//See "Change Annotation Text Graphic" for an alternative if TEXTSTRING is missing from the schema
await QueuedTask.Run(() =>
{
    //annoLayer is ~your~ Annotation layer...
    // use the inspector methodology
    var insp = new Inspector();
    insp.Load(annoLayer, oid);
    // make sure TextString attribute exists.
    //It is not guaranteed to be in the schema
    ArcGIS.Desktop.Editing.Attributes.Attribute att = insp.FirstOrDefault(a => a.FieldName == "TEXTSTRING");
    if (att != null)
    {
        insp["TEXTSTRING"] = "Hello World";
        //create and execute the edit operation
        EditOperation op = new EditOperation();
        op.Name = "Update annotation";
        op.Modify(insp);
        //OR using a Dictionary - again TEXTSTRING has to exist in the schema
        //Dictionary<string, object> newAtts = new Dictionary<string, object>();
        //newAtts.Add("TEXTSTRING", "hello world");
        //op.Modify(annoLayer, oid, newAtts);
        op.Execute();
    }
});