F&G Annuities & Life Inc (FG) Q3 2024 Earnings Call Highlights: Record Sales and ...

GuruFocus.com11-08

Gross Sales: $3.9 billion in Q3, up 39% year-over-year; $11.8 billion year-to-date, up 30% over the first nine months of 2023. Retail Sales: $3.5 billion in Q3, nearly double the prior year quarter; $...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481817344?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-08 19:01","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2481817344","market":"us","top_or_hot":-1,"title":"F&G Annuities & Life Inc (FG) Q3 2024 Earnings Call Highlights: Record Sales and ...","media":"GuruFocus.com","content":"<div>\n<p>Gross Sales: $3.9 billion in Q3, up 39% year-over-year; $11.8 billion year-to-date, up 30% over the first nine months of 2023.\nRetail Sales: $3.5 billion in Q3, nearly double the prior year quarter; $...</p>\n\n<a href=\"https://finance.yahoo.com/news/f-g-annuities-life-inc-110107419.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>F&G Annuities & Life Inc (FG) Q3 2024 Earnings Call Highlights: Record Sales and ...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nF&G Annuities & Life Inc (FG) Q3 2024 Earnings Call Highlights: Record Sales and ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-08 19:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/f-g-annuities-life-inc-110107419.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Gross Sales: $3.9 billion in Q3, up 39% year-over-year; $11.8 billion year-to-date, up 30% over the first nine months of 2023.\nRetail Sales: $3.5 billion in Q3, nearly double the prior year quarter; $...</p>\n\n<a href=\"https://finance.yahoo.com/news/f-g-annuities-life-inc-110107419.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FG","symbol_name":"F&G ANNUITIES & LIFE INC","start_time":0,"source_url":"https://finance.yahoo.com/news/f-g-annuities-life-inc-110107419.html","article_id":"2481817344","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481817344","pubTimestamp":1731063667,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Gross Sales: $3.9 billion in Q3, up 39% year-over-year; $11.8 billion year-to-date, up 30% over the first nine months of 2023.Retail Sales: $3.5 billion in Q3, nearly double the prior year quarter; $9.5 billion year-to-date.Pension Risk Transfer Sales: Over $300 million in Q3; $2.1 billion for the first 10 months of 2024.Net Sales: $2.4 billion, increased 4% over the prior year quarter.Assets Under Management: $62.9 billion at the end of Q3, up 20% year-over-year.Retained Assets Under Management: $52.5 billion, an 11% increase over Q3 2023.Fixed Income Yield: 4.66% in Q3, 15 basis points higher than Q3 2023.Adjusted Net Earnings: $156 million or $1.22 per share in Q3.Adjusted Net Earnings : $179 million in Q3, up 21% year-over-year.Adjusted ROA : 132 basis points in Q3.Equity Attributable to Common Shareholders : $5.3 billion or $42.28 per share.GuruFocus has detected 1 Warning Sign with MNMD.F&G Annuities & Life Inc  reported strong gross sales of $3.9 billion in the third quarter, up","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"FG":"F&G ANNUITIES & LIFE INC"},"translate_title":"F&G Annuities&Life Inc(FG)2024年第三季度收益看涨期权亮点：创纪录的销售额和...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FG":1},"content_text":"Gross Sales: $3.9 billion in Q3, up 39% year-over-year; $11.8 billion year-to-date, up 30% over the first nine months of 2023.\nRetail Sales: $3.5 billion in Q3, nearly double the prior year quarter; $9.5 billion year-to-date.\nPension Risk Transfer Sales: Over $300 million in Q3; $2.1 billion for the first 10 months of 2024.\nNet Sales: $2.4 billion, increased 4% over the prior year quarter.\nAssets Under Management: $62.9 billion at the end of Q3, up 20% year-over-year.\nRetained Assets Under Management: $52.5 billion, an 11% increase over Q3 2023.\nFixed Income Yield: 4.66% in Q3, 15 basis points higher than Q3 2023.\nAdjusted Net Earnings: $156 million or $1.22 per share in Q3.\nAdjusted Net Earnings (Excluding Significant Items): $179 million in Q3, up 21% year-over-year.\nAdjusted ROA (Excluding Significant Items): 132 basis points in Q3.\nEquity Attributable to Common Shareholders (Excluding AOCI): $5.3 billion or $42.28 per share.\nDebt to Capitalization Ratio (Excluding AOCI): 26.5%.\n\n\nWarning! GuruFocus has detected 1 Warning Sign with MNMD.\n\nRelease Date: November 07, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nF&G Annuities & Life Inc (NYSE:FG) reported strong gross sales of $3.9 billion in the third quarter, up 39% from the prior year.\nRetail sales from agency, bank, and broker dealer channels reached a record $3.5 billion in the third quarter.\nAssets under management grew to a record $62.9 billion, a 20% increase over the third quarter of 2023.\nThe investment portfolio is diversified and high quality, with 96% of fixed maturities being investment grade.\nThe company has successfully launched Ryla with four broker dealer distribution partners, with potential for significant sales growth in the medium term.\n\n Negative Points \n\nElevated surrender activity due to higher interest rates has impacted earnings, although the company has adjusted assumptions accordingly.\nThere were no new funding agreements in the third quarter, indicating potential challenges in capital allocation priorities.\nThe impact of lower interest rates on sales remains a concern, although demographic tailwinds are expected to mitigate this.\nThe company faces competition in the pension risk transfer market, which could affect future sales growth.\nThe alternative investments portfolio has underperformed long-term assumptions recently, impacting overall returns.\n\n Q & A Highlights \nQ: How do you view the opportunity to grow flow reinsurance with existing partners into new products, especially with Ryla being added? A: Christopher Blunt, CEO: We haven't set a specific target for reinsurance. It's more about the capacity available, product category fit, and how creative it is. Currently, we don't see constraints on flow reinsurance availability, and we're optimistic about its impact on margins.\nQ: Given the opportunity in own distribution, does the current stock price allow you to use it as currency to expand more than initially thought? A: Christopher Blunt, CEO: We are optimistic about the opportunity but want to be thoughtful. We're not aiming to be the largest roll-up provider but to form strategic partnerships. We believe this is a great asset that could eventually be its own entity.\nQ: What was the impact of higher surrender charges, and how does it compare to last quarter? A: Lisa Foxworthy-Parker, SVP: Elevated surrenders are expected as long as interest rates remain high. We point to the last 12 months' ROA of 126 basis points to smooth out any lumpiness. The impact quarter over quarter wasn't significantly different.\nQ: Can you discuss the outlook for flows, particularly funding agreements and PRTs, heading into the new year? A: Christopher Blunt, CEO: We remain bullish on retail opportunities and expect PRT sales to grow, with pipelines strong. Funding agreements are opportunistic, depending on market conditions and relative returns.\nQ: Can you explain the assumption review driven by elevated surrender activity? A: Lisa Foxworthy-Parker, SVP: We adjusted assumptions for short-term elevated surrenders due to high rates. The impact was minor, about $5 million. For GM WB utilization, changes will reduce future volatility as benefits are locked in immediately.\nQ: How is the Cayman reinsurance business capitalized and managed, given industry comments on capital haircuts? A: Lisa Foxworthy-Parker, SVP: We run our Cayman business on a statutory basis, similar to R BC, with differences mainly in mortality assumptions. All activities are approved by Iowa regulators, and stress testing is aggregated and shared.\nQ: Have you seen progress in targeting younger demographics for Ryla products? A: Christopher Blunt, CEO: Volumes are still too small to draw conclusions, but industry data shows Ryla products reach younger demographics. We expect similar trends.\nQ: What does your new money allocation look like, especially with opportunities for spread in privately originated assets? A: Christopher Blunt, CEO: We rotate between privates and publics based on opportunities. Blackstone has expanded our asset classes from six to 14. This year, there's a slight tilt toward privates, but decisions are made in real-time.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481817344"}