On this page of StockholderLetter.com we present the latest annual shareholder letter from F&G Annuities & Life, Inc. — ticker symbol FG. Reading current and past FG letters to shareholders can bring important insights into the investment thesis.
ANNUAL
REPORT
F&G Annuities & Life, Inc. | 3
2 | F&G Annuities & Life, Inc.
2023 ANNUAL REPORT
Forward-Looking Statements
This annual report contains forward-looking statements that are subject to known and unknown risks and
uncertainties, many of which are beyond our control. Some of the forward-looking statements can be
identified by the use of terms such as    believes   ,    expects   ,    may   ,    will   ,    could   ,    seeks   ,    intends   ,    plans   ,
   estimates   ,    anticipates    or other comparable terms. Statements that are not historical facts, including
statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking
statements. Forward-looking statements are based on management   s beliefs, as well as assumptions made by,
and information currently available to, management. Because such statements are based on expectations as
to future financial and operating results and are not statements of fact, actual results may differ materially from
those projected. We undertake no obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise. The risks and uncertainties which forward-looking statements are
subject to include, but are not limited to: general economic conditions and other factors, including prevailing
interest and unemployment rate levels and stock and credit market performance; natural disasters, public
health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political
crisis, accidents and other events; concentration in certain states for distribution of our products; the impact
of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties;
changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred
sales inducements and value of business acquired balances; regulatory changes or actions, including those
relating to regulation of financial services affecting (among other things) underwriting of insurance products
and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory
reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash
distributions to us; and other factors discussed in    Risk Factors    and other sections of this annual report and
other filings with the Securities and Exchange Commission (SEC).
2023 ANNUAL REPORT
F&G Annuities & Life, Inc. | 3
William P. Foley, II
Executive Chairman
Christopher O. Blunt
President & Chief Executive Officer
Dear Fellow Shareholders:
2023 was a year of significant milestones for F&G, as we marked our first year as a public company. Since
F&G began trading on the New York Stock Exchange in December of 2022, we have delivered strong financial
results and returned $119 million to our shareholders through common dividends and share repurchases.
I am incredibly proud of our employees for their hard work and achievements over the last year. I am also
grateful for our many partners and customers whose feedback resulted in F&G being ranked #1 for highest
customer satisfaction among annuity providers in the U.S. by J.D. Power. Importantly, I would also like to thank
our parent company Fidelity National Financial, Inc. (FNF) and William P. Foley, II, Chairman of the Board of
F&G, for their support.
Well positioned for sustainable asset growth and core margin expansion
F&G is a nationwide leader within our large and growing markets. We have long-standing relationships with
multiple distribution channels, an investment edge through our strategic partnership with Blackstone, a clean
and profitable inforce book and a strong culture, which has allowed us to recruit and develop top talent.
We have plenty of momentum to continue to deliver sustainable asset growth from our retail and pension risk
transfer growth strategies and are focused on driving ongoing margin expansion from enhanced investment
margin opportunities, operational scale benefits and fee-based earnings from accretive flow reinsurance. Our
business is well positioned to perform across market cycles, as we once again demonstrated in 2023.
Proven track record extended in 2023
During 2023, we successfully executed on our strategic priorities. F&G reported record gross sales of
$13.2 billion in 2023, driven by robust retail channel and institutional market sales. We deployed capital to the
highest returning retained business, with record net sales of $9.2 billion in 2023.
Record assets under management were $49.5 billion at December 31, 2023 and assets under management
before flow reinsurance were $56.3 billion, adjusting for the approximately $7 billion of cumulative new
business ceded utilizing accretive flow reinsurance.
Our investment portfolio is high quality, with 95% of fixed maturities being investment grade, and well
matched to our clean and stable liability profile. During 2023, we enhanced the investment portfolio returns,
while improving the credit quality of our portfolio and continuing to de-risk in light of market dislocations and
ongoing macro environment uncertainty. Credit related impairments remain low, averaging 5 basis points
over the past three years, which is well below our pricing assumption. Given the potential for an economic
slowdown and lower interest rates in the years ahead, we took some downside risk off the table by hedging
approximately $5 billion of our $10 billion floating rate asset portfolio in 2023, locking in about 190 basis points
of incremental yield beyond what was originally priced.
4 | F&G Annuities & Life, Inc.
2023 ANNUAL REPORT
Our adjusted return on assets, excluding significant items, remains above our target of 110 basis points.
F&G continues to fund its growth through strong inforce capital generation, reinsurance and debt capacity.
Additionally, FNF invested $250 million in F&G in exchange for a mandatory convertible preferred stock
investment in January of 2024, which will allow us to further grow our retained assets under management
given the compelling market opportunity that exists.
Our commitment to strong ratings and achieving ratings upgrades over time was recognized through
two recent financial strength rating upgrades, to    A    (Excellent) by A.M. Best and    A3    by Moody   s. These
upgrades provide third party recognition of our progress, support further organic growth and give us greater
strategic flexibility.
Compelling opportunity ahead
We have real momentum across our platform that will enable us to deliver sustainable asset growth, ongoing
margin expansion and improved returns, as well as enhanced earnings power as we strive to build upon this
past year   s many successes.
The recent launch of our registered index-linked annuity (RILA) product in February of 2024 will be a nice
tailwind to our sales growth as we enter a large and fast-growing market. We believe our product offering is
differentiated in the market and will uniquely meet customers    needs as it gains traction over time.
We are also striving to diversify our earnings given the strong growth of our middle market life insurance
business and owned distribution strategies. F&G is uniquely positioned to be a capital provider to key
distribution partners. In January of 2024, F&G closed its fifth owned distribution transaction, bringing our
cumulative deployed capital above $500 million. Our ownership stakes create a higher margin earnings stream
at a lower cost of capital, which we expect will be accretive to our returns over time.
To conclude, I am very proud of our accomplishments this past year and excited with the many opportunities
that we have in front of us. I remain confident that F&G will continue to generate shareholder value through the
execution of our strategic priorities. The future remains very bright, and I would like to thank our shareholders
for their continued support.
Christopher Blunt
Chief Executive O   cer
2023 ANNUAL REPORT
F&G Annuities & Life, Inc. | 5
 • shareholder letter icon 6/6/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/2/2023 FG Stockholder Letter
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FG Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
F&G Annuities & Life, Inc. | 3

2 | F&G Annuities & Life, Inc.
2023 ANNUAL REPORT

Forward-Looking Statements
This annual report contains forward-looking statements that are subject to known and unknown risks and
uncertainties, many of which are beyond our control. Some of the forward-looking statements can be
identified by the use of terms such as    believes   ,    expects   ,    may   ,    will   ,    could   ,    seeks   ,    intends   ,    plans   ,
   estimates   ,    anticipates    or other comparable terms. Statements that are not historical facts, including
statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking
statements. Forward-looking statements are based on management   s beliefs, as well as assumptions made by,
and information currently available to, management. Because such statements are based on expectations as
to future financial and operating results and are not statements of fact, actual results may differ materially from
those projected. We undertake no obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise. The risks and uncertainties which forward-looking statements are
subject to include, but are not limited to: general economic conditions and other factors, including prevailing
interest and unemployment rate levels and stock and credit market performance; natural disasters, public
health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political
crisis, accidents and other events; concentration in certain states for distribution of our products; the impact
of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties;
changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred
sales inducements and value of business acquired balances; regulatory changes or actions, including those
relating to regulation of financial services affecting (among other things) underwriting of insurance products
and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory
reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash
distributions to us; and other factors discussed in    Risk Factors    and other sections of this annual report and
other filings with the Securities and Exchange Commission (SEC).
2023 ANNUAL REPORT
F&G Annuities & Life, Inc. | 3

William P. Foley, II
Executive Chairman
Christopher O. Blunt
President & Chief Executive Officer
Dear Fellow Shareholders:
2023 was a year of significant milestones for F&G, as we marked our first year as a public company. Since
F&G began trading on the New York Stock Exchange in December of 2022, we have delivered strong financial
results and returned $119 million to our shareholders through common dividends and share repurchases.
I am incredibly proud of our employees for their hard work and achievements over the last year. I am also
grateful for our many partners and customers whose feedback resulted in F&G being ranked #1 for highest
customer satisfaction among annuity providers in the U.S. by J.D. Power. Importantly, I would also like to thank
our parent company Fidelity National Financial, Inc. (FNF) and William P. Foley, II, Chairman of the Board of
F&G, for their support.
Well positioned for sustainable asset growth and core margin expansion
F&G is a nationwide leader within our large and growing markets. We have long-standing relationships with
multiple distribution channels, an investment edge through our strategic partnership with Blackstone, a clean
and profitable inforce book and a strong culture, which has allowed us to recruit and develop top talent.
We have plenty of momentum to continue to deliver sustainable asset growth from our retail and pension risk
transfer growth strategies and are focused on driving ongoing margin expansion from enhanced investment
margin opportunities, operational scale benefits and fee-based earnings from accretive flow reinsurance. Our
business is well positioned to perform across market cycles, as we once again demonstrated in 2023.
Proven track record extended in 2023
During 2023, we successfully executed on our strategic priorities. F&G reported record gross sales of
$13.2 billion in 2023, driven by robust retail channel and institutional market sales. We deployed capital to the
highest returning retained business, with record net sales of $9.2 billion in 2023.
Record assets under management were $49.5 billion at December 31, 2023 and assets under management
before flow reinsurance were $56.3 billion, adjusting for the approximately $7 billion of cumulative new
business ceded utilizing accretive flow reinsurance.
Our investment portfolio is high quality, with 95% of fixed maturities being investment grade, and well
matched to our clean and stable liability profile. During 2023, we enhanced the investment portfolio returns,
while improving the credit quality of our portfolio and continuing to de-risk in light of market dislocations and
ongoing macro environment uncertainty. Credit related impairments remain low, averaging 5 basis points
over the past three years, which is well below our pricing assumption. Given the potential for an economic
slowdown and lower interest rates in the years ahead, we took some downside risk off the table by hedging
approximately $5 billion of our $10 billion floating rate asset portfolio in 2023, locking in about 190 basis points
of incremental yield beyond what was originally priced.
4 | F&G Annuities & Life, Inc.
2023 ANNUAL REPORT

Our adjusted return on assets, excluding significant items, remains above our target of 110 basis points.
F&G continues to fund its growth through strong inforce capital generation, reinsurance and debt capacity.
Additionally, FNF invested $250 million in F&G in exchange for a mandatory convertible preferred stock
investment in January of 2024, which will allow us to further grow our retained assets under management
given the compelling market opportunity that exists.
Our commitment to strong ratings and achieving ratings upgrades over time was recognized through
two recent financial strength rating upgrades, to    A    (Excellent) by A.M. Best and    A3    by Moody   s. These
upgrades provide third party recognition of our progress, support further organic growth and give us greater
strategic flexibility.
Compelling opportunity ahead
We have real momentum across our platform that will enable us to deliver sustainable asset growth, ongoing
margin expansion and improved returns, as well as enhanced earnings power as we strive to build upon this
past year   s many successes.
The recent launch of our registered index-linked annuity (RILA) product in February of 2024 will be a nice
tailwind to our sales growth as we enter a large and fast-growing market. We believe our product offering is
differentiated in the market and will uniquely meet customers    needs as it gains traction over time.
We are also striving to diversify our earnings given the strong growth of our middle market life insurance
business and owned distribution strategies. F&G is uniquely positioned to be a capital provider to key
distribution partners. In January of 2024, F&G closed its fifth owned distribution transaction, bringing our
cumulative deployed capital above $500 million. Our ownership stakes create a higher margin earnings stream
at a lower cost of capital, which we expect will be accretive to our returns over time.
To conclude, I am very proud of our accomplishments this past year and excited with the many opportunities
that we have in front of us. I remain confident that F&G will continue to generate shareholder value through the
execution of our strategic priorities. The future remains very bright, and I would like to thank our shareholders
for their continued support.
Christopher Blunt
Chief Executive O   cer
2023 ANNUAL REPORT
F&G Annuities & Life, Inc. | 5



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