F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q1 2025 Earnings Presentation
23 slides from F&g Annuities & Life's earnings presentation, May 7, 2025
Slide 1: Quarterly Financial Supplement First Quarter 2025
Quarterly Financial Supplement ——————————— First Quarter 2025 The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K as applicable. A
Slide 2: Financial Results contents
Financial Results Financial Highlights 3 Consolidated Statements of Operations (GAAP) 4 Adjusted Net Earnings - Management View 5 Adjusted Net Earnings - Significant Income and Expense Items 6 Adjusted Return on Assets 7 Assets Under Management Rollforward and Average Assets Under Management 8 Inter
Slide 3: Financial Highlights
Financial Highlights Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ (21) $ 327 $ (6) $ 203 $ 115 $ 639 $ (5
Slide 4: Consolidated Statements of Operations (GAAP)
Consolidated Statements of Operations (GAAP) Three months ended Year ended March 31, 2025 ¹ December 31, 2024 ¹ September 30, 2024 ¹ June 30, 2024 ¹ March 31, 2024 ¹ December 31, 2024 ¹ December 31, 2023 Revenues Life insurance premiums and other fees $ 489 $ 1,149 $ 506 $ 487 $ 718 $ 2,860 $ 2,413
Slide 5: Adjusted Net Earnings - Management View
Adjusted Net Earnings - Management View ¹ Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Interest and investment income - fixed income and other $ 509 $ 513 $ 514 $ 493 $ 475 $ 1,995 $ 1,728 Interest
Slide 6: Adjusted Net Earnings - Significant Income and Expense Items
Adjusted Net Earnings - Significant Income and Expense Items ¹ ² Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings, as we believe these items provide further clarity to the financial performance of the business. Those si
Slide 7: Adjusted Return on Assets
Adjusted Return on Assets ¹ Annualized year to date March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Adjusted interest and investment income $ 2,660 $ 2,643 $ 2,601 $ 2,522 $ 2,380 Cost of funds ² (1,712) (1,528) (1,504) (1,466) (1,420) Product margin 948 1,115 1,097
Slide 8: Assets Under Management Rollforward and Average Assets Under Management
Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 AUM at beginning of period $ 53,817 $ 52,464 $ 52,208 $ 49,787 $ 49,103 $ 49,10
Slide 9: Consolidated Balance Sheets (GAAP)
Consolidated Balance Sheets (GAAP) Assets March 31, 2025 ¹ December 31, 2024 ¹ September 30, 2024 ¹ June 30, 2024 ¹ March 31, 2024 ¹ Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $51,026), net of allowance for credit losses of $80 at March 31, 2025 $ 47,
Slide 10: Capitalization and Return on Equity
Capitalization ¹ Three months ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Notes payable $ 2,234 $ 2,171 $ 2,038 $ 2,038 $ 1,748 Net issuance costs (premium) 36 24 22 22 12 Notes payable (aggregate principal amount) (A) $ 2,270 $ 2,195 $ 2,060 $ 2,060 $ 1,76
Slide 11: Summary of Invested Assets by Asset Class
Summary of Invested Assets by Asset Class March 31, 2025 December 31, 2024 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale United States Government full faith and credit $ 208 $ 209 — % $ 160 $ 158 — % United States Government sponsor
Slide 12: Credit Quality of Fixed Maturity Securities
Credit Quality of Fixed Maturity Securities March 31, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 30,526 64 % BBB 2 15,312 32 % BB 3 1,516 3 % B 4 388 1 % CCC 5 62 — % CC and lower 6 105 — % Total $ 47,909 100 % Credit Quality of Asset-Backed Securities March 31, 2025 NRSRO Ra
Slide 13: GAAP Net Reserve Summary and Annuity Account Balance Rollforward
GAAP Net Reserve Summary Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Indexed annuities $ 30,326 $ 30,141 $ 30,239 $ 29,439 $ 28,741 $ 30,141 $ 27,792 Fixed rate annuities 5,880 6,434 6,508 6,044 5,876 6,434 5,924 Sin
Slide 14: Annuity Liability Characteristics
Annuity Liability Characteristics Fixed Rate Annuities Account Value Indexed Annuities Account Value Surrender Charge Percentages: March 31, 2025 No surrender charge $ 356 $ 2,396 0.0% < 2.0% 23 406 2.0% < 4.0% 363 1,572 4.0% < 6.0% 663 3,307 6.0% < 8.0% 2,388 5,384 8.0% < 10.0% 1,816 9,849 10.0% or
Slide 15: Ratings Overview
Ratings Overview A.M. Best S&P Fitch Moody's Holding Company and Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Baa3 Outlook Stable Stable Stable Senior Unsecured Notes Not Rated BBB- BBB- Baa3 Junior Subordinated Notes Not Rated BB BB Ba1 CF Bermuda Ho
Slide 16: Shareholder Information
Shareholder Information NYSE: FG History of Quarterly Common Stock Price High Low Close 2024 First Quarter $ 47.54 $ 35.99 $ 40.55 Second Quarter 42.76 35.11 38.05 Third Quarter 45.69 37.08 44.72 Fourth Quarter 48.76 40.10 41.44 2025 First Quarter 47.04 34.70 36.05 History of Quarterly Cash Dividend
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attribu
Slide 18: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and inv
Slide 19: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution revenues $ 16
Slide 20: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense)
Slide 21: Non-GAAP Measures Definitions
Non-GAAP Measures Definitions Non-GAAP Measures Generally Accepted Accounting Principles ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactio
Slide 22: Non-GAAP Measures Definitions (continued)
Non-GAAP Measures Definitions (continued) Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net
Slide 23: Non-GAAP Measures Definitions (continued)
Non-GAAP Measures Definitions (continued) Average Assets Under Management (AAUM) (Quarterly and YTD) AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one. Management considers this non-GAAP fina