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 Annuities & Life, Inc. (NYSE: FG) announced the promotions of Leena Punjabi and Matt Christensen to Executive Vice President. Punjabi, formerly Chief Investment Officer, will continue overseeing F&G's investment portfolios, enhancing product competitiveness without increasing credit risk. Christensen, previously Chief Operating Officer, will focus on operational strategy optimization. Both executives joined F&G in 2019 and have significantly contributed to the company's growth and strategic goals. Their promotions aim to foster continued value generation for customers and shareholders.
Fidelity National Financial (FNF) reported its Q4 and full-year 2022 financial results with net earnings of $68 million ($0.25/share) for Q4, down from $533 million ($1.87/share) in Q4 2021. Full-year net earnings were $1.1 billion ($4.10/share), a decrease from $2.4 billion ($8.44/share) in 2021. The Title segment faced challenges, generating $1.9 billion in Q4 revenue, a 42% drop year-over-year, while F&G reported strong gross sales of $2.7 billion, up 23%. FNF repurchased 1 million shares for $38 million in Q4 and paid a dividend of $0.45/share. The company ends 2022 with $939 million in cash and short-term liquid investments.
Fidelity National Financial (NYSE:FNF) reported significant declines in net earnings for Q4 and full-year 2022. Q4 net earnings totaled $68 million ($0.25/share), a steep drop from $533 million ($1.87/share) in Q4 2021. Full-year earnings were $1.1 billion ($4.10/share) down from $2.4 billion ($8.44/share) in 2021. The Title segment saw revenues of $1.9 billion in Q4, a 42% decrease year-over-year, and $9.1 billion for the full year, reflecting declines due to rising mortgage rates. F&G, however, reported record sales of $11.3 billion for the year. FNF returned over $1 billion to shareholders in 2022 through dividends and share repurchases.
F&G Annuities & Life reported a net loss of $100 million, or $0.80 per diluted share, for Q4 2022, a stark contrast to net earnings of $121 million in Q4 2021. For the full year, net earnings were $481 million, down from $865 million in 2021. Despite this, total gross sales reached a record $2.7 billion for Q4, up 23% year-over-year, and $11.3 billion for the full year, an 18% increase. Assets under management rose by 19% to $43.6 billion. The company initiated a $100 million dividend program and completed a partial spinoff in December 2022, with a strong RBC ratio of 440%. A.M. Best revised the ratings outlook to 'positive', reflecting optimistic future performance.
Fidelity National Financial (NYSE: FNF) announced a quarterly cash dividend of $0.45 per share, payable on March 31, 2023. Stockholders of record as of March 17, 2023 will receive this dividend. FNF is a leading provider of title insurance and transaction services to the real estate and mortgage industries. The company operates several title insurance underwriters, including Chicago Title and Commonwealth Land Title, making it the largest title insurance company in the United States.
Fidelity National Financial (NYSE: FNF) will release its fourth quarter and full year 2022 earnings on February 22, 2023, after market close. A webcast and conference call are scheduled for February 23, 2023, at 11:00 a.m. ET to discuss the results. FNF is a leading title insurance provider and offers financial solutions through its subsidiary F&G Annuities & Life (NYSE: FG). The company is recognized as the largest title insurance company in the U.S., issuing more policies than any other firm. For further details, visit www.fnf.com.
F&G Annuities & Life (NYSE: FG) will announce its fourth quarter and full year 2022 earnings after market close on February 22, 2023. A webcast and conference call to discuss the results will be held on February 23, 2023, at 9:00 a.m. Eastern Time. Investors can access the presentation via the Investor Relations website. The earnings release will provide key financial metrics and insights into the company’s performance.
F&G, headquartered in Des Moines, Iowa, specializes in providing insurance solutions for retail and institutional clients.
Fidelity National Financial (FNF) will release its Q4 and full-year 2022 earnings on February 22, 2023, after market close. A webcast and conference call to discuss the results will occur at 11:00 a.m. ET on February 23, 2023. FNF is a key player in the title insurance and transaction services sectors, operating through subsidiaries like F&G Annuities & Life. As the largest title insurance company in the U.S., FNF's upcoming financial disclosures are expected to impact its stock performance.
On January 31, 2023, F&G Annuities & Life (NYSE: FG) announced its acquisition of a 49% equity stake in SYNCIS, a prominent independent marketing organization. This partnership aims to diversify F&G's earnings and expand its presence in underserved markets, particularly within the middle-income demographic. SYNCIS has been a key distribution partner for nearly 15 years and significantly contributes to F&G's ranking as a top indexed universal life provider. The investment aligns with F&G's growth strategy following its recent spinoff, focusing on meeting the demand for permanent life insurance among multicultural and middle-market segments.
On January 9, 2023, F&G Annuities & Life announced the pricing of a $500 million offering of 7.40% senior notes due 2028. The offering is set to close on January 13, 2023, pending customary conditions. These notes will be guaranteed on an unsecured, unsubordinated basis by F&G's subsidiaries. The net proceeds will support growth in assets under management and future liquidity needs. The notes are being offered to qualified institutional buyers and non-U.S. persons per SEC regulations. This press release does not constitute an offer or solicitation for securities.
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