Yahoo Finance

• Gross Sales: $15.3 billion for the full year 2024, a 16% increase over 2023; $3.5 billion in the fourth quarter.

• Retail Channel Sales: $12 billion for the full year, a 20% increase over 2023; $2.5 billion in the fourth quarter.

• Institutional Market Sales: $3.3 billion for the full year, including $2.3 billion in pension risk transfer and $1 billion in funding agreements.

• Net Sales Retained: $10.6 billion for the full year 2024, a 15% increase over 2023; $2.5 billion in the fourth quarter.

• Assets Under Management (AUM): $65.3 billion at the end of the quarter, a 17% increase over the fourth quarter of 2023.

• Adjusted Net Earnings: $153 million in the fourth quarter, up 17% over the fourth quarter of 2023; $657 million for the full year, up 22% over 2023.

• Adjusted ROA: 127 basis points for the year, up 10 basis points over 2023.

• Return on Equity (ROE): Adjusted ROE excluding AOCI and significant items increased from 10% to over 12% over the last year.

• Book Value per Share: $44.28 at December 31, 2024, an increase of 10% compared to December 31, 2023.

• Debt Outstanding: $2.2 billion at December 31, 2024.

• Risk-Based Capital (RBC) Ratio: Over 410% for the primary operating subsidiary.

• Warning! GuruFocus has detected 8 Warning Signs with USM.

Release Date: February 21, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• F&G Annuities & Life Inc (NYSE:FG) reported record gross sales of $15.3 billion for the full year 2024, a 16% increase over 2023.

• The company achieved record retail channel sales of $12 billion for the full year, driven by strong demand for individual annuity and life solutions.

• F&G successfully launched a new RILA registered product, gaining entry into a fast-growing market with seven partners onboarded.

• The company reported robust institutional market sales of $3.3 billion, with significant growth in pension risk transfer sales.

• F&G's assets under management reached a record $65.3 billion, a 17% increase over the previous year, driven by net new business flows.

Negative Points

• Funding agreement sales decreased to $1 billion for the full year, compared to $1.2 billion in 2023, with no sales in the fourth quarter.

• The company experienced a sequential decrease in fixed income yield due to higher cash balances and runoff of higher-yielding assets.

• There is a noted delay in getting the new RILA product onto platforms, as it is F&G's first registered product.

• The company faces potential impacts from industry lawsuits related to pension risk transfer, although no meaningful impact has been seen yet.

• F&G's adjusted return on equity, while improved, is still working towards the targeted range of 13% to 14%.