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F&G Annuities & Life, Inc., commonly known as F&G, is a reputable provider of insurance solutions based in Des Moines, Iowa. The company is dedicated to helping Americans achieve their financial aspirations through a robust portfolio of insurance products, including retail annuities and life insurance, as well as institutional solutions.
One of the company's significant recent achievements is the financial performance reported for the second quarter of 2023, where F&G saw net earnings of $130 million, or $1.04 per diluted share. While this is a decrease compared to the previous year's $385 million, or $3.60 per share, it includes notable mark-to-market effects and other items. Adjusted net earnings for the same period stood at $79 million, or $0.63 per share.
In terms of business strategy, F&G has built a diversified and growing platform that has led to record assets under management, totaling $46.3 billion as of June 30, 2023. The company has also leveraged flow reinsurance partnerships to expand margins and fee income, freeing up capital to return to shareholders through dividends and share repurchases.
F&G's commitment to customer satisfaction has been recognized by J.D. Power, which ranked the company highest in the 2023 U.S. Individual Annuity Study. This accolade highlights F&G's excellence in product offerings, interaction, statements, price, and communication.
Moreover, F&G announced an investment agreement with Fidelity National Financial, Inc. (FNF) worth approximately $250 million to support the company's growth. This investment will help bolster F&G's assets under management and capitalize on market opportunities.
Financially, F&G maintains a solid liquidity position, with a GAAP book value excluding AOCI of $5.1 billion, or $40.70 per share, as of June 30, 2023. The company's debt-to-capitalization ratio stands at 23%, reflecting a stable capital structure.
F&G continues to focus on delivering value to shareholders and customers alike, through strategic planning, innovative product development, and operational excellence. The company's future plans include ongoing evaluations by its Special Committee to ensure optimal terms and conditions for future investments.
Founder Group (NASDAQ: FGL) has secured multiple Letters of Award (LOAs) for large-scale solar projects with a combined contract value of US$5.5 million. The company will provide full EPCC services, including DC and AC electrical systems, I&C systems, and civil works for both Corporate Green Power Programme projects and a utility-scale solar initiative.
Malaysia's solar EPCC services industry is projected to reach US$350 million by 2026, growing at a CAGR of 23.5%. The country aims to achieve 20% renewable energy mix by 2025, supported by initiatives like the Green Technology Financing Scheme and Solar for Rakyat Incentive Scheme (SolaRIS).
Founder Group (FGL) has secured a new USD$3.8 million contract through its subsidiary, Founder Energy Sdn Bhd, to develop a solar power system for a Malaysian higher education institution. The project includes full development, design, installation, construction, and commissioning of an on-site solar PV system, with completion expected within nine months. The contract aligns with Malaysia's National Energy Policy goal to increase renewable energy capacity from 25% to 70% by 2050. The company anticipates announcing additional EPCC solar PV projects as it expands operations in Southeast Asia.
Founder Group (FGL), a Malaysian solar PV facilities EPCC solutions provider, has successfully completed its initial public offering. The company offered 1,218,750 ordinary shares at $4.00 per share, raising total gross proceeds of $4.875 million. Trading commenced on the Nasdaq Capital Market on October 23, 2024, under the ticker symbol 'FGL'. US Tiger Securities served as the sole underwriter for the offering, which was conducted following SEC registration statement approval on September 30, 2024.
Founder Group (FGL), a Malaysian EPCC solutions provider for solar PV facilities, has announced the pricing of its initial public offering. The company is offering 1,218,750 ordinary shares at $4.00 per share, aiming to raise $4.875 million in gross proceeds before deductions. Trading will commence on Nasdaq Capital Market on October 23, 2024, under the symbol 'FGL'. The company has granted underwriters a 45-day option to purchase up to 182,813 additional shares. US Tiger Securities is serving as the sole underwriter, with the offering expected to close around October 24, 2024.
F&G, a leading insurance solutions provider, has appointed Wendy JB Young as the new Chief Financial Officer as of February 15, 2022. Young, who previously served as the Chief Risk Officer, brings over 30 years of industry experience and has significantly influenced F&G's financial strategies, including its IPO in 2013. As CFO, she will handle corporate finance, actuarial management, capital management, and tax functions. CEO Chris Blunt praised her integrity and expertise, highlighting her role in fostering profitable growth and achieving the company's long-term objectives.
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