American National Group (ANGI) is an insurance holding company focused on annuities and life insurance, and is an indirect wholly-owned subsidiary of Brookfield Wealth Solutions, formed from the merger of American Equity Investment Life and American National in 2024. Annuities are the dominant business, generating roughly 92% of revenue, with life insurance making up the remainder. ANGI's core retail annuity product is fixed index annuities (FIAs), where policyholders earn interest credits tied to a market index with a principal floor of zero — participating in market upside without downside risk. ANGI limits that upside through caps and participation rates it adjusts annually. ANGI also offers fixed rate annuities, pension risk transfer (PRT) contracts, funding agreements, and single premium immediate annuities. The life insurance segment sells whole, universal, and variable universal life policies, though ANGI has wound down new sales in most distribution channels. ANGI distributes retail annuity products primarily through independent agents, operating across all 50 U.S. states and several territories. ANGI's business model is spread-based: it collects premiums and policyholder deposits, invests the float, and earns the difference between investment returns and interest credited back to policyholders. A key structural feature is that Brookfield's asset management arm manages ANGI's investment portfolio, providing access to private credit, real estate, and infrastructure assets that generate higher yields than public fixed income — allowing ANGI to offer competitive crediting rates while maintaining margins.