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Sep 30, 2024
F&G Annuities & Life Q3 2024 Earnings Report
F&G reported a net loss but adjusted net earnings increased driven by sales growth and strong investment returns.
Key Takeaways
F&G Annuities & Life reported a net loss of $10 million for Q3 2024, but adjusted net earnings were $156 million, up from $120 million in Q3 2023. Gross sales increased by 39% year-over-year, driven by record retail channel sales. Assets under management before flow reinsurance reached a record $62.9 billion.
Gross sales of $3.9 billion, an increase of 39% over the third quarter 2023, primarily driven by record retail channel sales
Assets under management before flow reinsurance of $62.9 billion, an increase of 20% over the third quarter 2023
Adjusted return on assets expansion above baseline of 110 basis points
Returned $31 million of capital to shareholders from common and preferred dividends
Revenue by Segment
Forward Guidance
F&G is well-positioned for the remainder of the year and continues to make great progress toward Investor Day targets.
Positive Outlook
- Profitably grown assets under management before flow reinsurance to a record $62.9 billion
- Gross sales increased 39% over the third quarter of 2023
- Record retail sales of $3.5 billion, nearly double the third quarter of 2023
- Benefit from consumers wanting to secure the relatively higher interest rates, guaranteed tax deferred growth and principal protection that annuity products offer
- Seeing a healthy PRT pipeline with some significant early wins in the fourth quarter
Challenges Ahead
- General economic conditions
- Prevailing interest and unemployment rate levels and stock and credit market performance
- Natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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