F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — FY2022 Earnings Presentation
21 slides from F&g Annuities & Life's earnings presentation, Feb 22, 2023
Slide 1: F&G Annuities & Life Financial Supplement December 31, 2022
Exhibit 99.2 F&G Annuities & Life, Inc. ("F&G" or "the Company") (NYSE: FG) Financial Supplement December 31, 2022 (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 Co
Slide 2: Table of Contents
Page A. Financial Highlights Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Sales Results by Product . . . . . .
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights Three months ended Year ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Select Income Statement Data: Net earnings (loss) $ (100) $ 115 $ 230 $ 236 $ 121 $ 481 $ 865 Adjusted net earnings
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Assets: Investments: Fixed maturity securities available for sale, at fair value, (amortized cost of $35,723), net of allowance for credit losses of $31 at December 31, 2022 $ 31,218 $ 29,
Slide 5: Consolidated Statements of Earnings
Consolidated Statements of Earnings Three months ended Year ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Revenues: Life insurance premiums and other fees $ 331 $ 702 $ 68 $ 594 $ 838 $ 1,695 $ 1,395 Interest and investm
Slide 6: Reconciliation from Net Earnings to Adjusted Net Earnings
Reconciliation from Net Earnings to Adjusted Net Earnings (a) (b) The table below provides a comparison of adjusted net earnings by quarter and year to date (Refer to "Non-GAAP Financial Measures Definitions"). The three months ended periods beginning with September 30, 2022 and prior, as well as th
Slide 7: Reconciliation from Net Earnings Per Diluted Share to Adjusted Net Earnings Per Diluted Share
Reconciliation from Net Earnings Per Diluted Share to Adjusted Net Earnings Per Diluted Share (a) (b) The table below provides a comparison of adjusted net earnings per diluted share by quarter and year to date (Refer to "Non-GAAP Financial Measures Definitions"). The three months ended periods begi
Slide 8: Adjusted Net Earnings Statement
Adjusted Net Earnings Statement (a) (b) The table below provides a comparison of adjusted net earnings by quarter and year to date (Refer to "Non-GAAP Financial Measures Definitions"). The three months ended periods beginning with September 30, 2022 and prior, as well as the year ended December 31,
Slide 9: Adjusted Net Earnings - Significant Income and Expense Items
Adjusted Net Earnings - 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, as we believe these items provide further clarity to the financial performance of the business. Those si
Slide 10: Adjusted Return on Assets
Adjusted Return on Assets Three months ended Year ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest and investment income $ 439 $ 340 $ 425 $ 451 $ 511 $ 1,655 $ 1,852 Cost of funds (264) (250) (201) (240) (261) (95
Slide 11: Interest and Investment Income and Yield
Interest and Investment Income and Yield Three months ended Year ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest and investment income $ 439 $ 340 $ 425 $ 451 $ 511 $ 1,655 $ 1,852 AAUM (a) 42,605 41,081 39,306 37
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 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Capitalization: Notes payable (aggregate principal amount) (b) 1,100 550 550 950 950 Total Equity 1,816 1,675 2,494
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) (a) Not Rated BBB- BBB- Not Rated CF Bermuda Holdings Limited Issuer
Slide 14: GAAP Net Reserve Summary
GAAP Net Reserve Summary Three months ended Year ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Fixed indexed annuities $ 24,813 $ 23,586 $ 23,168 $ 23,197 $ 23,370 $ 24,813 $ 23,370 Fixed rate annuities 5,640 5,611 5,263
Slide 15: Annuity Liability Characteristics
Annuity Liability Characteristics Fixed Annuities Account Value Fixed Index Annuities Account Value SURRENDER CHARGE PERCENTAGES: December 31, 2022 No surrender charge $ 343 $ 2,545 0.0% < 2.0% 19 178 2.0% < 4.0% 38 1,042 4.0% < 6.0% 907 2,318 6.0% < 8.0% 1,595 4,034 8.0% < 10.0% 2,736 8,927 10.0% o
Slide 16: Summary of Invested Assets by Asset Class
Summary of Invested Assets by Asset Class December 31, 2022 December 31, 2021 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale: United States Government full faith and credit $ 34 $ 32 — % $ 50 $ 50 — % United States Government sponsor
Slide 17: Credit Quality of Fixed Maturity Securities
Credit Quality of Fixed Maturity Securities December 31, 2022 NAIC Designation Fair Value Percent 1 $ 19,234 61 % 2 10,250 33 % 3 1,419 5 % 4 220 1 % 5 39 — % 6 56 — % $ 31,218 100 % December 31, 2022 Rating Agency Rating Fair Value Percent AAA $ 1,358 4 % AA 2,297 7 % A 8,076 26 % BBB 8,158 26 % No
Slide 18: Shareholder Information
Shareholder Information NYSE: FG Common Stock Information High Low Close 2022 (Unaudited) Fourth Quarter - period from 12/1/2022 to 12/30/2022 (a) $ 22.12 $ 17.34 $ 20.01 (a) For IRS Form 8937, see "Tax Basis Information for F&G Distribution to FNF Shareholders" dated December 1, 2022 available at w
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 Assets Adjusted return on assets is calculated by dividing annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, and less expenses (including operating
Slide 21: Non-GAAP Financial Measures Definitions (continued)
Non-GAAP Financial Measures Definitions (continued) Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with