F&G Annuities & Life Inc (FG) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good morning and welcome to F&G's first quarter earnings call.

女士們、先生們，早安，歡迎參加 F&G 第一季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations.

我現在想將電話轉給投資者和對外關係高級副總裁 Lisa Foxworthy-Parker。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

Joining me today are Chris Blunt, Chief Executive Officer; and Wendy Young, Chief Financial Officer.

今天加入我的是執行長 Chris Blunt；和財務長 Wendy Young。

We look forward to addressing your questions following our prepared remarks.

我們期待在我們準備好的發言後回答您的問題。

Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance.

今天的財報電話會議可能包括《私人證券訴訟改革法案》下的前瞻性陳述和預測，這些陳述和預測並不保證未來的事件或績效。

We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy.

我們不承擔任何修改或更新此類聲明以反映新資訊、後續事件或策略變更的責任。

Please refer to our most recent SEC filings for a discussion of the factors that could cause actual results to differ materially from those expressed or implied.

請參閱我們最近向 SEC 提交的文件，以了解可能導致實際結果與明示或暗示的結果有重大差異的因素的討論。

This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors.

今天早上的討論還包括我們認為可能對投資者有意義的非公認會計準則財務指標。

Non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules within our earnings release, financial supplement and investor presentation, all of which are available on the company's website.

根據美國證券交易委員會(SEC) 規則的要求，我們的收益發布、財務補充資料和投資者介紹中的非公認會計準則衡量標準已與公認會計準則進行了調整，所有這些都可以在公司網站上獲取。

Today's call is being recorded and will be available for webcast replay at fglife.com. It will also be available through telephone replay beginning today at 1 PM Eastern Time through May 16, 2024.

今天的通話正在錄音中，並將在 fglife.com 上進行網路廣播重播。從東部時間今天下午 1 點起至 2024 年 5 月 16 日，還可透過電話重播觀看該節目。

And now I'll turn the call over to our CEO, Chris Blunt.

現在我將把電話轉給我們的執行長克里斯布朗特。

Good morning, everyone.

大家，早安。

Thanks for joining us to discuss our first quarter results.

感謝您加入我們討論我們第一季的業績。

I'm pleased to share that we're off to a terrific start in 2024, having delivered another strong quarter as we execute on our strategic initiatives.

我很高興地告訴大家，我們在 2024 年有了一個良好的開端，在執行策略舉措的過程中又實現了強勁的季度業績。

We continue to focus on our growth strategy, maintaining a disciplined and balanced capital management process and diversifying our earnings into more capital-light strategies over time.

我們繼續專注於我們的成長策略，保持嚴格和平衡的資本管理流程，並隨著時間的推移將我們的收益多元化到更輕資本的策略。

Starting with sales, we continue to see sustainable momentum across our multi-channel new business platform and strong demand for our products and the volatile and higher rate environment.

從銷售開始，我們繼續看到多通路新業務平台的可持續發展勢頭，以及對我們產品的強勁需求以及不穩定和較高利率的環境。

Coming off record sales in the fourth quarter, we reported gross sales of $3.5 billion in the first quarter, our second highest on record, which was up 6% over the first quarter of 2023, which was the third highest on record.

繼第四季度創下銷售記錄後，我們報告第一季總銷售額為 35 億美元，為有記錄以來第二高，比 2023 年第一季（有記錄第三高）增長 6%。

Retail channel sales through our agent bank and broker dealer channels were $2.8 billion in the first quarter.

第一季透過我們的代理銀行和經紀商通路的零售通路銷售額為 28 億美元。

We reported record fixed indexed annuity sales and lower multi-year guaranteed annuity sales, leading to a higher percentage of net sales retained as compared to the sequential quarter.

我們報告了創紀錄的固定指數年金銷售額和較低的多年保證金銷售額，導致與上一季相比保留的淨銷售額百分比更高。

We also began the rollout of our new registered index-linked annuity or RILA product in the quarter, which we expect will become a significant contributor to sales over the next few years.

我們也開始在本季開始推出新的註冊指數掛鉤年金或 RILA 產品，我們預計該產品將成為未來幾年銷售的重要貢獻者。

In fact, industry RILA sales were nearly $45 billion last year, which is a record level.

事實上，去年 RILA 產業銷售額接近 450 億美元，創歷史新高。

We believe our product offering is differentiated in the market and will uniquely meet the needs of a relatively younger demographic.

我們相信我們的產品在市場上具有差異化，並將獨特地滿足相對年輕族群的需求。

Pension Risk Transfer sales set a new first quarter record at $584 million, reflecting a healthy pipeline out of the gate this year.

退休金風險轉移銷售額創下第一季新紀錄，達到 5.84 億美元，反映出今年的銷售通路健康。

As announced, we have crossed the $5 billion mark for cumulative pension risk transfer sales with over 100,000 plan participants.

正如所宣布的，我們的退休金風險轉移累計銷售額已突破 50 億美元大關，計劃參與者超過 10 萬人。

This milestone is especially impressive given our market entry was in mid-2021, just under three years ago.

鑑於我們於 2021 年中期進入市場，距今不到三年，這一里程碑尤其令人印象深刻。

We rounded out gross sales with $105 million of FHLB funding agreements in the quarter.

本季我們透過 FHLB 融資協議完成了 1.05 億美元的總銷售額。

We continue to monitor opportunities to return to the market for funding agreement backed notes or FABN issuances.

我們將繼續關注融資協議支持票據或 FABN 發行重返市場的機會。

Although conditions remain challenging in the first quarter.

儘管第一季的情況仍然充滿挑戰。

Net sales were $2.3 billion in the first quarter, reflecting accretive third-party flow reinsurance on 90% of our MYGA sales in line with our capital targets.

第一季淨銷售額為 23 億美元，反映出我們 90% 的 MYGA 銷售額的第三方流量再保險不斷增加，符合我們的資本目標。

As a reminder, flow reinsurance generates fee-based earnings and frees up incremental capital to be deployed to the highest returning retained business.

提醒一下，流量再保險產生收費收入，並釋放增量資本，部署到回報率最高的保留業務。

As noted, the higher interest rates have been driving strong product demand over the last few quarters, while also leading to a higher level of indexed annuity surrenders.

如上所述，過去幾季利率上升推動了強勁的產品需求，同時也導致指數年金退保水準更高。

Fixed indexed annuity terminations are up over the prior year quarter as expected, although relatively in line with the fourth quarter of 2023.

儘管與 2023 年第四季的情況相對一致，但固定指數年金終止金額比去年同期有所增加，符合預期。

Our new business continues to well outpace surrenders, providing positive net cash flows and our in-force annuity account balance continues to steadily grow.

我們的新業務繼續遠遠超過退保業務，提供正的淨現金流，並且我們的有效年金帳戶餘額繼續穩步增長。

As a reminder, for insurance companies like F&G's surrenders typically provide a boost to earnings from higher surrender charge fees and freed up capital from the policy lapse.

需要提醒的是，對於像 F&G 這樣的保險公司來說，退保通常可以透過較高的退保費用來提高收益，並從保單失效中釋放資金。

Further, our record new business volumes effectively replace older contracts with newer contracts, having higher surrender charges and longer surrender periods, further improving the liability profile.

此外，我們創紀錄的新業務量有效地用新合同取代了舊合同，新合同具有更高的退保費用和更長的退保期限，進一步改善了負債狀況。

We have profitably grown retained assets under management to a record $49.8 billion at March 31.

截至 3 月 31 日，我們管理的保留資產已實現盈利，達到創紀錄的 498 億美元。

This is an increase of $4.5 billion or 10% over the first quarter of 2023 and driven by net new business flows, stable in-force retention and net debt and equity proceeds over the last 12 months.

這比 2023 年第一季增加了 45 億美元，即 10%，這是由過去 12 個月的淨新業務流、穩定的有效保留以及淨債務和股權收益推動的。

Retained AUM was up nearly $700 million over the fourth quarter of 2023, primarily driven by net new business flows.

2023 年第四季保留資產管理規模增加了近 7 億美元，這主要是由淨新業務流推動的。

AUM before flow reinsurance was $58 billion, adjusting for the approximately $8.2 billion of cumulative new business ceded.

扣除流量再保險之前的資產管理規模為 580 億美元，根據累計轉讓的約 82 億美元的新業務進行調整。

Looking ahead, we continue to target gross sales growth at a double-digit clip while managing net sales retain to a level that continues to grow our assets under management.

展望未來，我們繼續將總銷售額成長目標定為兩位數，同時將淨銷售額保持在能夠繼續成長我們所管理的資產的水平。

I would also highlight that the new Department of Labor fiduciary rules have been released.

我還要強調的是，新的勞工部信託規則已經發布。

We view the new structure as manageable and are prepared to make necessary compliance enhancements when they become effective.

我們認為新結構易於管理，並準備在其生效後進行必要的合規性增強。

As a reminder, the industry has been monitoring this development over the past eight years and making enhancements to comply with the NAIC state-based best interest regulation.

需要提醒的是，該行業在過去八年中一直在關注這一發展，並進行改進以遵守 NAIC 基於州的最佳利益監管。

Our IMOs are very sophisticated firms, and many have their own RIAs and broker-dealers.

我們的 IMO 是非常成熟的公司，許多公司都有自己的 RIA 和經紀自營商。

Approximately 21% of our total gross sales were from producers that do not have a registered license with 15% being from qualified accounts, which we expect to have the most impact.

我們總銷售額的約 21% 來自沒有註冊許可證的生產商，其中 15% 來自合格帳戶，我們預計這將產生最大的影響。

Overall, we do not expect the momentum in our business to be impacted, although we do worry that it will discourage agents from serving middle market clients.

總體而言，我們預計我們的業務動能不會受到影響，儘管我們確實擔心這會阻礙代理商為中間市場客戶提供服務。

Our investment portfolio is well diversified, actively managed through our selective de-risking programs and well positioned to perform in varying market conditions.

我們的投資組合非常多元化，透過我們選擇性的去風險計劃進行積極管理，並且能夠在不同的市場條件下表現出色。

Importantly, our invested assets are well-matched to our clean and stable liability profile.

重要的是，我們的投資資產與我們乾淨且穩定的負債狀況非常吻合。

Our fixed income yield, excluding alternative investment volatility and variable investment income has expanded to 4.56% in the first quarter as compared to 4.33% in the first quarter of 2023.

我們的固定收益收益率（不包括另類投資波動性和可變投資收益）在第一季已擴大至 4.56%，而 2023 年第一季為 4.33%。

This reflects upside from higher yields on new investments and floating rate assets.

這反映出新投資和浮動利率資產殖利率上升帶來的好處。

The portfolio remains high-quality with 95% of fixed maturities being investment grade and credit related impairments were a modest 2 basis points in the first quarter.

該投資組合仍保持高品質，95% 的固定期限為投資級別，第一季與信貸相關的減損僅為 2 個基點。

We have hedged nearly 60% of our $10 billion in floating rate asset portfolio due to the potential for interest rate decreases in the future.

由於未來利率可能下降，我們對 100 億美元浮動利率資產組合中的近 60% 進行了對沖。

This is locked in about 185 basis points of incremental yield beyond what was originally priced in and translates to approximately 15 to 20 basis points of annual incremental investment margin above our pricing over the next three to five years.

這被鎖定在超出最初定價的約 185 個基點的增量收益率上，並轉化為在未來三到五年內比我們的定價高出約 15 到 20 個基點的年度增量投資利潤。

I'd like to put a brief spotlight on our $2.6 billion alternatives LP portfolio, which has performed extremely well since inception.

我想簡單介紹一下我們價值 26 億美元的另類有限合夥人投資組合，自成立以來表現非常出色。

The portfolio has generated an average historical return of 13%, comprised of return-on-investment, mark to market and return of capital and returns have been less volatile than the S&P 500 Index.

該投資組合產生了 13% 的平均歷史回報率，包括投資回報率、按市值計價和資本回報率，且回報率的波動性低於標準普爾 500 指數。

Since inception, we've received back nearly $1.3 billion, almost half the capital we invested since 2017, providing an approximate 7% yield on distributions alone.

自成立以來，我們已收回近 13 億美元，幾乎是我們自 2017 年以來投資資本的一半，僅分配收益就達到了約 7%。

And we've experienced approximately 30% appreciation in the value of capital that we invested since 2017, including both distributions and residual value for the portfolio, which is expected to grow as the Alts portfolio matures.

自 2017 年以來，我們投資的資本價值成長了約 30%，包括投資組合的分配和剩餘價值，預計隨著 Alts 投資組合的成熟，這一價值將會成長。

Turning next to our results for the quarter, excluding significant items, we delivered adjusted net earnings of $154 million, which generated an adjusted ROA of 125 basis points, and we reported an adjusted ROE of 11%.

接下來看我們本季的業績，排除重要項目，我們的調整後淨利潤為 1.54 億美元，調整後的 ROA 為 125 個基點，調整後的 ROE 為 11%。

Notably our ROA is above our [110 basis points] baseline that we shared at our Investor Day back in October.

值得注意的是，我們的 ROA 高於我們在 10 月投資者日分享的 [110 個基點] 基準。

When you will get into the results more in a few minutes.

當您在幾分鐘內獲得更多結果時。

But the quarter, once again demonstrates that we are positioned to perform across market cycles and that we can consistently deliver strong results with attractive and expanding margins over time.

但本季再次表明，我們能夠在整個市場週期中表現出色，並且隨著時間的推移，我們能夠持續交付強勁的業績，並具有有吸引力且不斷擴大的利潤率。

We have plenty of momentum to continue to deliver sustainable asset growth from our retail and pension risk transfer growth strategies and ongoing margin expansion from enhanced investment margin opportunities, operational scale benefits and fee-based earnings from accretive flow reinsurance.

我們有充足的動力繼續透過我們的零售和退休金風險轉移成長策略實現可持續的資產成長，並透過增強投資利潤機會、營運規模效益和增值流量再保險的收費收入來持續實現利潤率擴張。

We are also well positioned to diversify our earnings given the strong growth of our middle market life insurance business and own distribution strategies.

鑑於我們的中間市場人壽保險業務和自己的分銷策略的強勁增長，我們也有能力實現收入多元化。

Our strategic investment in own distribution stakes will generate a meaningfully higher risk-adjusted return on capital than retain business and provides a diversifying source of earnings.

我們對自己的分銷股權的策略性投資將產生比保留業務更高的風險調整資本回報率，並提供多元化的收入來源。

Own distribution further strengthens our relationships with key partners.

自有分銷進一步加強了我們與主要合作夥伴的關係。

And with industry consolidation underway, we believe we are uniquely positioned to partner as a distribution consolidator.

隨著產業整合的進行，我們相信我們作為分銷整合商具有獨特的合作優勢。

To date, we've invested $530 million, and we expect EBITDA for the portfolio to be $45 million to $50 million in 2024 with double-digit growth over the medium term.

迄今為止，我們已投資 5.3 億美元，預計 2024 年該投資組合的 EBITDA 將達到 4,500 萬至 5,000 萬美元，中期將達到兩位數成長。

Wrapping up, I am very proud of our team's accomplishments.

總而言之，我對我們團隊的成就感到非常自豪。

The business is hitting on all cylinders, and we remain focused on our strategic priorities, fulfilling the commitments we made in connection with our Investor Day and creating long-term value for all of our stakeholders.

我們的業務正在全力以赴，我們仍然專注於我們的策略重點，履行我們在投資者日所做的承諾，並為所有利害關係人創造長期價值。

Let me now turn the call over to Wendy to provide further details on F&G's first quarter financial highlights.

現在讓我將電話轉給 Wendy，以提供有關 F&G 第一季財務亮點的更多詳細資訊。

Thanks, Chris.

謝謝，克里斯。

We are very pleased with F&G's overall financial performance for the first quarter.

我們對 F&G 第一季的整體財務表現感到非常滿意。

I'd like to point out before we get into our results that we've updated our quarterly financial supplement this quarter to highlight results from our core product margin, flow reinsurance fees and own distribution among other enhancements.

在我們公佈業績之前，我想指出的是，我們已經更新了本季的季度財務補充報告，以突出顯示我們的核心產品利潤、流量再保險費用和自身分配以及其他增強功能的結果。

Now starting with earnings.

現在從收益開始。

Adjusted net earnings attributable to common shareholders for the first quarter were $108 million or $0.86 per share and included $100 million or $0.77 per share of investment income from alternative investments and $6 million or $0.05 per share of CLO redemption gains and bond prepayment income.

第一季調整後歸屬於普通股股東的淨利為1.08 億美元，即每股0.86 美元，其中包括來自另類投資的1 億美元，即每股0.77 美元的投資收益，以及600 萬美元，即每股0.05 美元的CLO 贖回收益和債券預付收益。

Alternative investments investment income based on management's long-term expected return of approximately 10% was $152 million or $1.18 per share.

基於管理層約 10% 的長期預期回報的另類投資投資收益為 1.52 億美元，即每股 1.18 美元。

Adjusted net earnings for the first quarter of 2023 were $61 million or $0.49 per share and included $99 million or $0.79 per share of investment income from alternative investments, partially offset by $37 million or $0.30 per share tax valuation allowance expense.

2023 年第一季調整後淨利為6,100 萬美元或每股0.49 美元，其中包括來自另類投資的9,900 萬美元或每股0.79 美元的投資收入，部分被3,700 萬美元或每股0.30 美元的稅務估值津貼費用所抵銷。

Alternative investments investment income based on management's long-term expected return of approximately 10% was $132 million, or [$1.05] per share.

基於管理層約 10% 的長期預期回報的另類投資投資收益為 1.32 億美元，即每股 [1.05 美元]。

For comparison, adjusting for the significant items in both periods, adjusted net earnings were $154 million in the first quarter of 2024, up 18% from $131 million in the first quarter of 2013.

相較之下，對兩個時期的重要項目進行調整後，2024 年第一季調整後淨利為 1.54 億美元，比 2013 年第一季的 1.31 億美元成長 18%。

This increase reflects asset growth and diversification of margin from accretive flow reinsurance fee and owned distribution margins, which were partially offset by an increase in interest expense due to planned capital market activity and higher operating costs in line with the growth in sales and assets and continued investments in our operating platform.

這一增長反映了資產增長以及來自增值流量再保險費和自有分銷利潤的利潤多元化，但由於計劃的資本市場活動以及與銷售和資產增長一致的更高的運營成本而導致的利息支出的增加部分抵消了這些增加對我們營運平台的投資。

Our adjusted return on assets, excluding significant items, was 125 basis points in the quarter, comfortably above our 110 basis point baseline I shared at Investor Day in October of 2023.

本季調整後的資產報酬率（不包括重要項目）為 125 個基點，遠高於我在 2023 年 10 月投資者日分享的 110 個基點基準。

The current quarter includes 5 basis points of favorable [actuarial] liability movement that is within our expected range and reflects the effects of our methodology, which can be lumpy for inter-quarter variability.

當前季度包括 5 個有利的[精算]負債變動基點，該變動在我們的預期範圍內，反映了我們的方法的影響，該方法對於季度間的變化可能是不穩定的。

Next, turning to our balance sheet.

接下來，轉向我們的資產負債表。

We ended the quarter with F&G equity attributable to common shareholders, excluding AOCI, of $5.2 billion or $41.10 per share, with 126 million common shares outstanding as of March 31.

截至 3 月 31 日，本季末歸屬於普通股股東（不包括 AOCI）的 F&G 股本為 52 億美元，即每股 41.10 美元，截至 3 月 31 日已發行普通股 1.26 億股。

There are a couple of pages in our investor presentation providing an analysis of book value per share.

我們的投資者演示中有幾頁提供了每股帳面價值的分析。

F&G's debt to capitalization ratio, excluding AOCI, was 24% as of March 31.

截至 3 月 31 日，F&G 的債務與資本比率（不包括 AOCI）為 24%。

This is in line with our long-term target of 25% and includes the $250 million preferred stock issuance in January 2024.

這符合我們 25% 的長期目標，其中包括 2024 年 1 月發行的 2.5 億美元優先股。

Our annualized interest expense is approximately $120 million or roughly 6.6% blended yield on the $1.8 billion of total debt outstanding.

我們的年化利息支出約為 1.2 億美元，即 18 億美元未償債務總額的混合收益率約為 6.6%。

We continue to target holding company cash and invested assets at 2 times fixed charge coverage.

我們繼續將控股公司現金和投資資產的目標定為固定費用覆蓋率的兩倍。

Our strong capitalization supports both growth and distributable cash.

我們強大的資本支持成長和可分配現金。

During the first quarter, F&G paid $26 million of common dividends and a $4 million dividends on its preferred stock held by FNF.

第一季度，F&G 支付了 2,600 萬美元的普通股息，並為其 FNF 持有的優先股支付了 400 萬美元的股息。

F&G is well positioned to self-fund its continued growth with positive and growing in-force capital generation available debt capacity as our balance sheet delevers with book value growth over time and ample opportunity for future reinsurance programs.

隨著我們的資產負債表隨著帳面價值隨著時間的推移而增長以及未來再保險計劃的充足機會，F&G 處於有利地位，可以通過積極且不斷增長的有效資本生成可用債務能力為其持續增長提供自籌資金。

For 2024, specifically, our stable profitable in-force is expected to generate more than $1 billion in capital.

具體而言，到 2024 年，我們穩定獲利的現有員工預計將產生超過 10 億美元的資本。

And we have strong capital generation in the range of $500 million from existing reinsurance arrangements.

我們從現有的再保險安排中擁有 5 億美元的強大資本產生能力。

In summary, we have great momentum in executing on our strategy and delivered a terrific first quarter.

總而言之，我們在執行策略方面勢頭強勁，並取得了出色的第一季業績。

In addition, we continue to maintain strong capitalization and financial flexibility to successfully execute on our growth strategy.

此外，我們繼續保持強大的資本和財務靈活性，以成功執行我們的成長策略。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Let me now turn the call back to our operator for questions.

現在讓我將電話轉回給我們的接線生詢問問題。

Thank you.

謝謝。

Ladies and gentlemen, we will now be conducting a question-and-answer session.

女士們、先生們，我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning.

早安.

Thank you for the opportunity.

謝謝你給我的機會。

My first question is on the RILA product.

我的第一個問題是關於 RILA 產品的。

How should we be thinking about contribution in '24?

我們該如何思考 24 世紀的貢獻？

How meaningful was it in the first quarter that it was rolled out?

第一季的推出有何意義？

Thanks.

謝謝。

Sure.

當然。

Thanks, John.

謝謝，約翰。

This is Chris.

這是克里斯。

I would say not very meaningful in the quarter.

我想說這個季度意義不大。

We rolled out literally with one or two distribution partners.

我們實際上是與一兩個分銷合作夥伴一起推出的。

We've got a number of additional partners in the Q that I will expect -- that I expect will roll out in the second quarter in the third quarter.

我預計，我們在 Q 中有一些額外的合作夥伴，我預計這些合作夥伴將在第二季和第三季推出。

So I don't think this is going to be a big needle mover for us this year, but it should be meaningful for us as we head into 2025.

因此，我認為這不會對我們今年產生重大影響，但在我們進入 2025 年時，它應該對我們有意義。

And given the environment right now, we've got plenty of sales opportunities.

考慮到現在的環境，我們有很多銷售機會。

So yeah, I would say would be relatively modest this year and it should start becoming a meaningful contributor next year.

所以，是的，我想說今年的規模相對較小，明年應該會開始成為有意義的貢獻者。

Thank you for that.

謝謝你。

And my follow-up question, Chris, competitive dynamics in the PRT market, you talked about finally crossed a big threshold in sales to the cumulative basis and some participants have talked about this year being a bit more competitive and that institutional product?

我的後續問題，克里斯，您談到的 PRT 市場的競爭動態最終跨越了累積銷售額的一個大門檻，一些參與者談到今年的競爭更加激烈，而機構產品呢？

Yeah, I wouldn't say that we've seen a dramatic change, but obviously, it was a tremendous.

是的，我不會說我們看到了巨大的變化，但顯然，這是一個巨大的變化。

It was a record first quarter for us.

對我們來說，這是創紀錄的第一季。

So the team has executed really well.

所以團隊執行得非常好。

We tend to be super selective in terms of what we bid on.

我們在出價時往往會非常挑剔。

So the process is pretty thorough for deciding where we even crank up the engine to bid.

因此，這個過程非常徹底，可以決定我們在哪裡啟動投標。

And then when we bid, we've had a decent hit rate there.

當我們出價時，我們的命中率相當不錯。

So I think it will always be competitive because it's such an attractive market but we're obviously still getting our fair share and haven't seen a big change in terms of return dynamics.

因此，我認為它永遠具有競爭力，因為這是一個如此有吸引力的市場，但我們顯然仍然獲得了公平的份額，並且在回報動態方面沒有看到重大變化。

Thank you.

謝謝。

(Operator Instructions) Wes Carmichael, Autonomous.

（操作員指令）Wes Carmichael，自主。

Hey, good morning.

嗨，早安。

Thanks.

謝謝。

So the ROA baseline in the quarter, I guess adjusted for Alts was 125 basis points, and that's above your recent target of

因此，本季的 ROA 基線，我想針對 Alts 進行調整後為 125 個基點，這高於您最近的目標

[110 basis points].

[110個基點]。

So maybe just hoping you could talk about if you see that as a sustainable level going forward and maybe the drivers of a little bit of that outperformance would be great.

因此，也許只是希望你能談談，如果你認為這是一個可持續的水平，也許推動這種表現的一點點會很棒。

Yeah, I'll start and then Wendy will jump in.

是的，我先開始，然後溫迪就會加入。

I think there's probably a little bit of positive tailwind to that, but not a lot.

我認為這可能有一點積極的推動作用，但不是很多。

So yeah, we feel really good about what we laid out in our Investor Day was a baseline of 110 basis points, and we thought we could grow that [15 basis points] to as much as 30 basis points through a few levers, optimizing the investment portfolio.

所以，是的，我們對我們在投資者日制定的 110 個基點的基準感到非常滿意，我們認為我們可以透過一些槓桿將 [15 個基點] 提高到多達 30 個基點，從而優化投資組合。

That's feeling quite optimistic for us right now.

現在對我們來說感覺相當樂觀。

Flow reinsurance, and you're already seeing the impact of that.

流量再保險，您已經看到了它的影響。

And then some operating scale as we continue to grow so on.

然後一些經營規模隨著我們的不斷增長等等。

Yeah, we feel pretty good about that.

是的，我們對此感覺很好。

I don't know, Wendy, if you would walk through maybe a little more of the dynamics of the quarter itself.

溫迪，我不知道您是否願意詳細介紹該季度本身的動態。

Sure.

當然。

I'll even go back to last quarter, there is -- based on our reserving methodologies, we're going to get a little bit of fluctuation quarter to quarter.

我甚至會回到上個季度，根據我們的保留方法，我們每個季度都會出現一些波動。

Last quarter, it was a little bit of a hit.

上個季度，它有點受歡迎。

This quarter, it's a little bit of positive.

本季，情況有些積極。

So we're basically indicated in the script, there's about a 5 basis points maybe of positive noise in that mechanics that we have.

所以我們基本上在腳本中指出，我們擁有的機制中可能存在大約 5 個基點的正噪音。

So we feel really good about expansion from here.

所以我們對從這裡開始擴張感到非常滿意。

And in addition to what Chris said about flow and scalability, own distribution really popped up in the quarters and that definitely is sustainable.

除了克里斯所說的關於流量和可擴展性之外，自己的發行版在這些季度確實出現了，這絕對是可持續的。

Yeah, thanks.

是的，謝謝。

And I just wanted to maybe follow up on John's question on PRT.

我只是想跟進 John 關於 PRT 的問題。

I think one of your private equity/and turns peers made some comments on their earnings call this quarter that there's some recent lawsuits that are likely to show some of the volumes in the PRT market in 2024.

我認為你們的一位私募股權/轉業同行在本季度的財報電話會議上發表了一些評論，稱最近的一些訴訟可能會顯示 2024 年 PRT 市場的一些交易量。

And they also mentioned that they said spreads weren't very attractive this year versus last year.

他們也提到，與去年相比，今年的利差不太吸引人。

So I just wanted to get any additional perspective on -- if you think you could see some lower volumes or if that's not the case and if you still see decent spread in that market?

所以我只是想獲得任何額外的觀點 - 如果您認為您可能會看到一些較低的交易量，或者如果情況並非如此，並且您是否仍然看到該市場的良好價差？

Sure.

當然。

Yeah.

是的。

I think there's clearly the potential for that to cast a bit of a pall over the market.

我認為這顯然有可能為市場蒙上一層陰影。

So we're watching for -- we haven't really seen that yet.

所以我們正在觀察——我們還沒有真正看到這一點。

I mean there are quite a few deals in the queue for us and everybody to go bid on.

我的意思是，有相當多的交易等待我們和每個人去競標。

To the spread piece, it's really hard to compare across firms because the single biggest driver is do you have access to unique longer-duration originated credit.

對於利差部分，很難在不同公司之間進行比較，因為最大的驅動因素是您是否可以獲得獨特的長期信用。

And if you do, we're still earning good spreads.

如果您這樣做，我們仍然可以獲得良好的點差。

If you don't, then it's tough.

如果你不這樣做，那就很難了。

It's going to be difficult.

這會很困難。

And that's everything from triple net leases to infrastructure et cetera.

這包括從三重淨租賃到基礎設施等的一切。

So it can be very bespoke asset specific types of opportunities.

因此，它可以是非常客製化的資產特定類型的機會。

And so again, I think it's hard to generalize across the industry.

再說一遍，我認為很難對整個產業進行概括。

But yes, it's something that we clearly are on the lookout for and raising our profile on everything from how we use reinsurance to transparency about everything that we do.

但是，是的，我們顯然正在尋找並提高我們在各個方面的形象，從我們如何使用再保險到我們所做的一切的透明度。

Thanks, Chris.

謝謝，克里斯。

And maybe just one more on funding agreements, but you did a little bit of FHLB borrowing in the quarter.

也許還有一個關於融資協議的問題，但您在本季度向 FHLB 借款了一點。

You mentioned that conditions were challenging or FABN.

您提到條件具有挑戰性或 FABN。

In the first quarter, I think there were some peers that kind of return to that market.

在第一季度，我認為有一些同行重返該市場。

But just wanted to get your perspective on the rest of the year, if it looks more attractive in your outlook for FABN industry?

但只是想了解一下您對今年剩餘時間的看法，您對 FABN 行業的展望是否更具吸引力？

Yeah, I think it does.

是的，我認為確實如此。

It's a good environment right now to be an issuer.

現在對於發行人來說是一個很好的環境。

So I think during the quarter it was on the cost -- I think it's definitely looking more attractive right now.

所以我認為在本季度，成本是關鍵——我認為它現在看起來肯定更具吸引力。

Wendy, if you want to add to that.

溫迪，如果你想補充的話。

Yeah, I was just going to say we monitor it, Wes, just to see how we're doing from the spread perspective.

是的，我只是想說我們會監控它，韋斯，只是為了從傳播的角度看看我們的表現如何。

Our rating is a little bit lower than some of the ones that have gone out in the first quarter and that impacts the spread, but we are monitoring, and it looks like it's getting better every day.

我們的評級比第一季發布的一些評級略低，這影響了傳播，但我們正在監控，而且看起來情況每天都在好轉。

Yeah.

是的。

And one other thing I would say, Wes.

我要說的另一件事是，韋斯。

Obviously we're trying to maximize return on capital That's the goal.

顯然，我們正在努力最大化資本回報率，這就是我們的目標。

And so right now, given the attractive opportunities in retail and PRT, so we look at all of them as funding sources and cost of funds and we're waiting are trying to optimize that at all times.

因此，現在，考慮到零售和 PRT 領域的誘人機會，我們將所有這些都視為資金來源和資金成本，我們一直在等待並努力優化這一點。

But looking at the quarter, I actually walking around feeling like this might have been the best quarter we ever had, inflows continued to be strong, the mix was really positive.

但看看這個季度，我實際上感覺這可能是我們有史以來最好的季度，資金流入持續強勁，這種組合非常積極。

So the mix shift towards FIA is from MYGA.

所以混合轉向 FIA 是從 MYGA 開始的。

Obviously, FIA is our most profitable product.

顯然，FIA 是我們最賺錢的產品。

It's a longer duration product.

這是一個持續時間較長的產品。

So we're locking in a spread for longer, and we are already starting to see, as you said, expansion on the margin front.

因此，我們鎖定利差的時間更長，而且正如您所說，我們已經開始看到保證金方面的擴張。

So never declare victory in the third inning of the game.

所以永遠不要在比賽的第三局宣布勝利。

But relative to what we put out there for Investor Day, we're off to a really good start and feeling really good about it.

但相對於我們在投資者日發布的內容，我們有了一個非常好的開始，並且感覺非常好。

Mark Hughes, Truist Securities.

馬克休斯，Truist 證券公司。

Yeah, thank you.

是的，謝謝。

Good morning.

早安.

Sorry if I might have -- you might have touched on this.

抱歉，如果我可能——你可能已經觸及了這一點。

I joined late, but I think you'd comment on how you're optimistic on RILA sales that should become a bigger part of your mix.

我加入得很晚，但我想你會評論一下你對 RILA 銷售的樂觀態度，它應該成為你組合中更重要的一部分。

Could you talk about how you see the long-term dynamic between RILA in fixed indexed annuities and how your distribution matches up to support the one or the other?

您能否談談您如何看待固定指數年金中 RILA 之間的長期動態以及您的分配如何匹配以支持其中之一？

How it may evolve over time to support the RILA sales if it needs to?

如果需要的話，隨著時間的推移，它會如何發展以支持 RILA 的銷售？

Sure.

當然。

Yeah.

是的。

No, great question, Mark.

不，很好的問題，馬克。

So I'd say a couple of things.

所以我想說幾件事。

If you think about a fixed index annuity.

如果您考慮固定指數年金。

It's got a [floor of zero] and an opportunity to participate in markets.

它有一個[零下限]和參與市場的機會。

But by definition, it's got a capped upside.

但根據定義，它的上漲空間是有限的。

RILA allows someone to take a risk level below [zero], right, typically in the form of a buffer of, say, 5%, 10%, even 20% of downside absorbed.

RILA 允許某人承擔低於[零]的風險水平，對吧，通常以吸收下行風險的 5%、10%、甚至 20% 緩衝的形式。

By the carrier, which has allowed us for a lot more upside.

透過承運人，這讓我們有更多的上升空間。

So typically, it's a younger demographic.

通常，這是一個年輕的人群。

It's someone -- with either with a higher risk tolerance or in many cases, a younger demographic.

這個人要么具有較高的風險承受能力，要么在許多情況下是更年輕的人群。

So it's a market we've never played in at all, right.

所以這是一個我們從未涉足過的市場，對吧。

And so all of this is greenfield and really should be incremental sales and incremental margin for us.

因此，所有這些都是未開發的領域，實際上應該為我們帶來增量銷售和增量利潤。

So in any other from a distribution channel perspective, not surprisingly RILA tends to be more popular in the broker-dealer channel, whereas our FIAs are tend to be more popular in the IMO and in the bank channels.

因此，從任何其他分銷管道的角度來看，毫不奇怪，RILA 往往在經紀自營商管道中更受歡迎，而我們的 FIA 往往在 IMO 和銀行管道中更受歡迎。

And so a lot of our activity in adding distribution partners starting a couple of years ago has been to add more broker-dealers in anticipation of the RILA launch.

因此，我們從幾年前開始增加分銷合作夥伴的許多活動都是為了增加更多的經紀自營商，以應對 RILA 的推出。

So hopefully that helps a little bit younger demographic client with a higher risk tolerance.

因此，希望這能幫助具有更高風險承受能力的年輕客戶。

I've said this before, you know, it opens up a massive pool because you have to ask the question of, yes, everybody should probably own some mutual funds that they've got a very long-term time horizon and some equities, but that comes with a tremendous amount of volatility.

我以前說過，你知道，它打開了一個巨大的資金池，因為你必須問這樣的問題，是的，每個人可能都應該擁有一些共同基金，他們有一個非常長期的投資期限和一些股票，但這伴隨著巨大的波動。

And so I think a lot of people like the peace of mind of knowing that there is some constrained outcomes to that.

因此，我認為很多人都喜歡安心，因為知道這樣做會產生一些有限的結果。

And so, yeah, this is a category that I think for the industry is going to be really attractive.

所以，是的，我認為這個類別對於整個行業來說將非常有吸引力。

Lastly, I will say it's playing to the same strengths.

最後，我要說的是，它發揮著同樣的優勢。

Again, we're just buying a different colored option with a wider band of outcomes.

再說一遍，我們只是購買具有更廣泛結果的不同顏色選項。

But at the end of the day, it's the spread based product and the key drivers that have made us successful in the FIA space and it should translate in the RILA space.

但歸根結底，正是基於價差的產品和關鍵驅動因素使我們在 FIA 領域取得了成功，並且它應該在 RILA 領域中得到體現。

And then I think somewhat competitor of yours has talked a bit more about that integrating their annuity products into these retirement -- the dated funds that they're starting to see some movement there.

然後我認為你們的競爭對手已經更多地談論了將他們的年金產品整合到這些退休金中——他們開始看到一些變動的過時基金。

Can you talk on that opportunity, whether that's something you're pursuing directly as another distribution channel source of growth?

您能談談這個機會嗎？

Yeah, I would say it's not on top of the queue for us.

是的，我想說這對我們來說不是最重要的。

There are a lot of, as you know, complications within -- challenges within of that market.

如您所知，該市場存在許多複雜的挑戰。

It's been kind of a slow boat coming.

這是一艘緩慢的船來了。

I do think the product is going to have a big impact for society to be able to do that and for folks to be able to participate in their [for 1K] plans but I would say right now with all of the distribution opportunities we have both in institutional and retail, that feels like a better priority for us.

我確實認為該產品將對社會產生重大影響，讓社會能夠做到這一點，讓人們能夠參與他們的 [for 1K] 計劃，但我想說的是，現在我們擁有所有的分銷機會在機構和零售領域，這對我們來說是一個更好的優先事項。

But we continue to look at it and want to stay close to it.

但我們會繼續關注它並希望繼續關注它。

If appropriate, we think that's a market we could compete in if we choose to.

如果合適的話，我們認為這是一個我們可以選擇參與競爭的市場。

Would you think the economics at this point are not quite there yet?

您是否認為目前的經濟狀況尚未完全成熟？

Or there's not as much demand in that for one key market?

還是某個關鍵市場的需求沒有那麼大？

Yeah, I'm probably not the best expert on this topic, although I studied it years ago to a different firm quite intensively, I think the biggest issues are record-keeping.

是的，我可能不是這個主題的最佳專家，儘管我幾年前在另一家公司進行了相當深入的研究，但我認為最大的問題是記錄保存。

So it's kind of the expense and complication of getting plan sponsors to adopt it.

因此，讓計劃發起人採用它會產生一定的費用和複雜性。

And more importantly, record keepers to pay for all of the enhancements to make it work.

更重要的是，記錄保管者需要為所有增強功能付費以使其發揮作用。

And then the other is for to be get broad-based acceptance.

另一個是獲得廣泛的接受。

You do end up with a lot of smaller accounts.

您最終會得到很多較小的帳戶。

Now that can be solved for it through some sort of omnibus structure.

現在可以透過某種綜合結構來解決這個問題。

But yeah, it's just a little more complicated.

但是，是的，只是稍微複雜一點。

I would also think carriers with a big recognized brand name and or retirement plans presence of their own probably will have a little bit of a leg up there.

我還認為，擁有知名品牌和/或自己的退休計畫的營運商可能會在這方面佔據一點優勢。

So hopefully that.

所以希望如此。

Yeah, understood.

是的，明白了。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Wes Carmichael, Autonomous.

韋斯‧卡邁克爾，《自治》。

Thanks for taking my follow up on that.

感謝您對我的跟進。

I had a question on the capital consumption on the RILA product versus an FIA or MYGA.

我對 RILA 產品與 FIA 或 MYGA 的資本消耗有疑問。

I imagine there's the same [C4] charge on the premium.

我想保費上也有同樣的 [C4] 費用。

But when you look at RBC, is the RILA product favorable relative to fixed annuity, is there not much of a difference there?

但當你看看 RBC 時，RILA 產品相對於固定年金是否有利，是不是差異不大？

Wendy, do you want to tackle that one?

溫迪，你想解決這個問題嗎？

Yes, sure.

是的，當然。

Thank you.

謝謝。

There's not much of a difference, as Chris said, it's basically the difference between the product is the option that we purchase, and there's really no difference in the capital charge on that.

正如克里斯所說，沒有太大區別，基本上產品之間的區別就是我們購買的選項，而資本費用實際上沒有區別。

Great.

偉大的。

And then just maybe just following up on the DOL and the final rule.

然後也許只是跟進勞工部和最終規則。

Obviously, your new business origination capabilities are much more diversified than last time we saw this, but I think you mentioned 15% or so of gross sales might be the most impacted.

顯然，您的新業務發起能力比我們上次看到的更加多樣化，但我認為您提到 15% 左右的總銷售額可能受到的影響最大。

Can you maybe just give us any additional perspective on what changed this time around with this version?

您能否給我們提供有關此版本此次更改的任何其他觀點？

And if there's any way to kind of dimension the potential expense impact that would be great?

如果有什麼方法可以衡量潛在的費用影響，那就太好了？

Yeah.

是的。

I mean, the honest answer is not much changed.

我的意思是，誠實的答案並沒有太大改變。

And I think that's the frustration of the industry is that it's some eerily similar to the rule that was put forth before.

我認為這個行業的挫敗感在於它與之前提出的規則有些奇怪的相似。

So there will be enhanced compliance expense.

因此，合規費用將會增加。

I don't think any of it is some going to rise to a level that's going to cause us to question the forecast that we've put out, et cetera.

我認為其中任何一個都不會上升到導致我們質疑我們所發布的預測等的水平。

So I put it more in the -- it's annoying.

所以我把它更多地放在——這很煩人。

A number of people feel that it's unnecessary, given all the other regulations that are in place.

考慮到所有其他規定都已到位，許多人認為這是不必要的。

The bigger concern that I have, which I mentioned in the notes is it could be an impediment for agents serving the middle market and just moving upstream.

我在筆記中提到的更大的擔憂是，這可能會成為服務中間市場和向上游市場發展的代理商的障礙。

Ideally as it takes time, it's going to take a while for that impact to be felt.

理想情況下，由於需要時間，因此需要一段時間才能感受到這種影響。

And so again, given that we probably have more -- probably we have more sales opportunity than capital right now, that's the constraint is not opportunity for sales.

再說一次，考慮到我們現在可能擁有比資本更多的銷售機會，這就是限制，而不是銷售機會。

So again, there's nothing in this that's going to cause us to change our plans.

再說一遍，這不會導致我們改變計劃。

The concern on my end is it will be impactful to certain agents.

我擔心的是這會對某些代理商產生影響。

And I think unfortunately, it would be disproportionately impactful to agents that are serving the middle market.

我認為不幸的是，這對於服務中間市場的代理商來說會產生不成比例的影響。

I don't know, Wendy, if there's anything you want to add to that?

我不知道，Wendy，你還有什麼要補充的嗎？

I think I would just add, Wes, the biggest difference is that F&G is different back in the original world.

我想我只想補充一句，Wes，最大的區別是F&G與原來的世界不同。

We weren't in the bank and broker-dealer market.

我們不在銀行和經紀自營商市場。

So that has significantly improved those percentages that Chris was talking about of where we would be impacted.

因此，這顯著提高了克里斯所說的我們將受到影響的百分比。

Yeah.

是的。

And we also weren't in the prior to your FABN market.

而我們也沒有進入你們的 FABN 市場。

So if you go back five years ago, we were doing probably $3 billion of sales that was all through independent agents.

因此，如果你回到五年前，我們的銷售額可能達到 30 億美元，而且全部都是透過獨立代理商完成的。

And now as you see, we're $13 billion-plus, and we've continued to grow the IMO space.

現在，如您所見，我們的資產已超過 130 億美元，我們也持續擴大 IMO 領域。

And a number of those IMOs, I think actually will thrive during this because they're fairly sophisticated.

我認為其中許多 IMO 實際上會在此期間蓬勃發展，因為它們相當複雜。

It may force independent agents to me to affiliate with one eye about versus multiple IMOs.

它可能會迫使我的獨立代理人只用一隻眼睛關注多個 IMO。

So I think the best players actually look at this and say we can build some nice moats for ourselves adapting to this.

所以我認為最好的玩家實際上會看到這一點，並說我們可以為自己建立一些很好的護城河來適應這一點。

But there's just a lot of agents and a lot of smaller agents calling on middle market clients that this is going to be quite disruptive for us.

但有很多代理商和很多小型代理商呼籲中型市場客戶，這對我們來說將是相當大的破壞。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this will conclude our question-and-answer session.

女士們先生們，我們的問答環節到此結束。

I will now turn the conference back over to CEO, Chris Blunt, for his closing remarks.

現在，我將把會議轉回執行長 Chris Blunt 發表閉幕詞。

Chris?

克里斯？

Great.

偉大的。

Thanks, everybody.

謝謝大家。

Look, we're really pleased with our overall results which demonstrate the competitive strengths and resilience of our business.

看，我們對整體結果感到非常滿意，這證明了我們業務的競爭優勢和彈性。

F&G is positioned to perform through the cycle, and we're successfully executing on our strategic priorities to generate continued growth and profitability.

F&G 的定位是在整個週期中表現出色，我們正在成功執行我們的策略重點，以實現持續成長和獲利。

Thanks for joining us.

感謝您加入我們。

We appreciate your interest in F&G and look forward to updating you on our second quarter earnings call.

我們感謝您對 F&G 的興趣，並期待在我們的第二季財報電話會議上向您通報最新情況。

The conference of F&G has now concluded.

F&G會議至此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。