F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q1 2023 Earnings Presentation
21 slides from F&g Annuities & Life's earnings presentation, May 3, 2023
Slide 1: Financial Supplement March 31, 2023
Exhibit 99.2 F&G Annuities & Life, Inc. ("F&G" or "the Company") (NYSE: FG) Financial Supplement March 31, 2023 (Year Ended December 31) The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Compa
Slide 2: Table of Contents
Page A. Financial Highlights Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Balance Sheets . . . . .
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights Three months ended Year ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2022 December 31, 2021 Select Income Statement Data: Net earnings (loss) $ (195) $ (176) $ 187 $ 385 $ 239 $ 635 $ 1,240 Adjusted net earnings
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets Assets: March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Investments: Fixed maturity securities available for sale, at fair value, (amortized cost of $38,226), net of allowance for credit losses of $16 at March 31, 2023 $
Slide 5: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended Year ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2022 December 31, 2021 Revenues: Life insurance premiums and other fees $ 365 $ 335 $ 702 $ 71 $ 596 $ 1,704 $ 1,407 Interest and investme
Slide 6: Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss)
Reconcilation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) (a) (b) The table below provides a comparison of adjusted net earnings (loss) by quarter and for the years ended December 31, 2022 and 2021 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Year ended March
Slide 7: Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share
Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share (a) (b) The table below provides a comparison of adjusted net earnings (loss) per diluted share by quarter and for the years ended December 31, 2022 and 2021 (Refer to "Non-GAAP Financial Meas
Slide 8: Adjusted Net Earnings (Loss) Statement
Adjusted Net Earnings (Loss) Statement (a) (b) The table below provides a comparison of adjusted net earnings (loss) by quarter and for the years ended December 31, 2022 and 2021 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Year ended March 31, 2023 December 31, 2022 Sept
Slide 9: Adjusted Net Earnings (Loss) - Significant Income and Expense Items
Adjusted Net Earnings (Loss) - Significant Income and Expense Items (a) Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings (loss), as we believe these items provide further clarity to the financial performance of the busi
Slide 10: Adjusted Return on Assets
Adjusted Return on Assets Three months ended Year ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2022 December 31, 2021 Interest and investment income $ 520 $ 439 $ 340 $ 425 $ 451 $ 1,655 $ 1,852 Cost of funds (312) (286) (288) (163) (243) (980)
Slide 11: Interest and Investment Income and Yield
Interest and Investment Income and Yield Three months ended Year ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2022 December 31, 2021 Interest and investment income (b) $ 519 $ 439 $ 340 $ 425 $ 451 $ 1,655 $ 1,852 AAUM (a) 44,393 42,605 41,081 3
Slide 12: Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI
Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI Three months ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Capitalization: Notes payable (aggregate principal amount) 1,565 1,100 550 550 950 950 Total Equity 2
Slide 13: Ratings Overview
Ratings Overview A.M. Best S&P Fitch Moody's Holding Company & Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Ba2 Outlook Stable Stable Positive Senior Unsecured Notes (2028 maturity) Not Rated BBB- BBB- Not Rated CF Bermuda Holdings Limited Issuer Cred
Slide 14: GAAP Net Reserve Summary
GAAP Net Reserve Summary Three months ended Year ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2022 December 31, 2021 Fixed indexed annuities $ 25,749 $ 24,688 $ 23,473 $ 23,038 $ 23,047 $ 24,688 $ 23,050 Fixed rate annuities 5,955 5,637 5,607 5,
Slide 15: Annuity Liability Characteristics
Annuity Liability Characteristics Fixed Annuities Account Value Fixed Index Annuities Account Value SURRENDER CHARGE PERCENTAGES: March 31, 2023 No surrender charge $ 339 $ 2,475 0.0% < 2.0% 13 193 2.0% < 4.0% 44 1,089 4.0% < 6.0% 1,052 2,400 6.0% < 8.0% 1,475 4,242 8.0% < 10.0% 2,934 9,241 10.0% or
Slide 16: Summary of Invested Assets by Asset Class
Summary of Invested Assets by Asset Class March 31, 2023 December 31, 2022 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale: United States Government full faith and credit $ 72 $ 71 — % $ 34 $ 32 — % United States Government sponsored
Slide 17: Credit Quality of Fixed Maturity Securities
Credit Quality of Fixed Maturity Securities March 31, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 21,164 62 % BBB 2 11,204 33 % BB 3 1,477 4 % B 4 184 1 % CCC 5 88 — % In or near default 6 80 — % Total $ 34,197 100 % Top 5 Reinsurers March 31, 2023 Financial Strength Rating Pa
Slide 18: Shareholder Information
Shareholder Information NYSE: FG Common Stock Information High Low Close 2022 Fourth Quarter - period from 12/1/2022 to 12/30/2022 (a) $ 22.12 $ 17.34 $ 20.01 2023 First Quarter $ 24.41 $ 15.56 $ 18.12 (a) For IRS Form 8937, see "Tax Basis Information for F&G Distribution to FNF Shareholders" dated
Slide 19: Non-GAAP Financial Measures Definitions
Non-GAAP Financial Measures Definitions The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net ear
Slide 20: Non-GAAP Financial Measures Definitions (continued)
Non-GAAP Financial Measures Definitions (continued) Adjusted Return on Average Equity excluding AOCI Adjusted return on average equity is calculated by dividing annualized adjusted earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months rolling pe
Slide 21: Non-GAAP Financial Measures Definitions (continued)
Non-GAAP Financial Measures Definitions (continued) Total Capitalization excluding AOCI Total Capitalization excluding AOCI is based on Total Equity and the total aggregate principal amount of debt and Total Equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to un