Financial Data and Key Metrics Changes - F&G Annuities & Life, Inc. reported record gross sales of $15.3 billion for the full year 2024, a 16% increase over 2023, with $3.5 billion in the fourth quarter [8] - Adjusted net earnings for Q4 2024 were $153 million, up 17% from $131 million in Q4 2023, and for the full year 2024, adjusted net earnings were $657 million, a 22% increase from $539 million in 2023 [36] - The company achieved a record adjusted return on equity (ROE) of over 12% in Q4 2024, compared to approximately 10% in Q4 2023 [42] Business Line Data and Key Metrics Changes - Retail channel sales reached $12 billion for the full year, a 20% increase over 2023, with record sales in fixed indexed annuities (FIA), multi-year guaranteed annuities (MYGA), and indexed universal life (IUL) products [9] - Institutional market sales totaled $3.3 billion for the year, with pension risk transfer (PRT) sales of nearly $2.3 billion, reflecting a 15% increase over 2023 [12] - Funding agreements were $1 billion for the full year, down from $1.6 billion in 2023, with no funding agreements in Q4 [15] Market Data and Key Metrics Changes - The company’s assets under management (AUM) grew to a record $65.3 billion at the end of Q4 2024, a 17% increase from Q4 2023 [18] - The retained portfolio was high quality, with 97% of fixed maturities being investment grade, and the company holds very little office exposure at 1.7% of the total portfolio [19][20] Company Strategy and Development Direction - The company is focused on diversifying earnings beyond spread-based sources and driving margin expansion through strategic owned distribution companies, which generated EBITDA of $65 million in 2024 [24] - F&G Annuities & Life, Inc. aims to grow AUM by 50% and expand adjusted ROA to 133 to 155 basis points, while increasing adjusted ROE to 13% to 14% [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing secular demand for their products, particularly as baby boomers age and seek fixed income solutions [64] - The company anticipates a moderate growth pace moving forward, focusing on sustainable asset growth and diversifying earnings through middle-market life insurance and owned distribution strategies [49] Other Important Information - The company has appointed Wendy Young as Chief Liability Officer and Connor Murphy as the new CFO, reflecting the importance of reinsurance and financial management in their growth strategy [27][30] - The company returned $125 million of capital to shareholders through dividends in 2024 and received upgrades in financial strength ratings from AM Best and Moody's [25] Q&A Session Summary Question: Can you talk about the evolving organizational structure at the company? - Management indicated that the organizational changes are in response to significant growth and opportunities in new distribution channels, particularly in the offshore environment [54] Question: Can you discuss the impact of industry lawsuits related to pension risk transfer? - Management noted that they have not felt a meaningful impact from industry lawsuits and continue to see opportunities in the $100 million to $1 billion deal size [57] Question: What is the outlook for growth in net sales or retained AUM? - Management remains optimistic about growth, citing strong secular demand and the addition of distribution partners as key drivers [63] Question: How do you expect the ROA to trend from here? - Management expects ROA to rebound in 2025, with adjustments made to asset allocation and renewal rate settings to mitigate any compression [71] Question: What is the outlook for MYGA sales? - Management believes that demand for MYGA remains strong, despite recent declines, and does not anticipate a significant secular decline in demand [114] Question: Can you touch on the regulatory environment and its impact? - Management acknowledged the complexity of the regulatory landscape and emphasized the importance of transparency and communication with regulators [117]

Financial Data and Key Metrics Changes - F&G Annuities & Life, Inc. reported record gross sales of $15.3 billion for the full year 2024, a 16% increase over 2023, with $3.5 billion in the fourth quarter [8] - Adjusted net earnings for Q4 2024 were $153 million, up 17% from $131 million in Q4 2023, and for the full year 2024, adjusted net earnings were $657 million, a 22% increase from $539 million in 2023 [36] - The company achieved an adjusted return on equity (ROE) of 12% in Q4 2024, compared to approximately 10% in Q4 2023, and expanded adjusted ROE from 10% to over 12% over the last year [42][26] Business Line Data and Key Metrics Changes - Retail channel sales reached $12 billion for the full year, a 20% increase over 2023, with record sales in fixed indexed annuities (FIA), multi-year guaranteed annuities (MYGA), and indexed universal life (IUL) products [9] - Institutional market sales totaled $3.3 billion for the year, with pension risk transfer (PRT) sales of nearly $2.3 billion, reflecting a 15% increase over 2023 [12] - Funding agreements were $1 billion for the full year, down from $1.6 billion in 2023, with no funding agreements in Q4 [15] Market Data and Key Metrics Changes - The company’s assets under management (AUM) reached a record $65.3 billion at the end of Q4 2024, a 17% increase over Q4 2023, driven by net new business flows [18] - The retained portfolio was high quality, with 97% of fixed maturities being investment grade, and the company holds very little office exposure at 1.7% of the total portfolio [19][20] Company Strategy and Development Direction - The company is focused on diversifying earnings beyond spread-based sources and driving margin expansion, with a strategic emphasis on flow reinsurance and owned distribution [23] - F&G Annuities & Life, Inc. plans to continue expanding its distribution channels and has entered the registered indexed linked annuity (RILA) market, expecting significant sales growth in the medium term [10][11] - The company aims to grow AUM by 50% and increase adjusted ROA to 133 to 155 basis points, while targeting an adjusted ROE of 13% to 14% [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing secular demand for their products, particularly as baby boomers age and seek fixed income solutions [64] - The company has not seen meaningful impacts from industry lawsuits related to pension risk transfer and continues to see opportunities in the $100 million to $1 billion deal size market [57] - Management anticipates a rebound in fixed income yield in 2025 as they fully deploy cash and refine strategic asset allocation [21] Other Important Information - The company has invested $680 million in strategic owned distribution companies, with an estimated annualized EBITDA of approximately $90 million expected in 2025 [24] - F&G Annuities & Life, Inc. returned $125 million of capital to shareholders through dividends and received upgrades in financial strength ratings from AM Best and Moody's [25] Q&A Session Summary Question: Can you talk about the evolving organizational structure at the company and what that growth opportunity means? - Management indicated that the organizational changes are in response to significant growth and the need to drive value through new distribution channels and flow reinsurance arrangements [54] Question: Can you discuss the impact of industry lawsuits related to pension risk transfer? - Management noted that they have not felt any impact from industry lawsuits and continue to see opportunities in their targeted market segment [57] Question: What is the outlook for growth in net sales or retained AUM over the next few years? - Management remains optimistic about growth, citing strong secular demand and the addition of distribution partners as key drivers [62][66] Question: How do you expect the ROA to trend from here? - Management expects ROA to rebound in 2025, with adjustments made to asset allocation and renewal rate settings to mitigate any compression [71] Question: What is the current state of MYGA sales and market demand? - Management indicated that while MYGA sales have seen a decline, they do not anticipate a significant long-term decline in demand for MYGA products [114] Question: Can you provide insights on the funding agreement-backed note market? - Management explained that they will issue funding agreement-backed notes opportunistically based on capital allocation priorities and market conditions [81][83]

Core Viewpoint - Falcon Gold Corp. has appointed Victor A. French, a highly regarded geologist, to lead its Great Burnt Copper-Gold Project in Central Newfoundland, aiming to enhance exploration efforts and resource development [1][4][5]. Group 1: Appointment of Victor A. French - Victor A. French has over 50 years of experience in geology, holding both B.Sc. and M.Sc. degrees, and is a Registered Professional Geoscientist in Newfoundland and Labrador [2][3]. - French has held senior managerial roles in open-pit mining and has served as an exploration consultant focused on gold and silver [2]. Group 2: Great Burnt Copper-Gold Project - The Great Burnt Copper-Gold Project is a key focus for Falcon Gold, recognized for its high-grade copper mineralization and significant exploration potential [4]. - Under French's leadership, the company plans to improve geological modeling, optimize drilling strategies, and accelerate project development towards resource expansion [4][5]. Group 3: Future Plans - Falcon Gold intends to resume drilling activities promptly and conduct comprehensive geological analyses to deliver impactful results to stakeholders [5].

分组1 - F&G Annuities & Life, Inc. reported quarterly earnings of $1.12 per share, missing the Zacks Consensus Estimate of $1.26 per share, but showing an increase from $0.60 per share a year ago, resulting in an earnings surprise of -11.11% [1] - The company posted revenues of $1.56 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 22.28%, although this is a decrease from year-ago revenues of $1.61 billion [2] - F&G Annuities & Life, Inc. shares have increased approximately 9.6% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [3] 分组2 - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $1.20 on $1.25 billion in revenues, and for the current fiscal year, it is $5.54 on $5.22 billion in revenues [7] - The Zacks Industry Rank indicates that the Insurance - Life Insurance sector is currently in the bottom 43% of over 250 Zacks industries, which may impact stock performance [8]

Financial Performance - F&G achieved record gross sales of $15.3 billion in 2024, representing a 16% year-over-year increase[4] - The company reported net earnings of $622 million for 2024, with adjusted net earnings of $546 million, translating to $4.30 per diluted share[5] - Common Adjusted Net Earnings (ANE) for FY2024 are projected at $546 million, reflecting a significant recovery from a loss of $58 million in FY2023[61] - Adjusted net earnings attributable to common shareholders for the year ended December 31, 2024, were $546 million, including $514 million from alternative investments[137] - The company reported adjusted net earnings of $143 million for the three months ended December 31, 2024, which included $138 million from alternative investments[138] - Adjusted net earnings excluding significant items for the year ended December 31, 2024, were $657 million, reflecting a strong performance despite market volatility[137] Assets Under Management (AUM) - Assets under management (AUM) grew to $65.3 billion, up 17% year-over-year, with AUM before flow reinsurance also increasing to $65.3 billion[4] - Ending Assets Under Management (AUM) before flow reinsurance is expected to be $65.3 billion, up from $55.9 billion in FY2023[58] - The company achieved a record AUM of $53.8 billion, including retained ending AUM[60] - Assets Under Management (AUM) is reported net of reinsurance assets and includes total invested assets, investments in unconsolidated affiliates, related party loans, accrued investment income, and cash equivalents[144] Return Metrics - Adjusted return on assets (ROA) improved to 1.27% for 2024, exceeding the baseline of 1.10%[4] - The company aims to grow AUM by 50% and expand adjusted ROA to between 1.33% and 1.55% in the medium term[21] - The company expects steady growth in adjusted ROA, driven by asset growth and disciplined expense management[63] - F&G is targeting an increase in adjusted return on equity (ROE) to 13% to 14% and expanding its price-to-earnings (P/E) multiple to 7-8x[22] Capitalization and Debt - F&G's market capitalization increased to $5.3 billion at the end of 2024, up from $2.4 billion at the time of its NYSE listing[4] - The company reported a total capitalization of $8.269 billion as of year-end 2024, with a debt-to-capital ratio of 27.5%[72] - The Debt-to-Capital Ratio, excluding AOCI, is calculated by dividing total debt by total capitalization, which helps assess the company's capital position[146] - Total Capitalization, excluding AOCI, is based on total equity and total debt, offering insights into the company's capital structure[148] Investment Portfolio - The investment portfolio is conservatively positioned, with 97% of fixed income rated investment grade[46] - The CLO portfolio is well diversified, with 33% rated AAA and 40% par subordination, indicating strong structural protection[100][101] - The real estate debt portfolio has a market value of $11.2 billion, with a weighted average life of 5.7 years[111] - The CMBS portfolio has a market value of $4.0 billion, with an average NRSRO rating of A and a credit quality of 91%[118] - The commercial mortgage loan (CML) portfolio consists of 73 holdings, with an average loan size of $2 billion and a low leverage profile[125] - The investment strategy includes a focus on high-quality, directly originated specialty finance assets diversified by collateral type[97] Shareholder Returns - F&G returned $125 million of capital to shareholders in FY2024 through common and preferred dividends[81] - The total outstanding shares were 126,094,481 as of September 30, 2024, and are expected to increase to 126,792,844 by December 31, 2024[134] Economic Outlook - The U.S. retirement and middle markets are projected to grow significantly, with a 30% increase in the population aged 65-100 over the next 25 years[30] - The company continues to see sustainable demand for fixed annuity products, driven by current economic conditions and demographic trends[32] Risk Management - In a moderate recession scenario, the portfolio is expected to incur a loss of $0.1 billion, representing a loss percentage of -0.5% for corporates and municipals[86] - Under severe recession conditions, the total portfolio loss is projected at $1.1 billion, with a loss percentage of -2.3%[86] - The stress test indicates that after severe stress, management actions of $1.3 billion are sufficient to return to positive excess capital[89] Non-GAAP Measures - Management considers these non-GAAP financial measures useful for internal assessments and for investors and analysts to evaluate the company's financial health and performance[144] - Non-GAAP adjustments for the year ended December 31, 2024, included a $214 million market-related liability adjustment[136] - The company reported a change in fair value of reinsurance-related embedded derivatives of $33 million for the year ended December 31, 2024[136]

Core Insights - F&G Annuities & Life, Inc. announced the appointment of Wendy Young as Chief Liability Officer and Conor Murphy as Chief Financial Officer, effective April 1, 2025, as part of an organizational restructuring to support the company's growth strategy [1][2]. Group 1: Leadership Changes - Wendy Young will transition from her role as Chief Financial Officer to Chief Liability Officer, a newly created position focused on liability management, reinsurance activities, and offshore entities [1][2]. - Conor Murphy has been appointed as the new Chief Financial Officer, bringing extensive experience from previous roles at leading insurance companies, including Resolution Life US and Brighthouse Financial [1][2]. Group 2: Company Growth and Strategy - The company has experienced significant growth over the past five years, doubling its assets under management while diversifying its product offerings and distribution channels [2]. - The restructuring aims to ensure effective management of growth and to maximize profitability and return on equity, ultimately delivering long-term shareholder value [2]. Group 3: 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, and is headquartered in Des Moines, Iowa [3].

DES MOINES, Iowa, Feb. 20, 2025 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the fourth quarter and twelve months (full year) ended December 31, 2024.Net earnings attributable to common shareholders for the fourth quarter were $323 million, or $2.50 per diluted share (per share), compared to a net loss of $299 million, or $2.41 per ...

Core Viewpoint - Falcon Gold Corp. has successfully completed road plowing and access improvements at its Great Burnt Copper-Gold Project, enabling drilling to commence this weekend [1][3]. Group 1: Project Updates - Road Plowing & Site Access Secured: The primary access road has been cleared, ensuring unrestricted movement of personnel and equipment [6]. - Additional Improvements Due to Heavy Snowfall: Unseasonably high snowfall required further access enhancements, which were swiftly addressed to maintain project timelines [6]. - Drill Equipment Mobilized: Falcon Gold has successfully transported its drill equipment to camp, allowing for an efficient transition into the drilling phase [6]. - Drilling to Begin This Weekend: The company is now fully prepared to commence drilling at Great Burnt, targeting up to ten high-priority geophysical anomalies over a planned 1,100 metres of drilling [6]. Group 2: Company Overview - Falcon Gold Corp. is a Canadian mineral exploration company focused on acquiring, exploring, and developing high-potential properties across the Americas [7]. - The company's flagship project, the Central Canada Gold Mine, is located near Agnico Eagle's Hammond Reef Gold Deposit, which currently hosts an estimated 3.32 million ounces of gold in mineral reserves [7]. - The company holds multiple additional projects, including the Viernes Gold/Silver/Copper project in Chile and various nickel-copper-cobalt properties in Ontario and Quebec [8].

DES MOINES, Iowa, Feb. 6, 2025 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G"), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release fourth quarter and full year 2024 earnings after the close of regular market trading on Thursday, February 20, 2025.A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Friday, February 21, 2025. Additional information about the quarterly financial resu ...

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.In this short article, we will turn attention to one of the first fixed-income IPOs for the new 2025. This time we will focus on the F&G Annuities & Life, Inc.'s (NYSE: FG ) newlyAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initi ...