FG - Earnings call transcript Q4 2024 | F&G Annuities & Life, Inc.

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Operator

Good morning, and welcome to F&G's Fourth Quarter and Full Year 2024 Earnings Call. [Operator Instructions]

I would now like to turn the call over to Lisa Foxworthy-Parker, Senior Vice President, Investors and External Relations. Please go ahead.

Lisa Foxworthy-Parker

Thanks, operator, and welcome again, everyone, to our call. Chris Officer. Executive by Young, and today Financial Chief joined Blunt, Officer; Chief Wendy I'm forward addressing look We to remarks. our prepared your questions following the events or may and Act, Today's forward-looking performance. do Private under which future call Reform Securities guarantee earnings not Litigation include projections statements reflect strategy. not to any such undertake events subsequent do to revise information, We update or or duty statements new changes in results filings that recent to and annual actual SEC our could other factors important most quarterly differ those for refer from on Please and details implied. materially expressed to cause reports or

our believes being webcast morning's relevant of company's the includes This recorded for have where replay. SEC is also non-GAAP Please earnings discussion website. Non-GAAP investor available within in business. assessing measures, been that and performance materials which financial available and today's management to be call GAAP with required are on the reconciled will note measures in accordance the rules

I'll the Blunt. with And to Chris hand that, call over

Christopher Blunt

for discuss Good everyone. year our us full and Thanks results. morning, quarter fourth joining to

sheet outperformance a over is highlighting. balance expand In short, earnings record results dividends. out that beyond sales for of adjusted to last have strong an accomplishments net our had earnings, returning terms year, spread-based in I'd while both execution. record excluding common many worth also shareholders and and continuing growth, our through margin and It maintaining efforts preferred all significant diversify and our achieved results by capital items, XXXX's fourth to rounded and while sources, to work the and achievements hard AUM recognizing year. our start Our their through exceptionally employees their strong quarter record the we like

of of the year sales record This full included of of billion gross XXXX, Starting gross full Record driven for XX% annuity full fourth full solutions. billion XX% in a $X.X demand retail fourth the $XX for $XX.X with individual in increase were life the sales, by gross XXXX. increase over year, and retail quarter. the the over channel strong sales F&G billion reported a $X.X billion XXXX, continued year the sales quarter. for included This year sales

achieved From ] IUL record maintaining levels sales despite targeted record record perspective, MYGA and we year [ for channel a FIA, gross higher while retail the service volumes.

and channels, Our and relationships. including retail are broker-dealer distribution add across we to relationships X strong, continue annual saw agent we bank all deepen as and growth distribution

our XXXX. Notably, we've product launch gained entry with market into new registered RILA a in

well We have onboarded being received. X is partners product and our

product. to our taken as it's we're on to started. industry, is and getting the is admittedly, longer first this ] platforms a get market just Although registered [ fast-growing RILA in

the the As we to broker-dealer steadily term. for RILA continue the sales to medium potential the in channel, we expand billions in over see be annual

robust Robust the year institutional in for were billion pension billion of sales comprised the fourth billion increase $X year and in quarter. pension $X.X risk full a full the market XX% a funding $X.X sales of year $X.X Record This over $X of sales of for nearly reflect the XXXX. full for included transfer billion billion risk agreements. PRT

Our more plant than serve has billion growing crossed the types block from participants PRT a variety $X.X milestone, and and XXX,XXX in-force now we of industries.

targeted our to in deal well compete size. billion to continue We $XXX million $X

or with ability arise. down our move have market segments to also market strategically as new added upmarket We opportunities more

we something through not broadened To meaningful our consultants. selectively although it date, continue [ seen opportunities is from PRT that industry have additional monitor. to lawsuits ], any we impact And we've

trillion PRT market of pipeline full or with lot plans see near [indiscernible]. a of have pension in of places deploy corporate time, healthy capital $X.X to strength U.S. continued at and We at this a the

year as no agreement XXXX. compared $X fourth quarter-to-quarter opportunistic Funding for funding were vary in quarter. volumes the We agreements full year as these full There view From perspective, and second billion $X.X X conditions. $XXX sales were market in the conditions issuance. a we years, the quarter, agreements to market for on the time billion in given depending with the successfully the favorable first a in funding FABN million returned market to

backed year-end, At billion shelf of funding $X.X approximately had we under outstanding billion registration. our agreement in aggregate, notes $X

the of addition, FHLB include funding agreements year XXXX. In $XXX full million activity for

of business platform. a how the Overall, to reduction targeted which can agreements. returning specifically allocate year the sales this in capital in result indexed manage our fourth the pension multichannel sales good to a we of been to demonstrates transfer the and This and MYGA decision also annuity achieve highest risk returns, we fluctuations. sales, distribution year which strength has quarter, consistently quarterly made In example in resulted funding

F&G's were year included XXXX. of This $XX.X the fourth net full the of for increase sales a sales net XX% retained the in billion year full quarter. XXXX, over billion $X.X

months. of management record a of billion assets grown reinsurance $XX.X equity by the was over growth debt the over under XXXX, to new under net driven over billion, increase AUM $XX.X included the net proceeds of XX% retained management profitably XX% record flows a at and business XXXX. assets quarter the of last end the and an fourth quarter of increase this XX quarter, flow and have before fourth We

billion portfolio, position conditions credit market on its since a high of investment maturities year-end, selectively while also assets XXXX, quality to of is with the in being have de-risk portfolio update the repositioned grade. $X.X varying quality. At our optimize, improving we portfolio investment XX% to retained perform As and fixed quick

over X Credit-related exposure over low portfolio. the very years at and total points averaging hold X to past X basis below pricing continue little and X the last basis well stable remained points assumption. impairments X.X% office of years, our We our

of total only We now hedging. net our which of floating our assets rate of hedged have X/X also X% portfolio are

sequential of income yield XXXX the and runoff in primarily quarter in-force basis, higher cash quarter third of fourth a Our some higher-yielding benefiting yield basis fourth points fixed new on the income fixed X the yields was basis from higher from the our balances XX higher to decreased assets. and X.XX% investments. On points due quarter, than

rebound We public expect assets macro in cash private between align the helping and strategic mitigate in pricing the this our response refine and to deploy to as XXXX of compression. environment, actions fully we our asset to spread impact allocation

well investor for we test further portfolio Also, economy. assumes portfolio Once to stress and again, that annual details. management our our has XXXX F&G's the a the which Please refreshed have sharp action. presentation is conservative downturn is test, in withstand Winter stress no positioned confirmed see

in sources, growth, excluding significant over ROA, the earnings was expansion. spread-based XX full provide XXXX. and Beyond basis Adjusted points points will minutes. details basis sales XXX AUM driving our margin we to XXX continue further Wendy points year items, for basis diversify in up the achieved a the beyond year, few

majority $XXX in XXXX purchased through have distribution taken X stakes aggregate, In X owned invested and minority stakes strategic million companies we in in XXXX.

in growth performing term. EBITDA with approximately medium EBITDA million strategic $XX well. estimate distribution expected million generated One We and XXXX owned of annualized over double-digit Our is area XXXX of annual the final portfolio million $XX capital the sheet well prepared market strength highlight on $XXX were of preferred shareholders and capture dividends. drive to while common We allocation. returning to through and growth opportunity to our in and XXXX capital centers balance in

upgrade our and strength in was long-term recognized Excellent in A rating and ratings upgrade XXXX, [ A.M. our Moody's rating time strong upgrades ratings Additionally, our achieving issuer financial Best ] to through or to early commitment mid-XXXX. over

items XX% and of generate value return of will we execution XX%. range Overall, targeted to significant equity, and expanded confident continued advance our We've strategic has over the to generated of very XX% proud that shareholder as our accomplishments from adjusted significant our toward our continue excluding on I'm over strong performance F&G AOCI priorities. to ROE last year expansion. XX% through

rapid place ensuring Critical manage have to growth. the effectively in people our execution we is to our that

structure As and we we ensure that our term. many opportunities ahead longer a see are result, the of organizational both over maximize the medium evolving that to us I continue to

new leadership its her our success. very for to has grateful this knowledge role April importance as Wendy's reinsurance well the company's long-term F&G to role. to of Bermuda Young and to last and partnership of the is am business. offshore the I we as agreed our F&G to Liability has entities. strategy role, effort, business prior appointed increasing her at her will CEO of last all as Wendy assume she of X effective reflects executive and CFO given In announced as our work been As success. the years our Officer This importance evening, a X. management, has Wendy new go-forward Chief ideal of our been deep the our in lead as aspects our Wendy makes over that am complexity instrumental liability I activities grateful our lead also reinsurance this

of and am to which was Murphy and roles industry-leading MetLife's recently, financial map. Conor perfect Prior tenure off CFO when will was our newly American also was a XX-year to experience our Operating US. his businesses European match for experience, spun CEO roles of the help our Latin role, for of CFO Conor's a that, also management to F&G Resolution Financial, is he Conor during at allocation and capital Life variety held insurance Brighthouse defined next CFO. on executive we the I officially Chief to to held him as start the will F&G. X, to industry by very Conor Most brings scale. of ] President and welcome Officer companies. having continue it I'd strategic April business extensive optimization Conor at MetLife. Conor and [ excited like to welcome guide our as oversee

these with as executives. important see, continue they business. industry-leading I'm I to have qualified step very these positions, forward and that we roles to look uniquely build such to and team an Wendy accomplished into require an can you partnering As X thankful as X both Conor are

full the to turn and year further to F&G's quarter over on Wendy highlights. me provide financial fourth Let now call details

Wendy Young

Chris. you, Thank

terrific F&G's long-term of liabilities to focus of on April working my Officer with will X, this years are forward support looking allow this work newly am our As him as look personally Chris successfully role I Chief in for our on this reinsurance like new I opportunity. closely that here given had growth over the much the success it past opportunity to at started and also experience a is I've transition to into with F&G. and Conor strategy spring. continuing take on to offshore would new highlighted, forward Chris thrilled I'm getting to role to leading and and match and I integral thank entities, and which of assuming F&G. as I XX new well This helping success. our and role be strategy Liability the me our increasingly to growth will created management to becoming

to results. our Turning

operating strong be well Our continues with ROA morning, comments This earnings. on as position. earnings performance to and capital strong. as our focus Starting adjusted net liquidity and my I'll

For the alternative excludes in investment significant below adjusted fourth excluding and earnings of million quarter $XX by of up quarter, $XXX were XX% This million, expectations significant million. the over $XX items long-term fourth $XXX XXXX. million returns our net income items,

expense were For earnings strong million. interest million, owned the year as net investment performance the returns distribution, planned This growth, excludes accretive capital year diversification and full million result full in $XXX income activity. $XX $XXX disciplined XX% long-term of million XXXX, margin our XXXX. excluding below asset of expectations from up over by items This items, reinsurance a alternative adjusted expense significant and $XXX and management flow significant higher markets reflects

XX Notably, year-end XXXX points ratio from we scale from AUM at our basis operating before year-end to expense increased are reinsurance as flow XX at points basis to decreased of benefiting XXXX.

expense As line sales, [ single-digit variable while in which items, a was rate. ROA, XXX and basis expenses fixed points held growth reflects over with our book our excluding in XXXX. grew points XX XXXX, significant in-force ] Adjusted an our increase basis we to expected, gross of

margin points basis basis was stable from X at basis points. reinsurance compared owned increased ROA fee from distribution low to income to X expanded XX year, to prior points, and retained XX XXX As

we sequential points items, fee right was that smooth in that significant and a surrender in From trend in time lumpiness XXX occurred perspective, those adjusted ROA QX line income QX excluding periods. with to of and the basis XX-month highlighted trailing help

are volatile. earnings [ ] less I to elevated rates charge the mentioned our time, Elevated actuarial provide last surrenders to surrender reflect term. fees quarter, of normalize assumptions terminations As as from surrenders they short higher to continue when a Over expected occur. boost become

this time. through benefits the can new generate periods, longer charges in-force up in and be profile, freed pressure further resulting terminations over terminations deployed improve margins Long-term business benefit, liability spreads. renewed Beyond initial surrender that near-term temporarily stickier capital, provide with should that which to significant surrender liabilities can

equity, significant as adjusted compared fourth on XX% the As to quarter fourth the items Chris in mentioned, of return XXXX. XX% excluding approximately and was AOCI quarter in

our a with an to per compared to of XX% balance turning GAAP sheet. XXXX, at increase Now ended book of or common shareholders, AOCI $XX.XX December XX, as attributable billion at $X.X year value December XX, XXXX. We the to $XX.XX excluding share

corporate consolidated remainder billion Our down recent $XXX expected. debt pay capital with balance notes at as was activity million purposes. used used In for completed be of fully F&G general the its following XXXX, senior to October has million $XXX and outstanding to F&G net $X.X XX. December revolver markets the successfully issued proceeds

of outstanding In corporate the F&G January purposes, to In $X.X basis, senior used interest for net of roughly with of subordinated blended debt. our proceeds million the total notes a issued junior million on outstanding. repayment of of May annualized $XXX million its including billion due pro debt early at XXXX is $XXX XXXX, notes fully $XXX general redeemed in X% XXXX, be par. approximately or expense forma February of On of F&G yield a

company invested Xx assets continue to holding and target interest cash coverage. We at

excluding capitalization XX% sheet remain growth. that We shareholders' our also expect target to AOCI debt committed naturally balance of and delever long-term as approximately equity to will our excluding AOCI

to statutory capital on Now position. our moving strong

with company action of RBC primary estimated our operating year XXX% ratio subsidiary risk-based the above an buffer providing level ended for we a or target. expected, capital As XXX% over our

balance capital rating our offshore entities, [indiscernible] including and are F&G and statutory Importantly, flexibility of sheets maintained financial stringent capitalization requirements all most our strong which our managed to across conservatively of agencies. regulators the

wrap call up. turn now to me the to over Let Chris

Christopher Blunt

Thanks, Wendy.

to months, from products that our XX business market is has continue. our last the conditions and benefited poised Over for demand favorable secular

XX% XX% We medium-term have excluding our out the Day. AOCI significant to points, basis that by multiple. XXXX targets our expanding and adjusted ROA, towards adjusted items items and XXX we XXX Investor expanding XX% laid made PE financial strong progress to increasing significant to AUM at excluding to ROE, Growing and

We well on the have executed case already the lower past of end in of closing in XX months adjusted the range. the and over ROA, are

our here, so excited that to Of course, a Day expect will the moderate little more continue we Investor success be from we're our to quickly. toward progress targets. given we that And pace strong achieved have

value life earnings strategies. and We pension our remain shareholder our market margin, diversifying and focused by on reinsurance strong and growth deliver from and fee-based growth through accretive driving sustainable continuing expansion generating ROA in from retail enhanced to middle own flow scale asset strategies, investment transfer insurance growth from business distribution benefits earnings long-term risk

prepared This the opportunities As you in can concludes we more XXXX. not excited as our enter tell, be with us have remarks. of front that I could we

call Let operator questions. our for me to now back turn the

Operator

[Operator John Sandler. with Piper first Instructions] question Barnidge from is Our

John Barnidge

at opportunity. talk structure evolving that Bermuda And growth you what the about company could the Can means? be and know I opportunity an organizational

to the So hear organizational changing I'd about structure. love more

Christopher Blunt

Happy is Yes. simple, continued think I as to. Yes, it's business our just to Chris. This grow. pretty has

the of the through and also stats. seen gone distribution value channels, have. and other real accretion into multiple we arrangements real flow some quintupled We've we're that You've driving arrangements sales. but new We've reinsurance

do levers we time divide were and and a yes, that conquer. drive was So the just determine that and opportunities it big enough value enough little big of sort to margin the to

a is, athlete very to it we to versatile talented opportunity team. add And saw of the some frankly, an

cetera. the expanding we of potential look excited business front terms at different say in of we've then of it. pretty partnerships, distribution, opportunities in about continued get channels both as world to there's would going opportunities, us our is, offshore regulatory And cetera, et we when So new the environment, expand, et yes, right, I terms on, last lot changes the just the a in in piece of

that just us, great a was opportunity it felt like to change. So it make

John Barnidge

from And related Can seeing that pension outlook where maybe quarter and remarks, industry lawsuits mentioned a then you're that about great the other you had competing prepared have out? volume in the market you risk there. called you impact to in meaningful your amid in and not industry you're your litigation transfer talk people

Christopher Blunt

Sure. Yes.

probably been sheet. there's place good just couple we've It think to our size in, and play. of space, at a balance I of that's play. of us things One, for the to I the been playing would billion consistently say, pretty in terms million fits a $X $XXX

see still we of opportunities. a So lot

haven't We an yet. impact felt

is that of state U.S. U.S. our XXX% the Iowa, shareholders, some by majority regulated think by structure is public of straightforward. regulated where a a of -- our the Florida. pretty company company I state We're large

so of have -- think some good with it's that capabilities And Blackstone investment combined with that, partnering side, we the I fit. just the on been a it's

to we optimistic. So continue be

institutional the FABN as market. side, we the you reentered noticed, probably On

opportunity I us. think attractive that's So another for

we impacting if places lot there's like was a So premium. opportunity slowdown overall of right us space. It bid or source lot a to to see not I of But now, on looks we're got did something guess deals. a seeing there still that. for We've the

Operator

with Our Wes Research. Autonomous next is question from Carmichael

Wesley Carmichael

terms growth capital you thinking growth want management get updated your Chris, I or that AUM? and to on little from maybe how sales retained too. a about of But in few perspective next moves over the net just here bit rate into the are years

Christopher Blunt

as lot a I too. still the Wendy strong. places want but we it's about older. and portfolios. huge people still backdrop, secular a that boomers demand, It's we're annuities in I Thanks, true, It's we Wes. driver. fixed to And baby income hearing I quite getting and people Yes. mean overall embracing of surrogate fixed excited of a here, know are play, it, it's see think in jump tired But

RILA evolutions, for start of think I opportunities like competing types folks. products asset-based other investment now with

changes view of rates tick down that a bit. little our you none in see So even if

we're channels not is So the us, banks. in We're penetrating adding this within we're We're we the We're distribution adding like secular broker-dealers. years. XX to already. adding partners. think It's then been And really unique strong. demand still doing we've that for

has demand So think really $X a $XX ton to We're I gross all. yes, of going at side of this billion from growth. But the seen proud billion in we've sales. of don't peaked

To yes, we this base We Wendy form to partners. the but continue continue on flow all the as and at question, ways can of fund well, look to touch to capital growth. [indiscernible] reinsurance different sorts

So we're I pretty want We and of question. us. up, fired the a if Wendy, pretty there's the off the don't is meeting, I that's you add to to anything our in excited. Board front think know, just came of Board reflection opportunity capital

Wendy Young

that Yes. continuing and continue I and that and And growth. proud with come that just We have able approach we're support had changing. great tremendous fact see look have of partners a don't discussions to with forward year to sales the to Again, up us solutions indicated, we has Chris really to that that effort.

Wesley Carmichael

of And actuarial ]. I prepays I the it basis XX it mean, it. and I or a Got points bit a and on was think adjustment, the ROA adjust [ for a If follow-up so. just then sequential was compression, little core [indiscernible]

little XXX a and talked you from points driver, surrenders so competitive kind bit And basis but compression portfolio bit that's also a fixed of So environment. think of now running little I quarter. neighborhood there's the the a still the of pretty about of in when in a you're normalizing,

from to update ROE the how ] any [ on you So expect trend here?

Wendy Young

Yes.

that, we our process we we we some a generated be driver we'll get that sure at quarter-over-quarter. always renewal of And exactly look was decrease runoff, prepared setting can right. back, in as remarks, course, that that you're of can that And looking done So big soon as of to there. prepays have our rate invest any that indicated because continue. of that repositioning do the that to prepays to does asset then, we get as adjust cash make what were not can The

So expect XXXX. it in West [ ] to we rebound

Christopher Blunt

only of assets. $X that to is the you just quarter rush don't allocation -- thing terms The in other of during Yes. did we deploying I'd -- want add billion PRT and you

you And so privates in see as you've grid, a the when well. can got lag

I you as not as -- size we're think as particular anticipating look yes, nicely. look to nearly So not Wendy when up it be might it quarter. dramatic at It's the

Operator

Alex next is Our question Scott from with Barclays.

Taylor Scott

lower if I it knowing understand how see it And just sense a the I just give for some fees bit the crediting externally, or there's that in a the than being crediting impact some allowed for spreads just makes much surrender to this period have is would rate I of a heightened it and you in where so surrenders forth. to the from to elevated. direction credit us wanted could little difficult the of us maybe during think movement so otherwise new the is rate book products stay of

was So I that and what think hoping help the you level to that through and Qs you was could give us usually guys where trend? I think you in quarter, expect this Ks just

Wendy Young

Yes.

were out, dramatically rate a in interest So They hang on the until where little still surrenders environment. continues the to just rate happens lighter quarter. we're bit continue will based in that something thinking environment the

I surrenders a the were actual think in they trend the QFS, of bit. down there's a

disclose amount charge going to don't that continue we outlook a in surrender for So detail, is but the it's our while.

Christopher Blunt

there's -- to this And anything if because the is we'll I can is we Alex, about Yes. it you Chris challenge, -- get help tricky. think do

thing that's of this but not maybe as apparent, distribution of own big some our in well. business as we're The a other beneficiary

So along really continues that hum business about nicely. that. We're excited to

to bit noise know as a and this tick of I challenge, as is duration a interim. does run, the in because value in long I it is actually, rates you that down, create book to think longer, newer just accretive think be be and yes, little of to So, going have but going going I the the the spread get you're

way that can have for So on think there we'll I we that. an one, but a as with answer about you help easy don't

Taylor Scott

Cool.

what's wanted about the agreement-backed of us as good. we've Sounds I recently. -- maybe the ask I makes in grow help beginning funding company has it that, And seen whole of a guess, right issuance, kind to there industry? opportunity Is the industry like attractive dynamic a is then that sort there follow-up, you? understand into lot market a for to as now what that note particularly the of And for

Wendy Young

Yes, talked than I appreciate A issuers I right are, this we've we now, about the of think that funds. question. which lot cost before, rated of they're higher the impacts

balance allocation capital tightly. we So pretty

we we on we'll capital. So just will the based get capital on allocate where think returns highest that

in So particular and the we we when we'll look believe way go at that's issue to right quarter. FABN, a

Christopher Blunt

Yes. risk-adjusted say RILA, I know basis. particularly very index returning, you know annuities, high of -- but strategic order this, priority, fixed a on And I'd

of we drive the make that single business, duration year. love have always we want So spread. to we sure that love that ample the PRT, capital to every

excess and most highest got be those the If we issue capital most probably So spreads it. FABN, make the we won't. don't, If we'll the would opportunistic. we've sense,

of MYGA in particularly our how MYGA order pecking since want It's of It's our to to flow So that's MYGA, the market. out capital be be to -- about of new important I deploying put between. we then think in the we and clients. to sort product continue profitable, sales. but We XX% somewhere

Operator

Truist with Securities. [Operator next Mark from Instructions] Our is Hughes question

Mark Hughes

level back be this has where to Is you'd get foreseeable position for in a what happen active? more into kind the to the kind market of of future? MYGA, the a On those good

Christopher Blunt

rate think right And volatile. -- demand the Yes. demand always Look, it's tricky again, I the the going is I now. think to for to don't MYGA be there. answer is I explosive is Obviously, market because

be time to want stabilize the rates bit. in good XXX% up MYGA quickly a would up little falloff the was were for strong really and quarter, demand. always a little cautious this that driven say which was chasing to I see the year. chasing to them just by want sales not We mean had But you that FIA. down you're we big our quarter FIA I incredible So in careful for thing, too a another or

allocation always not that's the But some So capital a I for demand to be getting time. again, going guaranteed away. north of of a from standpoint. tax to there deferred, That's would going for priority that's rate say going X% be quite

Mark Hughes

ROA, detail. When some think about Okay. good we the gave you

you talked a the from Is the sequential expect progress about Or the about from more expansion think XXX XXX little what moderate think should the base? here. the ROA the be to base we quarter? I [ of is ]?

Christopher Blunt

XXX, XX think I Yes. XXX we quarter-to-quarter, the have to gotten but ]. or [ going I award like because we're I months, ]. last Again, XXX always the give Wendy base would last was noise No, is of year but some the have think lot which quarter, don't you [ think a year of guidance, said guidance last think about

not can. XX could. be just saying I to grow not year, we we from going So yes, able wish points it we we're basis to ROA add can't saying every We're we're here, to

We're our I AUM going ]. we was to -- to to And from said, we're [ XXX already. think ROA XXX XX%. Investor And I go presentation back "Hey, by obviously, grow base we're to increase at going XXX toXXX the Day where

So we've step had jump a nice sort of function up.

all is our feel we're to still over we from trying target. Day about year only mind, process. little in grow we into getting keep yes, that good we're a a Investor can to there, it So say And

all about really the good measures. So feeling we're

XX%. up take we finish said to to we'd it out, to XX% Just ROE

And this I think quarter. were we

Day. well So we're making obviously, And there. up progress since great gone as Investor the multiple has

over would back going we're for. And shooting I public just is So That really that. that to feeling I keep good. it, we're year our a a into plan say, little

Mark Hughes

internal, million. On is to $XX EBITDA for of from the million to that XXXX, M&A is growth from I that there said think the much XXXX progression $XX organic? you How Trying the would $XX whether in influence the own million $XX outlook million? interim in distribution, recall up that any in

Christopher Blunt

I think, going, mean, we're investor. known just the the stake not people, businesses from is is was was in of I cases. XXX% years for But well. there a are tuned We've good and we year partnered to some financial ownership full FEG a just some really these advantage with whatever bulk the XX it of of of Yes, this these our -- folks initial of personally lot there. effect

management you're be this trying a really to underwrite to consolidation. they are going of winner quality So overall strategy or their is in teams,

the business primarily feel and about as doing annuities. that and And fixed they're with is that you know, for backdrop we we've or IUL now partnered who right is is FIAs Obviously, either selling And right just great. awesome us focus business just now, humming helps. their

for us, continuing. I progress in to going anything derail there, any feel just we that couldn't and don't the So near see that that's about term. see we the better

Mark Hughes

growth? came about partnerships, How market on we FIA pretty expanded distribution, And how much lot How down more taking strong, share And we market, of could -- that competition a I think that magnitude strong. to new growth characterize in if squeeze I you in know, up sales of growth new had don't is would there. X the would that I you should of think market break from, XX% players? pretty how is if

Christopher Blunt

Yes.

is I One things product into its happening here. category think is the there's X coming just own.

last were up the I of north think comfortably We XX%. up that. industry So year was

of see again, tide baby that product. shelves out income-oriented I trends just the chassis talking time the different of more market, volatility lot is that's the the version for think now FIA, have about flying a everybody meet of to every rising are it's obvious. sort of a an embracing people and needs. figuring boomers, in So One the of just we keep is the that all can aging and version it's people you a off nice right But great product

You've got boomers a looking lock lot to assets guaranteed of in lifetime with income.

trends good. macro the are really So

And all On getting that, then, it. yes, channels. of of hit our growth you in we're top

grow. agent core channel Our to continues

focus really to lately Our bank our do broker-dealer into way the big been market. is And well. channel inching we've continues now the

you cross-sell if MYGA natural partners. partner you the that I would guess, I you and a bulk get sell of is adding add if your distribution the less So FIA. growth then there, out say about name It's you of lag

just And if you I seeing wave, so the of continuation that we're think will.

Operator

is from Carmichael follow-up Research. with question next Wes Autonomous a Our

Wesley Carmichael

back at you've pretty think year-over-year. come decline, talked about was if quarter. pretty moved resilient in for MYGA interest But bit lower. even an industry-wide annuities phenomenon And being a it a to second. sales want little I rates sales for just a in I significant of to least past, was the it But I industry think Chris, the

my wondering obviously there's out, any I you thinking that. your change of So just there's some attached in but most know flowed if economics to there?

Christopher Blunt

volatility. Yes. Again, chalk it up quarter-over-quarter I to

I really that seeing -- MYGA. again, factors in into So I don't we're go a this, just so many we're slowdown including like And there's no think great different.

boy, We here FIA rather sit aren't would we'd and that only sell an ones go, the and MYGA.

everybody think that I feels way.

I'm a that's a So sure bit of factor.

people on of be are And lots as is you levels always you're then, different when trying capital get there. label and cautious quarter, always tonning in factor. fronts, it the just yes, a I think volatility well Rate the on when to fourth into get

I -- we if it I yes, sales sales, were -- industry flat. and and think, at if for at X%, still So don't look look I down MYGA you were, back year, I the don't again, up

-- -- for but MYGA. we're secular still not giant to demand in decline of camp I'm some yes, big going don't the that So I see

Wesley Carmichael

lot for charges boring And in asset of then capital is going reinsurance, securities the as you. testing the there's at a and too. it of part on I when probably the changes Got do then changes for you in some project. seems regulatory maybe world transition, the BMA to I the terms And NAIC think at think like mentioned with structured the it of had adequacy

can on touch you perspective a most the horizon just on, maybe from regulatory So the what's broad on front? and important

Christopher Blunt

Yes.

I complex. think as and activity, -- I regulators a said, of lot feel the market because for it's you is there's

to I Iowa worried doing. of terms entities. people which how transparency about are offshore same in own thing, terms think the we in our everything up there sufficient everyone's We use of is report what

We And can't to what are we're so players what only again, we attest can other to doing. attest doing.

think there's activity I involved. domestic yes, Cayman, in in So activity there's Bermuda, regulators

that business just big bigger, big say responsibility the home but to, So of transparent regularly regulator. all a driver, are communicating importantly, the is your big complex, most you comes with with opportunity, more was I back with regulators, doing, wouldn't that is you're it you're business but there's it's the being what domestic

me, to again, So for it focus. begged just

Operator

Thank attending question-and-answer our for call has conclude been the will you session. This conference today's presentation, and concluded.

You may now disconnect.

F&G Annuities & Life (FG) 21 Feb 252024 Q4 Earnings call transcript