F&G Annuities & Life Inc 2024年度报告

Forward-Looking Statements This annual report contains forward-looking statements that are subject to known and unknown risks anduncertainties, many of which are beyond our control. Some of the forward-looking statements can beidentified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”,“estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, includingstatements regarding our expectations, hopes, intentions or strategies regarding the future are forward-lookingstatements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by,and information currently available to, management. Because such statements are based on expectations asto future financial and operating results and are not statements of fact, actual results may differ materially fromthose projected. We undertake no obligation to update any forward-looking statements, whether as a result ofnew information, future events or otherwise. The risks and uncertainties which forward-looking statements aresubject to include, but are not limited to: general economic conditions and other factors, including prevailinginterest and unemployment rate levels and stock and credit market performance; natural disasters, publichealth crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, politicalcrisis, accidents and other events; concentration in certain states for distribution of our products; the impactof interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties;changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferredsales inducements and value of business acquired balances; regulatory changes or actions, including thoserelating to regulation of financial services affecting (among other things) underwriting of insurance productsand regulation of the sale, underwriting and pricing of products and minimum capitalization and statutoryreserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cashdistributions to us; and other factors discussed in “Risk Factors” and other sections of this annual report andother filings with the Securities and Exchange Commission (SEC). William P. Foley, IIExecutive Chairman Christopher O. BluntChief Executive Officer Dear Fellow Shareholders: I am very pleased that we have delivered record results once again in 2024, highlighted by record sales andassets under management. Our success is a testament to the hard work and dedication of our employees – ittruly would not be possible without them. I would also like to thank our parent company Fidelity National Financial, Inc. (FNF) and the F&G Board ofDirectors for their support. I am very pleased to say that we have significantly exceeded all of the financialguidance that the FNF management team outlined at the time of the acquisition in June of 2020. Fast forward over four years since the merger, and we have continued to successfully execute on ourdiversified growth strategy. This proven track record and our strong balance sheet have been recognized byratings upgrades in 2024, including A.M. Best’s upgrade of our financial strength rating to ‘A’, (Excellent) andMoody’s upgrade of our long-term issuer rating. Well positioned for secular tailwinds F&G is a market leader and in an enviable position as we serve large and growing markets that are alsobenefiting from favorable market conditions and attractive secular tailwinds that are expected to continue. First, we serve a growing retirement population, with more than 10,000 Americans turning 65 years old everyday and a projected 30% increase over the next 25 years in people aged 65 to 100 years old. This is fuelingstrong demand for our fixed annuity products as people plan for a retirement that could last more than 30years. We are also seeing robust growth in our middle market life insurance business, where consumers areseeking solutions for both protection and retirement needs. Additionally, both retirees and advisors are turning to fixed annuities as a bond alternative in the traditionalbalanced portfolio. In light of today’s market volatility, it is not hard to see where the guaranteed tax deferredgrowth and principal protection that our products offer is attractive. Finally, we are seeing that U.S. consumers are holding more than $4 trillion in retail money market fund assets.As money market rates continue to decline, we would expect that these consumers will look to lock in therelatively higher interest rates through attractive solutions like fixed annuities. As demonstrated in 2024, we are well positioned to benefit from these secular trends and deliver long termgrowth through our multi-channel sales platform. Delivered record results in 2024 2024 was an exceptionally strong year, as we achieved record sale