Welcome to our dedicated page for F&G Annuities & Life news (Ticker: FG), a resource for investors and traders seeking the latest updates and insights on F&G Annuities & Life stock.
F&G Annuities & Life, Inc. (NYSE: FG) is a leading provider of insurance solutions, serving retail annuity and life customers as well as institutional clients. Headquartered in Des Moines, Iowa, the company operates through its subsidiaries including FGL Insurance and Fidelity & Guaranty Life Insurance Company of New York.
F&G offers a diverse portfolio of products such as deferred annuities, including fixed indexed annuities (FIAs) and multi-year guarantee annuities (MYGAs), immediate annuities, indexed universal life (IUL) insurance, funding agreements through funding agreement-backed notes (FABN) issuances, and pension risk transfer (PRT) solutions.
Despite a challenging market environment, F&G reported a net loss for the fourth quarter and full year 2023, primarily due to unfavorable mark-to-market effects. However, the company's adjusted net earnings remained positive, reflecting its robust underlying performance. For the fourth quarter of 2023, F&G achieved record gross sales of $4.1 billion, a 52% increase from the same period in the previous year, driven by strong retail and institutional market sales. Assets under management also reached a record of $49.5 billion as of December 31, 2023.
Recent highlights include being voted #1 for customer satisfaction among U.S. annuity providers by J.D. Power and receiving rating upgrades from A.M. Best and Moody's. The company also successfully launched a new RILA product, which is expected to drive future sales growth.
F&G's strategic initiatives include expanding its flow reinsurance partners, enhancing its investment margin opportunities, and maintaining a strong and stable capital position. The company has substantial liquidity with an estimated statutory company action level risk-based capital (RBC) ratio of approximately 440% as of December 31, 2023.
In addition to its financial performance, F&G has been active in the capital markets, including a recent preferred stock investment from its parent company, Fidelity National Financial, Inc. (FNF), which will support the growth of its assets under management. The company also announced a cash tender offer for its 5.50% Senior Notes due 2025, demonstrating its proactive approach to managing its debt and capital structure.
Overall, F&G is well-positioned for continued profitable growth, driven by its diversified product offerings, strong distribution relationships, and commitment to customer satisfaction.
F&G's Retirement Reconsidered 2024 survey reveals significant shifts in retirement plans among Americans over 50. 51% of pre-retirees and retirees are considering delaying or coming out of retirement, with 68% of pre-retirees contemplating postponement. Gen X shows particular concern, with 71% reconsidering their retirement timeline.
Inflation remains a primary driver, cited by 49% of those delaying retirement and 44% of potential un-retirees. However, non-financial factors also play a role, with many valuing the intellectual stimulation of work. The survey highlights a generational divide, with Gen X expressing heightened anxiety about financial security in retirement.
Interestingly, while 71% seek advice before making retirement decisions, only 16% consult financial advisors, preferring to discuss with family and friends. F&G emphasizes the importance of proactive financial planning and considering products like fixed indexed annuities to address retirement concerns.
Fidelity National Financial (NYSE: FNF) published its 2023 Sustainability Report, highlighting significant advancements in its sustainability initiatives. CEO Mike Nolan emphasized the company's ongoing commitment to fostering long-term growth through a comprehensive ESG strategy. Key achievements include a 24% reduction in GHG emissions and a 63% decline in corporate waste at the Jacksonville headquarters compared to 2019. Socially, 42% of FNF's leadership team and 70% of its U.S. workforce are female, and the company supported over 900 community organizations in 2023. Governance highlights include robust ESG oversight at the board level, with a diverse and predominantly independent board of directors. The full report is accessible on FNF's website.
F&G Annuities & Life (NYSE: FG) has announced the early results of its cash tender offer for up to $250 million of its subsidiary FGLH's 5.50% Senior Notes due 2025. As of June 3, 2024, $365.3 million worth of notes were validly tendered, exceeding the maximum amount set for purchase. Consequently, no further notes will be accepted after the early participation date. The accepted notes will be prorated at 68.5%, with each $1,000 principal amount earning $1,000, including an early tender payment. Settlement for accepted notes will occur on June 5, 2024.
F&G Annuities & Life has announced a public offering of $550 million in senior unsecured notes with a 6.500% interest rate, due in 2029. The offering, expected to close on June 4, 2024, is contingent upon customary conditions and will be guaranteed by F&G's subsidiaries. The company plans to use part of the proceeds to finance a $250 million cash tender offer for FGLH's 5.50% Senior Notes due 2025. The remaining funds will be allocated for general corporate purposes, including debt repayment. BofA Securities, J.P. Morgan, RBC Capital Markets, and Wells Fargo are among the joint managers for this offering.
F&G Annuities & Life (NYSE: FG) has launched a cash tender offer through its subsidiary Fidelity & Guaranty Life Holdings for up to $250 million of its 5.50% Senior Notes due 2025. The offer includes an early participation incentive, whereby holders who tender by June 3, 2024, will receive $1,000 per $1,000 principal amount, while those who tender after will receive $950. The offer, expiring on June 18, 2024, is contingent on a concurrent issuance of new senior notes to fund the purchase. F&G aims to retire these notes early, subject to conditions including the successful completion of a financing transaction.
F&G Annuities & Life, Inc. (NYSE: FG) announced the appointment of John Currier as President. He will report to the CEO and oversee the Retail Markets business unit. Currier brings over 30 years of experience in the insurance industry to this role.
Fidelity National Financial, Inc. (NYSE: FNF) declared a quarterly cash dividend of $0.48 per common share, payable on June 28, 2024, to stockholders of record as of June 14, 2024. FNF is a leading provider of title insurance and transaction services to the real estate and mortgage industries, as well as insurance solutions for retail annuity and life customers and institutional clients.
F&G Annuities & Life, Inc. declares dividends on common and preferred shares. The Board of Directors announced a quarterly cash dividend of $0.21 per common share payable on June 28, 2024, and $0.859375 per share on the Company's 6.875% Series A Mandatory Convertible Preferred Stock payable on July 15, 2024.
F&G Annuities & Life, Inc. (NYSE: FG) announced reaching over $5 billion in cumulative pension risk transfer sales, with more than 100,000 participants set to receive retirement payments. The company's success is attributed to its disciplined growth, financial strength ratings upgrades, and top ten ranking in the PRT market since 2021.
Fidelity National Financial, Inc. (FNF) reported strong financial results for Q1 2024, with net earnings of $248 million, adjusted net earnings of $206 million, and a significant increase in total revenue. The Title Segment saw a 7% revenue increase, while the F&G Segment achieved record assets under management. FNF maintained a sustainable dividend and strong balance sheet despite market challenges. The company's CEO highlighted the resilience of the Title segment and F&G's performance in a changing market environment.
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