F&G Annuities & Life, a leading provider of insurance solutions, has announced its financial results for the first quarter ended March 31, 2024. The company reported net earnings of $111 million, or $0.88 per diluted share, compared to a net loss of $195 million, or $1.56 per share, in the first quarter of 2023.
Adjusted net earnings for the first quarter of 2024 were $108 million, or $0.86 per share, compared to $61 million, or $0.49 per share, in the first quarter of 2023. The increase in earnings is attributed to sustainable sales growth and strong investment returns.
Gross sales for the first quarter were $3.5 billion, a 6% increase from the previous year. This growth was driven by strong retail channel sales and robust institutional market sales. The company achieved record assets under management (AUM) of $49.8 billion, a 10% increase from the previous year.
F&G’s President and CEO, Chris Blunt, expressed confidence in the company’s ability to deliver double-digit gross sales growth in 2024. He highlighted the launch of the company’s RILA product and its potential to contribute significantly to sales in the coming years.
In addition to strong financial performance, F&G also paid common dividends of $26 million in the first quarter. The company’s solid balance sheet supports both organic growth and the return of capital to shareholders.
Overall, F&G’s strong financial performance in the first quarter of 2024 reflects its ability to deliver growth and returns in various market conditions. With a focus on sustainable sales growth and strong investment performance, the company is well-positioned for continued success.
F&G Annuities & Life’s strong financial performance in the first quarter of 2024 indicates its ability to thrive in different market conditions. The company reported a significant improvement in its net earnings, shifting from a net loss of $195 million in Q1 2023 to net earnings of $111 million in Q1 2024. This turnaround can be attributed to sustainable sales growth and strong investment returns. Adjusted net earnings also saw a significant increase from $61 million in Q1 2023 to $108 million in Q1 2024.
One of the contributing factors to F&G’s strong financial performance is its impressive gross sales growth. With gross sales of $3.5 billion in Q1 2024, the company experienced a 6% increase compared to the previous year. The growth in sales was driven by robust retail channel sales as well as strong institutional market sales. F&G achieved a record-breaking milestone of $49.8 billion in assets under management (AUM), marking a 10% increase from the previous year.
F&G’s President and CEO, Chris Blunt, has expressed confidence in the company’s ability to continue delivering double-digit gross sales growth throughout 2024. He specifically highlighted the introduction of the company’s RILA (Registered Index-Linked Annuity) product, emphasizing its potential to significantly contribute to sales in the coming years. This indicates a focus on innovation and product diversification to further drive growth.
Besides its financial success, F&G also prioritizes the return of capital to shareholders. In the first quarter of 2024, the company paid common dividends of $26 million. This demonstrates F&G’s commitment to delivering value to its shareholders while maintaining a solid balance sheet to support organic growth.
As with any industry, there are potential challenges and controversies associated with F&G Annuities & Life. One key challenge could be the increasing competition within the insurance solutions market. As more players enter the market or existing competitors enhance their offerings, F&G will need to continually innovate and differentiate itself to maintain its market share.
In terms of advantages, F&G’s strong financial performance and consistent growth indicate a well-managed company that can deliver returns to its investors. The focus on sustainable sales growth and strong investment returns positions F&G as a reliable choice for insurance solutions. Additionally, the company’s introduction of the RILA product highlights its commitment to innovation and staying ahead of market trends.
For further information on F&G Annuities & Life and its offerings, you can visit their official website at fglife.com.