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/Mis Actual Consensu

s s

Estimate

Q3 Beat $2.80 $1.40

Revenue bln bln (1

Analyst)

Q3 Beat $1.22 $1.02 (2

Adjusted Analysts

EPS )

Q3 EPS $0.85

Q3 Beat $165 mln $140 mln

Adjusted (2

Net Analysts

Income )

Q3 Net $114 mln

Income

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 ( FG ) 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:

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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.)