...September 25, 2024 NEW YORK (S&P Global Ratings) Sept. 25, 2024--S&P Global Ratings today said it assigned its '###' debt rating to American National Group Inc.'s proposed fixed-rate senior notes. These proposed senior notes will rank equally with all the company's existing and future senior debt obligations. They will also be structurally subordinated to policyholder liabilities at subsidiaries. American National has indicated it will use the proceeds from this issuance to repay a portion of the outstanding borrowings under its term loan credit facility. We expect the company's financial leverage to be under 35% and fixed-charge coverage above 4x in 2024 and 2025. Key factors supporting our ratings on American National include its leading market positions in the deferred, fixed-indexed, and pension risk transfer product lines and its capital adequacy at the 99.99% confidence level, per our capital model....
