Financial Performance - Gross sales for 1Q25 were $2.9 billion, a decrease of 17% year-over-year, primarily due to lower MYGA sales[4,9] - Net sales for 1Q25 were $2.2 billion, a decrease of 4% year-over-year[4,9] - Assets Under Management (AUM) reached $54.5 billion in 1Q25, a 9% increase year-over-year[4,9] - AUM before flow reinsurance was $67.4 billion in 1Q25, a 16% increase year-over-year[4,9] - Adjusted Return on Equity (ROE) for 1Q25 was 9.7%, an increase of 2.3% year-over-year[4] - Adjusted Return on Assets (ROA) for 1Q25 was 0.68%, a decrease of 6 bps compared to LTM 4Q24[4,9] - Adjusted net earnings (ANE) attributable to common shareholders was $91 million, or $0.72 per diluted share[9] Business Diversification and Growth Strategy - The company is targeting large and growing markets, including the middle market demand for life coverage and migration from CDs to fixed annuities[19] - The company is diversifying its business across retail channels and institutional markets, with a focus on capital-light flow reinsurance and accretive owned distribution to generate higher ROEs[23,53] - The company is driving towards its Investor Day targets, including growing AUM by 50%, expanding adjusted ROA ex significant items to 1.33% to 1.55%, and increasing adjusted ROE ex AOCI and significant items to 13% to 14%[34] Investment Portfolio - The investment portfolio is conservatively positioned and well-matched to the liability profile, with 96% of fixed income being investment grade[58,64] - The company has a high-quality and well-diversified portfolio, with $51 billion in assets across various classes, including corporates (31%), structured securities (22%), and private origination (16%)[61]

Core Insights - F&G Annuities & Life, Inc. has achieved cumulative pension risk transfer (PRT) sales exceeding $7 billion, maintaining a top 10 ranking in the PRT market for four consecutive years [1][2][3] - In 2024, F&G recorded a record $2.2 billion in PRT sales, marking a 15% increase from 2023, with an additional $300 million in sales in Q1 2025 [2][3] - The company has executed over 30 PRT transactions since entering the market in 2021, serving more than 125,000 participants [2][3] Company Strategy - F&G's PRT track record is a key component of its growth and diversification strategy, with a focus on competitive pricing and a diversified balance sheet [3][4] - The company has adapted its approach by adding new market segments and broadening its prospects through additional PRT consultants [3] - F&G's tech-enabled servicing and high-quality investment portfolio enhance its ability to deliver superior value in a competitive market [3] Market Position - F&G consistently ranks among the top 10 in the $3 trillion private pension market and is a top 6 player in PRT writers, with an average deal size below $1 billion [3] - Pension fiduciaries view F&G as a reliable and cost-effective provider for securing pension benefits while managing plan assets prudently [4]

[F&G Investor Update Spring 2025](index=1&type=section&id=F%26G%20Investor%20Update%20Spring%202025) [Disclaimer & Forward-Looking Statements](index=2&type=section&id=Disclaimer%20%26%20Forward-Looking%20Statements) This section outlines forward-looking statements, their inherent risks, and the use of non-GAAP financial measures with provided reconciliations - The presentation contains forward-looking statements based on management's beliefs and assumptions, and actual results may differ materially. Key risks include economic conditions, interest rate fluctuations, and regulatory changes[4](index=4&type=chunk) - The document includes non-GAAP financial measures to help investors understand financial performance. These measures are not a substitute for GAAP and reconciliations to the most comparable GAAP measures are provided[5](index=5&type=chunk) [Q1 2025 Performance Highlights](index=4&type=section&id=Resilience%20Despite%20Near-Term%20Headwinds) F&G achieved record AUM of $54.5 billion in Q1 2025, demonstrating resilience despite margin compression and a strategic reduction in MYGA sales Q1 2025 Key Metrics | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Gross Sales | $2.9B | ↓ 17% | | Net Sales | $2.2B | ↓ 4% | | AUM before flow reinsurance | $67.4B | ↑ 16% | | Assets Under Management (AUM) | $54.5B | ↑ 9% | | LTM Adjusted ROA | 1.00% | - | | Adjusted ROE | 9.7% | ↑ 2.3% | | Capital Return to Shareholders | $30M | - | - The company strategically managed sales and inforce profitability to optimize capital returns, which resulted in lower Multi-Year Guaranteed Annuity (MYGA) sales[7](index=7&type=chunk) - Margin compression in Q1 was driven by near-term headwinds, including excess cash from CLO prepayments, lower surrender fee income due to slowed terminations, and the timing of inforce pricing actions[10](index=10&type=chunk) - Operating performance remains strong with stable underlying businesses. Key positive drivers include asset growth supporting product margins, growing fee income from flow reinsurance, and improved operating expenses[8](index=8&type=chunk)[9](index=9&type=chunk) [Financials and Business Overview](index=6&type=section&id=Financials%20and%20Business%20Overview) [First Quarter Financial Trends](index=6&type=section&id=First%20Quarter%20Financial%20Trends) Q1 2025 financial trends show decreased gross sales and net earnings year-over-year, offset by increased AUM and Adjusted ROE Financial Trends - As Reported ($M, except per share data) | Metric | 2023 | 2024 | 1Q24 | 1Q25 | | :--- | :--- | :--- | :--- | :--- | | Gross sales | $13,153 | $15,262 | $3,495 | $2,902 | | Net sales | $9,238 | $10,571 | $2,302 | $2,181 | | AUM | $49,103 | $53,817 | $49,787 | $54,546 | | Adjusted ROA | 0.73% | 1.06% | 0.87% | 0.68% | | Adjusted ROE | 6.5% | 10.3% | 7.4% | 9.7% | | Net earnings (loss) | ($58) | $622 | $111 | ($25) | | Adjusted net earnings (ANE) | $335 | $546 | $108 | $91 | - In Q1 2025, investment income from alternative investments was **$63 million** below long-term return expectations, a larger gap than the **$52 million** shortfall in Q1 2024[12](index=12&type=chunk) [F&G Snapshot and Investment Case](index=7&type=section&id=F%26G%20Snapshot%20and%20Investment%20Case) F&G presents a compelling investment case, leveraging diverse distribution and investment expertise to drive margin expansion and ROE growth in retirement markets - F&G operates through five distinct distribution channels (Independent Agents, Broker Dealers, Banks, Pension Risk Transfer, Funding Agreements) and offers Retail Annuities, Life Insurance, and Institutional Products[15](index=15&type=chunk)[17](index=17&type=chunk) - The investment case is built on: targeting large, growing markets; a superior ecosystem with strong distribution and investment capabilities; a proven track record of growth; and strategies to drive margin expansion and higher ROE[18](index=18&type=chunk)[19](index=19&type=chunk) - Since its 2020 acquisition by FNF, F&G has expanded its **Adjusted ROE by 2 percentage points** and grown its **Book Value Per Share (BVPS) by 58%** (from YE 2020 to Q1 2025)[20](index=20&type=chunk)[22](index=22&type=chunk)[24](index=24&type=chunk) Progress Toward Medium-Term Investor Day Targets | Target | Goal | | :--- | :--- | | AUM Growth | Grow by 50% | | Adjusted ROA Expansion | 1.33% to 1.55% | | Adjusted ROE Increase | 13% to 14% | | P/E Multiple Expansion | 7-8x | [Inforce Business and Market Opportunity](index=11&type=section&id=Inforce%20Business%20and%20Market%20Opportunity) F&G's profitable $53 billion inforce book benefits from secular tailwinds in high-growth retirement markets, driving significant sales diversification Retail Fixed Annuity Metrics (Q1 2025) | Metric | Value | | :--- | :--- | | Weighted average time in surrender period | 5.5 Years | | % Surrender protected | 92% | | Average remaining surrender charge | 7% | | % Subject to market value adjustment (MVA) | 78% | | Distance to guaranteed minimum crediting rates | 218 bps | - The company's **$53 billion GAAP Net Reserves** are primarily composed of Indexed Annuities (**58%**), with no problematic legacy business[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - F&G is positioned to benefit from secular tailwinds, including a projected **30% increase** in the 65+ population over the next 25 years and nearly **$3 trillion** in retail money market funds expected to seek higher-rate solutions like fixed annuities[38](index=38&type=chunk)[41](index=41&type=chunk) - Annual gross sales grew from **$3.9 billion** in 2019 to **$15.3 billion** in 2024, representing a **31% CAGR**. The business has diversified significantly, with institutional markets (Funding Agreements & PRT) growing from **0% of sales in FY2020 to 46% in FY2024**[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) [Strategic Initiatives and Investment Portfolio](index=16&type=section&id=Strategic%20Initiatives%20and%20Investment%20Portfolio) F&G's owned distribution strategy drives margin expansion, supported by a high-quality, diversified $51 billion investment portfolio with minimal real estate exposure - The owned distribution strategy is a capital-light source of fee-based earnings, contributing **5 bps to Adjusted ROA** in Q1 2025[47](index=47&type=chunk)[50](index=50&type=chunk) - The investment portfolio is **96% investment grade**, with modest credit-related impairments of **6 bps** over the last 5 years. Office exposure is low at **1.6% of the total portfolio**[57](index=57&type=chunk) Investment Portfolio by Asset Class ($51B Total) | Asset Class | Percentage | | :--- | :--- | | Corporates | 31% | | Structured Securities | 22% | | Private Origination | 16% | | Mortgage Loans | 11% | | Alternatives (LP) | 6% | | Other | 14% | - The investment strategy focuses on high-grade public and private securities, well-diversified structured credit (CLOs, CMBS, ABS), and superior loss-adjusted mortgage loans and private credit[62](index=62&type=chunk) [Detailed Financial Performance and Capital Management](index=19&type=section&id=Detailed%20Financial%20Performance%20and%20Capital%20Management) [1Q25 Detailed Performance Review](index=19&type=section&id=1Q25%20Detailed%20Performance%20Review) Q1 2025 saw a strategic sales pivot, record AUM growth, and improved Adjusted ROE, despite margin compression impacting Adjusted Net Earnings - Gross sales of **$2.9 billion** were down **17%** from Q1 2024, driven by lower MYGA sales. Excluding MYGA, gross sales were **$2.3 billion**, an increase of **5%** over Q1 2024[72](index=72&type=chunk) - Ending AUM before flow reinsurance reached a record **$67.4 billion**, with retained AUM at **$54.5 billion**[72](index=72&type=chunk) Q1 2025 vs Q1 2024 Earnings Metrics | Metric | 1Q24 | 1Q25 | | :--- | :--- | :--- | | Common ANE | $108M | $91M | | ANE per share | $0.86 | $0.72 | | Adj. ROA | 0.87% | 0.68% | | Adj. ROE | 7.4% | 9.7% | - The decrease in ANE from Q1 2024 reflects margin compression, lower owned distribution margin, and higher interest expense, which were partially offset by asset growth, higher fees from flow reinsurance, and disciplined expense management[76](index=76&type=chunk) [Capital Profile, Ratings, and Allocation](index=22&type=section&id=Capital%20Profile%2C%20Ratings%2C%20and%20Allocation) F&G maintains a strong capital profile with a 26.7% debt-to-capital ratio, achieving ratings upgrades and actively managing capital for growth and shareholder returns - The adjusted debt-to-capital ratio was **26.7%** at the end of Q1 2025, managed towards a long-term target of approximately **25%**[78](index=78&type=chunk)[79](index=79&type=chunk) - In Q1 2025, F&G issued **$375 million** in junior subordinated notes, redeemed **$300 million** in senior notes, and completed a public offering of **8 million common shares** for net proceeds of ~**$269 million** to support growth[79](index=79&type=chunk) - F&G has received multiple ratings upgrades over time, including to '**A-**' from S&P Global and Fitch, reflecting its scaling business, diversifying earnings, and strong capitalization[81](index=81&type=chunk)[82](index=82&type=chunk) - Capital allocation priorities are reinvesting in the business for growth and returning capital to shareholders via dividends and opportunistic share repurchases. The company returned **$30 million** to shareholders in Q1 2025[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Appendix](index=25&type=section&id=Appendix) [Appendix — Investments](index=25&type=section&id=Appendix%20%E2%80%94%20Investments) This appendix details F&G's high-quality, diversified investment portfolio, focusing on structured credit and real estate debt with prudent risk management [Structured Credit Details](index=26&type=section&id=Structured%20Credit%20Details) The structured credit strategy provides access to well-diversified, high-quality assets across CLOs, CMBS, and ABS - The structured credit strategy provides access to well-diversified, high-quality assets across CLOs, CMBS, and ABS[88](index=88&type=chunk)[95](index=95&type=chunk) CLO Portfolio Snapshot ($3.7B Market Value) | Metric | Value | | :--- | :--- | | Credit Quality | 89% Investment Grade | | Structural Protection (Par Subordination) | 25% | | Capital Efficiency (Average NAIC rating) | 1.27 | - The CLO portfolio is highly diversified by manager, issuer, and industry, with the top 10 issuers comprising only **7.1%** of the portfolio[103](index=103&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk) [Real Estate Debt Details](index=30&type=section&id=Real%20Estate%20Debt%20Details) The real estate debt portfolio is high-quality and defensively positioned, with a focus on multifamily properties and low-leverage commercial mortgage loans Real Estate Debt Portfolio Snapshot ($11.4B Market Value) | Metric | Value | | :--- | :--- | | Duration | 3.8 years | | Weighted Average Life | 5.7 years | | Quality (Average NAIC rating) | 1.3 | - The CMBS portfolio has a higher concentration in multifamily (**39%**) and lower in retail (**14%**) compared to market averages, reflecting a defensive posture[121](index=121&type=chunk)[122](index=122&type=chunk) - The Commercial Mortgage Loan (CML) portfolio is low risk, with an average loan-to-value of ~**60%**, and is well-diversified by property type and geography. **88%** of loans have an LTV below **60%**[126](index=126&type=chunk)[131](index=131&type=chunk) [Appendix – Finance](index=35&type=section&id=Appendix%20%E2%80%93%20Finance) This appendix provides detailed financial reconciliations, including BVPS analysis and a full reconciliation of GAAP Net Earnings to Adjusted Net Earnings - BVPS ex AOCI decreased from **$44.28** at YE 2024 to **$43.31** at Q1 2025. The decrease was primarily driven by the dilutive effect of the common stock offering (-**$0.63/share**) and mark-to-market movements (-**$0.78/share**), partially offset by underlying business performance (+**$0.59/share**)[140](index=140&type=chunk)[141](index=141&type=chunk)[143](index=143&type=chunk) - On a year-over-year basis, BVPS ex AOCI increased **5%** from **$41.10** in Q1 2024 to **$43.31** in Q1 2025, driven by a **$3.41 per share** increase from underlying business performance[144](index=144&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings (ANE) ($M) | | 1Q24 | 1Q25 | | :--- | :--- | :--- | | Net earnings (loss) attributable to common shareholders | $111 | ($25) | | Recognized (gains) and losses, net | 32 | 29 | | Market related liability adjustments | (55) | 103 | | Purchase price amortization | 22 | 15 | | Transaction costs, other and non-recurring items | - | 1 | | Non-controlling interest | (3) | (2) | | Income taxes adjustment | 1 | (30) | | **ANE attributable to common shareholders** | **$108** | **$91** | - The appendix provides detailed definitions for non-GAAP measures including Adjusted Net Earnings (ANE), Adjusted Return on Assets (ROA), Adjusted Return on Equity (ROE), Assets Under Management (AUM), and Book Value per Common Share, excluding AOCI[156](index=156&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk)[164](index=164&type=chunk)

Core Insights - Fidelity National Financial, Inc. reported a net earnings of $83 million for Q1 2025, a significant decrease from $248 million in Q1 2024, resulting in earnings per diluted share of $0.30 compared to $0.91 in the previous year [2][6][26] - Adjusted net earnings for Q1 2025 were $213 million, or $0.78 per share, reflecting a slight increase from $206 million, or $0.76 per share, in Q1 2024 [3][6][26] - The company highlighted strong performance in its Title segment, achieving an adjusted pre-tax title margin of 11.7%, up from 10.7% in the prior year [8][31] Financial Performance - Total revenue for Q1 2025 was $2.729 billion, down from $3.299 billion in Q1 2024, indicating a decline in overall business activity [6][30] - The Title segment generated total revenue of $1.8 billion, a 12% increase from $1.7 billion in Q1 2024, driven by higher direct and agency title premiums [15][24] - F&G's assets under management (AUM) reached $67.4 billion, a 16% increase from $58.0 billion in Q1 2024, supported by strong indexed annuity sales [12][16] Segment Highlights - The Title segment contributed $158 million to adjusted net earnings in Q1 2025, compared to $130 million in Q1 2024, showcasing improved operational efficiency [8][24] - The F&G segment reported adjusted net earnings of $80 million for Q1 2025, down from $95 million in Q1 2024, impacted by unfavorable mark-to-market movements [12][36] - The Corporate segment had adjusted net earnings of $3 million for Q1 2025, a decrease from $8 million in the same period last year [8][36] Capital Management - The company invested $150 million in F&G's capital raise to maintain its ownership stake above 80%, indicating confidence in F&G's growth potential [5][12] - FNF restarted its share repurchase program, buying back 390,000 shares for $25 million, and paid a quarterly cash dividend of $0.50 per share, totaling $136 million [5][8] - The company ended Q1 2025 with $687 million in cash and short-term liquid investments, reflecting a strong liquidity position [8][30]

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]