F&G Annuities & Life, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in total revenues, which reached $1,444 million, up from $851 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenues were $4,185 million, compared to $2,888 million for the same period in the previous year. This growth was primarily driven by a rise in interest and investment income, which increased to $712 million in Q3 2024 from $578 million in Q3 2023.
Despite the revenue growth, F&G reported a net loss of $(10) million for Q3 2024, a significant decline from net earnings of $306 million in Q3 2023. The net loss was attributed to total benefits and expenses that surged to $1,474 million, compared to $471 million in the prior year. The company’s net earnings attributable to common shareholders for the nine months ended September 30, 2024, were $299 million, an increase from $241 million in the same period of 2023.
F&G's total assets rose to $84,123 million as of September 30, 2024, up from $70,202 million at the end of 2023. Cash and cash equivalents also saw a significant increase, reaching $3,539 million compared to $1,563 million at the end of 2023. The company’s total liabilities increased to $79,648 million from $67,099 million, while shareholders' equity grew to $4,346 million from $3,103 million.
Strategically, F&G made notable acquisitions, including a 70% stake in Roar Joint Venture, LLC for approximately $269 million and a 100% ownership stake in PALH, LLC for about $314 million. These acquisitions are expected to enhance F&G's market position and product offerings. Additionally, the company amended its senior unsecured revolving credit agreement, extending the maturity date and increasing borrowing availability.
F&G's annuity sales also demonstrated strong performance, with total sales for Q3 2024 reaching $3,502 million, compared to $1,858 million in Q3 2023. The company’s focus on indexed annuities and pension risk transfer solutions continues to drive growth, despite a decrease in life insurance premiums and other fees.
Overall, F&G Annuities & Life, Inc. is navigating a complex financial landscape, marked by strategic acquisitions and significant revenue growth, while also facing challenges in profitability and rising expenses.
About F&G Annuities & Life, Inc.
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