today. Good morning, joining and thanks for us
on stress on the real and with inflationary the banking ongoing estate nature market to the in solid failures I'm commercial recession tumultuous environment, shown especially first F&G, concerns recent of results. pressures, volatility XXXX and bank For quarter is off first of a by horizon. prospect given our credit and the result system the characterized around the a given quarter start, as proud regional exposure this macro of
like our operates share highlights some environment, those I'd different, F&G with how is to insights of storm. weather superior difficult it F&G what makes a positioned well you. Although to ecosystem the and really how
as resilience fixed market market volatility options. financial solution annuity pressures. protection, seek are relatively known effects the Higher savings. consumers rates, spur of retirement periods viewed and higher an to attractive portfolios volatility rates annuitization advisers are and increasingly accumulation principal investment and their offering First, extended and starting inflationary growth, sales with for and tax of interest advantaged Fixed annuities as guaranteed
Importantly, that serves and policy meet as on we're steward makes good an industry promises long-term a objectives. to
factors sales industry contributed of the fourth and quarter Similarly, sales LIMRA forecasting momentum first and and record-breaking exceed with record these new level to dynamics are These drove that a sales gross of have first withdrawals. annuity in record profitable issuance other in generating quarter policies the quarter continues, of XXXX, for policy for another the XXXX. maturities F&G, and substantially
total $X.X year reported prior in quarter. sales a over quarter XX% the the over increase sequential We billion of fourth increase and record the XX% quarter, a first gross
year. billion annuity gross across the quarter a an record reported over first compared and sales to the growth of channels X XX% saw retail channels agent, bank $X.X prior year increase channels, quarter, broker-dealer XX% Our in the and life prior including quarter. as retail and We sequential over all increase the
agreements. in and million evenly the $XXX first were split pension risk transfer sales Institutional funding quarter, between
We April, was which have approximately also additional transaction transfer reflected in pension first closed quarter of $XXX million not an risk in sales.
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a to our returning provides cash decision this and earnings flow, retained utilize accretive business. perspective, lower we As enhances provides the is reinsurance, smart ceded on requirement which a allocating capital capital to is reminder, flow new as while fee-based From financial a business it F&G's returns. highest
$XX reinsurance, to year as in-force of grew to flow assets an billion by net retention the positive driven over March ending prior business increase under XX, stable net net new of management due and flows XX% Our issuance proceeds. debt
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young are years. of the new robust levels over given also liabilities relatively Our business the X past
charge reserves, reserves GAAP billion surrender value. XX% protected XX, of of an at which as net average approximately March with Fixed X% or comprised account of protected either $XX roughly remaining XX% Our total with XX% annuities nonsurrenderable. surrender surrender were net are
of a also These XX% protection. market a policyholders these surrender have for adjustment approximately disincentive addition, early. value serve In features to policy policies as
are funding annuities total and net of comprised reserves, XX% transfer, which of risk all agreements immediate essentially nonsurrenderable. Pension
these with April, we quarter pricing strong expectations, during monitor positive net slightly long-term and line Fixed in the month. we were behavior our the with surrenders experienced during current inflows policyholder protections, in although Even deferred regularly. annuity and elevated
flows less. tightly cash within year matched liability or and asset are a Our
generally held of are sources Assets many have maturity, and to we liquidity.
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including borrowings. and liquidity, sources untapped have of ample capacity our our revolver facility, As credit a on further FHLB third-party safeguard, parent we
of maintenance position statutory IMR sheet. short-term our we balance on of and positive offset loss We capital industry, approximately on by investments $XXX billion unlike or also realized cash $X.X as which serving in portfolio a reserve protects million, many And any statutory asset an to the have sale. a have interest
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turning to next, portfolio. And our investment
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grade, first portfolio Blackstone's private fixed our both X X allocated points portfolio access XX% in well negligible basis quarter. credit-related The and Credit-related modest to given at investment X years, last the have we origination through were impairments points asset our Our asset classes below over income a across capabilities. markets of the basis public is and assumption. of is impairments pricing XX average reinsurance net
including a market commercial of a through bank broader real aspects credit Given in recession, with few commercial around alts, estate real concerns like portfolio, our a exposure I'd sector CLOs of prospect regional estate, and to walk exposure.
real portfolio of in private majority partnerships asset our X% our net to with total of XX. value The limited estate. alternative credit and about partnerships financial the First, alts billion to or is supplement, are our limited March underweighting an in alts strategies real with of regard estate the equity $X.X of as and
of fact, is the only or X% $X million X% alts than $XX portfolio in In office and total or in retail. less held million
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Next, with real exposure. regard to commercial estate
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and our position XXXX. F&G has of of initiated valuation-sensitive a much CLOs, been opportunistic buyer in with
CLO reduced our have notably and hold less We $XX million than opportunistically allocation equity. of CLO over time
and has remains underwriting rigorous portfolio well, and through actively overcollateralized seasoned investment capabilities. is professionals performed managed Our Blackstone's
feel profile have directly better loans We underlying protections. given that risk the structural properly the underwritten, holding than if CLOs, a inherent
its corporate hold rate lower CLOs credit that to rate default loss to shows data structured peers. historic fact, In a lower relative and relative
Finally, minimis quarter Bank, Bank of to during in we the Signature stock not Valley regional with a or have First preferred we Silvergate modest holding regard reduced bank holdings and de do XX. remaining Silicon any year-end as exposure, position Bank, only March Republic with in our
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management in origination conditions. Blackstone's as market capabilities, with over to portfolio investment having assess advantage continual differentiated and Blackstone of benefit anticipated a remains real-time depth Our the We partnership strategic relative F&G. professionals in competitive we XXX are expertise investment breadth communications from and for extensive
addition our assets management. are our We Looking see opportunities in prospects ahead, expand to under bright. growing our profitability to many
where index-linked compete earnings fixed the transfer. and of or product underlying the demonstrate highest-growth and and power registered this fixed annuities of the higher segments, earnings growth results risk pension industry's expect new rate to and RILA environment. quarter annuity year. win we model benefit the business some from asset F&G we including our launch profitable indexed first later Our product And in drives We
strategy pursuing boosting also our middle-market owned insurance expand life presence and are in to while multicultural our a We underserved segments. distribution
in interests earnings distribution equity earnings of the our tend expect top early power XXXX and Xx at value life and owned minority accretive capital-light the are distribution traditional of ROE over streams investments taken have life which stakes, to X in X XXXX, and additional to these of FEG price We in time. SYNCIS to groups, insurers. to from with expand trade multiple We
also ROE. to diversification generation, flow for partnerships earnings on provides also our We and accessing which cash to fee-based build is expect reinsurance, accretive
strong improved the we expansion many returns. drive have momentum business, ahead and which second expand quarter we opportunities recap, To further to with will of into head ultimately our us as margin
time. and We over financial And continue shareholders. transparency our proven record, to A.M. Best remain both with on and focused outlook ratings track strength, reflects delivering which sheet we commitment on achieving to balance our long-term positive value upgrades Moody's,
to Let me quarter Young further to Wendy call over the first on provide highlights. F&G's turn details now financial
