all perils)
$25 million - $35 million						100% of multiple peril losses covered by Corporate Program (1) (all perils)
$470.0 million - $500.0 million						100% of multiple peril losses covered by Corporate Program (1) (all perils)
$35 million - $500 million						95% of multiple peril losses covered by Corporate Program (1) (all perils)

(1)The Corporate Program covers all non-credit property and casualty business, subject to certain limits and is not specific to the Company or any of its subsidiaries or any state or region. The program also covers the renters, mortgage security, investor protection, and auto GAP business written by the Specialty Markets Group.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Each per-event coverage above includes one automatic reinstatement except for a 1112.65% portion of the Corporate Program (1112.65% of $35.0 million to $~~500~~470.0 million). The automatic reinstatement requires us to pay additional reinsurance premium for any losses into each reinsurance layer. The reinstatement premium is prorated by the percentage of actual loss to the coverage, with the exception of 3747.5% of losses from $35.0 million to $100.0 million, that reflects a 50% reduction on the prorated amount. The 1112.65% placement of non-reinstateable coverage reduces the amount of reinstatement premium we are obligated to pay.

WeThe ~~purchase~~Property a Catastrophe ~~Aggregate~~Top ~~reinsurance~~and ~~coverage~~Drop ~~that~~cover ~~provides~~consists ~~for~~of $30.0 million of annual limit ~~excess~~available either wholly or in part across two layers of coverage. The first layer is 100% of $~~104~~30.0 million excess of ~~aggregated~~$470.0 ~~catastrophe~~million ~~losses~~on an occurrence basis. ~~Qualifying~~The ~~losses~~second ~~include~~layer ~~amounts~~provides ofaggregate ~~retained~~protection ~~losses~~where ~~net~~subject loss is $15.0 million excess of ~~other~~$20.0 ~~reinsurance~~million ~~below~~of each catastrophe, and recoveries follow satisfaction of a $2515.0 million onannual ~~Property~~aggregate ~~Claims~~deductible. ~~Services~~The ~~(“PCS”)~~second ~~declared~~layer ~~catastrophe~~acts ~~events~~to ~~and~~reduce ~~internally~~the ~~declared~~retention on large second and third catastrophe events ~~exceeding~~to $520.0 million. ~~The~~following ~~Catastrophe~~a ~~Aggregate~~first ~~reinsurance~~large ~~coverage~~catastrophe. ~~has~~This ~~been~~cover was placed at 100% for ~~2020~~2021 and does not include a reinstatement.

AThe ~~Second~~Aggregate ~~and Third Event~~ Property Catastrophe Excess cover ~~was~~provides ~~placed~~for ~~in 2020~~$30.0 ~~This cover provides $15~~ million of ~~protection~~limit excess of a $10160.0 million ~~retention~~of ~~per~~aggregated catastrophe losses. ~~The~~Qualifying ~~reinsurance~~losses ~~protection~~include ~~follows~~amounts ~~satisfaction~~ of aretained ~~$13.5~~losses ~~million~~net ~~Annual~~of ~~Aggregate~~other ~~Deductible~~reinsurance ~~("AAD")~~below $35.0 ~~This~~million ~~cover~~on ~~acts~~Property toClaims ~~reduce~~Services ~~the~~(“PCS”) ~~retention~~declared oncatastrophe ~~large~~events ~~second~~ and ~~third~~internally declared catastrophe events toexceeding $105.0 million. ~~following~~This acover ~~first~~was ~~large~~placed ~~catastrophe~~at ~~and~~55% ~~includes~~for ~~one~~2021 ~~automatic~~and ~~reinstatement~~does atnot ~~100%~~include a reinstatement.

We use multiple reinsurers with each reinsurer absorbing part of the overall risk ceded. The primary reinsurers in the ~~2020~~2021 programs and the coverage each provides are shown in the following table:

	A.M. BestRating (1)	Percent of Risk Covered
	A.M. Best Rating (1)	Percent of Risk Covered
Reinsurer		Non–Catastrophe		Catastrophe
Lloyd’s Syndicates	A	4256.83	%	4137.38	%
Swiss Re	A+	2.3		6.8
Hannover Re	A+	19.6		2.2
Safety National Casualty Corporation	A++	15.2		—
Convex	A-	5.1		4.6
Hannover Ruckversicherung-Aktiengesellschaft, Germany	A+	11.1		2.2
Swiss Re	A+	2.8		6.5
Renaissance Reinsurance	A+	6.0		1.1
Fidelis	A	—		9.0
Other Reinsurers with no single company with greater than a 5.9% share		22.6		48.6
Other Reinsurers with no single company with greater than a 4.6% share		16.2		39.9
Total reinsurance coverage		100.0	%	100.0	%

(1)A.M. Best rating as of the most current information available February 109, ~~2021~~2022.

Reinsurance is used to reduce risks associated with our credit related specialty market products primarily to provide producers of these products the opportunity to participate in the underwriting risk through various entities, such as producer-owned captive reinsurance companies or other insurance companies. A majority of the treaties entered into by our Specialty Markets Group are written on a 100% coinsurance basis without benefit limits. We also place a corporate catastrophe reinsurance program which covers P&C business written by the Specialty Markets Group as well as personal and commercial business written by our Multiple Line agents.

Reserve Development

While we believe that our claims reserves at December 31, ~~2020~~2021 are adequate, new information, events or circumstances, unknown at the original valuation date, may lead to future developments in ultimate losses in amounts significantly greater or less than the reserves currently recorded. The actual final cost of settling both claims outstanding at December 31, ~~2020~~2021 and claims expected to arise from unexpired periods of risk is uncertain. There are many other possible changes that would cause losses to increase or decrease, which include but are not limited to claim severity; the expected level of reported claims; judicial action changing the scope or liability of coverage; the regulatory, social and economic environment; and unexpected changes in loss inflation. For additional information regarding prior year development of our claims and CAE reserves, refer to Part II, Item 8, Financial Statements and Supplementary Data — Note 12, Liability for Unpaid Claims and Claim Adjustment Expenses, of the Notes to the Consolidated Financial Statements.

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ITEM 7. 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):

	Years ended December 31,						Change over prior year
	2020		2019		2018		2020		2019
	2021		2020		2019		2020		2019
OTHER REVENUES
Net investment income	$	29193,~~707~~982	$	7572,~~993~~174	$	85179,~~702~~494	$	~~(46~~121,~~286)~~808	$	(9107,~~709~~320)
Net realized investment gains	3564,~~660~~628		3035,~~751~~660		1630,~~931~~751		428,~~909~~968		134,~~820~~909
Change in investment credit loss*	(102,603)		—		—		(102,603)		—
(Increase) decrease in investment credit loss*	28,778		(102,603)		—		131,381		(102,603)
Net gains (losses) on equity securities	356,281		422,535		(107,188)		(66,254)		529,723
Net gains on equity securities	420,283		356,281		422,535		64,002		(66,254)
Other income	3,~~379~~279		143,~~048~~379		414,~~840~~048		(~~10,669~~100)		9(10,~~208~~669)
Total other revenues	~~322~~710,~~424~~950		~~543~~364,~~327~~891		~~285~~646,828		~~(220~~346,~~903)~~059		~~543~~(281,~~042~~937)
BENEFITS, LOSSES AND EXPENSES
Other expenses	4267,~~891~~593		4142,~~222~~891		3141,~~479~~222		124,~~669~~702		91,~~743~~669
Total benefits, losses and expenses	4267,~~891~~593		4142,~~222~~891		3141,~~479~~222		124,~~669~~702		91,~~743~~669
Income (loss) before federal income taxes and other items	$	279,533	$	502,105	$	(31,194)	$	(222,572)	$	533,299
Income before federal income taxes and other items	$	643,357	$	322,000	$	605,606	$	321,357	$	(283,606)

*Effective January 1, 2020, the Company adopted ASU No. 2016-13. Adoption of this guidance resulted in an allowance for credit losses primarily on ~~the~~our commercial mortgage loans and related off-balance sheet unfunded loan commitments, held-to-maturity bonds and reinsurance recoverables. ~~Prior~~The ~~periods~~results for 2019 have not been restated to conform to the current presentation. ~~See Note 3, Recently Issued Accounting Pronouncements.~~

Comparison of the ~~years~~year ended December 31, ~~2020~~2021 to ~~2019~~2020

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

•AnA ~~increase~~favorable change in ~~the~~investment ~~S&P~~credit ~~500~~loss ofdue ~~16.3%~~to ~~for~~improvement ~~the~~in ~~twelve~~our ~~months~~commercial ~~ended~~mortgage ~~December~~loans ~~31,~~driven ~~2020~~by ~~compared~~improvement toin acash ~~28.9%~~flows ~~increase~~and ~~for~~a ~~the~~positive ~~same~~economic ~~period~~outlook infrom ~~2019~~our ~~resulting~~properties, inand ~~lower~~improving ~~net~~conditions ~~gains~~in ontravel ~~equity~~and ~~securities~~ leisure

•AAn ~~decrease~~increase in net investment income ~~earned~~from investment funds and ~~allocated~~mortgage toloan ~~this~~profit ~~segment~~participation and prepayment income

•~~Change~~An increase in ~~investment~~net ~~credit~~gains ~~loss~~on equity securities due to ~~the~~more ~~economic~~favorable ~~disruptions~~market ~~caused~~conditions byin 2021 compared to the ~~COVID-19~~negative impact from the pandemic in 2020 on the fair value of our equity securities

The increase in earnings was partially offset primarily by the following:

• An increase in operating expenses primarily due to Merger-related expenses of $21.5 million

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.57

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

The following summarizes the carrying values of our invested assets ~~(other than investments in unconsolidated affiliates)~~ by asset class (in thousands, except percentages):

	December 31, 2020				December 31, 2019
	December 31, 2021				December 31, 2020
Fixed maturity, bonds held-to-maturity, at amortized cost	$	7,~~354~~088,~~970~~981	3028.3	%	$	87,~~631~~354,~~261~~970	3629.62	%
Fixed maturity, bonds available-for-sale, at fair value	78,~~597~~380,~~180~~248		3133.35		67,~~725~~597,~~085~~180		2830.51
Equity securities, at fair value	2135,~~070,766~~433		80.5		12,~~700~~070,~~960~~766		78.2
Mortgage loans on real estate, net of allowance	5,~~242~~199,~~531~~334		2120.68		5,~~097~~242,~~017~~531		2120.68
Policy loans	~~373~~365,~~014~~208		1.5		~~379~~373,~~657~~014		1.65
Investment real estate, net of accumulated depreciation	517,293		2.1		551,219		2.3
Real estate and real estate partnerships, net of accumulated depreciation (1)	928,412		3.7		960,572		3.8
Short-term investments	1,028,379		4.2		425,321		1.8
Investment funds (1)	961,763		3.8		477,135		1.9
Other invested assets	94,415		0.5		76,569		0.4
Short-term investments	1,840,732		7.4		1,028,379		4.1
Total investments	$	24,278,548	100.0	%	$	23,587,089	100.0	%
Other invested assets	125,795		0.5		94,415		0.4
Total investments	$	25,025,906	100.0	%	$	25,198,962	100.0	%

~~The~~(1)Refer ~~increase~~to inPart ~~our~~II, ~~total~~Item ~~investments~~8, atFinancial ~~December 31,~~Statements ~~2020~~and ~~compared~~Supplementary toData ~~December~~— 31Note 2, ~~2019~~Summary ~~was~~of ~~primarily~~Significant aAccounting ~~result~~Policies and Practices, of anthe ~~increase~~Notes into ~~short-term~~the ~~investments~~Consolidated ~~and~~Financial ~~bonds~~Statements ~~available-~~for~~-sale.~~ explanation of prior year retrospective adjustment

~~Bonds—We~~The ~~allocate~~decrease ~~most~~in of our ~~fixed~~total ~~maturity~~investments ~~securities~~at ~~to support our insurance business. At~~ December 31, ~~2020,~~2021 ~~our~~compared ~~fixed~~to ~~maturity securities had an estimated fair value of $15.6 billion, which was $1.2 billion, or 8.0%, above amortized cost. At~~ December 31, ~~2019,~~2020 ~~our~~was ~~fixed~~a ~~maturity~~result ~~securities had an estimated fair value~~ of ~~$15.7 billion,~~a ~~which~~decrease ~~was $0.6 billion, or 4.2%, above amortized cost. The estimated fair value for securities due~~ in ~~one~~held-to-maturity ~~year~~bonds ~~or less was $1.1 billion as of December 31, 2020~~ and ~~$1.2~~the ~~billion~~sale as of ~~December~~equity ~~31,~~securities ~~2019.~~which ~~For~~caused ~~additional~~a ~~information~~temporary ~~regarding~~increase ~~total bonds by credit quality rating refer to Note 4, Investments~~ in ~~Securities,~~cash ofwhich ~~the~~we ~~Notes~~intend to ~~the Consolidated Financial Statements~~reinvest.

~~Equity Securities~~Bonds—We ~~invest~~allocate inmost ~~the~~of ~~equity~~our fixed maturity securities to support our insurance business. At December 31, 2021, our fixed maturity securities had an estimated fair value of ~~companies~~$15.8 ~~traded~~billion, onwhich ~~national~~was U$0.S6 billion, or 4.2%, ~~stock~~above ~~exchanges~~amortized cost. ~~See~~At ~~Note~~December 31, 42020, our fixed maturity securities had an estimated fair value of $15.6 billion, which was $1.2 billion, or 8.0%, above amortized cost. Unrealized gains decreased on our fixed maturity due to an increase in benchmark ten-year interest rates. For additional information regarding unrealized gains and losses, refer to Part II, Item 7, Investments, Net Unrealized Gains and Losses table. The estimated fair value for securities due in ~~Securities~~one year or less was $1.4 billion as of December 31, 2021 and $1.1 billion as of ~~the~~December 31, ~~Notes~~2020. For additional information regarding total bonds by credit quality rating, refer to ~~the~~Part ~~Consolidated~~II, Item 8, Financial Statements ~~for~~and ~~the~~Supplementary ~~unrealized~~Data ~~and~~— ~~realized~~Note ~~gains~~4, ~~and~~Investments ~~losses~~in Securities, of ~~equity~~the ~~securities~~Notes to the Consolidated Financial Statements.

~~Mortgage~~Equity ~~Loans~~Securities—We ~~invest~~have invested in ~~commercial~~the ~~mortgage~~equity ~~loans~~securities ~~that~~of ~~are~~companies ~~diversified~~traded byon ~~property-type~~national ~~and~~U.S. ~~geography~~stock exchanges. ~~Generally,~~See ~~mortgage~~Part ~~loans~~II, ~~are~~Item ~~secured~~8, byFinancial ~~first~~Statements ~~liens~~and onSupplementary ~~income-producing~~Data ~~real~~— ~~estate~~Note ~~with~~4, aInvestments ~~loan-to-value~~in ~~ratio~~Securities, of upthe Notes to ~~75%.~~the ~~Mortgage~~Consolidated ~~loans~~Financial ~~are~~Statements ~~generally carried at outstanding principal balances, adjusted~~ for ~~any~~the ~~unamortized~~unrealized ~~premium~~and orrealized ~~discount,~~gains ~~deferred fees or expenses,~~ and ~~net~~losses of ~~allowances~~equity securities. The ~~weighted~~Company ~~average~~sold ~~coupon yield on~~ the ~~principal~~majority ~~funded~~of ~~for~~its ~~mortgage~~equity ~~loans~~securities ~~was~~portfolio ~~4.8%~~in atthe ~~December 31,~~fourth ~~2020~~quarter ~~and~~of ~~2019~~2021. For additional information regarding ~~mortgage~~the ~~loans~~Sale ~~refer~~of toEquity ~~Note~~Securities 5Portfolio, ~~Mortgage~~see ~~Loans,~~General ofTrends ~~the Notes to the Consolidated Financial Statements~~above.

~~Policy~~Mortgage Loans—~~For~~We ~~certain~~invest ~~life~~in ~~insurance~~commercial ~~products,~~mortgage ~~policyholders~~loans ~~may~~that ~~borrow~~are ~~funds~~diversified ~~using~~by ~~the~~property-type ~~policy’s~~and ~~cash~~geography. ~~value~~Generally, asmortgage ~~collateral.~~loans ~~The~~are ~~maximum~~secured ~~amount~~by offirst ~~the~~liens ~~policy~~on ~~loan~~income-producing ~~depends~~real ~~upon~~estate ~~the~~with ~~policy’s~~a ~~surrender~~ loan-to-value. Asratio of ~~December 31,~~up ~~2020,~~to ~~we had $373~~75%.~~0 million~~ inMortgage ~~policy~~ loans ~~with~~are agenerally ~~loan~~carried toat ~~surrender~~outstanding ~~value~~principal ofbalances, ~~approximately~~adjusted ~~56%,~~for ~~and~~any atunamortized ~~December 31,~~premium ~~2019~~or discount, wedeferred ~~had~~fees ~~$379.7 million~~or inexpenses, ~~policy~~and ~~loans~~net ~~with~~of aallowances. ~~loan~~The toweighted ~~surrender~~average ~~value~~coupon ofyield ~~approximately~~on ~~56%.~~the ~~Interest~~principal ~~rates~~funded onfor ~~policy~~mortgage loans ~~primarily~~was ~~range from 3~~4.06% toand 124.08% ~~per~~at ~~annum.~~December 31, ~~Policy~~2021 ~~loans~~and ~~may~~2020, berespectively. ~~repaid~~For atadditional ~~any~~information ~~time~~regarding bymortgage ~~the~~loans ~~policyholder~~refer ~~and have priority~~ to ~~any~~Part ~~claims~~II, onItem ~~the~~8, ~~policy.~~Financial IfStatements ~~the~~and ~~policyholder~~Supplementary ~~fails~~Data to— ~~repay~~Note ~~the~~5, ~~policy~~Mortgage ~~loan~~Loans, ~~funds~~of ~~are~~the ~~withdrawn~~Notes ~~from~~to the ~~policy’s~~Consolidated ~~benefits~~Financial Statements.

~~Investment~~Policy ~~Real Estate~~Loans—WeFor ~~invest~~certain inlife ~~commercial~~insurance ~~real~~products, ~~estate~~policyholders ~~where~~may ~~positive~~borrow ~~cash~~funds ~~flows~~using ~~and/or~~the ~~appreciation~~policy’s incash value isas ~~expected~~collateral. ~~Real~~The ~~estate~~maximum ~~may~~amount beof ~~owned~~the ~~directly~~policy byloan ~~our~~depends ~~insurance~~upon ~~companies~~the orpolicy’s ~~non-insurance~~surrender ~~affiliates~~value. orAs ~~indirectly~~of December 31, 2021, we had $365.2 million in ~~joint~~policy ~~ventures~~loans with ~~real~~a ~~estate~~loan ~~developers~~to orsurrender ~~investors~~value weof ~~determine~~approximately ~~share~~54%, ~~our~~and ~~perspective~~at ~~regarding~~December 31, ~~risk~~2020, ~~and~~we ~~return~~had ~~relationships~~$373.0 million ~~The~~in ~~carrying~~policy loans with a loan to surrender value of ~~real~~approximately ~~estate~~56%. isInterest ~~stated~~rates on policy loans primarily range from 3.0% to 12.0% per annum. Policy loans may be repaid at ~~cost,~~any ~~less~~time ~~accumulated~~by ~~depreciation~~the policyholder and ~~impairments,~~have ifpriority to any claims on the policy. ~~Depreciation~~If isthe ~~provided~~policyholder ~~over~~fails to repay the ~~estimated~~policy ~~useful~~loan, ~~lives~~funds ofare withdrawn from the ~~properties~~policy’s benefits.

~~Short-Term~~Real ~~Investments—Short-term~~Estate ~~investments~~and ~~are~~Real ~~primarily~~Estate Partnerships—We invest in commercial ~~paper~~real ~~rated~~estate A2where orpositive P2cash flows and/or ~~better~~appreciation in value is expected. Real estate may be owned directly by ~~Standard &~~our ~~Poor’s~~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 ~~Moody’s,~~return ~~respectively~~relationships. The ~~amount~~carrying ~~fluctuates~~value ~~depending~~of onreal ~~our~~estate ~~view~~is ofstated at cost, less accumulated depreciation and impairments, if any. Depreciation is provided over the ~~desirability~~estimated ofuseful ~~investing~~lives inof the ~~available~~properties. ~~long-term~~The ~~investment~~carrying ~~opportunities~~value ~~and~~of our ~~liquidity~~real ~~needs,~~estate ~~including~~partnerships ~~mortgage~~is ~~investment-funding~~determined ~~commitments~~by using the equity method of accounting.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

~~Other~~Investment ~~Invested Assets~~Funds—~~Other~~Our ~~invested~~investment ~~assets~~funds are ~~comprised~~ primarily comprised of ~~pooled~~senior ~~loans~~secured toand ~~mid-sized~~second ~~businesses~~lien ~~which~~private ~~are~~loans ~~initiated~~that ~~and~~are ~~administered~~secured by ~~third-party managers~~assets, ~~these~~revenues ~~loans~~and ~~are~~credit/balance ~~carried~~sheet ~~at fair value~~lending. ~~Other~~We ~~invested~~recognize ~~assets~~our ~~also~~share ~~include~~of ~~equity-indexed~~fund ~~options,~~earnings ~~carried~~in ~~at fair value,~~ net ofinvestment ~~collateral~~income ~~provided~~on bya ~~counterparties;~~one-quarter ~~such~~lag ~~collateral~~under isthe ~~restricted~~equity tomethod ~~the~~of ~~Company’s use~~accounting. ~~Additionally,~~Cash ~~other~~distributions ~~invested~~are ~~assets~~received ~~include~~from ~~FHLB~~fund ~~capital~~earnings ~~stock, mineral rights, mezzanine loans~~ and ~~lease~~from ~~financing~~liquidation ~~arrangements all~~ of ~~which~~underlying ~~are carried at cost~~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 and 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 ~~decreased~~increased $~~143~~195.75 million during ~~2020~~2021 compared to ~~2019~~2020 primarily due to ~~lower~~higher gains on options, an increase in investment income from ainvestment ~~decline~~funds inand ~~the~~mortgage ~~S&P~~loan ~~500~~prepayment and profit participation income.

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 ~~decreased~~increased $229.10 million during ~~2020~~2021 compared to ~~2019~~2020 primarily attributable to ~~decreased~~realized ~~sales~~gains offrom ~~real estate~~bonds. Net realized investment gains (losses) are shown below (in thousands):

	December 31, 2020
	December 31,
	2020		2019		2018
	2021		2020		2019
Bonds	$	2354,~~318~~941	$	1623,~~361~~318	$	1016,~~903~~361
Mortgage loans	—(768)		~~(2,412)~~—		(42,~~798~~412)
Real estate	1210,~~401~~240		2512,~~555~~401		1225,~~076~~555
Other invested assets	~~(59)~~215		(~~1,785~~59)		(71,785)
Total	$	3564,~~660~~628	$	3735,~~719~~660	$	1837,~~174~~719

Net Unrealized Gains and Losses

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

December 31,

2020

2019

Change

2021

2020

Change over prior year

Held-to-maturity

Gains

~~639~~394,~~648~~900

~~345~~639,~~463~~648

~~294~~(244,~~185~~748)

Losses

(1125,~~437~~092)

(811,~~034~~437)

(313,~~403~~655)

Net gains

~~628~~369,~~211~~808

~~337~~628,~~429~~211

~~290~~(258,~~782~~403)

Available-for-sale

Gains

~~548~~321,~~996~~861

~~302~~548,~~426~~996

~~246~~(227,~~570~~135)

Losses

(1739,~~476~~097)

(1317,~~011~~476)

(421,~~465~~621)

Net gains

~~531~~282,~~520~~764

~~289~~531,~~415~~520

~~242~~(248,~~105~~756)

Total

1652,~~159,731~~572

~~626~~1,~~844~~159,731

~~532~~(507,~~887~~159)

The net change in the unrealized gains on fixed maturity securities between December 31, ~~2020~~2021 and December 31, ~~2019~~2020 is primarily attributable to the ~~decrease~~increase in benchmark ten-year interest rates which were 01.95% and 10.9%, 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.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Liquidity

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

WeThe ~~are~~primary ~~monitoring~~use ~~our~~of ~~liquidity~~cash ~~needs~~has ~~closely.~~been Inand ~~April~~is ~~2020,~~expected ~~the~~to ~~Company~~continue ~~borrowed~~to ~~$500~~be ~~million~~payment ~~from~~of ~~the~~policyholder ~~Federal~~benefits ~~Home~~and ~~Loan~~claims ~~Bank~~incurred. ofCurrent ~~Dallas'~~and ~~COVID-19~~expected ~~Relief~~patterns ~~Advance Program. As~~ of ~~December~~claim ~~31,~~frequency ~~2020,~~and ~~one~~severity ~~advance~~may ~~totaling~~change ~~$250~~from ~~million~~period ~~was~~to ~~outstanding~~period ~~and~~but ~~expected~~continue to be ~~repaid~~within onhistorical ~~its~~norms. ~~maturity~~Management ~~date~~considers ofour ~~April~~current ~~28,~~liquidity ~~2021.~~position ~~The~~to ~~available~~be ~~liquidity~~sufficient atto ~~February~~meet ~~22,~~anticipated ~~2021~~demands ~~was~~over ~~approximately~~the ~~$775.2~~next ~~million~~twelve months.

AsOur acontractual ~~result~~obligations ofare ~~the~~not ~~impacts~~expected ofto ~~COVID-19,~~have ~~state~~a ~~insurance~~significant ~~departments~~negative ~~across~~impact ~~the~~to ~~country~~cash ~~issued~~flows ~~regulations~~from ~~that~~operations. ~~required~~American usNational ~~not~~has agreed to ~~cancel~~pay ~~policies~~our financial advisor in connection with the Merger, Citigroup Global Markets Inc. ("Citi"), for ~~non~~its Merger-~~payment~~related ~~for~~services ~~varying~~an ~~amounts~~aggregate fee of ~~time~~$40.0 ~~but~~million, ~~generally~~of ~~for~~which at$3.0 ~~least~~million ~~90-day~~was ~~periods~~paid ~~which~~upon ~~began~~delivery inof ~~March~~Citi’s fairness opinion related to the Merger entered into on August 6, 2021 and ~~early~~the ~~April~~remaining ~~2020~~$37.0 ~~The~~million ~~cancellation~~is ~~and~~payable ~~grace~~contingent ~~periods~~upon ~~have~~consummation of the Merger, which has not been ~~lifted~~reflected in ~~most~~the ~~states~~consolidated statement of operations. In addition, the Company agreed to reimburse Citi for expenses, including fees and expenses of counsel, and to indemnify Citi and related parties against certain liabilities, including liabilities under federal securities laws, arising from Citi’s engagement.

~~The~~In ~~primary~~April ~~use~~2020, ofthe ~~cash~~Company ~~has~~borrowed ~~been~~$500 ~~and~~million isfrom ~~expected~~the toFederal ~~continue~~Home toLoan beBank ~~payment~~ of ~~policyholder~~Dallas' ~~benefits~~COVID-19 ~~and~~Relief ~~claims~~Advance ~~incurred~~Program. ~~Current~~As ~~and~~of ~~expected~~December 31, ~~patterns~~2021, ofthere ~~claim~~are ~~frequency~~no ~~and~~advances ~~severity~~outstanding; ~~may~~the ~~change~~final ~~from~~advance ~~period~~was torepaid ~~period~~on ~~but~~its ~~continue~~maturity todate beof ~~within~~April ~~historical~~28, ~~norms~~2021. ~~Management~~The ~~currently~~available ~~considers our current~~ liquidity ~~position~~at toFebruary be9, ~~sufficient~~2022 towas ~~meet~~approximately ~~anticipated demands over the next twelve months~~$879.3 ~~Our contractual obligations are not expected to have a significant negative impact to cash flows from operations~~million.

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 April of 2020. The cancellation and grace periods have been lifted in most states.

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 ~~aggregate~~ capital expenditures ofthat could aggregate to approximately $100.0 million over a three-year period; ~~beginning in 2021. However~~however, current uncertainties relating to the COVID-19 pandemic ~~could~~have ~~cause~~caused us to ~~lower or~~ delay ~~anticipated~~this ~~spending~~project onat ~~capital~~this ~~investment projects~~time. There are no other unusually large capital expenditures expected in the next 12-24 months.

We have consistently paid dividends to our stockholders ~~for over 110 consecutive years~~ and expect to continue this tradition in the foreseeable future. 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.

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. ~~While~~We ~~our investment portfolio has been significantly impacted by volatility associated with COVID-19, and likely will continue to be, at this time, we~~ believe our portfolio of highly liquid bonds and available-for-sale investment securities, ~~including 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 disruption caused by COVID-19, we modified 93 mortgage loans with a total balance of $1.6 billion. These modifications primarily relate to hotels, retail and parking operations. The terms of the modifications of these loans include forbearance of principal and interest payments for a period of up to six months, extensions of maturity dates, and/or provision of interest only payments. Prior to December 31, 2020, eight loans totaling $230 million which had been modified earlier in the year were modified again and as of February 23, 2021 an additional 17 loans totaling $446 million were also remodified. The terms of these modifications were for additional forbearance of up to six months and extensions of interest only payments for up to twelve month and generally included a requirement for the payment of at least 20% of the total interest due during the modification period.60

The Company holds collateral of $241.5 million at December 31, 2020 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.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

~~Our~~As ~~cash~~a ~~and~~result ~~cash~~of ~~equivalents~~the ~~and~~economic ~~short~~impact associated with COVID-~~term~~19, ~~investment~~American ~~position~~National ~~increased~~modified ~~from~~93 mortgage loans with a total balance of $~~877~~1.36 billion ~~million~~during at2020. ~~December~~These 31modifications were in the form of forbearance of principal and interest payments for up to six months, ~~2019~~extensions of maturity dates, and/or provisions for interest only payments. The modifications were primarily related to our loans to hotels, retail and parking operations. Due to the ongoing economic stress brought on by the pandemic, additional modifications for 33 of these loans with a total balance of $1725.47 ~~billion~~million were made during 2021. These additional modifications extended the forbearance of principal and interest payments and interest only provisions with a requirement for the payment of at ~~December~~least 20% of the total interest due during the extended modification period. The modified loans had an aggregate deferred interest of $5.6 million as of December 31, ~~2020~~2021. There are no commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. The ~~increase~~decrease in ~~cash~~loans isdetermined to be a ~~result~~troubled ofdebt ~~reduced~~restructuring ~~investment~~during in2021 ~~long-term~~is ~~securities~~primarily ~~due~~attributable to ~~market~~improved ~~uncertainty.~~economic conditions after lifting of COVID-19 related restrictions.

AThe ~~downgrade~~Company orholds acollateral ~~potential~~of ~~downgrade~~$264.2 inmillion ~~our~~at ~~financial~~December 31, ~~strength~~2021 ~~ratings~~to ~~could~~offset ~~result~~exposure infrom aits ~~loss~~derivative ofcounterparties. ~~business~~Cash ~~and~~flows ~~could~~associated ~~adversely~~with ~~affect~~collateral ~~our~~received ~~cash~~from ~~flows~~counterparties ~~from~~change ~~operations~~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 $3.8 billion at December 31, 2021. The increase primarily relates to the fourth quarter 2021 sale of a majority of the Company's equity securities portfolio which resulted in an excess cash position. We intend to reinvest the cash proceeds consistent with our investment guidelines during 2022.

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. A.M. Best has placed American National’s issuer credit and financial strength ratings under review with developing implications and S&P Global Ratings has placed the ratings on CreditWatch with negative implications of which are due to the pending Merger with Brookfield Reinsurance.

Further information regarding additional sources or uses of cash is described in Note 19, Commitments and Contingencies, of the Notes to the Consolidated Financial Statements.

Capital Resources

Our capital resources are summarized below (in thousands):

	December 31,
	2020		2019		2018
	2021		2020		2019
American National stockholders’ equity, excluding accumulated other comprehensive income (“AOCI”), net of tax	$	6,~~236~~847,~~100~~314	$	56,~~890~~236,~~231~~100	$	5,~~356~~890,~~986~~231
Accumulated other comprehensive income (loss)	222,170		99,518		(99,738)
Accumulated other comprehensive income	147,054		222,170		99,518
Total American National stockholders’ equity	$	6,~~458~~994,~~270~~368	$	56,~~989~~458,~~749~~270	$	5,~~257~~989,~~248~~749

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 weof ~~have~~American ~~for~~National ~~these~~relating to notes payable of the consolidated VIEs is limited to ~~our~~the amount of its direct or indirect investment in the respective ventures, which totaled $3.0 ~~million~~ ~~and $4.3~~ million at December 31, ~~2020~~2021 and ~~2019, respectively~~2020.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

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

	Years ended
	2020						2019
	2021						2020
	Capital andRetainedEarnings		Accumulated Other Comprehensive Income (Loss)		Total		Capital andRetainedEarnings		Accumulated Other Comprehensive Income (Loss)		Total
	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	$	~~467~~699,~~505~~325	$	—	$	~~467~~699,~~505~~325	$	~~620~~467,~~363~~505	$	—	$	~~620~~467,~~363~~505
Dividends to shareholders	(88,190)		—		(88,190)		(88,~~243~~190)		—		(88,~~243~~190)
Change in net unrealized gains on debt securities	—		~~134~~(142,~~315~~854)		~~134~~(142,~~315~~854)		—		~~184~~134,~~156~~315		~~184~~134,~~156~~315
Foreign currency transaction and translation adjustment	—		~~235~~62		~~235~~62		—		~~390~~235		~~390~~235
Defined benefit pension plan adjustment	—		~~(11~~67,~~898)~~676		~~(11~~67,~~898)~~676		—		15(11,~~495~~898)		15(11,~~495~~898)
Cumulative effect of accounting changes (1)	~~(33,500)~~—		—		~~(33,500)~~—		~~785~~(33,500)		~~(785)~~—		—(33,500)
Other	5479		—		5479		~~340~~54		—		~~340~~54
Total	$	~~345~~611,~~869~~214	$	~~122~~(75,~~652~~116)	$	~~468~~536,~~521~~098	$	~~533~~345,~~245~~869	$	~~199~~122,~~256~~652	$	~~732~~468,~~501~~521

(1)Result of adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ~~See Note 3, Adoption of New Accounting Standards.~~

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~~100% of the ~~authorized~~company ~~control~~action level RBC are required to take certain actions. At December 31, ~~2020~~2021 and December 31, ~~2019~~2020, ANICO’s statutory capital and surplus was $34.60 billion and $3.56 billion, respectively. ANICO and each of our insurance subsidiaries had statutory capital and surplus at December 31, ~~2020~~2021 and ~~December 31,~~2020 ~~2019,~~ above 200% of the ~~authorized~~company ~~control~~action level, except ~~for~~ ANPAC Louisiana Insurance Company ("ANPLA"), which had an RBC level of 194% at December 31, 2020, which increased to 242% at December 31, 2021.

60The 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.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

At December 31, 2020 and December 31, 2019, ANPLA's statutory capital and surplus was $68.5 million and $77.0 million, which resulted in an RBC level of 194% and 280% of the authorized control level, respectively. This decrease in RBC of ANPLA is primarily driven by an increase in homeowners catastrophe losses during 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 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

The following summarizes our contractual obligations as of December 31, ~~2020~~2021 (in thousands):

Payments Due by Period

Total

Less than1 year

1-3 years

3-5 years

More than5 years

Life insurance obligations (1)

34,~~550~~504,~~229~~925

(8358,~~339~~739)

(~~152~~116,~~848~~014)

(3136,~~679~~030)

34,~~818~~715,~~095~~708

Annuity obligations (1)

1415,~~793~~483,~~341~~714

1,~~230~~373,~~657~~520

23,~~422~~496,~~851~~133

2,~~357~~434,~~051~~695

8,~~782~~179,~~782~~366

Property and casualty insurance obligations (2)

1,~~035~~098,~~236~~017

~~447~~487,~~925~~133

~~364~~371,~~686~~074

~~127~~138,~~672~~250

94101,~~953~~560

Health insurance obligations (3)

~~249~~263,~~141~~837

~~157~~183,~~496~~260

3029,~~232~~599

139,~~181~~428

4841,~~232~~550

Purchase obligations

Commitments to purchase and fund investments

~~640~~899,~~756~~017

~~209~~361,~~121~~222

~~371~~321,~~295~~503

5695,~~994~~230

3121,~~346~~062

Mortgage loan commitments

~~534~~647,~~515~~841

~~373~~424,~~621~~971

~~160~~222,~~894~~870

—

Operating leases

7,391

3,137

3,460

698

Lease obligations

12,680

4,300

6,612

1,685

Defined benefit pension plans (4)

6360,~~097~~145

1617,~~934~~638

1514,~~912~~362

1110,~~349~~834

1817,~~902~~311

Notes payable (5)

~~153~~149,~~703~~248

—75,293

1073,~~819~~955

~~64,319~~—

~~78,565~~—

Total

2123,~~027~~119,~~409~~424

2,~~355~~868,~~552~~598

34,~~227~~420,~~301~~094

2,~~599~~654,~~585~~092

1213,~~844~~176,~~971~~640

(1)Life and annuity obligations include undiscounted estimated claim, benefit, surrender and commission obligations offset by expected future premiums and deposits on in-force insurance policies and annuity contracts. All amounts are gross of any reinsurance recoverable. Estimated claim, benefit and surrender obligations are based on mortality and lapse assumptions comparable with historical experience. Estimated payments on interest-sensitive life and annuity obligations include interest credited to those products. The interest crediting rates are derived by deducting current product spreads from a constant investment yield. As a result, the estimated obligations for insurance liabilities included in the table exceed the liabilities recorded in the liability for future policy benefits and policy and contract claims. Due to the significance of the assumptions used, the amounts presented could materially differ from actual payments. Separate account obligations have not been included in the table since those obligations are not part of the general account obligations and will be funded by cash flows from separate account assets. The general account obligations for insurance liabilities will be funded by cash flows from general account assets and future premiums and deposits. Participating policyholder dividends payable consists of liabilities related to dividends payable in the following calendar year and are presented in the less than one-year category. All estimated cash payments are net of estimated future premiums on policies currently in-force net of future policyholder dividends payable. The participating policyholders’ share obligation included in other policyholder funds and the timing and amount of the ultimate participating policyholder obligation is subject to significant uncertainty and the amount of the participating policyholder obligation is based upon a long-term projection of the performance of the participating policy block.

(2)Includes undiscounted case reserves for reported claims and reserves for IBNR with the timing of future payments based on our historical payment patterns. The timing of these payments may vary significantly from the pattern shown in the preceding table. The ultimate losses may vary materially from the recorded amounts, which are our best estimates.

(3)Reflects estimated future claim payments for claims incurred based on mortality and morbidity assumptions that are consistent with historical claims experience. These are not discounted with interest and will exceed the liabilities recorded in reserves for future claim payment, which are discounted with interest. Due to the significance of the assumptions used, the amounts presented could materially differ from actual payments.

(4)Estimated payments through continuing operations for benefit obligations of the non-qualified defined benefit pension plan. A liability has been established for the full amount of benefits accrued.

(5)The estimated payments due by period for notes payable reflect the contractual maturities of principal for amounts borrowed by real estate joint ventures and collateralized by real-estate owned by the respective entity. ~~Our~~The entity's liability is limited to its investment in the respective joint venture. See Part II, Item 8, Financial Statements and Supplementary Data — Note 6, Real Estate and Other Investments, of the Notes to the Consolidated Financial Statements for additional details.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued)

Off-Balance Sheet Arrangements

We have off-balance sheet arrangements relating to third-party marketing operation bank loans as discussed in Part II, Item 8, Financial Statements and Supplementary Data — Note 19, Commitments and Contingencies, of the Notes to the 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.

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 see Part II, Item 8, Financial Statements and Supplementary Data — Note 20, Related Party Transactions, of the Notes to the Consolidated Financial Statements.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our investments and some of our products are subject to various market risks associated with changes in interest rates, credit spreads, issuer defaults, equity prices and market indices. Adverse changes due to these market risks may occur as a result of various factors, including changes in market liquidity, risk tolerances and market perceptions of creditworthiness.

We emphasize prudent risk management throughout all our operations. Our enterprise risk management procedures help us to identify, prioritize and manage various risks including market risk. Under the leadership of our Board of Directors and Corporate Risk Officer, we have instituted a framework based on the principles of enterprise risk management designed to provide reasonable assurance regarding the achievement of our strategic objectives. Related activities include:

•identifying evolving and potential risks and events that may affect us;

•managing risks within our risk profile;

•appropriate escalation of risks and disclosure of any risk limit breaches within the enterprise, along with the correction method if appropriate;

•tracking actual risk levels against predetermined thresholds; and

•monitoring our capital adequacy.

We expect ongoing enterprise risk management efforts will expand the management tools used to support an efficient allocation of capital and enhance the measurement of possible diversification benefits across business segments and risk classes.

A key component of our risk management program is our ALM Committee. The ALM Committee monitors the level of our risk exposure in managing our assets and liabilities to attain the desired risk-return profile for our diverse mix of assets and liabilities and their resultant cash flows. This process includes maintaining adequate reserves, monitoring claims and surrender experience, managing interest rate spreads, ~~evaluation~~evaluating of alternate investment strategies and protecting against disintermediation risk for life insurance and annuity products.

As a part of the ALM process, we have asset portfolios for each major line of business, which represent the investment strategies used to fund liabilities within acceptable levels of risk. We monitor these strategies through regular review of portfolio metrics, such as effective duration, yield curve sensitivity and liquidity. In executing these ALM strategies, we regularly reevaluate the estimates used in determining the approximate amounts and timing of payments to or on behalf of policyholders for insurance liabilities. Many of these estimates are inherently subjective and could impact our ability to achieve our ALM goals and objectives. Our Finance Committee and ALM Committee also review the risks associated with evaluation of alternate investment strategies and the specific investments made to support our business and ~~for~~the consistency of such strategies and investments with our overall investment strategy.

Filing Compare · American National Group Inc