Overview

• U.S. insurance provider's Q1 adjusted net earnings rose yr/yr on higher assets under management

• Q1 revenue rose to $2.25 bln, driven by strong demand for retirement savings products

• Company returned $67 mln to shareholders and authorized new $100 mln share buyback program

Outlook

• Company did not provide specific financial guidance for the current qtr or full yr

Result Drivers

• RECORD ASSETS UNDER MANAGEMENT - Co said record AUM before reinsurance was driven by strong gross sales and continued demand for retirement savings products

• CORE SALES GROWTH - Higher core retail sales, especially indexed annuities, indexed universal life and pension risk transfer, contributed to Q1 growth

• EXPENSE MANAGEMENT - Adjusted net earnings benefited from asset growth, growing fees from reinsurance, steady distribution margin and disciplined expense management

Company press release: ID:nPnbNH5FKa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Sales		$2.25 bln
Q1 Adjusted EPS	Miss	$0.82	$1.007 (1 Analyst)
Q1 EPS		$1.78
Q1 Adjusted Net Income		$110 mln
Q1 Net Income		$244 mln

Analyst Coverage

• The one available analyst rating on the shares is "hold"

• 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 $27.00, about 8.2% below its May 5 closing price of $29.42

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 5 three months ago

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