American International : View American General Life Insurance Company Annual Statement (Book 1 of 2)

ANNUAL STATEMENT FOR THE YEAR 2020 OF THE American General Life Insurance Company

ASSETS

		Current Year		Prior Year
	1	2	3	4
			Net Admitted Assets	Net Admitted
	Assets	Nonadmitted Assets	(Cols. 1 - 2)	Assets
1. Bonds (Schedule D)	105,019,544,268		105,019,544,268	98,987,807,569

2. Stocks (Schedule D):

2.1 Preferred stocks	85,234,355		85,234,355	298,652,930
2.2 Common stocks	1,030,102,218	10,777,546	1,019,324,672	668,630,188

3. Mortgage loans on real estate (Schedule B):

3.1	First liens	21,052,388,342	21,052,388,342	21,271,733,504
3.2	Other than first liens	325,437,522	325,437,522	174,029,091

4. Real estate (Schedule A):

	4.1 Properties occupied by the company (less $
	encumbrances)		5,509,219		5,509,219	62,890,664
	4.2 Properties held for the production of income (less
	$		encumbrances)	3,007,559		3,007,559	120,965,367
	4.3 Properties held for sale (less $
	encumbrances)				0	604,453
5.	Cash ($	(70,193,018) , Schedule E - Part 1), cash equivalents
	($	961,388,000	, Schedule E - Part 2) and short-term
	investments ($	167,873,699 , Schedule DA)	1,059,068,681		1,059,068,681	446,415,329
6.	Contract loans (including $	premium notes)	1,253,928,684	18,805,271	1,235,123,413	1,263,799,097
7.	Derivatives (Schedule DB)		974,896,334		974,896,334	624,883,681
8.	Other invested assets (Schedule BA)	5,410,094,746	114,984,345	5,295,110,401	4,819,888,275
9.	Receivables for securities		106,362,847		106,362,847	109,543,460
10.	Securities lending reinvested collateral assets (Schedule DL)	1,692,230,960		1,692,230,960	1,283,257,135
11.	Aggregate write-ins for invested assets	54,664,987	0	54,664,987	30,865,096
12.	Subtotals, cash and invested assets (Lines 1 to 11)	138,072,470,722	144,567,162	137,927,903,560	130,163,965,839
13.	Title plants less $	charged off (for Title insurers
	only)					0	0
14.	Investment income due and accrued	1,414,330,444	2,338,259	1,411,992,185	1,406,639,963

15. Premiums and considerations:

15.1 Uncollected premiums and agents' balances in the course of collection

(203,128,239)

3,076,235

(206,204,474)

(232,507,325)

15.2 Deferred premiums and agents' balances and installments booked but deferred and not yet due (including $

		earned but unbilled premiums)		440,286,142		440,286,142	388,319,035
	15.3	Accrued retrospective premiums ($	) and
		contracts subject to redetermination ($	)			0	0
16.	Reinsurance:
	16.1	Amounts recoverable from reinsurers		363,840,990		363,840,990	366,096,741
	16.2	Funds held by or deposited with reinsured companies				0	0
	16.3	Other amounts receivable under reinsurance contracts		293,759,061		293,759,061	788,901,472
17.	Amounts receivable relating to uninsured plans				0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	0		0	67,606,164
18.2	Net deferred tax asset			4,232,138,475	3,473,214,406	758,924,069	618,068,962
19.	Guaranty funds receivable or on deposit		31,607,652		31,607,652	33,100,634
20.	Electronic data processing equipment and software		302,555,051	300,550,085	2,004,966	4,566,882
21.	Furniture and equipment, including health care delivery assets
	($	)		8,965,097	8,965,097	0	1
22.	Net adjustment in assets and liabilities due to foreign exchange rates			0	0
23.	Receivables from parent, subsidiaries and affiliates		123,988,837		123,988,837	180,376,427
24.	Health care ($	) and other amounts receivable	62,805,209	175,497	62,629,712	60,884,120
25.	Aggregate write-ins for other than invested assets		955,104,196	71,697,368	883,406,828	916,105,608

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

146,098,723,636

4,004,584,109

142,094,139,527

134,762,124,523

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	63,095,015,113		63,095,015,113	57,530,427,402
28.	Total (Lines 26 and 27)	209,193,738,749	4,004,584,109	205,189,154,640	192,292,551,925
	DETAILS OF WRITE-INS
1101.	Initial Margin for Futures	40,309,991		40,309,991	4,685,099
1102.	Derivative Cash Collateral	14,354,996		14,354,996	26,179,997
1103.
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 thru 1103 plus 1198)(Line 11 above)	54,664,987	0	54,664,987	30,865,096
2501.	Reinsurance Permitted Practice	614,456,439		614,456,439	284,364,065
2502.	Remittances and Items not Allocated	171,390,300		171,390,300	193,425,198
2503.	Receivable for Securities Not Received Within 15 Days from Settlement
	Date	41,497,616	41,497,616	0	138,136
2598.	Summary of remaining write-ins for Line 25 from overflow page	127,759,841	30,199,752	97,560,089	438,178,209
2599.	Totals (Lines 2501 thru 2503 plus 2598)(Line 25 above)	955,104,196	71,697,368	883,406,828	916,105,608

2

ANNUAL STATEMENT FOR THE YEAR 2020 OF THE American General Life Insurance Company

LIABILITIES, SURPLUS AND OTHER FUNDS

				1	2
				Current Year	Prior Year
1.	Aggregate reserve for life contracts $	101,263,618,085 (Exh. 5, Line 9999999) less $
	included in Line 6.3 (including $	28,458,632,693 Modco Reserve)		101,263,618,085	97,631,637,743
2.	Aggregate reserve for accident and health contracts (including $	659,911,303 Modco Reserve)	755,571,966	765,619,781
3.	Liability for deposit-type contracts (Exhibit 7, Line 14, Col. 1) (including $	2,680,913,511 Modco Reserve)	13,033,882,316	12,038,485,382

4. Contract claims:

4.1	Life (Exhibit 8, Part 1, Line 4.4, Col. 1 less sum of Cols. 9, 10 and 11)	663,168,603	477,784,657
4.2	Accident and health (Exhibit 8, Part 1, Line 4.4, sum of Cols. 9, 10 and 11)		64,991,330	62,397,178
5. Policyholders' dividends/refunds to members $	20,554 and coupons $	due
and unpaid (Exhibit 4, Line 10)		20,554	25,634

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1	Policyholders' dividends and refunds to members apportioned for payment (including $
	Modco)			16,251,011	16,727,819
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	Modco)
6.3	Coupons and similar benefits (including $	Modco)	72,000	73,000

1. Amount provisionally held for deferred dividend policies not included in Line 6
2. Premiums and annuity considerations for life and accident and health contracts received in advance less

$	discount; including $	967,629 accident and health premiums (Exhibit 1,
Part 1, Col. 1, sum of lines 4 and 14)	8,636,617	11,777,494

9. Contract liabilities not included elsewhere: 9.1 Surrender values on canceled contracts

	9.2	Provision for experience rating refunds, including the liability of $	518,975	accident and health
		experience rating refunds of which $	0 is for medical loss ratio rebate per the Public Health
		Service Act					157,633,534	153,009,517
	9.3 Other amounts payable on reinsurance, including $	17,517 assumed and $	198,995,494
		ceded					199,013,010	269,917,049
	9.4 Interest maintenance reserve (IMR, Line 6)					2,002,264,989	1,604,589,496
10.	Commissions to agents due or accrued-life and annuity contracts $	17,027,145	accident and health
	$	283,248 and deposit-type contract funds $				17,310,392	18,798,031
11.	Commissions and expense allowances payable on reinsurance assumed				216,251	96,841
12.	General expenses due or accrued (Exhibit 2, Line 12, Col. 7)					200,896,883	178,080,508
13.	Transfers to Separate Accounts due or accrued (net) (including $	(888,352,399)	accrued for expense
	allowances recognized in reserves, net of reinsured allowances)				(1,385,299,070)	(1,601,540,398)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes (Exhibit 3, Line 9, Col. 6)		52,525,430	57,927,481
15.1 Current federal and foreign income taxes, including $		on realized capital gains (losses)	3,334,587
15.2	Net deferred tax liability
16.	Unearned investment income					22,310,330	25,916,334
17.	Amounts withheld or retained by reporting entity as agent or trustee				8,893,707	4,933,437
18.	Amounts held for agents' account, including $	4,379,558	agents' credit balances		8,666,742	8,191,610
19.	Remittances and items not allocated					348,654,571	305,465,113

20. Net adjustment in assets and liabilities due to foreign exchange rates

21.	Liability for benefits for employees and agents if not included above	3,826,081	3,785,298
22.	Borrowed money $	and interest thereon $

1. Dividends to stockholders declared and unpaid
2. Miscellaneous liabilities:

	24.01	Asset valuation reserve (AVR, Line 16, Col. 7)			2,096,490,429	1,957,221,833
	24.02 Reinsurance in unauthorized and certified ($	0 ) companies		334,454	434,652
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	) reinsurers	186,545,625	239,894,738
	24.04	Payable to parent, subsidiaries and affiliates			249,629,638	267,300,802
	24.05	Drafts outstanding				5,008,087	4,872,497
	24.06	Liability for amounts held under uninsured plans
	24.07	Funds held under coinsurance				11,516,876,426	11,253,292,202
	24.08	Derivatives				238,335,204	226,633,661
	24.09	Payable for securities				257,147,451	433,345,574
	24.10	Payable for securities lending				1,678,885,943	1,451,641,260
	24.11 Capital notes $	and interest thereon $
25.	Aggregate write-ins for liabilities				907,309,724	605,115,209
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			134,583,022,900	128,473,451,433
27.	From Separate Accounts Statement				63,095,015,113	57,530,427,402
28.	Total liabilities (Lines 26 and 27)				197,678,038,013	186,003,878,835
29.	Common capital stock				6,000,000	6,000,000
30.	Preferred capital stock				850,000	850,000
31.	Aggregate write-ins for other than special surplus funds			0	0
32.	Surplus notes
33.	Gross paid in and contributed surplus (Page 3, Line 33, Col. 2 plus Page 4, Line 51.1, Col. 1)		3,509,889,559	3,509,889,559
34.	Aggregate write-ins for special surplus funds				(127,586,580)	0
35.	Unassigned funds (surplus)				4,121,963,648	2,771,933,532

36. Less treasury stock, at cost:

	36.1	shares common (value included in Line 29	$	)
	36.2	shares preferred (value included in Line 30	$	)
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $		in Separate Accounts Statement)	7,504,266,627	6,281,823,091
38.	Totals of Lines 29, 30 and 37 (Page 4, Line 55)			7,511,116,627	6,288,673,091
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)			205,189,154,640	192,292,551,926
	DETAILS OF WRITE-INS
2501.	Derivative Deferred Liab - SSAP 108			355,481,131
		0
2502.	Derivative Collateral Liability			263,733,586	356,041,022
2503.	Unclaimed Funds				144,078,488	143,660,177
2598.	Summary of remaining write-ins for Line 25 from overflow page			144,016,519	105,414,010
2599.	Totals (Lines 2501 thru 2503 plus 2598)(Line 25 above)			907,309,724	605,115,209
3101.
3102.
3103.
3198.	Summary of remaining write-ins for Line 31 from overflow page			0	0
3199.	Totals (Lines 3101 thru 3103 plus 3198)(Line 31 above)			0	0
3401.	Gain on sale/leaseback of Houston Campus net of amortization			227,894,551	0
3402.	Derivative Deferred Liab - SSAP 108			(355,481,131)	0
3403.
3498.	Summary of remaining write-ins for Line 34 from overflow page			0	0
3499.	Totals (Lines 3401 thru 3403 plus 3498)(Line 34 above)			(127,586,580)	0

3

ANNUAL STATEMENT FOR THE YEAR 2020 OF THE American General Life Insurance Company

SUMMARY OF OPERATIONS

1	2
Current Year	Prior Year

1. Premiums and annuity considerations for life and accident and health contracts (Exhibit 1, Part 1, Line 20.4, Col. 1, less

	Col. 11)	10,863,777,164	14,264,714,728
2.	Considerations for supplementary contracts with life contingencies	77,696,830	65,136,020
3.	Net investment income (Exhibit of Net Investment Income, Line 17)	6,034,794,385	6,102,599,548
4.	Amortization of Interest Maintenance Reserve (IMR, Line 5)	151,085,608	123,018,519
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	203,913,326	161,876,239
6.	Commissions and expense allowances on reinsurance ceded (Exhibit 1, Part 2, Line 26.1, Col. 1)	646,467,810	729,772,277
7.	Reserve adjustments on reinsurance ceded	(2,069,490,671)	(2,360,289,160)

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract guarantees from Separate
	Accounts	1,217,941,410	1,134,808,288
	8.2 Charges and fees for deposit-type contracts	57,222,387	61,862,646
	8.3 Aggregate write-ins for miscellaneous income	445,579,880	368,400,115
9.	Total (Lines 1 to 8.3)	17,628,988,129	20,651,899,220
10.	Death benefits	810,901,462	547,031,640
11.	Matured endowments (excluding guaranteed annual pure endowments)	586,969	311,948
12.	Annuity benefits (Exhibit 8, Part 2, Line 6.4, Cols. 4 + 8)	2,563,222,093	2,515,404,203
13.	Disability benefits and benefits under accident and health contracts	44,183,140	47,898,593
14.	Coupons, guaranteed annual pure endowments and similar benefits	63,750	72,540
15.	Surrender benefits and withdrawals for life contracts	6,857,131,049	7,302,534,127
16.	Group conversions		0
17.	Interest and adjustments on contract or deposit-type contract funds	572,949,344	548,825,004
18.	Payments on supplementary contracts with life contingencies	50,797,067	46,028,669
19.	Increase in aggregate reserves for life and accident and health contracts	3,671,689,838	6,085,884,126
20.	Totals (Lines 10 to 19)	14,571,524,712	17,093,990,850

21. Commissions on premiums, annuity considerations, and deposit-type contract funds (direct business only) (Exhibit 1, Part

	2, Line 31, Col. 1)			950,255,890	1,131,763,433
22.	Commissions and expense allowances on reinsurance assumed (Exhibit 1, Part 2, Line 26.2, Col. 1)	11,929,747	11,089,309
23.	General insurance expenses and fraternal expenses (Exhibit 2, Line 10, Cols. 1, 2, 3, 4 and 6)	927,722,934	913,103,986
24.	Insurance taxes, licenses and fees, excluding federal income taxes (Exhibit 3, Line 7, Cols. 1 + 2 + 3 + 5)	111,542,414	116,844,090
25.	Increase in loading on deferred and uncollected premiums			(66,368,813)	34,909,739
26.	Net transfers to or (from) Separate Accounts net of reinsurance		272,688,295	(192,228,229)
27.	Aggregate write-ins for deductions			556,927,459	542,364,381
28.	Totals (Lines 20 to 27)			17,336,222,638	19,651,837,559
29.	Net gain from operations before dividends to policyholders, refunds to members and federal income taxes (Line 9 minus
	Line 28)				292,765,491	1,000,061,661
30.	Dividends to policyholders and refunds to members			2,505,480	4,212,323
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal income taxes (Line 29
	minus Line 30)			290,260,011	995,849,338
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)		961,418,100	760,183,972
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income taxes and before
	realized capital gains or (losses) (Line 31 minus Line 32)			(671,158,089)	235,665,366
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital gains tax of
	$	170,165,350 (excluding taxes of $	145,873,204	transferred to the IMR)	640,145,834	(144,047,194)
35.	Net income (Line 33 plus Line 34)			(31,012,255)	91,618,172
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year (Page 3, Line 38, Col. 2)		6,288,673,090	6,350,254,621
37.	Net income (Line 35)			(31,012,255)	91,618,172
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	24,847,243	155,127,107	742,923,102
39.	Change in net unrealized foreign exchange capital gain (loss)		350,488,152	207,169,756
40.	Change in net deferred income tax			850,621,356	901,196,734
41.	Change in nonadmitted assets			(642,883,248)	(509,714,213)
42.	Change in liability for reinsurance in unauthorized and certified companies		100,198	(348,614)
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	46,642,378	22,148,332
44.	Change in asset valuation reserve			(139,268,596)	(374,414,098)
45.	Change in treasury stock (Page 3, Lines 36.1 and 36.2, Col. 2 minus Col. 1)	0	0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period		203,913,326	161,876,239
47.	Other changes in surplus in Separate Accounts Statement			(203,913,326)	(161,876,239)

48. Change in surplus notes

49.	Cumulative effect of changes in accounting principles		(318,074,491)
50.	Capital changes:
	50.1	Paid in
	50.2	Transferred from surplus (Stock Dividend)
	50.3	Transferred to surplus

51. Surplus adjustment:

	51.1 Paid in	0	0
	51.2 Transferred to capital (Stock Dividend)
	51.3 Transferred from capital
	51.4 Change in surplus as a result of reinsurance	(5,352,098)	(12,159,810)
52.	Dividends to stockholders		(890,000,000)
53.	Aggregate write-ins for gains and losses in surplus	637,980,543	78,073,599
54.	Net change in capital and surplus for the year (Lines 37 through 53)	1,222,443,537	(61,581,531)
55.	Capital and surplus, December 31, current year (Lines 36 + 54) (Page 3, Line 38)	7,511,116,627	6,288,673,090
	DETAILS OF WRITE-INS
08.301. Other Policy Fees	203,102,432	171,923,618
08.302. Other Variable Annuities Fees	121,924,018	117,894,228
08.303. Miscellaneous Income	81,915,018	57,877,945
08.398. Summary of remaining write-ins for Line 8.3 from overflow page	38,638,412	20,704,324
08.399. Totals (Lines 08.301 thru 08.303 plus 08.398)(Line 8.3 above)	445,579,880	368,400,115
2701.	Interest on Fund Witheld	552,143,879	547,020,758
2702.	Miscellaneous Expenses	4,596,398	(5,777,315)
2703.	Fines and Penalties	187,182	210,198
2798.	Summary of remaining write-ins for Line 27 from overflow page	0	910,740
2799.	Totals (Lines 2701 thru 2703 plus 2798)(Line 27 above)	556,927,459	542,364,381
5301.	Reinsurance Permitted Practice	353,482,217	284,364,065
5302.	Gain on sale/leaseback of Houston Campus	253,216,168	0
5303.	Correction of Prior Period Items Disclosed in Footnote 2B	31,282,158	(206,290,466)
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	0
5399.	Totals (Lines 5301 thru 5303 plus 5398)(Line 53 above)	637,980,543	78,073,599

4

ANNUAL STATEMENT FOR THE YEAR 2020 OF THE American General Life Insurance Company

CASH FLOW

				1	2
				Current Year	Prior Year
		Cash from Operations
1.	Premiums collected net of reinsurance		10,930,473,087	14,286,133,650
2.	Net investment income		5,511,685,697	5,562,422,219
3.	Miscellaneous income		297,720,815	(65,445,834)
4.	Total (Lines 1 through 3)		16,739,879,599	19,783,110,035
5.	Benefit and loss related payments		10,280,288,529	11,381,181,741
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	56,446,967	16,627,296
7.	Commissions, expenses paid and aggregate write-ins for deductions		1,983,911,908	3,277,894,141
8.	Dividends paid to policyholders		2,988,368	2,366,315
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital gains (losses)	1,206,515,902	681,387,088
10.	Total (Lines 5 through 9)		13,530,151,674	15,359,456,581
11.	Net cash from operations (Line 4 minus Line 10)		3,209,727,925	4,423,653,454
		Cash from Investments
12.	Proceeds from investments sold, matured or repaid:
	12.1	Bonds		22,427,880,436	24,156,132,575
	12.2	Stocks		419,006,180	148,556,918
	12.3	Mortgage loans		2,861,743,789	2,040,848,227
	12.4	Real estate		168,195,410	38,119,000
	12.5	Other invested assets		1,546,410,197	1,900,411,427
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments		0	0
	12.7	Miscellaneous proceeds		2,059,521,907	3,110,027,664
	12.8 Total investment proceeds (Lines 12.1 to 12.7)		29,482,757,919	31,394,095,811

13. Cost of investments acquired (long-term only):

	13.1	Bonds	27,211,338,912	27,363,346,817
	13.2	Stocks	499,116,218	474,452,075
	13.3	Mortgage loans	2,565,832,514	4,453,144,580
	13.4	Real estate	11,663,371	35,241,853
	13.5	Other invested assets	1,827,732,672	2,197,769,376
	13.6	Miscellaneous applications	608,971,838	939,816,402
	13.7	Total investments acquired (Lines 13.1 to 13.6)	32,724,655,525	35,463,771,102
14.	Net increase (decrease) in contract loans and premium notes	(26,065,275)	(40,142,008)
15.	Net cash from investments (Line 12.8 minus Line 13.7 minus Line 14)	(3,215,832,331)	(4,029,533,283)

Cash from Financing and Miscellaneous Sources

16. Cash provided (applied):

16.1 Surplus notes, capital notes	0	0
16.2	Capital and paid in surplus, less treasury stock	0	0
16.3	Borrowed funds	0	0
16.4	Net deposits on deposit-type contracts and other insurance liabilities	615,873,859	(393,206,331)
16.5 Dividends to stockholders	0	890,000,000
16.6 Other cash provided (applied)	2,883,899	(211,012,592)
17. Net cash from financing and miscellaneous sources (Lines 16.1 to 16.4 minus Line 16.5 plus Line 16.6)	618,757,758	(1,494,218,923)
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18. Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	612,653,352	(1,100,098,752)
19. Cash, cash equivalents and short-term investments:
19.1	Beginning of year	446,415,329	1,546,514,081
19.2 End of year (Line 18 plus Line 19.1)	1,059,068,681	446,415,329
Note: Supplemental disclosures of cash flow information for non-cash transactions:
20.0001. Non-cash transfer from common stocks to other invested assets	106,455,442
20.0002. Non-cash transfer from other invested assets to mortgage loans	19,559,269
20.0003. Non-cash transfer from other invested assets to common stocks		20,000,000

5