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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 announced a strategic partnership with VC AI to develop AI-powered drones for solar farm inspections. The drones will feature VC.AI's proprietary generative AI software and deep learning algorithms, enabling autonomous identification of anomalies and defects in solar panels without human intervention.
The initiative targets the US$180 billion AI market and aims to enhance FGL's solar operations and maintenance services. The global drone-based solar inspection market is projected to reach US$3.8 billion by 2032 with a 16.5% CAGR, while the solar O&M market is expected to grow to US$16.4 billion by 2034 with a 10.1% CAGR.
Founder Group (NASDAQ: FGL) has secured a conditional Letter of Award worth approximately US$68 million for developing a 100-megawatt solar farm in Tanjung Malim, Malaysia. The 900-acre project will power an AI data center in Enstek City, with Founder Group serving as the EPC partner alongside Hexatoff Group.
The project aligns with Malaysia's National Energy Transition Roadmap and reflects the country's growing solar EPCC services industry, projected to reach US$350 million by 2026 with a CAGR of 23.5%. This development supports Malaysia's position as a leading hub for AI and digital infrastructure in Southeast Asia.
Founder Group (NASDAQ: FGL) announces plans to acquire an 80% stake in VES 1 Joint Stock Company (VES1), a Vietnamese renewable energy company specializing in solar projects. VES1's current portfolio includes 5.6MWp solar rooftop projects, with potential expansion rights for 50MWp/60MWh in 2025 and 58MWp/50MWh in 2026. The deal grants FGL exclusive rights to VES1's future rooftop solar and energy storage projects in Vietnam for three years. Vietnam's solar energy market is projected to reach US$12.4 billion by 2030, with a 16% CAGR from 2023-2030.
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.
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