ANG exits P&C, shifts from PRT to retail annuities; net income falls 33% on fair-value swings

Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

• high

  Completed transfer of all property & casualty subsidiaries to Clearbrook on Oct 1, 2025, exiting a segment that reported $2.1B in 2024 revenues. P&C now reported as discontinued operations only.

  Business: P&C segment divestiture verify on EDGAR →
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  Net income attributable to common stockholders fell from $696M in 2024 to $469M in 2025 (down 33%), driven by lower PRT premiums, unfavorable fair-value movements on annuity reserves, and higher VOBA amortization.

  MD&A: Net income decline verify on EDGAR →
• high

  Pivoted from pension risk transfer to retail annuities and new funding agreements product line. PRT sales dropped from $3.2B to $1.5B; funding agreements contributed $2.3B in 2025. Management cites more competitive PRT market.

  MD&A: PRT sales and capital allocation verify on EDGAR →