ANICO to Discontinue New Life Insurance Policies, Focus on Annuities

American National Insurance Co. (ANICO) has announced its decision to cease the issuance of new life insurance policies to concentrate on expanding its offerings in other areas, particularly the annuity market. This strategic shift aims to capitalize on the growing demand for annuity products as well as to enhance their focus on pension risk transfers and property & casualty insurance.

According to a company spokesperson, ANICO will maintain its commitment to existing life insurance customers by continuing to support all active policies without any disruptions. The deadline for submitting new life insurance applications has been set for May 31, 2025, with all related business required to be finalized by July 31, 2025.

This move comes after ANICO's acquisition by Brookfield Reinsurance in May 2022, which has shifted the company’s focus towards areas with more growth potential, including indexed annuities. Despite a modest market share in the life insurance sector, ANICO holds a more significant presence in the indexed annuity market, evidencing a strategic realignment with its parent company's strengths in insurance, reinsurance, and asset management.

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