F&G Annuities & Life Reports Impressive Financial Results
F&G Annuities & Life, Inc. (NYSE: FG) is a prominent provider of insurance solutions, delivering value to retail and institutional clients. The company has reported outstanding financial results, showcasing a remarkable recovery in net earnings, with fourth quarter results marking a significant turnaround compared to the previous year.
Financial Overview
In the latest financial results, net earnings attributable to common shareholders reached $323 million for the fourth quarter, translating to $2.50 per diluted share. This represents a notable recovery from a net loss of $299 million, or $2.41 per share, experienced in the same quarter last year. Throughout the full year, net earnings totaled $622 million, or $4.88 per share, rebounding from a loss of $58 million or $0.47 per share recorded the previous year.
Adjusted Net Earnings
F&G's adjusted net earnings also saw substantial growth, with fourth quarter adjusted net earnings amounting to $143 million, or $1.12 per share, compared to $75 million, or $0.60 per share, in the fourth quarter of the previous year. For the entire year, adjusted net earnings reached $546 million, or $4.30 per share, rising from $335 million, or $2.68 per share, for the full year 2023.
Key Highlights and Sales Performance
F&G achieved record full-year sales growth across its multi-channel platform. Gross sales totaled $15.3 billion for the year, reflecting a 16% increase over 2023, propelled by robust performance in retail and pension risk transfer sales. The fourth quarter alone saw gross sales of $3.5 billion.
Assets Under Management and Financial Strength
F&G reported that its assets under management (AUM) reached a new high, closing at $65.3 billion, which signifies a 17% increase compared to the same quarter last year. Notably, the investment portfolio has been performing well, contributing positively to the overall financial health of the company.
Return on Assets and Equity Growth
The adjusted return on assets has exhibited strong expansion, growing to 127 basis points for the full year 2024, compared to 117 basis points a year prior. Similarly, the company's adjusted return on equity also increased to over 12%, up from 10% in the previous year.
Solid Balance Sheet Supports Growth
F&G has maintained a solid balance sheet, which enables the company to support both organic growth and return capital to its shareholders. The company returned $32 million to shareholders in the fourth quarter and $125 million in the full year through common and preferred dividends.
Market Outlook and Company Strategy
CEO Chris Blunt shared his enthusiasm regarding the strong performance, noting that gross sales have notably more than tripled since 2020. The favorable market conditions and consistent demand for F&G’s products are expected to persist as the company focuses on capital-light strategies and growth opportunities.
Upcoming Earnings Call
The company’s senior management will host a conference call to discuss these results with stakeholders. This will provide an avenue for deeper insights into the company's performance and strategic direction moving forward.
About F&G Annuities & Life
F&G is dedicated to helping Americans turn their aspirations into reality by providing innovative insurance solutions. The company has established a strong presence in the insurance market and continues to expand its offerings and client base.
Frequently Asked Questions
What was F&G’s net earnings for the fourth quarter?
F&G reported net earnings of $323 million, or $2.50 per diluted share for the fourth quarter.
How did the adjusted net earnings change compared to last year?
Adjusted net earnings for the fourth quarter were $143 million, up from $75 million in the previous year.
What are F&G’s total assets under management?
F&G reported total AUM of $65.3 billion as of the end of the fourth quarter.
What is the outlook for F&G in 2025?
The company anticipates strong growth in AUM and adjusted net earnings, supported by favorable market conditions and strategic initiatives.
Who should I contact for more information about F&G?
For inquiries, reach out to Lisa Foxworthy-Parker, SVP of Investor & External Relations, at Investor.relations@fglife.com.
