FG Annuities Life Inc

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

FG$25.55+9.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Signatures

Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		F&G Annuities & Life, Inc. (Registrant)
Date:	February 29, 2024	By:	/s/ Wendy J.B. Young
			Chief Financial Officer
			(on behalf of the Registrant and as Principal Financial Officer)

POWERS OF ATTORNEY

KNOW ALL BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Christopher O. Blunt and Wendy J.B. Young, and each of them, acting individually, as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated

William P. Foley, II
Signature	Title	Date
/s/ Christopher O. Blunt	Director, President and Chief Executive Officer	February 29, 2024
Christopher O. Blunt	(Principal Executive Officer)
/s/ Wendy J.B. Young	Chief Financial Officer	February 29, 2024
Wendy JB Young	(Principal Financial and Accounting Officer)
/s/ William P. Foley, II	Director and Executive Chairman of the Board	February 29, 2024
/s/ Douglas K. Ammerman	Director	February 29, 2024
Douglas K. Ammerman
/s/ Celina J. Wang Doka	Director	February 29, 2024
Celina Wang Doka
/s/ Douglas Martinez	Director	February 29, 2024
Douglas Martinez
/s/ Michael J. Nolan	Director	February 29, 2024
Michael J. Nolan
/s/ Raymond R. Quirk	Director	February 29, 2024
Raymond R. Quirk
/s/ John D. Rood	Director	February 29, 2024
John D. Rood

Schedule I

SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

(In millions)	Amortized Cost	Fair Value	Amount Shown on Consolidated Balance Sheet
Fixed maturity securities, available for sale:
United States Government full faith and credit	$258	$261	$261
United States Government sponsored entities	34	31	31
United States municipalities, states and territories	1,776	1,567	1,567
Foreign Governments	263	226	226
Corporate securities:
Finance, insurance and real estate	7,526	6,895	6,895
Manufacturing, construction and mining	1,077	947	947
Utilities, energy and related sectors	2,825	2,374	2,374
Wholesale/retail trade	2,799	2,433	2,433
Services, media and other	4,553	3,930	3,930
Hybrid securities	668	618	618
Non-agency residential mortgage-backed securities	2,467	2,393	2,393
Commercial mortgage-backed securities	4,732	4,410	4,410
Asset-backed securities	9,273	8,929	8,929
CLO securities	5,350	5,405	5,405
Total fixed maturity securities, available for sale	$43,601	$40,419	$40,419
Equity securities	682	606	606
Limited partnerships:
Private equity	1,277	1,277	1,277
Real assets	465	463	463
Credit	1,039	1,039	1,039
Limited partnerships	2,781	2,779	2,779
Commercial mortgage loans	2,538	2,253	2,538
Residential mortgage loans	2,798	2,545	2,798
Other (primarily derivatives and company owned life insurance)	1,621	1,697	1,697
Short term investments	1,452	1,452	1,452
Total investments	$55,473	$51,751	$52,289

See Report of Independent Registered Public Accounting Firm

Schedule II

SUPPLEMENTAL CONDENSED BALANCE SHEET

(In millions)	December 31, 2023	December 31, 2022
Assets
Investments in consolidated subsidiaries	$4,236	$2,806
Fixed maturity securities, available for sale	54	54
Cash and cash equivalents	12	52
Prepaid expenses and other assets	3	6
Income taxes receivable	13	60
Total assets	$4,318	$2,978
Liabilities and Equity
Accounts payable and other liabilities	20	24
Intercompany payables	1	3
Notes payable	1,194	546
Total liabilities	$1,215	$573
Equity:
F&G common stock, $0.001 par value; authorized 500,000,000 shares as of December 31, 2023 and 2022; outstanding of 126,332,142 and 126,409,904 as of December 31, 2023 and 2022, respectively, and issued of 127,234,902 and 126,409,904 as of December 31, 2023 and 2022, respectively	—	—
Additional paid-in-capital	3,185	3,162
Retained earnings	1,926	2,061
Accumulated other comprehensive earnings (loss)	(1,990)	(2,818)
Treasury stock, at cost (902,760 shares and 7,762 shares as of December 31, 2023 and2022, respectively)	(18)	—
Total equity	3,103	2,405
Total liabilities and equity	$4,318	$2,978

Schedule II (continued)

SUPPLEMENTAL CONDENSED INCOME STATEMENT

(In millions)	Year ended December 31,
	2023	2022	2021
Revenues:
Life insurance premiums and other fees	$3	$—	$—
Interest and investment income	16	3	—
Total revenues	19	3	—
Expenses:
Other operating expenses	5	—	—
Interest expense	75	7	3
Total expenses	80	7	3
Earnings (loss) before income tax expense and equity in earnings of subsidiaries	(61)	(4)	(3)
Income tax expense (benefit)	(13)	(24)	—
Earnings (loss) before equity in earnings of subsidiaries	(48)	20	(3)
Equity in earnings (loss) of subsidiaries	(10)	615	1,243
Net earnings (loss)	$(58)	$635	$1,240

Schedule II (continued)

SUPPLEMENTAL CONDENSED CASH FLOW STATEMENT

(In millions)	Year ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net earnings (loss)	$(58)	$635	$1,240
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Gain on sales of investments	—	1	—
Equity in earnings (loss) of subsidiaries	10	(615)	(1,243)
Net change in income taxes	47	(25)	—
Stock-based compensation	23	12	9
Net (increase) decrease in other assets and other liabilities	(28)	(9)	(3)
Net cash provided by (used in) operating activities	(6)	(1)	3
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	2	4	—
Net cash provided by (used in) investing activities	2	4	—
Cash flows from financing activities:
Borrowings	845	550	—
Debt issuance costs	(12)	(4)	—
Capital contributions	(589)	(500)	—
Purchases of treasury stock	(18)	—	—
Dividends paid	(77)	—	—
Net revolving credit facility repayments	(185)	—	—
Net cash provided by (used in) financing activities	(36)	46	—
Net change in cash and cash equivalents	(40)	49	3
Cash and cash equivalents at beginning of year	52	3	—
Cash and cash equivalents at end of year	$12	$52	$3

Schedule III

SUPPLEMENTARY INSURANCE INFORMATION

(In millions)	Year ended December 31,
	2023	2022	2021
Deferred acquisition costs	$2,215	$1,411	$784
Future policy benefits, losses, claims and loss expenses	7,050	5,021	4,918
Other policy claims and benefits payable	92	109	109
Life insurance premiums and other fees	2,413	1,704	1,407
Interest and investment income	2,211	1,655	1,852
Benefits, claims, losses and settlement expenses	(3,553)	(1,126)	(1,932)
Amortization of deferred policy acquisition costs	(191)	(99)	(46)
Other operating expenses, net of deferrals	(146)	(102)	(105)

Schedule IV

SUPPLEMENTAL REINSURANCE SCHEDULE

For the year ended December 31, 2023	Gross Amount	Ceded to other companies	Assumed from other companies	Net Amount	Percentage of amount assumed to net
Life insurance in force	$8,448	$(1,436)	$—	$7,012	—%
Premiums and other considerations:
Traditional life insurance premiums	148	(105)	—	43	—%
Life-contingent PRT premiums	1,964	—	—	1,964	—%
Annuity product charges and other fees	455	(49)	—	406	—%
Total premiums and other considerations	$2,567	$(154)	$—	$2,413	—%

For the year ended December 31, 2022	Gross Amount	Ceded to other companies	Assumed from other companies	Net Amount	Percentage of amount assumed to net
Life insurance in force	$6,296	$(1,524)	$—	$4,772	—%
Premiums and other considerations:
Traditional life insurance premiums	160	(128)	—	32	—%
Life-contingent PRT premiums	1,362	—	—	1,362	—%
Annuity product charges and other fees	360	(50)	—	310	—%
Total premiums and other considerations	$1,882	$(178)	$—	$1,704	—%

For the year ended December 31, 2021	Gross Amount	Ceded to other companies	Assumed from other companies	Net Amount	Percentage of amount assumed to net
Life insurance in force	$4,895	$(1,642)	$—	$3,253	—%
Premiums and other considerations:
Traditional life insurance premiums	168	(137)	—	31	—%
Life-contingent PRT premiums	1,146	—	—	1,146	—%
Annuity product charges and other fees	281	(51)	—	230	—%
Total premiums and other considerations	$1,595	$(188)	$—	$1,407	—%

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.