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Dec 31, 2023
F&G Annuities & Life Q4 2023 Earnings Report
F&G reported mixed results for Q4 2023, with record sales offset by a net loss due to market volatility, while AUM reached a record high.
Key Takeaways
F&G Annuities & Life reported a net loss of $299 million for Q4 2023, impacted by unfavorable mark-to-market effects, but achieved record gross sales of $4.1 billion and record AUM of $49.5 billion. The company's adjusted net earnings were $75 million, influenced by investment income from alternative investments and significant expense items.
F&G achieved record gross sales of $4.1 billion, a 52% increase year-over-year.
Assets under management (AUM) reached a record $49.5 billion, up 14% from the previous year.
The company's estimated risk-based capital (RBC) ratio was approximately 440%, exceeding the target of 400%.
A.M. Best upgraded F&G's financial strength ratings to 'A' (Excellent) from ‘A-’ (Excellent).
Forward Guidance
F&G is optimistic about delivering double-digit sales growth in 2024, driven by the launch of their RILA product and continued margin expansion. They are also focused on managing operating expenses, enhancing investment margin opportunities, and growing the earnings power of the company. F&G is well-positioned to execute on its owned distribution strategy.
Positive Outlook
- Launch of RILA product expected to support double-digit sales growth in 2024
- Continued margin expansion through effective management of operating expenses
- Enhanced investment margin opportunities
- Growth in the earnings power of F&G
- Execution on owned distribution strategy to strengthen distribution relationships and diversify earnings
Challenges Ahead
- No negative aspects provided in the document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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