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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 Annuities & Life, Inc. (NYSE: FG) will announce its first quarter 2023 earnings on May 3, 2023, after market close. The results will be discussed in a conference call on May 4, 2023, at 9:00 a.m. Eastern Time. Investors can access the earnings release and further details via the Investor Relations website. The company's commitment lies in providing insurance solutions for retail and institutional clients, enhancing financial security for Americans. For any inquiries, investors can contact Lisa Foxworthy-Parker, SVP of Investor & External Relations.
Fidelity National Financial (NYSE: FNF) has announced the upcoming release of its first quarter 2023 earnings, scheduled for May 3, 2023, after market close. Following this, a webcast and conference call will be held on May 4, 2023, at 11:00 a.m. ET to discuss the financial results. FNF, a prominent provider of title insurance and transaction services, along with its subsidiary F&G Annuities & Life (NYSE: FG), leads the market in issuing title insurance policies across the U.S. Investors can access the earnings release and related information through FNF's Investor Relations website.
F&G Annuities & Life (NYSE: FG) has announced the formation of "Team F&G," featuring LPGA golfers Alison Lee, Andrea Lee, and Annie Park as brand ambassadors for the 2023-2024 season. This initiative aims to strengthen F&G's presence in multicultural markets, aligning with the company’s strategy that emphasizes female advisors as key sales drivers. The golfers will showcase F&G's logo on their apparel and engage in community events, sharing inspiring stories. The team will debut at the JM Eagle LA Championship from April 27-30, 2023. F&G's partnership with these accomplished athletes reflects its commitment to connecting with diverse customer bases and enhancing brand visibility.
F&G Annuities & Life, Inc. (NYSE: FG) announced the appointment of Douglas Martinez as an independent director, effective immediately. This brings the Board of Directors to seven members, with three independent members. Chairman William P. Foley II emphasized that Martinez's leadership experience will enhance operational expertise and support F&G's growth initiatives, aimed at increasing profitability and shareholder value. Martinez boasts 38 years of executive leadership in various organizations, including serving as CEO and COO in notable companies. His extensive background is expected to contribute to F&G's strategic leadership and expansion efforts.
Unisys Corporation (NYSE: UIS) has finalized an agreement with F&G Annuities & Life, Inc. (NYSE: FG) to purchase group annuity contracts valued at approximately
The transaction will incur a one-time, non-cash, pre-tax settlement charge of
F&G Annuities & Life has announced a new three-year stock repurchase program, effective March 21, 2023, allowing the company to buy back up to $25 million of its common stock. This initiative aims to leverage shares trading below intrinsic value, as indicated by CEO Chris Blunt. The company has experienced faster growth in assets and earnings than initially planned. This repurchase plan complements a recent $100 million annual dividend authorization, demonstrating F&G's commitment to enhancing shareholder value through substantial capital returns.
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