F&G Annuities & Life Reports First Quarter 2025 Results
PR Newswire
DES MOINES, Iowa, May 7, 2025
DES MOINES, Iowa, May 7, 2025 /PRNewswire/ -- F&G Annuities & Life, Inc. $(FG)$ (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the first quarter ended March 31, 2025.
Net loss attributable to common shareholders (net loss) for the first quarter of $25 million, or $0.20 per diluted share (per share), compared to net earnings of $111 million, or $0.88 per share, for the first quarter of 2024. Net loss for the first quarter included $105 million of net unfavorable mark-to-market effects and $11 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net earnings for the first quarter of 2024 included $17 million of net favorable mark-to-market effects and $14 million of other unfavorable items; all of which are excluded from adjusted net earnings.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter of $91 million, or $0.72 per share, compared to $108 million, or $0.86 per share, for the first quarter of 2024. Adjusted net earnings include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations. Please see the "First Quarter 2025 Results" and "Non-GAAP Measures and Other Information" sections for further explanation.
First Quarter 2025 Summary
-- Record assets under management despite near-term pressures, driven by
continued strong indexed annuity sales: F&G achieved record assets under
management before flow reinsurance of $67.4 billion at the end of the
first quarter, an increase of 16% over the first quarter of 2024. This
included retained AUM of $54.5 billion. F&G's gross sales were $2.9
billion and net sales were $2.2 billion for the first quarter
-- Excellent credit performance in the investment portfolio: As we expected,
the investment portfolio is performing well, with 96% of fixed maturities
being investment grade. Our portfolio is conservatively positioned to
perform under various economic scenarios and well matched to our
liability profile. Credit-related impairments have remained low and
stable, averaging 6 basis points over the past five years and 2 basis
points in the first quarter
-- Lower adjusted return on assets (ROA), due to near-term headwinds as well
as short-term fluctuations in investment income from alternative
investments: Adjusted ROA of 68 basis points in the first quarter;
adjusted ROA of 100 basis points over the last twelve months $(LTM)$, down
6 basis points from 106 basis points in the fourth quarter 2024 LTM
-- Growing adjusted return on equity $(ROE)$, excluding AOCI: Adjusted ROE
excluding AOCI was 9.7% for the first quarter, up 2.3% as compared to
7.4% in the first quarter of 2024
-- On track to achieve our Investor Day targets: We continue to make strong
progress toward the medium-term targets set out at our 2023 Investor Day
-- Continued focus on organic growth and return of capital to shareholders:
F&G returned $30 million of capital to shareholders from common and
preferred dividends in the first quarter
-- Completed public offering of common stock: On March 24, 2025, F&G
completed the public offering of 8 million shares of common stock, with
net proceeds of nearly $269 million to be used for general corporate
purposes including the support of organic growth opportunities. Fidelity
National Financial, Inc., F&G's majority stockholder, purchased 4.5
million shares and held an ownership stake in F&G of approximately 82% as
of March 31, 2025
Chris Blunt, Chief Executive Officer, commented, "Despite some near-term headwinds, F&G's solid foundation is underpinned by a conservatively positioned investment portfolio and the ability to optimize our capital allocation to secure the highest returning business, which positions us to succeed in an uncertain economy. We achieved record AUM before flow reinsurance of $67.4 billion, an increase of 16% from the year ago first quarter, driven by strong indexed annuity sales. Additionally, our equity offering in March provides us with the flexibility to take advantage of both opportunities to further grow the business given the strong secular tailwinds that exist as well as providing additional capital should the environment turn increasingly challenging. Overall, the credit quality of our portfolio remains high with 96% of our fixed maturities being investment grade combined with credit related impairments remaining well below our pricing assumptions over the past five years and current quarter. We remain confident that we will deliver on our medium-term Investor Day targets, to grow AUM and expand returns, in the coming years."
Summary Financial Results(1)
(In millions, except per share data) Three Months Ended
----------------------------------
March 31, 2025 March 31, 2024
---------------- ----------------
Gross sales $ 2,902 $ 3,495
Net sales $ 2,181 $ 2,302
Assets under management (AUM) $ 54,546 $ 49,787
Average assets under management (AAUM)
YTD $ 53,877 $ 49,400
AUM before flow reinsurance $ 67,398 $ 58,020
Adjusted return on assets 0.68 % 0.87 %
Net earnings (loss) $ (25) $ 111
Net earnings (loss) per share $ (0.20) $ 0.88
Adjusted net earnings $ 91 $ 108
Adjusted net earnings per share $ 0.72 $ 0.86
Book value per common share $ 30.47 $ 26.16
Book value per common share, excluding
AOCI $ 43.31 $ 41.10
(1) See definition of non-GAAP measures below
First Quarter 2025 Results
Record AUM before flow reinsurance was $67.4 billion as of March 31, 2025, an increase of 16% over $58.0 billion as of March 31, 2024. This included retained AUM of $54.5 billion as of March 31, 2025, an increase of 9% over $49.8 billion as of March 31, 2024. A rollforward of AUM can be found in the "Non-GAAP Measures and Other Information" section of this release.
Profitable gross sales were $2.9 billion for the first quarter, a decrease of 17% from the first quarter of 2024; this reflects our decision to allocate capital to the highest returning business, specifically indexed annuity sales and pension risk transfer sales, resulting in a reduction in MYGA sales.
Retail channel sales were $2.1 billion for the first quarter, a decrease of 25% from the first quarter of 2024; this reflects our decision to allocate capital to indexed annuity sales given the ongoing favorable economic conditions and strong demand for retirement savings products, resulting in a reduction in MYGA sales. Indexed annuity sales were $1.5 billion and indexed universal life sales were $43 million in the first quarter, both in line with the first quarter of 2024. Fixed indexed annuities continue to be our largest contributor to indexed annuity sales, although our registered index-linked annuity product is gaining traction and building momentum.
Institutional market sales were $0.8 billion for the first quarter, an increase of 14% over $0.7 billion in the first quarter of 2024. The first quarter was comprised of $0.5 billion of funding agreements and $0.3 billion of pension risk transfer sales, whereas the first quarter of 2024 was comprised of $0.1 billion of funding agreements and $0.6 billion of pension risk transfer sales. Institutional sales are opportunistic and volumes vary quarter to quarter.
Net sales were $2.2 billion for the first quarter, compared to $2.3 billion in the first quarter of 2024.
Adjusted net earnings were $91 million, or $0.72 per share, in the first quarter, compared to $108 million, or $0.86 per share for the first quarter of 2024. Adjusted net earnings include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations.
-- Adjusted net earnings of $91 million, or $0.72 per share, for the first
quarter of 2025 include $16 million, or $0.12 per share, of income from a
reinsurance true-up adjustment. Investment income from alternative
investments was $63 million, or $0.48 per share, below management's
long-term expected return of approximately 10%
-- Adjusted net earnings of $108 million, or $0.86 per share, for the first
quarter of 2024 included $2 million, or $0.01 per share, of other income
items. Investment income from alternative investments was $52 million, or
$0.40 per share, below management's long-term expected return of
approximately 10%
As compared to the prior year quarter, adjusted net earnings reflect margin compression due to near-term headwinds, lower owned distribution margin and higher interest expense in line with our capital market activity; partially offset by asset growth, higher income from accretive flow reinsurance fees and disciplined expense management.
Capital and Liquidity Highlights
Total F&G equity attributable to common shareholders, excluding AOCI, was $5.8 billion, or $43.31 per share, as of March 31, 2025. This reflects a decrease of $0.97 per share, or 2%, during the quarter, including $0.78 per share net decrease for mark-to-market movements, $0.63 per share decrease from effects of the common equity offering and $0.15 per share decrease from capital actions; partially offset by $0.59 per share increase from adjusted net earnings and other.
Book value per common share excluding AOCI as of December 31, 2024 $ 44.28
Common stock offering (0.63)
Book value per common share excluding AOCI, after effect of common
stock offering $ 43.65
Adjusted net earnings and other 0.59
Book value per common share excluding AOCI, before capital actions
& mark-to-market $ 44.24
Capital actions (0.15)
Book value per common share excluding AOCI, before mark-to-market $ 44.09
Mark-to-market movement (0.78)
------
Book value per common share excluding AOCI as of March 31, 2025 $ 43.31
------
F&G has successfully completed the following capital markets activity in the first quarter of 2025, as we expected.
-- In January, F&G issued $375 million of junior subordinated notes with net
proceeds to be used for general corporate purposes, including the
repayment of debt
-- In February, F&G fully redeemed its $300 million of outstanding senior
notes due in May of 2025
-- In March, F&G completed the public offering of 8 million shares of common
stock, with net proceeds of nearly $269 million to be used for general
corporate purposes including the support of organic growth opportunities.
Fidelity National Financial, Inc., F&G's majority stockholder, purchased
4.5 million shares and held an ownership stake in F&G of approximately
82% as of March 31, 2025
Our debt-to-capitalization ratio, excluding AOCI, was 26.7% as of March 31, 2025. We remain committed to our long-term target of approximately 25% and expect that our balance sheet will naturally delever as a result of near-term growth in total equity, excluding AOCI.
During the first quarter, F&G has returned capital to shareholders from common and preferred dividends of $30 million, as compared to $26 million in the first quarter of 2024.
Earnings Conference Call
Members of F&G's senior management team will host a conference call with the investment community to discuss F&G's first quarter 2025 results on Thursday, May 8, 2025, beginning at 9:00 a.m. Eastern Time. The conference call will be broadcast live over F&G's Investor Relations website at investors.fglife.com. A replay will also be available at the same location.
About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this presentation includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified 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, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. 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 as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of 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, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in "Risk Factors" and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission $(SEC.UK)$.
CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307
F&G ANNUITIES & LIFE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except per share data)
(Unaudited)
Assets March 31, 2025 December 31, 2024
---------------------------- ----------------------------
Investments
Fixed maturity
securities available
for sale, at fair
value, (amortized
cost of $51,026), net
of allowance for
credit losses of $80
at March 31, 2025 $ 47,909 $ 46,317
Preferred securities,
at fair value 253 270
Equity securities, at
fair value 101 145
Derivative investments 702 792
Mortgage loans, net of
allowance for credit
losses of $73 at
March 31, 2025 6,366 5,926
Investments in
unconsolidated
affiliates (certain
investments at fair
value of $272 at
March 31, 2025) 4,127 3,565
Other long-term
investments 587 580
Policy loans 115 104
Short-term investments 549 2,410
---------------------------- ----------------------------
Total investments $ 60,709 $ 60,109
---------------------------- ----------------------------
Cash and cash
equivalents 3,293 2,264
Reinsurance
recoverable, net of
allowance for credit
losses of $20 at March
31, 2025 14,746 13,369
Goodwill 2,179 2,179
Prepaid expenses and
other assets (certain
assets held at fair
value of $11 million
at March 31, 2025) 904 950
Other intangible
assets, net 5,721 5,572
Market risk benefits
asset 187 189
Deferred tax asset, net 268 299
---------------------------- ----------------------------
Total assets $ 88,007 $ 84,931
---------------------------- ----------------------------
Liabilities and Equity
Contractholder funds $ 57,823 $ 56,404
Future policy benefits 9,065 8,749
Market risk benefits
liability 635 549
Accounts payable and
accrued liabilities 2,314 2,219
Income taxes payable 9 5
Notes payable 2,234 2,171
Funds withheld for
reinsurance
liabilities 11,442 10,758
---------------------------- ----------------------------
Total liabilities $ 83,522 $ 80,855
---------------------------- ----------------------------
Equity
Preferred stock
$0.001 par value;
authorized 25,000,000
shares as of
March 31, 2025;
outstanding and
issued shares of
5,000,000 as of
March 31, 2025 -- --
Common stock $0.001
par value; authorized
500,000,000 shares as
of March 31, 2025;
outstanding and
issued shares of
134,707,419 and
135,917,408 as of
March 31, 2025,
respectively -- --
Additional
paid-in-capital 3,741 3,464
Retained earnings 2,389 2,440
Accumulated other
comprehensive income
(loss) ("AOCI") (1,734) (1,923)
Treasury stock, at
cost (1,209,989
shares as of March
31, 2025) (33) (30)
---------------------------- ----------------------------
Total F&G
Annuities & Life,
Inc.
shareholders'
equity $ 4,363 $ 3,951
Non-controlling
interests 122 125
---------------------------- ----------------------------
Total equity $ 4,485 $ 4,076
---------------------------- ----------------------------
Total liabilities
and equity $ 88,007 $ 84,931
============================ ============================
F&G ANNUITIES & LIFE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FIRST QUARTER INFORMATION
(In millions, except per share data)
(Unaudited)
Three months ended
--------------------------------------------------------------------------
March 31, 2025 March 31, 2024
------------------------------------- -----------------------------------
Revenues
Life insurance
premiums and
other fees $ 489 $ 718
Interest and
investment
income 666 616
Owned
distribution
revenues 16 23
Recognized gains
and (losses),
net (263) 212
------------------------------------- -----------------------------------
Total
revenues 908 1,569
Benefits and
expenses
Benefits and
other changes in
policy reserves 524 1,161
Market risk
benefit (gains)
losses 109 (11)
Depreciation and
amortization 153 123
Personnel costs 67 66
Other operating
expenses 41 58
Interest expense 40 30
------------------------------------- -----------------------------------
Total
benefits and
expenses 934 1,427
Earnings (loss)
before income
taxes (26) 142
Income tax
expense
(benefit) (5) 26
------------------------------------- -----------------------------------
Net earnings
(loss) (21) 116
Less:
Non-controlling
interests -- 1
------------------------------------- -----------------------------------
Net earnings
(loss)
attributable to
F&G (21) 115
Less: Preferred
stock dividend 4 4
------------------------------------- -----------------------------------
Net earnings
(loss)
attributable to
F&G common
shareholders $ (25) $ 111
===================================== ===================================
Net earnings
(loss)
attributable to
F&G common
shareholders per
common share
Basic $ (0.20) $ 0.90
Diluted $ (0.20) $ 0.88
Weighted average
common shares
used in computing
net earnings
(loss) per common
share
Basic 126 124
Diluted 126 130
Non-GAAP Measures and Other Information
RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS (LOSS)
Three months ended
-------------------------------------------------------------
(In millions) March 31, 2025 March 31, 2024
------------------------------ -----------------------------
Reconciliation of
net earnings (loss)
to adjusted net
earnings
attributable to
common shareholders
(1)
Net earnings (loss)
attributable to
common shareholders $ (25) $ 111
Non-GAAP adjustments
Recognized (gains)
and losses, net
Net realized and
unrealized (gains)
losses on fixed
maturity
available-for-sale
securities, equity
securities and
other invested
assets 15 (48)
Change in allowance
for expected credit
losses 22 1
Change in fair value
of reinsurance
related embedded
derivatives 41 18
Change in fair value
of other
derivatives and
embedded
derivatives (49) 61
------------------------------ -----------------------------
Recognized
(gains) losses,
net 29 32
Market related
liability
adjustments 103 (55)
Purchase price
amortization 15 22
Transaction costs,
other and
non-recurring items 1 --
Non-controlling
interest (2) (3)
Income taxes
adjustment (30) 1
------------------------------ -----------------------------
Adjusted net earnings
attributable to
common shareholders
(1) $ 91 $ 108
(1) See definition of non-GAAP measures below
-- Adjusted net earnings of $91 million, or $0.72 per share, for the first
quarter of 2025 include $16 million, or $0.12 per share, of income from a
reinsurance true-up adjustment. Investment income from alternative
investments was $63 million, or $0.48 per share, below management's
long-term expected return of approximately 10%.
-- Adjusted net earnings of $108 million, or $0.86 per share, for the first
quarter of 2024 included $2 million, or $0.01 per share, of other income
items. Investment income from alternative investments was $52 million, or
$0.40 per share, below management's long-term expected return of
approximately 10%.
RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK
VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI
Three months ended
------------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30,
(In millions) 2025 2024 2024 2024
--------------------- --------------------- --------------------- ---------------------
Total F&G
Annuities &
Life, Inc.
shareholders'
equity 4,363 3,951 4,346 3,654
Less: Preferred
stock 250 250 250 250
--------------------- --------------------- --------------------- ---------------------
Total F&G
equity
attributable
to common
shareholders 4,113 3,701 4,096 3,404
Less: AOCI (1,734) (1,923) (1,231) (1,953)
--------------------- --------------------- --------------------- ---------------------
Total F&G
equity
attributable
to common
shareholders,
excluding
AOCI $ 5,847 $ 5,624 $ 5,327 $ 5,357
===================== ===================== ===================== =====================
Common shares
outstanding 135 127 126 126
Book value per
common share $ 30.47 $ 29.14 $ 32.51 $ 27.02
Book value per
common share,
excluding
AOCI $ 43.31 $ 44.28 $ 42.28 $ 42.52
ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE FLOW
REINSURANCE
Three months ended
------------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30,
(In millions) 2025 2024 2024 2024
--------------------- --------------------- --------------------- ---------------------
AUM at beginning
of period $ 53,817 $ 52,464 $ 52,208 $ 49,787
Net new business
asset flows 1,790 2,270 1,726 3,057
Net flow
reinsurance to
third parties (1,395) (1,046) (1,248) (930)
Net capital
transaction
proceeds
(disbursements) 334 129 (222) 294
--------------------- --------------------- --------------------- ---------------------
AUM at end of
period(1) $ 54,546 $ 53,817 $ 52,464 $ 52,208
AAUM YTD(1) $ 53,877 $ 51,574 $ 50,970 $ 50,181
AUM before flow
reinsurance $ 67,398 $ 65,274 $ 62,875 $ 61,370
SALES HIGHLIGHTS
Three months ended
(In millions) March 31, 2025 March 31, 2024
--------------------- ---------------------
Indexed annuities
("FIA/RILA") 1,461 1,437
Indexed universal life
("IUL") 43 42
Funding agreements
("FABN/FHLB") 525 105
Pension risk transfer
("PRT") 311 584
--------------------- ---------------------
Subtotal, ex. MYGA 2,340 2,168
Fixed rate annuities
("MYGA") 562 1,327
--------------------- ---------------------
Gross sales(1) 2,902 3,495
Sales attributable to flow
reinsurance to third
parties (721) (1,193)
--------------------- ---------------------
Net sales(1) $ 2,181 $ 2,302
--------------------- ---------------------
(1) See definition of non-GAAP measures below
DEFINITIONS
The following represents the definitions of non-GAAP measures used by F&G:
Adjusted Net Earnings attributable to common shareholders
Adjusted net earnings attributable to common shareholders is a non-GAAP
economic measure we use to evaluate financial performance each period.
Adjusted net earnings attributable to common shareholders is calculated by
adjusting net earnings (loss) attributable to common shareholders to
eliminate:
(i) Recognized (gains) and losses, net: the impact of net investment
gains/losses, including changes in allowance for expected credit losses and
other than temporary impairment ("OTTI") losses, recognized in operations;
and the effects of changes in fair value of the reinsurance related embedded
derivative and other derivatives, including interest rate swaps and
forwards;
(ii) Market related liability adjustments: the impacts related to changes in
the fair value, including both realized and unrealized gains and losses, of
index product related derivatives and embedded derivatives, net of hedging
cost; the impact of initial pension risk transfer deferred profit liability
losses, including amortization from previously deferred pension risk transfer
deferred profit liability losses; and the changes in the fair value of market
risk benefits by deferring current period changes and amortizing that amount
over the life of the market risk benefit;
(iii) Purchase price amortization: the impacts related to the amortization of
certain intangibles (internally developed software, trademarks and value of
distribution asset and the change in fair value of liabilities recognized as
a result of acquisition activities);
(iv) Transaction costs: the impacts related to acquisition, integration and
merger related items;
(v) Other and "non-recurring," "infrequent" or "unusual items": Other
adjustments include removing any charges associated with U.S. guaranty fund
assessments as these charges neither relate to the ordinary course of the
Company's business nor reflect the Company's underlying business performance,
but result from external situations not controlled by the Company. Further,
Management excludes certain items determined to be "non-recurring,"
"infrequent" or "unusual" from adjusted net earnings when incurred if it is
determined these expenses are not a reflection of the core business and when
the nature of the item is such that it is not reasonably likely to recur
within two years and/or there was not a similar item in the preceding two
years;
(vi) Non-controlling interest on non-GAAP adjustments: the portion of the
non-GAAP adjustments attributable to the equity interest of entities that F&G
does not wholly own; and
(vii) Income taxes: the income tax impact related to the above-mentioned
adjustments is measured using an effective tax rate, as appropriate by tax
jurisdiction.
While these adjustments are an integral part of the overall performance of
F&G, market conditions and/or the non-operating nature of these items can
overshadow the underlying performance of the core business. Accordingly,
management considers this to be a useful measure internally and to investors
and analysts in analyzing the trends of our operations. Adjusted net earnings
should not be used as a substitute for net earnings (loss). However, we
believe the adjustments made to net earnings (loss) in order to derive
adjusted net earnings provide an understanding of our overall results of
operations.
Adjusted Weighted Average Diluted Shares Outstanding
Adjusted weighted average diluted shares outstanding is the same as weighted
average diluted shares outstanding except for periods in which our preferred
stocks are calculated to be dilutive to either net earnings attributable to
common shareholders or adjusted net earnings attributable to common
shareholders, but not both, or there is a net earnings loss attributable to
common shareholders on a GAAP basis, but positive adjusted net earnings
(MORE TO FOLLOW) Dow Jones Newswires
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