Q4 2024 F&G Annuities & Life Inc Earnings Call Transcript
Key Points
- F&G Annuities & Life Inc (FG) reported record gross sales of $15.3 billion for the full year 2024, a 16% increase over 2023.
- The company achieved record retail channel sales of $12 billion for the full year, driven by strong demand for individual annuity and life solutions.
- F&G successfully launched a new RILA registered product, gaining entry into a fast-growing market with seven partners onboarded.
- The company reported robust institutional market sales of $3.3 billion, with significant growth in pension risk transfer sales.
- F&G's assets under management reached a record $65.3 billion, a 17% increase over the previous year, driven by net new business flows.
- Funding agreement sales decreased to $1 billion for the full year, compared to $1.2 billion in 2023, with no sales in the fourth quarter.
- The company experienced a sequential decrease in fixed income yield due to higher cash balances and runoff of higher-yielding assets.
- There is a noted delay in getting the new RILA product onto platforms, as it is F&G's first registered product.
- The company faces potential impacts from industry lawsuits related to pension risk transfer, although no meaningful impact has been seen yet.
- F&G's adjusted return on equity, while improved, is still working towards the targeted range of 13% to 14%.
Good morning and welcome to F&G's 4th quarter and full year 2024 earnings call. (operator Instructions). I would now like to turn the call over to Lisa Foxworthy-Parker, senior Vice President, Investors in external relations.
Thanks, operator, and welcome again everyone to our call. I'm joined today by 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 reflect new information, subsequent events, or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those
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