American National Halts New Life Insurance Policies to Shift Focus

American National, a Texas-based insurance company, has announced it will stop writing new life insurance policies to concentrate on other financial products such as annuities, pension risk transfer (PRT), and property & casualty lines. According to a spokesperson, this strategic shift aims to enhance their long-term success while maintaining service for existing life insurance policyholders. The company assures that all current policies will be serviced without interruption.

This change comes in the wake of a significant acquisition by Brookfield Asset Management Reinsurance in 2021, which acquired American National as part of a $5.1 billion deal. American National, established in 1905, has been diversifying its product offerings, focusing heavily on annuity-based reinsurance products through its subsidiaries. Besides life insurance, the company also provides various other insurance products, including auto, renters, and business insurance.

American National has recently exited the home insurance market, signaling its commitment to streamline operations and focus on more profitable lines of business. Notably, both American Equity Investment Life Insurance Company and American National Insurance Company operate as subsidiaries under the American National Group, reinforcing its diversified approach in the insurance sector. This strategic repositioning marks a significant shift for the company, being the first major update in 50 years regarding its product offerings.