F&G Annuities Q3 adjusted earnings fall
FG•F&G Annuities’ Q3 adjusted EPS fell year over year, while adjusted net income declined to $96 million. Assets under management before reinsurance rose 7% to a record $76.2 billion.
1. Earnings and assets
F&G Annuities reported Q3 adjusted EPS of $0.74, down year over year, and adjusted net income of $96 million. Assets under management before reinsurance increased 7% year over year to a record $76.2 billion.
2. Sales and investment returns
The company said record core retail sales of indexed annuities and indexed universal life drove AUM growth. Lower opportunistic sales reflected its de-emphasis of multiyear guaranteed annuities due to lower returns, while alternative investment income was below long-term expectations and weighed on adjusted earnings.
3. Shareholder returns and outlook
F&G returned $37 million to shareholders through dividends and share repurchases in Q3. It expects to scale its business through its core retail franchise and diversified distribution platform, and aims to increase its fee-based, higher-margin, less capital-intensive business mix.
