F&G Annuities Q2 adjusted EPS falls
F&G Annuities Q2 adjusted EPS falls
Overview
US annuities and life insurer's Q2 adjusted EPS fell yr/yr to $0.65
Assets under management before reinsurance rose 8% yr/yr to $74.7 bln
Company returned $128 mln to shareholders via dividends and share buybacks in Q2
Outlook
Company expects to grow assets under management and expand returns, citing favorable demographic trends
F&G sees opportunities to scale fee-based, higher margin and less capital intensive earnings streams
Company says it remains focused on disciplined capital allocation and navigating a dynamic market environment
Result Drivers
ALTERNATIVE INVESTMENT INCOME - Adjusted net earnings were reduced by investment income from alternative investments falling below management's long-term expected return
PRODUCT MARGIN AND FEES - Lower total product margin after the F&G Life Re (Bermuda) sale, reduced surrender charge fee income, and higher liability costs weighed on results
SALES MIX - Gross and net sales declined, with opportunistic sales dropping as the company prioritized pricing discipline and capital allocation
Company press release: ID:nPn2ntVgta
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted EPS |
| $0.65 | $0.78 (2 Analysts) |
Q2 Loss Per Share |
| $0.62 |
|
Q2 Adjusted Net Income |
| $85 mln | $107 mln (1 Analyst) |
Q2 Net Loss |
| $81 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the life & health insurance peer group is "buy."
Wall Street's median 12-month price target for F&G Annuities & Life Inc is $27.00, about 9% below its August 4 closing price of $29.67
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago
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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
Recent news on F&G Annuities & Life
See all newsF&G Annuities & Life Inc reports results for the quarter ended June 30 - Earnings Summary
F&G Annuities Q2 adjusted EPS falls
Brief: F&G Annuities & Life Q2 EPS USD -0.62
F&G Annuities & Life Inc expected to post earnings of 78 cents a share - Earnings Preview
F&G Annuities & Life Q1 AUM at record on retirement product demand