Core Insights - Falcon Gold Corp. has acquired 689 mineral claims totaling 17,225 hectares in Central Newfoundland, enhancing its position in a highly prospective gold corridor within the Victoria Lake Shear Zone [1][6] - The acquisition connects two active gold trends, namely Sokoman Minerals' Crippleback Lake Trend to the west and Benton Resources' Stony Lake Caldera to the east, positioning Falcon strategically in an underexplored section of the Central Newfoundland gold belt [2][5] Acquisition Details - The newly acquired land secures a district-scale platform for systematic exploration and potential discovery, with multiple high-priority targets identified through geological and magnetic analysis [3][6] - The corridor lies along the Valentine Lake Fault system, known for hosting the Valentine Gold Mine, indicating a proven gold-bearing trend [5] Immediate Work Program - Falcon plans to initiate a high-velocity exploration campaign, which includes magnetic reinterpretation, geochemical sampling, IP-Resistivity surveying, trenching, and Phase I scout drilling [4][5] - The company aims to generate targets that could lead to significant discoveries in the region [4] Project Leadership - Mike Kilbourne has been appointed as Project Manager for the Central Newfoundland portfolio, bringing over 40 years of exploration experience and a track record of overseeing extensive drilling and target generation [4][5] Company Overview - Falcon Gold Corp. is focused on generating, acquiring, and exploring mineral opportunities in the Americas, with its flagship project located approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit, which has estimated reserves of 3.32 million ounces of gold [8]

Financial Data and Key Metrics Changes - F&G reported adjusted net earnings of $165 million, or $1.22 per share, in the third quarter, with alternative investment income at $67 million, or $0.48 per share, below management's long-term expected return [14][15] - Adjusted return on assets (ROA) on a last 12-month basis was 92 basis points, stable compared to the previous year and sequential quarters [16] - Adjusted return on equity (ROE), excluding AOCI, was 8.8%, consistent with the sequential quarter [17] Business Line Data and Key Metrics Changes - F&G achieved record assets under management (AUM) of $71.4 billion before Flow Reinsurance, a 14% increase year-over-year [5] - Gross sales for the third quarter reached $4.2 billion, with core sales at $2.2 billion, slightly above previous quarters [6] - Indexed annuities contributed $1.7 billion in sales for the quarter, while Pension Risk Transfer (PRT) sales exceeded $500 million [7][8] Market Data and Key Metrics Changes - The company reported strong demand for retirement savings products, particularly fixed annuities, driven by demographic trends and macroeconomic volatility [10] - The investment portfolio remains diversified and high quality, with 96% of fixed maturities being investment grade [11] Company Strategy and Development Direction - F&G is transitioning to a more fee-based, higher margin, and capital-light business model, leveraging its position as a leading distributor of annuities and life insurance [20] - The company aims to grow AUM by 50% and expand adjusted ROA to 133 to 155 basis points by 2026 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and achieve long-term shareholder value [13][62] - The competitive landscape remains active, particularly in the PRT market, with expectations for continued momentum [48] Other Important Information - F&F, the majority owner, plans to distribute approximately 12% of F&G's outstanding shares to its shareholders, increasing F&G's public float from 18% to 30% [24] Q&A Session Summary Question: Capital allocation priorities amidst stock pressure - Management emphasized the focus on growing the fixed index annuity business and owned distribution, with share buybacks being a low priority due to the upcoming share distribution [26][28] Question: Variable investment income expectations - Management indicated that variable investment income is expected to fluctuate, with a near-term run rate in the high single digits [30] Question: Exposure to private letter-rated assets - Management reassured that their portfolio is well-positioned and comfortable, with minimal exposure to private credit concerns [32] Question: Alternatives performance breakdown - Management noted that alternative investments had mixed performance, with LPs performing better than direct lending [35] Question: Operating leverage and expense management - Management expects continued improvement in the operating expense ratio, aiming to reduce it from 60 to 50 basis points by year-end 2025 [56] Question: Comments on F&F's share distribution - Management viewed the increase in free float as a positive development, enhancing institutional ownership and confidence in F&G's future [59]

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]