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]

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]

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 ...