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Mar 31, 2024
F&G Annuities & Life Q1 2024 Earnings Report
F&G reported strong first quarter results driven by sales growth and solid investment performance.
Key Takeaways
F&G Annuities & Life reported a net income of $111 million for Q1 2024, a significant improvement compared to the net loss of $195 million in Q1 2023. Adjusted net earnings were $108 million, or $0.86 per share, compared to $61 million, or $0.49 per share, for the same period last year. The company experienced growth in gross sales, reaching $3.5 billion, and record assets under management of $49.8 billion.
Gross sales increased by 6% year-over-year to $3.5 billion, driven by strong retail and institutional market sales.
Assets under management reached a record $49.8 billion, up 10% from the prior year quarter.
Adjusted net earnings were $108 million, or $0.86 per share, compared to $61 million, or $0.49 per share in Q1 2023.
The company's adjusted return on assets remained above the baseline of 110 basis points.
Forward Guidance
F&G is confident in its outlook for double digit gross sales growth in 2024 and expects its recently launched RILA product to become a significant contributor to sales over the next few years.
Positive Outlook
- Confident in outlook for double digit gross sales growth in 2024.
- Expects recently launched RILA product to become a significant contributor to sales over the next few years.
- Differentiated offering and strong distribution partnerships will help take share in this large and fast growing market.
- Ability to deliver robust growth and returns through both low and rising interest rate environments.
- Confident in ability to drive further margin expansion through improved investment margin opportunities and expense leverage as we scale our organization further.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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