AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of American National Insurance Company (ANICO) and its affiliates, American National Life Insurance Company of Texas and American National Life Insurance Company of New York (Glenmont, NY). These companies are collectively referred to as the American National Group (ANG). In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of American National Property and Casualty Company (Lincoln, NE), and its subsidiaries, American National General Insurance Company (Lincoln, NE), American National Lloyds Insurance Company, and its affiliates, American National County Mutual Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company (both domiciled in Glenmont, NY). These entities are all considered part of American National Property & Casualty Group (ANPAC Group) due to their strategic importance. These companies are property/casualty subsidiaries of American National Group, Inc. (American National). All the above companies are headquartered in Galveston, TX, unless otherwise noted.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as American Equity. The outlook of all these Credit Ratings (ratings) is stable.

Lastly, AM Best has maintained the under review with developing implications status for the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Garden State Life Insurance Company (Galveston, TX) (GSL).

The ratings of ANG reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). The group continues to execute on its strategy of strengthening its position as a major annuity writer and has tailored its current product offering to meet these demands. The group has discontinued writing life insurance products within 2025 and much of its existing life insurance business has been reinsured to external counterparties. The group continues to reposition its balance sheet and implement reinsurance structures, including increased use of captives and offshore arrangements, to match the competitive demands of the annuity business. Although the group is currently focused on fixed deferred annuities, it is expanding other spread-based businesses, including pension risk transfer, indexed annuities, funding agreements and structured settlements.

The ratings of ANPAC Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neural business profile and appropriate ERM. ANPAC maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and has shown profitable operating results in 2024 and 2025. They have reduced exposure to the homeowners’ line of business as the result of profitability concerns, which has led to a reduction in net premium through the first half of 2025. The group remains focused on its farm and ranch product offerings and maintains a competitive market share in the line.

The ratings of American Equity reflects its balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, favorable business profile and appropriate ERM. As a major writer of fixed-indexed annuity and multi-year guaranteed annuity products, American Equity has sophisticated reinsurance program and capital management strategy. The group’s portfolio is also being repositioned in tandem with ANG’s under the American National Group, Inc. holding company. The group remains committed to its current product offering but looks to expand its allocation to accumulation products.

The ratings of GSL reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate ERM. GSL is in the process of being repurposed into an entity that writes annuity products on a regional basis. This will complement the distribution of products currently written by ANG and American Equity. It is currently awaiting regulatory approval to begin developing new business.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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