Q3 2024 F&G Annuities & Life Inc Earnings Call Transcript
Key Points
- F&G Annuities & Life Inc (FG) reported strong gross sales of $3.9 billion in the third quarter, up 39% from the prior year.
- Retail sales from agency, bank, and broker dealer channels reached a record $3.5 billion in the third quarter.
- Assets under management grew to a record $62.9 billion, a 20% increase over the third quarter of 2023.
- The investment portfolio is diversified and high quality, with 96% of fixed maturities being investment grade.
- The company has successfully launched Ryla with four broker dealer distribution partners, with potential for significant sales growth in the medium term.
- Elevated surrender activity due to higher interest rates has impacted earnings, although the company has adjusted assumptions accordingly.
- There were no new funding agreements in the third quarter, indicating potential challenges in capital allocation priorities.
- The impact of lower interest rates on sales remains a concern, although demographic tailwinds are expected to mitigate this.
- The company faces competition in the pension risk transfer market, which could affect future sales growth.
- The alternative investments portfolio has underperformed long-term assumptions recently, impacting overall returns.
Good morning, ladies and gentlemen and welcome to the F&G's third quarter earnings call. During today's presentation, all parties will be in listen-only mode following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Lisa Foxworthy Parker, Senior Vice President, investor and external relations. Please go ahead.
Great thanks. Great, thanks, operator and welcome. Everyone. Joining me today are Chris Blunt, Chief Executive Officer and Wendy Young, Chief Financial Officer. We look forward to addressing your questions following our prepared remarks. Today's earnings call may include forward-looking statements and projections under the private securities Litigation Reform Act which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to
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