5 Revealing Analyst Questions From F&G Annuities & Life’s Q2 Earnings Call

F&G Annuities & Life delivered a strong performance in Q2, which was met with a significant positive reaction from the market. Management attributed the quarter’s results to robust core product sales, especially in fixed index annuities and indexed universal life, as well as disciplined expense management. CEO Chris Blunt emphasized the importance of a surging retail channel, noting, “We delivered one of our best sales quarters in history,” and highlighted the company’s success in capturing demand driven by favorable demographics and macroeconomic trends.

Is now the time to buy FG? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From F&G Annuities & Life’s Q2 Earnings Call

• John Barnidge (Piper Sandler) asked about the scale and expected capacity of the Blackstone sidecar. CEO Chris Blunt explained the sidecar should support multiple billions in incremental assets and is “highly accretive to earnings.”
• Barnidge (Piper Sandler) further questioned capital allocation priorities given resumed dividends and owned distribution investments. Blunt emphasized disciplined capital allocation, highlighting free cash flow benefits and a continued focus on owned distribution and reinsurance.
• Mark Hughes (Truist Securities) inquired about MYGA sales volatility and the impact on product mix. Blunt responded that MYGA sales are managed opportunistically each month, with indexed annuities now a preferred use of capital due to the sidecar.
• Hughes (Truist Securities) also asked about the growth and role of RILA (Registered Index-Linked Annuities). CFO Conor Murphy said RILA is growing but remains small compared to indexed annuities, though it's a key element for future expansion.
• Anling Chen (Barclays) questioned if the company is taking actions on crediting rates and how this impacts future spreads. Blunt noted that crediting rates are regularly reviewed and managed to maintain consistent spreads without being overly aggressive.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will closely watch (1) the pace and impact of the Blackstone reinsurance sidecar on shifting sales toward indexed annuities, (2) management’s ability to maintain and improve operating expense ratios as scale increases, and (3) the continued success of the retail channel in driving growth across core products. Shifts in product mix and capital allocation flexibility will be key indicators of sustainable fee-based earnings growth.

F&G Annuities & Life currently trades at $35.50, up from $33.15 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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