Overview
F&G Q3 revenue of $2.8 bln beats analyst expectations
Adjusted EPS of $1.22 beats consensus estimates
Company reports record AUM of $71.4 bln, up 14% yr/yr
Outlook
Company on track to meet medium-term targets set at 2023 Investor Day
F&G anticipates further improvement in operating expense ratio by year-end
Company launched new reinsurance sidecar with $1 bln in anticipated capital
Result Drivers
RECORD AUM - Driven by strong sales across all products and distribution channels, reaching $71.4 bln
INVESTMENT PORTFOLIO PERFORMANCE - Excellent credit performance with 96% of fixed maturities being investment grade
REINSURANCE SIDECAR - Launch of new reinsurance sidecar with approximately $1 bln in anticipated capital commitments
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $2.80 bln | $1.40 bln (1 Analyst) |
Q3 Adjusted EPS | Beat | $1.22 | $1.02 (2 Analysts) |
Q3 EPS | $0.85 | ||
Q3 Adjusted Net Income | Beat | $165 mln | $140 mln (2 Analysts) |
Q3 Net Income | $114 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 $34.00, about 12% above its November 5 closing price of $29.91
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago
Press Release: ID:nPn6pn6Mda
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(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.)