F&G Annuities & Life Inc ( (FG) ) has released its Q3 earnings. Here is a breakdown of the information F&G Annuities & Life Inc presented to its investors.
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F&G Annuities & Life Inc., a Des Moines-based company, is a prominent provider of insurance solutions, focusing on retail annuities and life insurance products for both individual and institutional clients.
In its third quarter of 2024 report, F&G Annuities & Life Inc. revealed a net loss of $10 million attributed to common shareholders, contrasting with net earnings of $306 million in the same quarter the previous year. However, the company reported an increase in adjusted net earnings to $156 million, up from $120 million in the third quarter of 2023, highlighting strong performance in alternative investments and positive tax adjustments.
The company experienced robust sales growth, with gross sales reaching $3.9 billion, marking a 39% increase from the previous year, driven primarily by record retail sales of $3.5 billion. F&G also boasted a record high in assets under management, totaling $62.9 billion, a 20% increase over the previous year, supported by sustained new business flows and effective capital market strategies.
Looking forward, F&G’s management remains optimistic about its ability to sustain growth and expand margins. The company aims to leverage its strong asset base and strategic initiatives in reinsurance and distribution to navigate potential challenges in the economic environment, setting a positive trajectory for future performance.
