FG Annuities Life Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in millions, except per share data)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (Unaudited) · (Unaudited) | ||||
| Revenues: | ||||
| Life insurance premiums and other fees | $487 | $576 | $1,205 | $941 |
| Interest and investment income | 684 | 525 | 1,300 | 1,044 |
| Owned distribution revenues | 18 | — | 41 | — |
| Recognized gains and (losses), net | (17) | 67 | 195 | 52 |
| Total revenues | 1,172 | 1,168 | 2,741 | 2,037 |
| Benefits and expenses: | ||||
| Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) | 608 | 817 | 1,769 | 1,629 |
| Market risk benefit (gains) losses | 20 | (30) | 9 | 29 |
| Depreciation and amortization | 147 | 104 | 270 | 194 |
| Personnel costs | 69 | 56 | 135 | 109 |
| Other operating expenses | 46 | 33 | 104 | 69 |
| Interest expense | 28 | 25 | 58 | 47 |
| Total benefits and expenses | 918 | 1,005 | 2,345 | 2,077 |
| Earnings (loss) before income taxes | 254 | 163 | 396 | (40) |
| Income tax expense | 50 | 33 | 76 | 25 |
| Net earnings (loss) | 204 | 130 | 320 | (65) |
| Less: Noncontrolling interests | 1 | — | 2 | — |
| Net earnings (loss) attributable to F&G | 203 | 130 | 318 | (65) |
| Less: Preferred stock dividend | 5 | — | 9 | — |
| Net earnings (loss) attributable to F&G common shareholders | $198 | $130 | $309 | $(65) |
| Earnings per share | ||||
| Basic | ||||
| Net earnings (loss) per share attributable to F&G common shareholders, basic | $1.60 | $1.04 | $2.49 | $(0.52) |
| Diluted | ||||
| Net earnings (loss) per share attributable to F&G common shareholders, diluted | $1.55 | $1.04 | $2.45 | $(0.52) |
| Weighted average shares outstanding F&G common stock, basic basis | 124 | 125 | 124 | 125 |
| Weighted average shares outstanding F&G common stock, diluted basis | 131 | 125 | 130 | 125 |
(a)The remeasurement gains (losses) for the three and six months ended June 30, 2024 were $4 million and $11 million, respectively. The remeasurement gains (losses) for the three and six months ended June 30, 2023 were $(1) million and $(5) million, respectively.
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