F&G Annuities & Life’s Q3 Earnings Call: Our Top 5 Analyst Questions

F&G Annuities & Life delivered a strong Q3, with management highlighting robust sales momentum and record assets under management as primary drivers for the positive results. CEO Christopher Blunt attributed the outperformance to “one of our best sales quarters in history, the launch of our new reinsurance sidecar, and strong performance across the business.” The company’s focus on balancing spread-based earnings with the expansion of fee-based, higher-margin products contributed to both sales and margin growth. Management also credited disciplined capital allocation and operating expense control as significant contributors to the quarter’s performance.

Is now the time to buy FG? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From F&G Annuities & Life’s Q3 Earnings Call

• Wesley Carmichael (Autonomous Research) asked about capital allocation priorities given recent equity raises and the new sidecar. CEO Christopher Blunt indicated growing the fixed index annuity business and expanding own distribution are top priorities, with buybacks being a low priority.
• Wesley Carmichael (Autonomous Research) inquired about variable investment income run rates. CFO Conor Murphy explained variable investment income was higher this quarter but should normalize to high single digits, acknowledging quarter-to-quarter fluctuations.
• Joel Hurwitz (Dowling & Partners) requested detail on alternative asset performance and targeted returns. Murphy noted limited partnership (LP) investments underperformed the long-term target but whole loan and direct lending segments performed as expected, with LP targets slightly above the 10% average.
• Mark Hughes (Truist Securities) sought clarity on the company’s competitive stance in the RILA space and own distribution EBITDA. Blunt said RILA is a growing but small contributor, and own distribution EBITDA remains solid despite some monthly fluctuations.
• Alex Scott (Barclays) questioned the impact of competition and hedging on earnings. Management responded that competition for asset origination is increasing, but the business remains well positioned, and hedging had no material impact this quarter.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) the pace of adoption and profitability in F&G’s fee-based and reinsured product lines, (2) continued improvements in operating expense ratios as a sign of sustainable margin expansion, and (3) further growth in the company’s own distribution portfolio and penetration into the underserved middle-market life segment. Institutional investor interest following the increased public float will also be a key area to watch.

F&G Annuities & Life currently trades at $33.14, up from $29.88 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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