财务数据和关键指标变化 - 第三季度总销售额达39亿美元较去年同期增长39%年初至今达118亿美元较2023年前9个月增长30% [7] - 第三季度调整后净收益为1.56亿美元或每股1.22美元排除重大项目后调整后净收益为1.79亿美元较2023年第三季度增长21% [21][22] - 第三季度调整后ROA（不包括重大项目）为132个基点较2023年第三季度上升12个基点过去12个月调整后ROA为126个基点 [23] - 第三季度末归属于普通股股东的F&G权益（不包括AOCI）为53亿美元或每股42.28美元 [28] - 综合未偿债务与第二季度持平为21亿美元债务与资本比率（不包括AOCI）为26.5% [29] 各条业务线数据和关键指标变化 - 零售业务：第三季度零售销售额达35亿美元创纪录较去年同期近翻倍年初至今达95亿美元代理银行和经纪 - 交易商渠道零售销售强劲 [7] - 养老金风险转移（PRT）业务：第三季度销售额超3亿美元2024年前10个月已达21亿美元超过2023年全年销售额平均交易规模为1.87亿美元2025年PRT业务前景良好 [10] - 独立代理分销业务：已投资6.8亿美元目前投资组合表现良好预计2024年EBITDA为6500 - 7000万美元中期有望实现两位数年增长 [17] - 流动再保险业务：除对90%的MYGA销售进行流动再保险外自7月1日起对一种FIA产品80%的销售启动流动再保险可根据市场变化调整再保险水平 [25] 各个市场数据和关键指标变化 - 固定收益市场：第三季度固定收益收益率为4.66%较2023年第三季度高15个基点信用相关减值自2020年以来平均为5个基点处于极低水平 [15] - 商业房地产债务市场：投资组合质量高、多元化且具有防御性大部分投资于住宅、多户住宅和工业等弹性行业办公室敞口低于总投资组合的2%远低于行业平均水平 [16] 公司战略和发展方向和行业竞争 - 公司将继续通过零售和养老金风险转移增长策略推动可持续资产增长从增值流动再保险中获取基于费用的收益并通过中间市场人寿保险业务和自有分销策略实现盈利多元化以实现长期增长 [18] - 公司在朝着2023年投资者日设定的中期财务目标不断取得良好进展目标包括将资产管理规模（AUM）增长50%、扩大调整后ROA、提高调整后ROE以及提升倍数等 [19] - 在独立代理分销行业整合趋势下公司已投资自有分销业务且表现良好看好其发展前景 [17] - 公司在流动再保险方面将继续根据市场情况和资本目标灵活调整与合作伙伴关系以实现利润增长 [36] 管理层对经营环境和未来前景的评论 - 尽管美联储降息但公司认为长期人口结构趋势（如每天有1万婴儿潮一代退休大量现金闲置）对销售的推动作用比利率更重要消费者倾向于锁定年金相对较高的利率公司销售增长机会多 [11] - 公司零售销售受有利市场条件和退休储蓄产品需求强劲推动预计短期内行业需求将持续强劲 [8] - 对于RILA产品虽2024年销售预期温和但中期有达数十亿美元销售潜力 [9] - 公司对实现投资者日承诺（如资产增长、ROA和ROE扩张、倍数增加等）充满信心 [24] 其他重要信息 - 公司投资组合多元化、定位良好且质量高自2020年以来已选择性重新配置超25亿美元资产过去5年资产类别从6个扩展到14个资产配置策略稳定投资资产与负债状况匹配良好 [14] - 公司已对冲三分之二的浮动利率资产锁定了188个基点的增量收益率提高了收益稳定性和可预测性 [27] - 公司资本分配优先考虑通过持续投资业务以及向股东返还现金来实现股东价值最大化目标是长期将控股公司现金和投资资产维持在2倍利息覆盖水平债务与资本比率（不包括AOCI）维持在25% [30] - 公司认为普通股股息可持续且有望随时间增加公司在所有法定资产负债表（包括离岸实体）上保持强大的资本和财务灵活性 [31][32] 问答环节所有的提问和回答 问题：如何看待与现有合作伙伴将流动再保险拓展到新产品中的机会以及净对毛的流动再保险百分比最终会稳定在何处 [35] - 公司不会设定再保险目标而是根据市场容量、产品类别、盈利性等因素做出决策目前未看到流动再保险可用性方面存在很多限制对合作伙伴质量和对利润率的影响持乐观态度 [36] 问题：鉴于自有分销业务的发展机会以及金融赞助商对财富解决方案业务的兴趣是否会加大在自有分销业务的投入 [37] - 公司看好自有分销业务机会但会谨慎决策目标是建立战略合作伙伴关系而非盲目扩大规模会从战略或回报角度考虑资本的最佳用途认为该业务未来可能成为独立实体 [37] 问题：较高的退保手续费的影响以及与上季度相比情况如何长期来看正常水平是怎样的 [39] - 只要利率保持高位行业退保率就会上升公司建议关注过去12个月的ROA以平滑退保率波动带来的影响过去一年中有些季度退保率较高但总体而言过去12个月的ROA显示了公司在没有重大退保情况下的潜在ROA改善情况 [40] - 季度之间的差异不大比较一致 [41] 问题：能否谈谈新一年资金流入（特别是资金协议和养老金风险转移业务）的前景 [42] - 零售业务方面公司对机会非常乐观即使行业销售不增长公司仍可通过挖掘自身分销潜力实现增长 [42] - PRT业务方面10月业绩出色已超2亿美元超过去年销售额预计每年增长20 - 40亿美元具体取决于目标管道中的可用资源、资本情况以及不同业务的回报率 [43] - 资金协议业务比较机会主义公司会持续关注市场情况 [43] 问题：能否详细谈谈近期的假设审查情况（由退保活动增加驱动） [45] - 由于退保率上升公司调整了短期假设这部分在1700万美元的总体影响中占比较小约500万美元对未来回报影响较小 [45] - 对于GMWB利用率新推出的产品功能使保单持有人立即选择锁定实际利益从而使MRB变化波动较小一次性增加储备金但未来无波动 [46] 问题：如何看待竞争对手对开曼群岛作为流动再保险管辖区的负面评价开曼业务的资本结构和管理情况如何 [47] - 公司在开曼群岛按法定基础运营并计算RBC与在岸业务的主要区别在于准备金的死亡率假设而非所需资本 [47] - 所有业务都得到爱荷华州的批准并上报进行压力测试时以汇总形式进行竞争对手的评论不适用于公司 [48] 问题：RILA产品在第三季度和第四季度初在吸引年轻客户群体方面是否有进展 [50] - 目前销售量还太小无法得出有意义的结论但行业数据显示该产品能够吸引年轻客户群体 [51] 问题：能否透露新资金的分配情况特别是如果有机会获取更多利差和黑石的私募项目会将新资金投向何处 [53] - 公司会根据机会在公私领域间轮换目前今年以来可能略倾向于私募投资但这些决策是实时做出的 [54] 问题：与同行相比公司的另类投资（alts）分配似乎较高是否希望长期保持这一水平 [55] - 从真正的另类投资（LP承诺）角度来看目前约为6%长期可能在5 - 6%之间 [56] - 投资组合中近一半是私募股权其次是房地产和少量信贷基金 [57]

Over fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me know!Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41490 F&G Annuities & Life, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. ...

DES MOINES, Iowa, Nov. 7, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G" or the "Company") today announced that its Board of Directors has declared an increase in the Company's quarterly cash dividend of 5%, to $0.22 per common share, from the previous quarterly cash dividend of $0.21 per common share. The dividend will be payable December 31, 2024, to stockholders of record as of December 17, 2024.The Board also declared a quarterly cash dividend of $0.859375 per share of F&G's 6.875% Se ...

F&G Annuities & Life, Inc. (FG) came out with quarterly earnings of $1.22 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.52%. A quarter ago, it was expected that this company would post earnings of $0.98 per share when it actually produced earnings of $1.10, delivering a surprise of 12.24%.Over the last four quarters, the ...

ANNUITIES & LIFE F&G Investor Update Fall 2024 (c Disclaimer & Forward-Looking Statemer This presentation contains forward-looking statements that are subject to known and unknown risks and uncer which are beyond our control. Some of the forward-looking statements can be identified by the use of terms su "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms re not historical facts, including statements regarding our expectations, hopes, intentio ...

DES MOINES, Iowa, Nov. 6, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the third quarter ended September 30, 2024.Net loss attributable to common shareholders (net loss) for the third quarter was $10 million, or $0.08 per diluted share (per share), compared to net earnings of $306 million, or $2.45 per share, for the third quar ...

DES MOINES, Iowa, Oct. 23, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G"), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release third quarter 2024 earnings after the close of regular market trading on Wednesday, November 6, 2024.A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Thursday, November 7, 2024. Additional information about quarterly financial results, including th ...

DES MOINES, Iowa, Oct. 1, 2024 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G") today announced that it priced a public offering of $500 million aggregate principal amount of its 6.250% senior notes due 2034 (the "notes"). The offering is expected to close on October 4, 2024, subject to satisfaction of customary closing conditions. The notes will be guaranteed on an unsecured, unsubordinated basis by each of F&G's subsidiaries that are guarantors of F&G's obligations under its existing credit a ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time. Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead ...