F&G Investor Update
Summer 2025
Non-GAAP Financial Measures
Generally Accepted Accounting Principles in the U.S. ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP financial measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company. Any non-GAAP financial measures should be considered in context with the Company's GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.
Executing To Deliver Shareholder Value
Strong 2Q25 performance; regained momentum heading into 2H25
$4.1B
2Q25
Gross Sales
↑ 41% vs. 1Q25
0.92%
LTM 2Q25
Adjusted ROA2
In line with
LTM 2Q24
$2.7B
2Q25
Net Sales
↑ 23% vs. 1Q25
8.8%
1H25
Adjusted ROE2
↑ 40 bps YoY
$69.2B
AUM before flow reinsurance1
↑ 13% YoY
$65M
1H25 Capital Return to
Shareholders
$55.6B
Assets Under
Management (AUM)1
↑ 7% YoY
$5.9B
Total F&G Equity ex AOCI1, 2
1As of 6/30/2025
2Attributable to common shareholders; metrics refer to return on assets (ROA) and adjusted return on equity ex AOCI (ROE) based on reported adjusted net earnings
Second Quarter Financial Trends
|
($M) - except per share and percentages |
Quarterly |
Year-to-Date |
||
|
2Q24 |
2Q25 |
1H24 |
1H25 |
|
Financial Trends - As Reported Other Considerations - Quarterly
|
ANE ($M) and Per Share |
2Q24 |
2Q25 |
||||||||
|
($M) |
Per share |
($M) |
Per share |
|||||||
|
Gross sales |
$4,420 |
$4,106 |
$7,915 |
$7,008 |
Investment income from alternative investments (above) below long-term return expectations |
20 |
$0.15 |
83 |
$0.62 |
|
|
Net sales |
$3,445 |
$2,744 |
$5,747 |
$4,925 |
Significant (income) expense items2 |
16 |
$0.12 |
0 |
$0.00 |
|
|
Assets under management (AUM) |
$52,208 |
$55,565 |
$52,208 |
$55,565 |
||||||
|
AUM before flow reinsurance |
$61,370 |
$69,161 |
$61,370 |
$69,161 |
Other Considerations - Year-to-Date |
|||||
|
Adjusted return on assets (ROA)1 |
0.98% |
0.71% |
0.98% |
0.71% |
ANE ($M) and Per Share |
1H24 |
1H25 |
|||
|
Adjusted return on equity (ROE)1 |
8.4% |
8.8% |
8.4% |
8.8% |
($M) |
Per share |
($M) |
Per share |
||
|
Net earnings (loss)1 |
$198 |
$35 |
$309 |
$10 |
Investment income from alternative investments (above) below long-term return expectations |
72 |
$0.56 |
146 |
$1.11 |
|
|
Net earnings (loss) per diluted share1 |
$1.55 |
$ 0.26 |
$2.45 |
$0.08 |
Significant (income) expense items2 |
14 |
$0.10 |
(16) |
($0.12) |
|
|
Adjusted net earnings (ANE)1 |
$139 |
$103 |
$247 |
$194 |
||||||
|
Adjusted net earnings per diluted share1 |
$1.10 |
$ 0.77 |
$1.97 |
$1.48 |
||||||
|
Adjusted weighted average diluted shares |
131 |
134 |
130 |
131 |
||||||
1Attributable to common shareholders
2Periods prior to 1Q25 have been recast to remove bond prepay/CLO redemptions from significant items
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Disclaimer
F&G Annuities & Life Inc. published this content on August 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 06, 2025 at 21:09 UTC.
