F&G Annuities & Life Inc (NYSE:FG)

Q1 2025 F&G Annuities & Life Inc Earnings Call Transcript

May 8, 2025 / 01:00 PM GMT

Release Date Price: $30.72 (-14.48%)

Transcript 10-Q8-K

Key Points

Positve

F&G Annuities & Life Inc (FG) reported record assets under management (AUM) before flow reinsurance of $67.4 billion as of March 31, reflecting a 16% increase from the previous year.
The company maintained a high-quality investment portfolio with 96% of fixed maturities being investment grade, and a well-diversified asset base.
Indexed annuity sales remained strong at $1.5 billion, consistent with the previous year, and the pension risk transfer sales are off to a solid start.
F&G Annuities & Life Inc (FG) has a seasoned partnership with Blackstone, providing a competitive edge without taking on additional credit risk.
The company successfully completed a public offering of 8 million shares of common stock, raising approximately $269 million for general corporate purposes, including organic growth opportunities.

Negative

Gross sales decreased by 17% compared to the first quarter of 2024, primarily due to lower MIGA sales.
First quarter adjusted net earnings were $91 million, down from $108 million in the first quarter of 2024, reflecting margin compression and higher interest expenses.
The cost of funds increased to 318 basis points, up 22 basis points sequentially, indicating potential market competition pressures.
Investment income from alternative investments was $63 million below management's long-term expected return.
The company experienced near-term headwinds from market volatility, impacting sales and profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FG.N - F&G Annuities & Life Inc
Q1 2025 F&G Annuities & Life Inc Earnings Call
May 08, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to FNG's first quarter of 2025 earnest call. During today's presentation, all callers will be placed in a listen-only mode. So management's prepared remarks, the conference will be open for questions with instructions to follow at that time.

I'd like to turn the call over to Lisa Foxworthy Parker, senior Vice President of Investor and external relations.

Thank you. You may begin.

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Unidentified_2 [2]
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Thanks, operator, and welcome everyone. I'm joined today by Chris Blunt, Chief Executive

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