Record AUM and Sales Performance
F&G delivered strong second quarter results with record AUM before flow reinsurance of $69.2 billion, up 13% compared to the second quarter of 2024. Gross sales were $4.1 billion, marking one of the best sales quarters in history.
Launch of Reinsurance Sidecar
F&G launched a new reinsurance vehicle in partnership with Blackstone Managed Funds with approximately $1 billion in anticipated capital commitments, expected to contribute to higher ROE over time.
Strong Core Product Sales
Core product sales, including fixed index annuities, index life, and pension risk transfer, reached $2.2 billion, up 22% over the sequential first quarter and up 10% over the second quarter of 2024.
Improved Operating Expense Ratio
The ratio of operating expenses to AUM before flow reinsurance decreased to 56 basis points from 61 basis points in the second quarter of 2024, with expectations to further improve to approximately 50 basis points by year-end 2025.
Executive Management Transition
John Currier will transition to a senior advisory role, while Conor Murphy will take on the role of President in addition to his current role as CFO.