Financial Performance - F&G reported strong 3Q25 gross sales of $4.2 billion, an increase of 8% compared to 3Q24[4] - Net sales for 3Q25 reached $2.8 billion, up 17% from 3Q24[4] - Assets Under Management (AUM) before flow reinsurance increased to $71.4 billion, a 14% year-over-year increase[4] - Total F&G Equity ex AOCI reached $6.0 billion[4] - Adjusted Return on Equity (ROE) for 3Q25 was 8.8%, in line with 2Q25[4] - YTD 3Q25 Capital Return to Shareholders was $98 million[4] Investment Portfolio - The investment portfolio is conservatively positioned and well-diversified, with $55 billion in assets[54] - Fixed income constitutes 96% investment grade[57] - The structured credit portfolio includes $12 billion in assets, with 39% in CLOs and 33% in CMBS[60] - The mortgage loans portfolio totals $9 billion, diversified across property types[62] Growth and Strategy - F&G is targeting a 50% growth in AUM and an adjusted ROA ex significant items of 1.33% to 1.55%[18] - The company aims to increase adjusted ROE ex AOCI and significant items to 13% to 14% and expand its P/E multiple to 7-8x[18]

Core Points - F&G Annuities & Life, Inc. has announced a 14% increase in its quarterly cash dividend, raising it from $0.22 to $0.25 per common share [1] - The new dividend will be payable on December 31, 2025, to stockholders of record as of December 17, 2025 [1] - Additionally, a quarterly cash dividend of $0.859375 per share of F&G's 6.875% Series A Mandatory Convertible Preferred Stock has been declared, to be paid on January 15, 2026, to holders of record as of January 1, 2026 [2] Company Overview - F&G Annuities and Life, Inc. is a leading provider of insurance solutions, serving both retail annuity and life customers as well as institutional clients [3] - The company is headquartered in Des Moines, Iowa [3]

Core Points - Fidelity National Financial, Inc. (FNF) has approved a special stock distribution of approximately 16 million shares of F&G Annuities & Life, Inc. (F&G) to its shareholders, representing about 12% of F&G's outstanding shares [1][4] - The distribution will occur on December 31, 2025, with shareholders of record as of December 17, 2025, receiving approximately six shares of F&G for every 100 shares of FNF held [2][4] - The distribution is intended to be a taxable dividend for U.S. federal income tax purposes [3] Company Information - FNF is a leading provider of title insurance and transaction services in the real estate and mortgage industries, and is the largest title insurance company in the U.S. [8] - F&G is focused on providing insurance solutions for retail annuity and life customers, as well as institutional clients [9]

Core Insights - F&G Annuities & Life, Inc. reported quarterly earnings of $1.22 per share, exceeding the Zacks Consensus Estimate of $1.02 per share, with an earnings surprise of +19.61% [1] - The company achieved revenues of $1.69 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 20.83% and showing an increase from $1.44 billion year-over-year [2] - The stock has underperformed, losing about 27.8% since the beginning of the year compared to the S&P 500's gain of 15.6% [3] Earnings Performance - Over the last four quarters, F&G Annuities & Life, Inc. has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $1.12 on revenues of $1.45 billion, and for the current fiscal year, it is $3.60 on revenues of $5.13 billion [7] Market Outlook - The company's earnings outlook will be influenced by management's commentary on the earnings call and the trends in earnings estimate revisions [3][4] - The Zacks Rank for the stock is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] - The Insurance - Life Insurance industry is currently in the top 11% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Core Insights - F&G Annuities & Life reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with sales increasing by 16.5% year-on-year to $1.69 billion and a non-GAAP profit of $1.22 per share, which was 25.4% above analysts' consensus estimates [1][2] Financial Performance - Net Premiums Earned reached $711 million, surpassing analyst estimates of $671 million, reflecting a 67.7% year-on-year growth [2] - Revenue was reported at $1.69 billion, exceeding analyst expectations of $1.40 billion, marking a 16.5% year-on-year growth [2] - Pre-tax Profit stood at $131 million with a margin of 7.7% [2] - Adjusted EPS was $1.22, beating analyst estimates of $0.97 by 25.4% [2] - Book Value per Share was $33.88, which was below analyst estimates of $46.03, indicating a 1.7% year-on-year decline and a 26.4% miss [2] - Market Capitalization was reported at $4.03 billion [2] Strategic Developments - The company achieved record assets under management before flow reinsurance of $71 billion, driven by strong sales performance and the launch of a new reinsurance sidecar [2] - The ratio of operating expense to assets under management improved to 52 basis points, down 10 basis points from Q3 2024, with expectations for further improvement by year-end [2] - F&G is transitioning to a more fee-based, higher-margin, and capital-light business model, leveraging its position as a leading seller of annuities and life insurance [2] Company Overview - Founded in 1959, F&G Annuities & Life serves approximately 677,000 policyholders, providing fixed annuities, life insurance, and pension risk transfer solutions to both retail and institutional clients [3] Revenue Growth - F&G Annuities & Life has experienced a remarkable 15% compounded annual growth rate in revenue over the last four years, outperforming the average insurance company, indicating strong customer resonance with its offerings [4]

Financial Performance - Gross sales for Q3 2025 reached $4.2 billion, an increase of 8% compared to Q3 2024[6] - Net sales for Q3 2025 were $2.8 billion, up 17% from Q3 2024[6] - Common adjusted net earnings (ANE) for 3Q25 were $546 million, with an adjusted return on assets (ROA) of 0.87%[70] - Adjusted net earnings for Q3 2025 were $165 million, with investment income from alternative investments $67 million below the long-term expected return of approximately 10%[141] - For the nine months ended September 30, 2025, adjusted net earnings totaled $359 million, reflecting a significant increase compared to previous periods[140] Assets Under Management (AUM) - Assets under management (AUM) as of Q3 2025 totaled $56.6 billion, reflecting an 8% year-over-year increase[7] - The total assets under management (AUM) before flow reinsurance reached a record $71.4 billion, including retained AUM of $56.6 billion[68] - The company aims to grow AUM by 50% and increase adjusted ROA to between 1.33% and 1.55%[19] Returns on Assets and Equity - Adjusted return on assets (ROA) for Q3 2025 was 0.92%, consistent with the previous quarter[6] - Adjusted return on equity (ROE) for Q3 2025 was 8.8%, in line with Q2 2025[6] - The company is targeting an increase in adjusted ROE to 13% to 14%[19] Capital Management - Year-to-date capital return to shareholders reached $98 million as of Q3 2025[6] - The debt-to-capitalization ratio was managed to a long-term target of 25%, with total equity ex AOCI at $6.3 billion as of 3Q25[74] - The target long-term debt-to-total capitalization is approximately 25%, maintaining a 400% risk-based capital (RBC) ratio[2] - F&G has returned $98 million of capital to shareholders year-to-date in Q3 2025 through common and preferred dividends[1] Investment Income - Investment income from alternative investments for YTD Q3 2025 was $213 million, up from $113 million in YTD Q3 2024[9] - Investment income from alternative investments was significantly below expectations across multiple quarters, impacting overall earnings[141] Market Position and Growth - The company completed a common stock offering with net proceeds of $269 million to support future growth and liquidity[74] - The company completed the FNF merger and launched new bank and broker dealer channels in 2025, expanding its market presence[138] - F&G's market capitalization reached $4.2 billion as of September 30, 2025[138] Portfolio Diversification - The CLO portfolio is well diversified across industries, with 12% in High Tech and 8% in Services: Business[7] - The CMBS portfolio has a market value of $4.1 billion, with an investment grade credit quality of 87%[14] - The Commercial Mortgage Loan (CML) portfolio has an average loan-to-value ratio of approximately 60% and consists of 86 holdings[23] - The Alternative LPs portfolio has a net asset value of $3 billion, representing 5% of the total portfolio, with a historical average return of 12%[27] - The real estate portfolio has a market value of $13 billion, with a weighted average life of 5.5 years[30] - The CLO exposure has a market value of $5 billion, with 99% rated investment grade[17] - The average loan size in the CML portfolio is $28 million, with only 1.2% of loans having a debt service coverage ratio (DSCR) below 1x[23] - The portfolio is focused on high-quality CLO securities backed by a highly diversified pool of loans[18] Financial Health and Ratings - The company received multiple ratings upgrades, including an upgrade to 'A-' from S&P Global, indicating strong financial health and growth potential[138] - F&G's diversified investment portfolio and strong capitalization were highlighted as key factors in maintaining financial flexibility and meeting stringent capital requirements[139] - F&G's total equity, excluding AOCI, is a critical measure for assessing its capital position and financial stability[160] - Total F&G equity attributable to common shareholders, excluding AOCI, is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks[161] Business Strategy - The company is focused on expanding its fee-based, higher margin, and capital-light business model[17] - The company is actively diversifying its sources of earnings and scaling its business to generate profitable growth[139] - The company expects steady and growing adjusted net earnings over time, driven by asset growth and operating expense discipline[71]

Core Insights - Fidelity National Financial, Inc. reported strong financial results for Q3 2025, with net earnings attributable to common shareholders reaching $358 million, or $1.33 per diluted share, compared to $266 million, or $0.97 per share, in Q3 2024 [2][10] - Adjusted net earnings for the same period were $439 million, or $1.63 per share, up from $356 million, or $1.30 per share, in Q3 2024 [3][10] - The company highlighted robust performance in both its Title and F&G segments, achieving an industry-leading adjusted pre-tax title margin of 17.8% and record assets under management (AUM) of over $71 billion for F&G [5][10] Financial Performance - Total revenue for Q3 2025 was $4.03 billion, an increase from $3.60 billion in Q3 2024, with year-to-date revenue of $10.39 billion compared to $10.06 billion in the previous year [6][10] - The Title Segment generated $2.3 billion in revenue for Q3 2025, an 8% increase from $2.1 billion in Q3 2024, while the F&G Segment reported gross sales of $4.2 billion, up 8% year-over-year [10][11] - The adjusted pre-tax earnings in the Title Segment were $410 million, compared to $323 million in Q3 2024, reflecting strong performance across commercial and refinance operations [21][10] Segment Highlights - The Title Segment contributed $330 million to net earnings in Q3 2025, up from $244 million in Q3 2024, driven by a 34% increase in commercial revenue [10][11] - The F&G Segment's adjusted net earnings were $139 million for Q3 2025, slightly up from $135 million in Q3 2024, with AUM before flow reinsurance growing by 14% year-over-year [10][22] - F&G's strong sales performance was attributed to favorable market conditions and a disciplined expense management strategy, improving the operating expense ratio to 52 basis points [13][10] Shareholder Returns - The company returned $627 million to shareholders in the first nine months of 2025 through share buybacks and dividends, while also investing $150 million in F&G's common equity raise [5][10] - FNF repurchased 631,000 shares for $37.5 million in Q3 2025, at an average price of $59.37 per share, and paid common dividends of $0.50 per share totaling $135 million [10][11]

Core Insights - Falcon Gold Corp. has filed a Notice of Work Permit for the Sunny Boy - Spitfire project, allowing for an aggressive exploration program including trenching, diamond drilling, and geophysical surveys to test high-grade structures and expand the known gold system [1][2] Exploration and Development - The Merritt area has a rich history of gold exploration, with past operators focusing on narrow high-grade veins, while Falcon aims to explore broader geological frameworks for larger mining widths [2] - Falcon's field team is preparing a 25-hole drilling program to test surface mineralization along the Master Zone, indicating confidence in the district's potential as a significant gold camp in British Columbia [2] - Previous work in August 2020 highlighted a sample from the Master Vein averaging 59.8 g/t Au over 2.2 meters, with a notable interval of 122 g/t Au [3][4] Assay Results - Selected assay results from the 2020 sampling program show high-grade gold values, including a channel sample from the Master Vein at 122 g/t Au and a grab sample from the Cliff Vein at 22.8 g/t Au [4][5] - The Master Vein has reported high-grade gold mineralization up to 50.53 oz/t, with historical exploration indicating significant potential [5][8] Geological Context - The Sunny Boy & Spitfire project is characterized as an epithermal gold deposit, with geological similarities to other developed projects in the region, such as Prospect Valley and Shovelnose [8] - Falcon's due diligence work confirmed gold mineralization along the Master Vein over a 300-meter strike length, with samples ranging from 0.33 to 2.74 oz/t Au [9] Future Plans - The company plans to confirm the extent of gold mineralization at depth and has recently acquired new claims, adding 500 meters of strike length to enhance exploration potential [9]

Core Points - F&G Annuities & Life, Inc. will release its third quarter 2025 earnings on November 6, 2025, after market trading closes [1] - A conference call to discuss the earnings results will take place on November 7, 2025, at 9:00 a.m. Eastern Time [2] - The earnings release and additional financial information will be available on F&G's Investor Relations website [2] Company Information - F&G is a leading provider of insurance solutions, serving both retail annuity and life customers as well as institutional clients [3] - The company is headquartered in Des Moines, Iowa, and is committed to helping Americans achieve their aspirations [3]

Core Insights - F&G Annuities & Life, Inc. (NYSE: FG) has experienced a significant decline in share value, losing approximately 30% over the past year [1] Company Performance - The decline in share value began earlier this year due to an unexpected equity issuance despite relatively low sales, raising concerns about the company's financial health [1]