FG Annuities Life Inc
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
FG$25.00-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule II—Financial Information of Registrant
Schedule II
SUPPLEMENTAL CONDENSED BALANCE SHEETS
| (In millions) | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Investments in consolidated subsidiaries | $5,545 | $4,236 |
| Fixed maturity securities, available for sale | — | 54 |
| Mortgage loans, net of allowance for credit losses of $3 and $0 at December 31, 2024 and 2023, respectively | 84 | — |
| Cash and cash equivalents | 202 | 12 |
| Prepaid expenses and other assets | 11 | 3 |
| Income taxes receivable | 22 | 13 |
| Total assets | $5,864 | $4,318 |
| Liabilities and Equity | ||
| Accounts payable and other liabilities | $37 | $20 |
| Intercompany payables | 6 | 1 |
| Notes payable | 1,870 | 1,194 |
| Total liabilities | 1,913 | 1,215 |
| Equity: | ||
| Preferred stock $0.001 par value; authorized 25,000,000 shares as of December 31, 2024 and 2023; outstanding and issued 5,000,000 and 0 shares as of December 31, 2024 and 2023, respectively | — | — |
| F&G common stock, $0.001 par value; authorized 500,000,000 shares as of December 31, 2024 and 2023; outstanding of 126,792,844 and 126,332,142 as of December 31, 2024 and 2023, respectively, and issued of 127,952,143 and 127,234,902 as of December 31, 2024 and 2023, respectively | — | — |
| Additional paid-in-capital | 3,464 | 3,185 |
| Retained earnings | 2,440 | 1,926 |
| Accumulated other comprehensive income (loss) | (1,923) | (1,990) |
| Treasury stock, at cost (1,159,299 shares and 902,760 shares as of December 31, 2024 and2023, respectively) | (30) | (18) |
| Total equity | 3,951 | 3,103 |
| Total liabilities and equity | $5,864 | $4,318 |
Schedule II (continued)
SUPPLEMENTAL CONDENSED INCOME STATEMENTS
| (In millions) | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenues: | |||
| Life insurance premiums and other fees | $2 | $3 | $— |
| Interest and investment income | 18 | 16 | 3 |
| Total revenues | 20 | 19 | 3 |
| Expenses: | |||
| Other operating expenses | 7 | 5 | — |
| Interest expense | 118 | 75 | 7 |
| Total expenses | 125 | 80 | 7 |
| Earnings (loss) before income tax expense and equity in earnings of subsidiaries | (105) | (61) | (4) |
| Income tax benefit | (21) | (13) | (24) |
| Earnings (loss) before equity in earnings of subsidiaries | (84) | (48) | 20 |
| Equity in earnings (loss) of subsidiaries | 723 | (10) | 615 |
| Net earnings (loss) | 639 | (58) | 635 |
| Less: Preferred stock dividend | 17 | — | — |
| Net earnings (loss) attributable to F&G common shareholders | $622 | $(58) | $635 |
Schedule II (continued)
SUPPLEMENTAL CONDENSED CASH FLOW STATEMENTS
| (In millions) | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash Flows from Operating Activities: | |||
| Net earnings (loss) | $639 | $(58) | $635 |
| Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | |||
| Equity in (earnings) loss of subsidiaries | (723) | 10 | (615) |
| Loss on sales of investments | 2 | — | 1 |
| Stock-based compensation cost | 29 | 23 | 12 |
| Net change in income taxes | (9) | 47 | (25) |
| Net change in other assets and other liabilities | (65) | (28) | (9) |
| Net cash used in operating activities | (127) | (6) | (1) |
| Cash Flows from Investing Activities: | |||
| Proceeds from sales, calls and maturities of investments | 28 | 2 | 4 |
| Net cash provided by investing activities | 28 | 2 | 4 |
| Cash Flows from Financing Activities: | |||
| Borrowings | 1,050 | 845 | 550 |
| Debt issuance costs | (20) | (12) | (4) |
| Capital contributions | (493) | (589) | (500) |
| Net revolving credit facility (repayments) borrowings | (365) | (185) | — |
| Dividends paid | (121) | (77) | — |
| Purchases of treasury stock | (12) | (18) | — |
| Issuance of preferred stock | 250 | — | — |
| Net cash provided by (used in) financing activities | 289 | (36) | 46 |
| Net increase (decrease) in cash and cash equivalents | 190 | (40) | 49 |
| Cash and cash equivalents at beginning of period | 12 | 52 | 3 |
| Cash and cash equivalents at end of period | $202 | $12 | $52 |
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