American National Insurance Co. (ANICO) will cease writing new life insurance policies, choosing instead to prioritize other product offerings, including the thriving annuity market. Scott Campbell, Senior Vice President of Client Experience and Corporate Communications Officer, verified the decision and shared the following statement with InsuranceNewsNet:
“American National has made the strategic decision to stop writing new life insurance business and will continue to focus on growing our annuity, pension risk transfer and property & casualty lines. We have strong confidence in these businesses and expect them to be a big part of our long-term success. We remain committed to serving our current life insurance policyholders and will continue to fully service all in-force policies without interruption.”
Campbell clarified that the deadline for applications is May 31, 2025, and the placement of businesses must be completed by July 31, 2025.
Life Insurance Exit Was Anticipated
Industry veteran Sheryl Moore isn’t surprised by ANICO’s move. “I think the writing was on the wall when American National was acquired by Brookfield Reinsurance,” she stated. “The combination of an insurer, reinsurer, and asset manager leans toward indexed annuities.”
Brookfield Reinsurance finalized its acquisition of American National Group, Inc., ANICO’s parent company, in May 2022. The all-cash transaction was valued at approximately $5.1 billion.
Moore noted that American National’s market presence in life insurance has been relatively small, citing data from Wink’s Sales & Market Report, fourth quarter 2024. She indicated that the insurer held a 1.68% market share within the $3.4 billion non-variable universal life market. Additionally, American National held a 0.63% share of the $4.3 billion whole life market and a 0.9% share of the $2.4 billion term life market, according to Moore, who serves as CEO of Wink and Moore Market Intelligence.
Based in Galveston, Texas, American National also held a 1.34% market share within the $427.7 billion indexed annuity market, she added.
John Hilton
