Exhibit 99.2
Quarterly Financial Supplement
-----------
Fourth Quarter 2024
The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K as applicable. All dollar amounts are presented in millions except for per share amounts.
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
|
Financial Results |
|
|
Adjusted Net Earnings - Significant Income and Expense Items |
|
|
Assets Under Management Rollforward and Average Assets Under Management |
|
|
Investment Summary |
|
|
Summary of Invested Assets by Asset Class |
11 |
|
Credit Quality of Fixed Maturity Securities, Asset-Backed Securities and CLO Securities |
12 |
|
Product Summary |
|
|
GAAP Net Reserve Summary |
13 |
|
Annuity Account Balance Rollforward |
13 |
|
Annuity Liability Characteristics |
14 |
|
Top 5 Reinsurers |
14 |
|
Additional Information |
|
|
Ratings Overview |
15 |
|
Shareholder Information |
16 |
|
Non-GAAP Reconciliations |
17 |
|
Non-GAAP Measures Definitions |
21 |
2
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Financial Highlights
|
Three months ended |
Year ended |
||||||||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA |
|||||||||||||||||||||
|
Net earnings (loss) attributable to F&G |
$ |
327 |
$ |
(6) |
$ |
203 |
$ |
115 |
$ |
(299) |
$ |
639 |
$ |
(58) |
|||||||
|
Net earnings (loss) attributable to common shareholders |
323 |
(10) |
198 |
111 |
(299) |
622 |
(58) |
||||||||||||||
|
Net earnings (loss) attributable to common shareholders per diluted share ² |
2.50 |
(0.08) |
1.55 |
0.88 |
(2.41) |
4.88 |
(0.47) |
||||||||||||||
|
Weighted-average diluted shares outstanding (in millions) |
131 |
124 |
131 |
130 |
124 |
131 |
124 |
||||||||||||||
|
RELATED NON-GAAP MEASURES ¹ |
|||||||||||||||||||||
|
Adjusted net earnings attributable to common shareholders |
143 |
156 |
139 |
108 |
75 |
546 |
335 |
||||||||||||||
|
Adjusted net earnings attributable to common shareholders per diluted |
1.12 |
1.22 |
1.10 |
0.86 |
0.60 |
4.30 |
2.68 |
||||||||||||||
|
share ² |
|||||||||||||||||||||
|
Adjusted weighted-average diluted shares outstanding (in millions) |
131 |
131 |
131 |
130 |
125 |
131 |
125 |
||||||||||||||
|
Adjusted return on assets attributable to common shareholders |
1.06% |
1.05% |
0.98% |
0.87% |
0.73% |
1.06% |
0.73% |
||||||||||||||
|
Adjusted return on average common shareholder equity, excluding AOCI |
10.3% |
9.1% |
8.4% |
7.4% |
6.5% |
10.3% |
6.5% |
||||||||||||||
|
SELECTED CONSOLIDATED BALANCE SHEET DATA |
|||||||||||||||||||||
|
Total assets |
85,040 |
84,123 |
78,512 |
74,434 |
70,202 |
85,040 |
70,202 |
||||||||||||||
|
Total liabilities |
80,964 |
79,648 |
74,724 |
70,751 |
67,099 |
80,964 |
67,099 |
||||||||||||||
|
Total equity |
4,076 |
4,475 |
3,788 |
3,683 |
3,103 |
4,076 |
3,103 |
||||||||||||||
|
Total equity, excluding AOCI |
5,999 |
5,706 |
5,741 |
5,566 |
5,093 |
5,999 |
5,093 |
||||||||||||||
|
Common shares outstanding (in millions) |
127 |
126 |
126 |
126 |
126 |
127 |
126 |
||||||||||||||
|
RELATED NON-GAAP MEASURES ¹ |
|||||||||||||||||||||
|
Total F&G equity attributable to common shareholders, excluding AOCI |
5,624 |
5,327 |
5,357 |
5,179 |
5,093 |
5,624 |
5,093 |
||||||||||||||
|
Book value per common share |
29.14 |
32.51 |
27.02 |
26.16 |
24.63 |
29.14 |
24.63 |
||||||||||||||
|
Book value per common share, excluding AOCI |
44.28 |
42.28 |
42.52 |
41.10 |
40.42 |
44.28 |
40.42 |
||||||||||||||
|
Assets under management ("AUM") |
53,817 |
52,464 |
52,208 |
49,787 |
49,103 |
53,817 |
49,103 |
||||||||||||||
|
Average assets under management ("AAUM") YTD |
51,574 |
50,970 |
50,181 |
49,400 |
46,044 |
51,574 |
46,044 |
||||||||||||||
|
AUM before flow reinsurance |
65,274 |
62,875 |
61,370 |
58,020 |
55,928 |
65,274 |
55,928 |
||||||||||||||
|
SALES ¹ |
|||||||||||||||||||||
|
Indexed annuities ("FIA/RILA") |
$ |
1,797 |
$ |
1,847 |
$ |
1,648 |
$ |
1,437 |
$ |
1,142 |
$ |
6,729 |
$ |
4,699 |
|||||||
|
Fixed rate annuities ("MYGA") |
648 |
1,655 |
1,475 |
1,327 |
1,753 |
5,105 |
5,066 |
||||||||||||||
|
Total annuity |
2,445 |
3,502 |
3,123 |
2,764 |
2,895 |
11,834 |
9,765 |
||||||||||||||
|
Indexed universal life ("IUL") |
41 |
39 |
44 |
42 |
39 |
166 |
156 |
||||||||||||||
|
Funding agreements ("FABN/FHLB") |
- |
- |
915 |
105 |
385 |
1,020 |
1,256 |
||||||||||||||
|
Pension risk transfer ("PRT") |
983 |
337 |
338 |
584 |
764 |
2,242 |
1,976 |
||||||||||||||
|
Gross sales |
3,469 |
3,878 |
4,420 |
3,495 |
4,083 |
15,262 |
13,153 |
||||||||||||||
|
Sales attributable to flow reinsurance to third parties |
(1,031) |
(1,492) |
(975) |
(1,193) |
(1,534) |
(4,691) |
(3,915) |
||||||||||||||
|
Net sales |
$ |
2,438 |
$ |
2,386 |
$ |
3,445 |
$ |
2,302 |
$ |
2,549 |
$ |
10,571 |
$ |
9,238 |
¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section.
- Beginning in 2024, diluted share count reflects the effect of 5 million common shares issuable upon the conversion of the FNF 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 par value per share, when their effect was dilutive. For time periods when dilutive, the weighted average number of diluted shares includes assumed issuance of common shares upon conversion of the preferred stock, as well as the preferred stock dividends are not deducted from net earnings (loss) or adjusted net earnings (loss).
3
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Consolidated Statements of Operations (GAAP)
|
Three months ended |
Year ended |
||||||||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||||
|
2024 ¹ |
2024 ¹ |
2024 ¹ |
2024 ¹ |
2023 |
2024 ¹ |
2023 |
|||||||||||||||
|
Revenues |
|||||||||||||||||||||
|
Life insurance premiums and other fees |
$ |
1,149 |
$ |
506 |
$ |
487 |
$ |
718 |
$ |
890 |
$ |
2,860 |
$ |
2,413 |
|||||||
|
Interest and investment income |
707 |
712 |
684 |
616 |
589 |
2,719 |
2,211 |
||||||||||||||
|
Owned distribution revenues |
20 |
20 |
18 |
23 |
- |
81 |
- |
||||||||||||||
|
Recognized gains and (losses), net |
(317) |
206 |
(17) |
212 |
133 |
84 |
(124) |
||||||||||||||
|
Total revenues |
1,559 |
1,444 |
1,172 |
1,569 |
1,612 |
5,744 |
4,500 |
||||||||||||||
|
Benefits and expenses |
|||||||||||||||||||||
|
Benefits and other changes in policy reserves |
927 |
1,095 |
608 |
1,161 |
1,632 |
3,791 |
3,553 |
||||||||||||||
|
Market risk benefit (gains) losses |
(105) |
71 |
20 |
(11) |
115 |
(25) |
95 |
||||||||||||||
|
Depreciation and amortization |
152 |
147 |
147 |
123 |
110 |
569 |
412 |
||||||||||||||
|
Personnel costs |
81 |
80 |
69 |
66 |
65 |
296 |
232 |
||||||||||||||
|
Other operating expenses |
54 |
45 |
46 |
58 |
39 |
203 |
146 |
||||||||||||||
|
Interest expense |
38 |
36 |
28 |
30 |
26 |
132 |
97 |
||||||||||||||
|
Total benefits and expenses |
1,147 |
1,474 |
918 |
1,427 |
1,987 |
4,966 |
4,535 |
||||||||||||||
|
Earnings (loss) before income taxes |
412 |
(30) |
254 |
142 |
(375) |
778 |
(35) |
||||||||||||||
|
Income tax expense (benefit) |
85 |
(25) |
50 |
26 |
(76) |
136 |
23 |
||||||||||||||
|
Net earnings (loss) |
327 |
(5) |
204 |
116 |
(299) |
642 |
(58) |
||||||||||||||
|
Less: Non-controlling interests |
- |
1 |
1 |
1 |
- |
3 |
- |
||||||||||||||
|
Net earnings (loss) attributable to F&G |
327 |
(6) |
203 |
115 |
(299) |
639 |
(58) |
||||||||||||||
|
Less: Preferred stock dividend |
4 |
4 |
5 |
4 |
- |
17 |
- |
||||||||||||||
|
Net earnings (loss) attributable to F&G common shareholders |
$ |
323 |
$ |
(10) |
$ |
198 |
$ |
111 |
$ |
(299) |
$ |
622 |
$ |
(58) |
|||||||
|
Net earnings (loss) attributable to F&G common shareholders per |
|||||||||||||||||||||
|
common share |
|||||||||||||||||||||
|
Basic |
$ |
2.58 |
$ |
(0.08) |
$ |
1.60 |
$ |
0.90 |
$ |
(2.41) |
$ |
4.98 |
$ |
(0.47) |
|||||||
|
Diluted |
$ |
2.50 |
$ |
(0.08) |
$ |
1.55 |
$ |
0.88 |
$ |
(2.41) |
$ |
4.88 |
$ |
(0.47) |
|||||||
|
Weighted average common shares used in computing net earnings |
|||||||||||||||||||||
|
(loss) per common share |
|||||||||||||||||||||
|
Basic |
125 |
124 |
124 |
124 |
124 |
125 |
124 |
||||||||||||||
|
Diluted |
131 |
124 |
131 |
130 |
124 |
131 |
124 |
¹ Reflects majority stake in owned distribution starting in January 2024.
4
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Adjusted Net Earnings - Management View ¹
|
Three months ended |
Year ended |
||||||||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
Interest and investment income - fixed income and other |
$ |
513 |
$ |
514 |
$ |
493 |
$ |
475 |
$ |
453 |
$ |
1,995 |
$ |
1,728 |
|||||||
|
Interest and investment income - alternatives (including short term mark- |
160 |
150 |
167 |
112 |
124 |
589 |
452 |
||||||||||||||
|
to-market) |
|||||||||||||||||||||
|
Interest and investment income - variable |
19 |
26 |
6 |
8 |
- |
59 |
6 |
||||||||||||||
|
Adjusted interest and investment income |
692 |
690 |
666 |
595 |
577 |
2,643 |
2,186 |
||||||||||||||
|
Cost of funds |
(407) |
(406) |
(390) |
(362) |
(384) |
(1,565) |
(1,345) |
||||||||||||||
|
Product margin |
285 |
284 |
276 |
233 |
193 |
1,078 |
841 |
||||||||||||||
|
Flow reinsurance fee income |
20 |
22 |
21 |
15 |
23 |
78 |
58 |
||||||||||||||
|
Owned distribution margin |
12 |
12 |
9 |
13 |
3 |
46 |
11 |
||||||||||||||
|
Operating expenses |
(95) |
(103) |
(97) |
(94) |
(95) |
(389) |
(351) |
||||||||||||||
|
Interest expense |
(38) |
(36) |
(31) |
(30) |
(26) |
(135) |
(97) |
||||||||||||||
|
Income tax (expense) benefit |
(37) |
(19) |
(34) |
(25) |
(23) |
(115) |
(127) |
||||||||||||||
|
Adjusted net earnings |
147 |
160 |
144 |
112 |
75 |
563 |
335 |
||||||||||||||
|
Less: Preferred stock dividend |
4 |
4 |
5 |
4 |
- |
17 |
- |
||||||||||||||
|
Adjusted net earnings attributable to common shareholders |
$ |
143 |
$ |
156 |
$ |
139 |
$ |
108 |
$ |
75 |
$ |
546 |
$ |
335 |
|||||||
|
Adjusted net earnings per common share |
|||||||||||||||||||||
|
Diluted |
$ |
1.12 |
$ |
1.22 |
$ |
1.10 |
$ |
0.86 |
$ |
0.60 |
$ |
4.30 |
$ |
2.68 |
|||||||
|
Weighted average common shares used in computing adjusted net |
|||||||||||||||||||||
|
earnings per common share |
|||||||||||||||||||||
|
Diluted |
131 |
131 |
131 |
130 |
125 |
131 |
125 |
¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section.
5
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Adjusted Net Earnings - Significant Income and Expense Items ¹
|
Significant |
Alternatives |
Weighted |
|
|
Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings, as we believe |
Income and |
Long-term |
|
|
Expense |
Expected |
Average |
|
|
these items provide further clarity to the financial performance of the business. Those significant income and expense items are reported after |
Items |
Return (Not |
Diluted |
|
taxes ($ and shares in table in millions). |
(Reflected in |
Reflected in |
Shares |
|
Adjusted Net |
Adjusted Net |
Outstanding |
|
|
Earnings) |
Earnings) |
Three months ended
December 31, 2024
Adjusted net earnings of $143 million for the three months ended December 31, 2024 included $138 million of investment income from alternative
investments, $15 million of CLO redemptions and bond prepay income and $7 million of actuarial model refinements and other items. Alternative $160 $170131 investments investment income based on management's long-term expected return of approximately 10% was $170 million.
September 30, 2024
Adjusted net earnings of $156 million for the three months ended September 30, 2024 included $131 million of investment income from alternative
investments, $21 million of CLO redemptions and bond prepay income, and $14 million tax valuation allowance, partially offset by $17 million of $149 $172131 net expense from actuarial assumption updates. Alternative investments investment income based on management's long-term expected return of
approximately 10% was $172 million.
June 30, 2024
Adjusted net earnings of $139 million for the three months ended June 30, 2024 included $145 million of investment income from alternative investments and $4 million of CLO redemptions and bond prepay income, partially offset by $16 million of actuarial model updates and refinements. Alternative investments investment income based on management's long-term expected return of approximately 10% was $165 million.
March 31, 2024
Adjusted net earnings of $108 million for the three months ended March 31, 2024 included $100 million of investment income from alternative investments and $6 million income of CLO redemption gains and bond prepay income. Alternative investments investment income based on management's long-term expected return of approximately 10% was $152 million.
December 31, 2023
Adjusted net earnings of $75 million for the three months ended December 31, 2023 included $110 million of investment income from alternative investments, partially offset by $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption updates. Alternative investments investment income based on management's long-term expected return of approximately 10% was $147 million.
$133 $165131
$106 $152130
$91$147125
Year ended
December 31, 2024
Adjusted net earnings of $546 million for the year ended December 31, 2024 included $514 million of investment income from alternative investments and $46 million of CLO redemptions and bond prepay income, and $14 million tax valuation allowance, partially offset by $26 million of net expense from actuarial assumption and model updates and other items. Alternative investments investment income based on management's long-term expected return of approximately 10% was $659 million.
December 31, 2023
Adjusted net earnings of $335 million for the year ended December 31, 2023 included $405 million of investment income from alternative investments and $5 million of bond prepay income, partially offset by $37 million tax valuation allowance, $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption updates. Alternative investments investment income based on management's long-term expected return of approximately 10% was $558 million.
¹ Refer to Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders on page 17 and Adjusted Net Earnings - Management View on page 5.
$548 $659131
$354 $558125
6
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Adjusted Return on Assets ¹
|
Annualized year to date |
||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
||||||||||
|
Adjusted interest and investment income |
$ |
2,643 |
$ |
2,601 |
$ |
2,522 |
$ |
2,380 |
$ |
2,186 |
||||
|
Cost of funds |
(1,565) |
(1,544) |
(1,504) |
(1,448) |
(1,345) |
|||||||||
|
Product margin |
1,078 |
1,057 |
1,018 |
932 |
841 |
|||||||||
|
Flow reinsurance fee income |
78 |
77 |
72 |
60 |
58 |
|||||||||
|
Owned distribution margin |
46 |
45 |
44 |
52 |
11 |
|||||||||
|
Expenses (operating, interest and taxes) |
(639) |
(625) |
(622) |
(596) |
(575) |
|||||||||
|
Adjusted net earnings |
$ |
563 |
$ |
554 |
$ |
512 |
$ |
448 |
$ |
335 |
||||
|
Less: Preferred stock dividend |
17 |
17 |
18 |
16 |
- |
|||||||||
|
Adjusted net earnings attributable to common shareholders (A) |
$ |
546 |
$ |
537 |
$ |
494 |
$ |
432 |
$ |
335 |
||||
|
AAUM YTD (B) |
51,574 |
50,970 |
50,181 |
49,400 |
46,044 |
|||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
||||||||||
|
Adjusted interest and investment income |
5.12 % |
5.10 % |
5.03 % |
4.82 % |
4.75 % |
|||||||||
|
Cost of funds |
(3.03)% |
(3.03)% |
(3.00)% |
(2.93)% |
(2.92)% |
|||||||||
|
Product margin |
2.09 % |
2.07 % |
2.03 % |
1.89 % |
1.83 % |
|||||||||
|
Flow reinsurance fee income |
0.15 % |
0.15 % |
0.14 % |
0.12 % |
0.13 % |
|||||||||
|
Owned distribution margin |
0.09 % |
0.09 % |
0.09 % |
0.10 % |
0.02 % |
|||||||||
|
Expenses (operating, interest and taxes) |
(1.24)% |
(1.23)% |
(1.24)% |
(1.21)% |
(1.25)% |
|||||||||
|
Adjusted return on assets |
1.09 % |
1.08 % |
1.02 % |
0.90 % |
0.73 % |
|||||||||
|
Less: Preferred stock dividend |
0.03 % |
0.03 % |
0.04 % |
0.03 % |
- % |
|||||||||
|
Adjusted return on assets attributable to common shareholders (A/B) |
1.06 % |
1.05 % |
0.98 % |
0.87 % |
0.73 % |
|||||||||
¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section.
7
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Assets Under Management Rollforward and Average Assets Under Management ¹
|
Three months ended |
Year ended |
||||||||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
|
AUM at beginning of period |
$ |
52,464 |
$ |
52,208 |
$ |
49,787 |
$ |
49,103 |
$ |
47,103 |
$ |
49,103 |
$ |
43,568 |
|||||||
|
Net new business asset flows |
2,270 |
1,726 |
3,057 |
2,116 |
3,165 |
9,169 |
9,104 |
||||||||||||||
|
Net flow reinsurance to third parties |
(1,046) |
(1,248) |
(930) |
(1,407) |
(1,352) |
(4,631) |
(3,961) |
||||||||||||||
|
Net capital transaction proceeds (disbursements) |
129 |
(222) |
294 |
(25) |
187 |
176 |
392 |
||||||||||||||
|
AUM at end of period |
$ |
53,817 |
$ |
52,464 |
$ |
52,208 |
$ |
49,787 |
$ |
49,103 |
$ |
53,817 |
$ |
49,103 |
|||||||
|
AAUM YTD |
$ |
51,574 |
$ |
50,970 |
$ |
50,181 |
$ |
49,400 |
$ |
46,044 |
$ |
51,574 |
$ |
46,044 |
|||||||
|
AUM before flow reinsurance |
$ |
65,274 |
$ |
62,875 |
$ |
61,370 |
$ |
58,020 |
$ |
55,928 |
$ |
65,274 |
$ |
55,928 |
Interest and Investment Income and Yield ¹
|
Three months ended |
||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
||||||||||
|
Adjusted interest and investment income ² |
$ |
692 |
$ |
690 |
$ |
666 |
$ |
595 |
$ |
577 |
||||
|
AAUM QTD |
53,307 |
52,661 |
50,864 |
49,400 |
48,028 |
|||||||||
|
Yield on AAUM |
5.19 % |
5.24 % |
5.24 % |
4.82 % |
4.80 % |
|||||||||
|
Less: Alternatives investment income (including short term mark-to- |
160 |
150 |
167 |
112 |
124 |
|||||||||
|
market) ³ |
||||||||||||||
|
Less: Variable investment income ⁴ |
19 |
26 |
6 |
8 |
- |
|||||||||
|
Fixed income and other net investment income ² ⁵ |
$ |
513 |
$ |
514 |
$ |
493 |
$ |
475 |
$ |
453 |
||||
|
AAUM QTD, excluding alternative investments |
44,739 |
44,100 |
42,509 |
41,670 |
40,634 |
|||||||||
|
Yield on AAUM, excluding alternative investments and variable investment |
4.59 % |
4.66 % |
4.64 % |
4.56 % |
4.46 % |
|||||||||
|
income |
||||||||||||||
|
Year ended |
||||
|
December 31, |
December 31, |
|||
|
2024 |
2023 |
|||
|
$ |
2,643 |
$ |
2,186 |
|
|
51,574 |
46,044 |
|||
|
5.12 % |
4.75 % |
|||
|
589 |
452 |
596
$ 1,995 $ 1,728
43,305 39,081
4.61 % 4.42 %
-
Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Reflects interest and investment income on an adjusted net earnings basis.
³ Comprised of alternative investment income, which includes mark-to-market movement that is reflected in adjusted net earnings, from limited partnerships and limited liability corporations classified as investments in unconsolidated affiliates and non-direct lending and direct lending securitizations classified as fixed maturity securities.
⁴ Includes significant, non-recurring interest and investment income items, which could include call and tender income, commercial loan obligation redemption gains and other miscellaneous investment income.
⁵ Includes interest and investment income from fixed maturity securities (excluding certain asset backed securities considered alternative investments), mortgage loans, equity securities, short-term investments, and long-term investments.
8
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Consolidated Balance Sheets (GAAP)
|
Assets |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|||||||||
|
2024 ¹ |
2024 ¹ |
2024 ¹ |
2024 ¹ |
2023 |
||||||||||
|
Investments |
||||||||||||||
|
Fixed maturity securities available for sale, at fair value, (amortized cost of $49,729), net of allowance for |
$ |
46,317 |
$ |
46,909 |
$ |
43,826 |
$ |
42,631 |
$ |
40,419 |
||||
|
credit losses of $62 at December 31, 2024 |
||||||||||||||
|
Preferred securities, at fair value |
270 |
289 |
332 |
381 |
469 |
|||||||||
|
Equity securities, at fair value |
145 |
146 |
147 |
138 |
137 |
|||||||||
|
Derivative investments |
792 |
1,401 |
1,032 |
1,024 |
797 |
|||||||||
|
Mortgage loans, net of allowance for credit losses of $70 at December 31, 2024 |
5,926 |
5,626 |
5,439 |
5,440 |
5,336 |
|||||||||
|
Investments in unconsolidated affiliates (certain investments at fair value of $272 at December 31, 2024) |
3,565 |
3,666 |
3,705 |
3,367 |
3,071 |
|||||||||
|
Other long-term investments |
580 |
581 |
574 |
556 |
537 |
|||||||||
|
Policy loans |
104 |
94 |
86 |
78 |
71 |
|||||||||
|
Short-term investments |
2,410 |
681 |
421 |
263 |
1,452 |
|||||||||
|
Total investments |
$ |
60,109 |
$ |
59,393 |
$ |
55,562 |
$ |
53,878 |
$ |
52,289 |
||||
|
Cash and cash equivalents |
2,264 |
3,539 |
3,526 |
2,372 |
1,563 |
|||||||||
|
Reinsurance recoverable, net of allowance for credit losses of $20 at December 31, 2024 |
13,369 |
12,404 |
11,031 |
10,112 |
8,960 |
|||||||||
|
Goodwill |
2,179 |
2,179 |
2,017 |
2,017 |
1,749 |
|||||||||
|
Prepaid expenses and other assets (certain assets held at fair value of $11 million at December 31, 2024) |
1,059 |
942 |
983 |
980 |
931 |
|||||||||
|
Other intangible assets, net |
5,572 |
5,349 |
4,952 |
4,612 |
4,207 |
|||||||||
|
Market risk benefits asset |
189 |
134 |
103 |
95 |
88 |
|||||||||
|
Income taxes receivable |
- |
2 |
11 |
23 |
27 |
|||||||||
|
Deferred tax asset, net |
299 |
181 |
327 |
345 |
388 |
|||||||||
|
Total assets |
$ |
85,040 |
$ |
84,123 |
$ |
78,512 |
$ |
74,434 |
$ |
70,202 |
||||
|
Liabilities and Equity |
||||||||||||||
|
Contractholder funds |
$ |
56,404 |
$ |
55,468 |
$ |
53,602 |
$ |
50,875 |
$ |
48,798 |
||||
|
Future policy benefits |
8,749 |
8,268 |
7,636 |
7,441 |
7,050 |
|||||||||
|
Market risk benefits liability |
549 |
603 |
459 |
425 |
403 |
|||||||||
|
Accounts payable and accrued liabilities |
2,219 |
3,291 |
2,328 |
2,237 |
2,011 |
|||||||||
|
Income taxes payable |
5 |
- |
- |
- |
- |
|||||||||
|
Notes payable |
2,171 |
2,038 |
2,038 |
1,748 |
1,754 |
|||||||||
|
Funds withheld for reinsurance liabilities |
10,867 |
9,980 |
8,661 |
8,025 |
7,083 |
|||||||||
|
Total liabilities |
$ |
80,964 |
$ |
79,648 |
$ |
74,724 |
$ |
70,751 |
$ |
67,099 |
||||
|
Equity |
||||||||||||||
|
Preferred stock $0.001 par value; authorized 25,000,000 shares as of December 31, 2024; outstanding and |
- |
- |
- |
- |
- |
|||||||||
|
issued shares of 5,000,000 as of December 31, 2024 |
||||||||||||||
|
Common stock $0.001 par value; authorized 500,000,000 shares as of December 31, 2024; outstanding and |
- |
- |
- |
- |
- |
|||||||||
|
issued shares of 126,792,844 and 127,952,143 as of December 31, 2024, respectively |
||||||||||||||
|
Additional paid-in-capital |
3,464 |
3,456 |
3,449 |
3,442 |
3,185 |
|||||||||
|
Retained earnings |
2,440 |
2,145 |
2,182 |
2,011 |
1,926 |
|||||||||
|
Accumulated other comprehensive income (loss) ("AOCI") |
(1,923) |
(1,231) |
(1,953) |
(1,883) |
(1,990) |
|||||||||
|
Treasury stock, at cost (1,159,299 shares as of December 31, 2024) |
(30) |
(24) |
(24) |
(24) |
(18) |
|||||||||
|
Total F&G Annuities & Life, Inc. shareholders' equity |
$ |
3,951 |
$ |
4,346 |
$ |
3,654 |
$ |
3,546 |
$ |
3,103 |
||||
|
Non-controlling interests |
125 |
129 |
134 |
137 |
- |
|||||||||
|
Total equity |
$ |
4,076 |
$ |
4,475 |
$ |
3,788 |
$ |
3,683 |
$ |
3,103 |
||||
|
Total liabilities and equity |
$ |
85,040 |
$ |
84,123 |
$ |
78,512 |
$ |
74,434 |
$ |
70,202 |
||||
¹ Reflects majority stake in owned distribution starting in January 2024.
9
F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2024
Capitalization ¹
|
Three months ended |
||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
||||||||||
|
Notes payable |
$ |
2,171 |
$ |
2,038 |
$ |
2,038 |
$ |
1,748 |
$ |
1,754 |
||||
|
Net issuance costs (premium) |
24 |
22 |
22 |
12 |
6 |
|||||||||
|
Notes payable (aggregate principal amount) (A) |
$ |
2,195 |
$ |
2,060 |
$ |
2,060 |
$ |
1,760 |
$ |
1,760 |
||||
|
Total equity |
4,076 |
4,475 |
3,788 |
3,683 |
3,103 |
|||||||||
|
Less: AOCI |
(1,923) |
(1,231) |
(1,953) |
(1,883) |
(1,990) |
|||||||||
|
Total equity, excluding AOCI |
$ |
5,999 |
$ |
5,706 |
$ |
5,741 |
$ |
5,566 |
$ |
5,093 |
||||
|
Total Capitalization, excluding AOCI (B) |
$ |
8,194 |
$ |
7,766 |
$ |
7,801 |
$ |
7,326 |
$ |
6,853 |
||||
|
Debt-to-Capitalization, excluding AOCI (A/B) |
26.8 % |
26.5 % |
26.4 % |
24.0 % |
25.7 % |
Return on Equity Attributable to Common Shareholders ¹
|
Twelve months ended |
||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
||||||||||
|
2024 |
2024 |
2024 |
2024 |
2023 |
||||||||||
|
Net earnings (loss) attributable to common shareholders - rolling four quarters (C) |
$ |
622 |
$ |
- |
$ |
316 |
$ |
248 |
$ |
(58) |
||||
|
Adjusted net earnings attributable to common shareholders - rolling four quarters (D) |
546 |
478 |
442 |
382 |
335 |
|||||||||
|
Average F&G equity attributable to common shareholders - 5 point average (E) |
3,520 |
3,254 |
2,939 |
2,755 |
2,577 |
|||||||||
|
Less: Average AOCI - 5 point average |
(1,796) |
(2,020) |
(2,295) |
(2,414) |
(2,601) |
|||||||||
|
Average F&G equity attributable to common shareholders, excluding AOCI - 5 point average (F) |
$ |
5,316 |
$ |
5,274 |
$ |
5,234 |
$ |
5,169 |
$ |
5,178 |
||||
|
Return on average common shareholder equity (C/E) |
17.7 % |
- % |
10.8 % |
9.0 % |
(2.3)% |
|||||||||
|
Adjusted return on average common shareholder equity, excluding AOCI (D/F) |
10.3 % |
9.1 % |
8.4 % |
7.4 % |
6.5 % |
¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section.
10
Attachments
Disclaimer
F&G Annuities & Life Inc. published this content on February 20, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 20, 2025 at 22:44:43.352.
