Core Viewpoint - F&G Annuities & Life, Inc. reported a significant net loss of $25 million for Q1 2025, contrasting sharply with net earnings of $111 million in Q1 2024, primarily due to unfavorable mark-to-market effects and other items [2][3][12]. Financial Performance - Net loss attributable to common shareholders for Q1 2025 was $25 million, or $0.20 per diluted share, compared to net earnings of $111 million, or $0.88 per share, in Q1 2024 [2][12]. - Adjusted net earnings for Q1 2025 were $91 million, or $0.72 per share, down from $108 million, or $0.86 per share, in Q1 2024 [3][12]. - Total revenues for Q1 2025 were $908 million, a decrease from $1.569 billion in Q1 2024 [26]. Assets Under Management (AUM) - Record AUM before flow reinsurance reached $67.4 billion as of March 31, 2025, a 16% increase from $58.0 billion a year earlier [5][9][7]. - Retained AUM was $54.5 billion, reflecting a 9% increase from $49.8 billion in Q1 2024 [7][9]. Sales Performance - Gross sales for Q1 2025 were $2.9 billion, a decrease of 17% from $3.495 billion in Q1 2024 [8][9]. - Net sales were $2.2 billion, slightly down from $2.3 billion in the same quarter of the previous year [12][9]. Investment Portfolio - The investment portfolio maintained high credit quality, with 96% of fixed maturities rated as investment grade [5][9]. - Credit-related impairments remained low, averaging 6 basis points over the past five years and 2 basis points in Q1 2025 [9]. Capital and Liquidity - Total equity attributable to common shareholders, excluding AOCI, was $5.8 billion, or $43.31 per share, as of March 31, 2025 [14][25]. - The debt-to-capitalization ratio, excluding AOCI, was 26.7%, with a commitment to a long-term target of approximately 25% [16][14]. Strategic Initiatives - The company completed a public offering of 8 million shares of common stock in March 2025, generating nearly $269 million for general corporate purposes [21][9]. - F&G returned $30 million of capital to shareholders through common and preferred dividends in Q1 2025, compared to $26 million in Q1 2024 [16][9].

Company Overview - Fidelity National Financial, Inc. (FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries [3] - FNF also offers insurance solutions for retail annuity and life customers, as well as institutional clients through its majority-owned subsidiary F&G Annuities & Life, Inc. (FG) [3] - FNF is the largest title insurance company in the United States, issuing more title insurance policies than any other company through its various underwriters [3] Upcoming Earnings Release - FNF will release its first quarter 2025 earnings after the close of regular market trading on May 7, 2025 [1] - A webcast and conference call to discuss the results will take place on May 8, 2025, at 11:00 a.m. Eastern Time [2] - Additional information regarding the quarterly financial results will be available on FNF's Investor Relations website [2][5]

DES MOINES, Iowa, April 23, 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 first quarter 2025 earnings after the close of regular market trading on Wednesday, May 7, 2025.A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Thursday, May 8, 2025. Additional information about the quarterly financial results, including the earni ...

Falcon Gold Finalizes Third and Fourth Drill Hole at Great Burnt Copper-Gold Project, And Prepares for the Fifth Drill PadMarch 27, 2025 10:57 AM EDT | Source: Falcon Gold Corp.Vancouver, British Columbia--(Newsfile Corp. - March 27, 2025) - Falcon Gold Corp. (TSXV: FG) (OTC Pink: FGLDF) (FSE: 3FA) ("Falcon" or the "Company") is pleased to announce the successful completion of its third drill hole at the Great Burnt Copper-Gold Project in Newfoundland. Drilling on the fourth hole is now being ...

Core Viewpoint - F&G Annuities & Life (NYSE: FG) shares have dropped 15% in two days following the announcement of a secondary equity issuance, which was unexpected in both timing and structure [1] Company Summary - The recent secondary equity issuance by F&G Annuities & Life has led to a significant decline in its stock price, indicating market reaction to the company's capital-raising strategy [1]

Group 1 - F&G Annuities & Life, Inc. has priced a public offering of 8,000,000 shares of its common stock at $35.00 per share, with an additional option for underwriters to purchase up to 1,200,000 shares [1] - Fidelity National Financial, Inc., F&G's majority-stockholder, will purchase 4,500,000 shares at $33.60 per share from the underwriters [1] - The offering is expected to close on March 24, 2025, subject to customary closing conditions [1] Group 2 - The net proceeds from the offering will be used for general corporate purposes, including supporting organic growth opportunities [2] - BofA Securities, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering [2] Group 3 - The public offering is made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission [3] - Copies of the registration statement and prospectus can be accessed through the SEC's website or by contacting the joint book-running managers [3] Group 4 - F&G is a leading provider of insurance solutions, serving retail annuity and life customers as well as institutional clients, and is headquartered in Des Moines, Iowa [5]

Core Insights - Falcon Gold Corp. has released high-resolution images from the first two drill holes of its late 2024 exploration program at the Great Burnt Copper-Gold Project, showcasing the quality of core recovery and promising geological features [1][2][5] Exploration Progress - The released images illustrate detailed views of the core recovered, highlighting the geological characteristics and mineralization encountered in the initial two holes [5] - This visual documentation supports previous press releases and reinforces the company's exploration strategy in the Great Burnt camp, validating geophysical targets identified during prior surveys and historical drilling [5] Transparency and Communication - By sharing these images, Falcon Gold aims to keep stakeholders and the broader investor community informed about the project's progress, emphasizing its commitment to transparency and open communication [5] Company Overview - Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas, with its flagship project being the Central Canada Gold Mine [9] - The company holds multiple projects, including the Great Burnt Copper Project in Central Newfoundland and various battery metals projects in Ontario and Quebec [12]

Regulatory Environment - F&G Insurance's maximum ordinary dividend capacity for 2025 is estimated to be $0 due to regulatory limitations[142]. - F&G Insurance is subject to comprehensive regulation in its domiciles, including Iowa and New York, affecting its operations and product offerings[132]. - FGL Insurance must provide advance written notice to the NYDFS for any dividends or distributions, even if prior consent is not required[145]. - The company is subject to the 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income effective January 1, 2023, but does not expect to be in a perpetual CAMT position[186]. - The DOL's new Fiduciary Rule, effective September 23, 2024, broadens the definition of "fiduciary" and may subject the company to greater regulatory risk[179]. - The company is monitoring developments related to market conduct standards that may materially affect its business operations and compliance practices[183]. - Changes in regulations in Bermuda and the Cayman Islands may limit the company's ability to offer existing or new products and services[356]. - Compliance with state laws may restrict the amount of dividends that can be paid by subsidiaries, impacting the company's liquidity[383]. - The maximum dividend allowed by law does not necessarily reflect the actual ability to pay dividends, which may be constrained by business and regulatory considerations[384]. Financial Strength and Ratings - As of the latest report, F&G Annuities & Life, Inc. holds a BBB- credit rating from S&P and Fitch, with a stable outlook[127]. - The financial strength rating for Fidelity & Guaranty Life Insurance Company is rated A by A.M. Best, with a stable outlook[127]. - F&G Insurance's access to funding and borrowing costs are influenced by its credit ratings and financial strength ratings[123]. - FGL Insurance's estimated U.S. RBC ratio was over 410% as of December 31, 2024, exceeding the 400% target[149]. - FGL Insurance and FGL NY Insurance each exceeded the minimum RBC requirements as of the most recent annual statutory financial statements[148]. - FGL Insurance's financial strength ratings could be adversely affected by a downgrade, increasing the cost of capital and hindering growth[149]. - Statutory surplus amounts and U.S. RBC ratios of F&G's insurance subsidiaries can fluctuate significantly due to external factors, affecting financial strength ratings[361]. - Rating agencies may change internal models, impacting the statutory capital requirements for F&G's insurance subsidiaries[363]. - Failure to meet RBC requirements could lead to regulatory actions, limiting the ability to write additional business and adversely affecting financial condition[364]. Operational Efficiency and Strategy - The company has designed an efficient corporate platform that allows for scalability and low incremental fixed operating costs[121]. - The company outsources various functions to third-party service providers to focus on core business operations[122]. - The owned distribution strategy, including investments in various distribution consolidators, exposes the company to operational and financial risks, with a focus on the performance of these businesses[339]. Risk Management - F&G Insurance has established risk limits associated with credit risk, liquidity risk, and interest rate risk, governed by the Enterprise Risk Management Committee[119]. - The company is exposed to liquidity risk, which may arise from market, insurance, investment, or operational risks, potentially leading to a shortfall in meeting near-term obligations[333][334]. - F&G's liquidity exposure includes derivative collateral market exposure, asset liability mismatch, and unexpected cash demands from insurance cash flows[335]. - The company faces significant risks from natural and man-made catastrophes, including pandemics, which could adversely affect operations and financial condition[337]. - The company is developing climate-related targets to enhance its existing risk management framework and improve understanding of climate risks[255]. - F&G's risk management framework includes ongoing monitoring of ESG-related regulations and climate risks, ensuring compliance with evolving standards[248]. Employee Engagement and Corporate Culture - As of December 31, 2024, F&G had 1,338 full-time equivalent employees, with no employees subject to collective bargaining agreements[217]. - F&G's employee turnover rates have consistently remained below national and industry-specific benchmarks, indicating strong employee retention[224]. - F&G has received multiple "Top Workplaces" designations, reflecting strong employee engagement and satisfaction[221]. - The company focuses on community engagement and charitable giving, particularly in addressing food insecurity and housing needs[226]. Investment and Financial Performance - The last financial examination by the IID found no material deficiencies in F&G Insurance's financial statements for the five-year period ending 2022[138]. - The company’s historical financial information may not accurately represent future results due to its recent separation from Fidelity National Financial, Inc. (FNF)[386]. - FNF retains significant control over the company, owning approximately 85% of its common stock, which may lead to conflicts of interest[387]. - The company may face higher ongoing capital costs compared to its previous access to FNF's cost of capital[390]. - Historical financial data prior to the separation does not account for new debt and associated interest expenses incurred post-separation[390]. - The company is exposed to potential assessments for policyholder losses due to insolvencies of other companies, which could impact financial stability[346]. Regulatory Changes and Compliance - The NAIC released new regulations in 2023 defining criteria for investments classified as bonds, which the company is implementing[166]. - The company has instituted new business procedures to comply with the revised NAIC model regulation regarding agent conduct in annuity transactions[176]. - Ongoing legal challenges to the DOL's fiduciary rule may delay its implementation and affect the insurance industry[352]. - The company has implemented a compliance program in response to the DOL's fiduciary regulations, requiring agents to acknowledge compliance with specific requirements[349]. ESG and Sustainability - F&G's governance includes a dedicated committee for overseeing sustainability risks, including climate risks as part of investment risks[227]. - The company completed a qualitative assessment of climate risks and opportunities in 2023, identifying potential impacts over short-, medium-, and long-term horizons[233]. - F&G's investment risk management integrates sustainability practices, focusing on climate-related risks and opportunities throughout the investment holding period[252]. - Changing ESG regulations may increase administrative expenses and management focus, potentially impacting access to capital[379]. - The company faces challenges in implementing ESG initiatives, which can be costly and time-consuming, potentially affecting its reputation and financial performance if goals are not met[380]. - Recent "anti-ESG" sentiment in the U.S. may lead to additional compliance obligations and reputational harm for the company[381].

F&G Investor Update Winter 2024 Disclaimer & Forward-Looking Statements This presentation contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes", "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. Statements that are not historical facts, including statements regardi ...

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]