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New words:
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Removed:
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Financial report summary
?Risks
- We make assumptions and estimates when underwriting insurance risks, and significant deviations from such assumptions and estimates could adversely affect our business, financial condition, results of operations, liquidity and cash flows.
- If we are unable to attract and retain IMOs, agents, banks and broker-dealers, sales of our insurance products may be adversely affected.
- Advances in medical technology may adversely affect certain segments of our business.
- A rating downgrade or the absence of a rating of us or any of our subsidiaries could adversely affect our existing business and our ability to compete for further business.
- If market conditions cause reinsurance to be more costly or unavailable, we may be required to bear increased risks or reduce the level of our underwriting commitments.
- If the counterparties to our reinsurance arrangements or to the derivatives we use to hedge our business risks default or fail to perform, we may be exposed to risks we had sought to mitigate, which could materially and adversely affect our financial condition and results of operations.
- The insurance industry is highly competitive; competitive pressures may result in lower volumes of policies written, fewer insurance contracts underwritten, lower premium rates, increased expense for customer acquisition and retention and less favorable policy terms and conditions.
- Consolidation in the insurance industry could adversely impact us.
- We rely on the use of technology, and as a result, we are exposed to the risk of cybersecurity attacks.
- Failure to protect the confidentiality of information, including as the result of a cybersecurity attack, could materially and adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations.
- Compliance with laws and regulations governing the processing of personal data and information may impede our services or result in increased costs. The failure to comply with such data privacy laws and regulations could result in material fines or penalties imposed by data protection or financial services conduct regulators and/or awards of civil damages and any data breach may have a material adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences.
- Compliance with existing and emerging rules and regulations governing the use of AI and generative AI could result in increased compliance costs and/or lead to changes in business practices and policies, and challenges with properly managing the use of AI could result in reputational harm, competitive harm and legal liability.
- We may be unable to protect our intellectual property and may face infringement claims.
- We may be unable to attract and retain key executives and skilled employees, and because our employees are located throughout the United States, we may incur additional compliance and litigation costs that could adversely impact our business, financial condition and our results of operations.
- We have incurred indebtedness and intend to incur additional indebtedness which may result in us not being able to generate sufficient cash flows from operations and our investments to service our indebtedness.
- Our debt and any future debt we incur may subject us or our subsidiaries to certain covenants that restrict our ability to engage in certain types of activities and may require us to utilize significant cash flow to service our debt.
- We may require additional capital in the future, including to fund future growth, which may not be available or may only be available on unfavorable terms, including as a result of increasing barriers to free trade and the free flow of capital and fluctuations in the financial markets.
- We may suffer a significant loss resulting from fraud, bribery, corruption, other illegal acts, inadequate or failed internal processes or systems, or from external events.
- We are at risk of becoming involved in disputes and possible litigation.
- We may be subject to negative publicity in the insurance industry.
- We are a holding company with no operations and limited assets of our own and as a result, our ability to service our debt obligations or pay dividends is limited or otherwise restricted, and dependent on the ability of our subsidiaries to distribute cash to us.
- We may fail to authorize and pay dividends on our preferred stock.
- Our failure to maintain effective internal controls could have a material adverse effect on our business in the future.
- Changes in accounting estimates and assumptions could negatively affect our financial position and results of operations.
- Changes in interest rates and credit spreads, which are out of our control, can materially and adversely affect our financial condition and results of operations.
- Economic and business conditions that impact the debt or equity markets could impact our ability to access credit markets.
- Inflation may adversely reduce the profitability of our subsidiaries and results of operations.
- All of our subsidiaries are subject to general economic and political conditions and risks relating to the markets in which our company operates.
- We may incur significant losses resulting from catastrophic events, including natural disasters, public health crises, illness, epidemics or pandemics and their related effects.
- Climate change, and increasing regulation with respect to climate change, may adversely impact our results of operations.
- All of our subsidiaries are subject to changes in government policy and legislation.
- We could suffer losses if our investment strategy is unsuccessful.
- We are exposed to counterparty credit risk which, in turn, increases our exposure to liabilities.
- Our valuation of securities and investments, as well as the determination of the amount of allowances and impairments taken on our investments are subjective and, if changed, could materially and adversely affect our results of operations or financial condition.
- Our investment portfolio may be subject to concentration risk, which could threaten our financial condition.
- A number of our company’s assets are illiquid, and our company may be required to dispose of such assets if there is significant amount of unanticipated policyholder withdrawal, lapse, or claim activity or to meet other obligations.
- Our investments are subject to credit risk, market risk, servicing risk, loss from catastrophic events and other risks, which could diminish the value that we obtain from such investments.
- Our investment portfolio may include investments in securities of issuers based outside the U.S., including emerging markets, which may be riskier than securities of U.S. issuers.
- Our insurance business is highly regulated, and such regulation and any supervisory and enforcement policies, or changes thereto, may materially impact our capitalization or cash flows, reduce our profitability and limit our growth.
- Our failure to obtain or maintain licenses and/or other regulatory approvals as required for the operations of our subsidiaries may have a material adverse effect on our business, financial condition, results of operations, liquidity, cash flows and process.
- Any future regulatory changes, including political, regulatory and industry initiatives by state and international authorities, could result in the imposition of significant restrictions on our ability to do business.
- A decrease in applicable capital ratios/calculations of our subsidiaries could result in increased scrutiny by insurance regulators and rating agencies and have a material adverse effect on our results of operations and financial condition.
- Potential government intervention in the insurance industry and instability in the marketplace for insurance products could hinder our flexibility and negatively affect the business opportunities that may be available to us in the market.
- The insurance regulatory framework and legislation enacted in Bermuda as to economic substance may affect our operations.
- Regulatory regimes and changes to accounting rules may adversely impact our financial results irrespective of business operations.
- The Company’s predecessor recently completed its Merger with Brookfield Reinsurance and its Post-Effective Merger with American National. As a result, the Company could experience challenges or unanticipated costs in integrating its operations with those of American National which could adversely affect our results of operations and financial condition.
- We only list preferred shares on the NYSE and, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements. Holders of our preferred shares will not have the same protections afforded to shareholders of companies that are subject to such requirements.
- The interests of the sole holder of our common shares may differ from the interests of holders of our preferred shares and our outstanding indebtedness.
- We depend on affiliates of BAM under certain Investment Management Agreements and our business may experience a material adverse impact should we lose any of the services provided to our company thereunder.
- The U.S. federal base erosion and anti-abuse tax may significantly increase our tax liability.
- Our company or our non-U.S. subsidiaries may be subject to U.S. federal income taxation in amounts greater than expected, which could have a material adverse effect on our financial condition and operating results.
- Changes in U.S. tax law might adversely affect us or our shareholders.
- There is U.S. income tax risk associated with reinsurance between U.S. insurance companies and their non-U.S. affiliates.
Management Discussion
- The results of operations discussed below comprise results for American National for all periods presented and results for American Equity for the period May 2, 2024 to June 20, 2024.
- For the three months ended June 30, 2024, we reported net income of $244 million, compared to net income of $101 million for the same period in 2023. The increase of $143 million was primarily due to the acquisition of American Equity, continued growth in the business and continued deployment of capital into higher yielding investments.
- Net premiums and other policy revenue were $1.2 billion for the three months ended June 30, 2024, compared to $1.1 billion for the same period in 2023. The increase of $84 million was primarily due to an increase in other policy revenue which reflects surrender fee and rider fee income recognized on annuity policies added following the acquisition of American Equity.