Financial Performance - F&G reported strong 2Q25 performance with $4.1 billion in gross sales, a 41% increase compared to 1Q25[4] - Net sales reached $2.7 billion in 2Q25, up 23% from 1Q25[4] - Assets Under Management (AUM) increased to $55.6 billion, a 7% year-over-year increase[4] - AUM before flow reinsurance rose to $69.2 billion, a 13% year-over-year increase[4] - The adjusted Return on Equity (ROE) was 8.8% for 1H25, a 40 bps increase year-over-year[4] - F&G returned $65 million of capital to shareholders in 1H25[4, 92] Investment Portfolio - The investment portfolio is conservatively positioned and well-diversified, with fixed income being 97% investment grade[52, 58] - The portfolio includes $13 billion in structured credit, $9 billion in mortgage loans, and $9 billion in private origination[61, 62, 66] - Alternative LPs comprise 6% of the total portfolio, with a NAV of $2.9 billion[58, 144, 145] Strategic Goals - F&G aims to grow AUM by 50%, expand adjusted ROA to 1.33%-1.55%, and increase adjusted ROE to 13%-14%[19] - The company is focused on margin expansion through retained business, flow reinsurance, and owned distribution[17]

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]