Core Viewpoint - F&G Annuities & Life has shown strong performance over the past year with a 34% increase, but has recently experienced a nearly 20% decline from its peak due to broader market pullbacks, leading to a recommendation to buy the stock despite recent challenges [1][10]. Financial Performance - In Q2, F&G reported earnings of $1.10, surpassing consensus estimates by $0.02, with gross sales rising 47% to $4.4 billion, marking a record level of sales driven by strong demand for annuity products [2]. - Net sales reached $3.4 billion, reflecting a 30% increase year-over-year, with total annuity sales up 36% from the previous year [2]. Sales and Product Mix - F&G has significantly increased sales of funding agreements, which are bonds backed by insurance policies, allowing the company to earn net investment income without material underwriting risk [3]. - Annuities constitute approximately 75% of F&G's sales, with indexed annuities leading the sales mix, followed by guaranteed annuities [3]. Surrender Activity and AUM - Despite strong gross sales, there has been increased surrender activity, with net fixed index annuity flows decreasing to $578 million from $628 million last year, attributed to higher terminations as policyholders seek better rates [4]. - F&G's assets under management (AUM) grew to $52.2 billion, a 13% increase from the previous year, supported by higher interest rates and a growing portfolio [4]. Investment Income and Portfolio Performance - F&G earned $684 million in investment income, up from $252 million last year, with $145 million coming from alternative investments, although this underperformed expectations by $20 million [4]. - The company targets a 10% return on alternatives but has generated 8.1% this year, with a historical average return of 13% on this allocation [4]. Risk and Portfolio Composition - 96% of F&G's fixed income portfolio is investment grade, but it includes exposures to less liquid markets, which can be more volatile during market stress [4][5]. - The portfolio has 23% in structured securities and 15% in private debt, which may face pressure during economic downturns, but F&G's long-term investment strategy mitigates forced selling risks [5][7]. Future Outlook - F&G anticipates an increase in the cost of funds as it sells more annuities in the current rate environment, while investment yields are expected to rise [9]. - Key focus areas include maintaining low credit losses, monitoring alternative investment returns, and managing actuarial model update costs, which were $16 million in the last quarter [9]. Valuation and Market Position - F&G's shares are expected to trade around book value of approximately $42.50, offering about 15% upside potential alongside a 2% dividend [10]. - The company maintains a solid balance sheet with a debt to capital ratio of 26.4%, which adjusts to 23.5% when accounting for a funded maturity, below its 25% target [9].

DES MOINES, Iowa, Aug 1, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.21 per common share. The dividend will be payable on September 30, 2024, to stockholders of record as of September 16, 2024. The Board also declared a quarterly cash dividend of $0.859375 per share of F&G's 6.875% Series A Mandatory Convertible Preferred Stock, to be paid on October 15, 2024, to holders ...

DES MOINES, Iowa, July 22, 2024 /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 second quarter 2024 earnings after the close of regular market trading on Monday, August 5, 2024. A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Tuesday, August 6, 2024. Additional information about quarterly financial results, including the earn ...

Inflation Continues to Drive Retirement Decisions "This remains a challenging macroeconomic environment to navigate for those close to or in retirement," said Chris Blunt, CEO of F&G. "As our survey shows, Americans are still reconsidering what retirement means to them, and that may look different from previous generations. We believe taking a proactive approach in financial planning can help mitigate some of the economic risks, allowing people to focus on their own personalized roadmap of how and when to r ...

DES MOINES, Iowa, June 4, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G" or the "Company") today announced the early tender results of the previously announced cash tender offer (the "Tender Offer") of its wholly-owned subsidiary Fidelity & Guaranty Life Holdings, Inc. ("FGLH") for up to $250,000,000 aggregate principal amount (the "Maximum Amount") of FGLH's 5.50% Senior Notes due 2025 (the "Notes"). The Tender Offer was made pursuant to an Offer to Purchase (the "Offer to Purchase"), da ...

DES MOINES, Iowa, May 20, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G") today announced that it priced a public offering of $550 million aggregate principal amount of its 6.500% senior notes due 2029 (the "notes"). The offering is expected to close on June 4, 2024, subject to satisfaction of customary closing conditions. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in a ...

| | | | | | Dollars Per $1,000 Principal Amount of the | | | --- | --- | --- | --- | --- | --- | --- | | | | Aggregate | Maximum | Notes(1) | | | | | | Principal | Aggregate Principal | Tender Offer | Early | Total | | Title of SecurityCUSIP / ISIN | | Amount Outstanding | Amount (Maximum | Consideration | Participation Amount | Consideration(2) | | | | | Amount) | | | | | CUSIP: 315786AC7 (144A) | | | | | | | | 5.50% Senior | CUSIP: U30050AB1 (Reg S) | | | | | | | Notes due | | $550,000,000 | $250,000,000$ ...

Financial Data and Key Metrics Changes - Adjusted net earnings for Q1 2024 were $154 million, up 18% from $131 million in Q1 2023, reflecting asset growth and diversification of margin [54][26] - Adjusted return on assets (ROA) was 125 basis points, above the target of 110 basis points, indicating strong performance [30][26] - Retained assets under management (AUM) reached a record $49.8 billion, a 10% increase from Q1 2023 [8] Business Line Data and Key Metrics Changes - Gross sales for Q1 2024 were $3.5 billion, a 6% increase from Q1 2023, with retail channel sales at $2.8 billion [17] - Pension risk transfer (PRT) sales set a new record at $584 million for Q1 2024, contributing to cumulative sales exceeding $5 billion [48] - Fixed indexed annuity (FIA) terminations increased compared to the prior year, but new business volumes continued to outpace surrenders, resulting in positive net cash flows [49] Market Data and Key Metrics Changes - The investment portfolio remains high quality, with 95% of fixed maturities being investment grade, and credit-related impairments at a modest 2 basis points [25] - The fixed income yield, excluding alternative investment volatility, expanded to 4.56% in Q1 2024 from 4.33% in Q1 2023 [50] Company Strategy and Development Direction - The company is focused on diversifying earnings into more capital-light strategies and maintaining a disciplined capital management process [11] - The rollout of the new registered index-linked annuity (RILA) product is expected to significantly contribute to sales in the coming years [47] - The company aims to leverage its owned distribution strategies to enhance risk-adjusted returns and strengthen relationships with key partners [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to perform through market cycles and highlighted strong sales opportunities despite potential regulatory impacts [73][24] - Concerns were raised about the new Department of Labor fiduciary rules potentially discouraging agents from serving middle market clients, but overall momentum in business is expected to remain strong [24][71] Other Important Information - The company has invested $530 million in its alternatives portfolio, which is expected to generate EBITDA of $45 million to $50 million in 2024 [27] - The debt-to-capitalization ratio was 24% as of March 31, aligning with the long-term target of 25% [55] Q&A Session Summary Question: How should we think about the contribution of the RILA product in 2024? - Management indicated that the RILA product's contribution will be modest in 2024 but is expected to become significant in 2025 as more distribution partners are onboarded [57] Question: What is the outlook for the PRT market given recent competitive dynamics? - Management acknowledged that while the market is competitive, they believe they can maintain good spreads and volumes, with a healthy pipeline of deals [62][74] Question: How does the company view the impact of the new fiduciary rules? - Management noted that while compliance costs will increase, they do not expect it to significantly impact their forecasts, although it may affect agents serving the middle market [71][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41490 F&G Annuities & Life, Inc. (Exact name of registrant as specified in its charter) Delaware 85-2487422 (I.R.S. Employer Identification No.) (State or other j ...

F&G Annuities & Life, Inc. (FG) came out with quarterly earnings of $0.86 per share, missing the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.37%. A quarter ago, it was expected that this company would post earnings of $1.02 per share when it actually produced earnings of $0.60, delivering a surprise of -41.18%.Over the last four quarters, th ...