F&G reports Q3 2024 results

F&G  held its Q3 2024 earnings call on Nov 7, 2024. Highlights:

• “We have reported another terrific quarter and continue to build on our proven track record.” – CEO Chris Blunt. The insurer reported gross sales of $3.9 billion in Q3 2024, a 39% increase year-over-year, with year-to-date sales reaching $11.8 billion, up 30% from the same period in 2023.
• Retail sales in agency, bank, and broker-dealer channels nearly doubled year-over-year to $3.5 billion in Q3, driven by demand for retirement savings products and favorable demographics. “Retail sales from our agency bank and broker-dealer channels were a record $3.5 billion in the third quarter, nearly double the prior year quarter, bringing year-to-date retail sales to $9.5 billion.”
• Regarding Registered Index-Linked Annuities (RILA), F&G launched with four broker-dealer distribution partners as of October and anticipates modest sales in 2024. However, the company projects RILA sales could reach billions over the medium term as it expands sales efforts and adds more distribution partners.
• Pension risk transfer sales surpassed $2.1 billion in the first 10 months of 2024, exceeding the total PRT sales for 2023. “We are still adding new distribution partners. The depth and breadth of our retail distribution is going to continue to expand as we add new bank and broker-dealer partners and as we further penetrate existing distribution with new selling agents. We continue to add new products and enter new fast-growing markets like RILA and PRT.”