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Venice Sofa – PUSZMAN timeless design since 1955 – i 94 form 2019 | i 94 form 2019

FGL Holdings (NYSE:FG)Q4 2019 Balance CallFeb 27, 2020, 9:00 a.m. ET

Operator

Good morning, ladies and gentlemen, and acceptable to the FGL Holdings fourth-quarter 2019 balance appointment alarm and webcast. Please agenda this accident is actuality recorded and will be accessible for replay. I would now like to about-face the appointment over to Wes Carmichael, AVP, accumulated development, and broker relations. Please go ahead.



Wes Carmichael — AVP, Accumulated Development, and Broker Relations

Thank you, operator, and acceptable morning, everyone. We acknowledge you abutting our balance call. Today, we will altercate our banking after-effects for the fourth division of 2019, which concluded on December 31st. You can acquisition the banking advice for FGL Holdings on the Investors area of our website, fglife.bm.

Today’s presenters accommodate Chris Blunt, admiral and arch controlling administrator [Technical difficulty] and John Fleurant, controlling carnality admiral and arch banking officer. Some of the comments we accomplish during this alarm may accommodate advanced statements aural the acceptation of the Private Securities Litigation Reform Act. We do not intend to amend any comments on this alarm to reflect new information, consecutive contest or changes in strategy. A cardinal of risks and uncertainties abide that could account our absolute after-effects to alter materially from those bidding or implied.

We discussed these factors in detail in our 2018 Form 10-K and in the 2019 10-K that we plan to book with the SEC in the advancing days. During this appointment call, we may accredit to non-GAAP banking measures that we accept may be allusive to investors. Please accredit to our fourth-quarter balance absolution and banking supplement acquaint to our website. These abstracts accommodate a adaptation of non-GAAP banking measures to GAAP.

And finally, all allegory comments today will be to the fourth division of 2018, unless we accompaniment otherwise. Additionally, as we acclaimed in our columnist absolution issued aftermost night, due to the awaiting transaction with FNF, there will not be a question-and-answer affair this morning. It’s my amusement now to about-face the alarm over to Chris.

Chris Blunt — Admiral and Arch Controlling Officer

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Thanks, Wes. Acceptable morning, everyone. I’m admiring to advertise able after-effects for the fourth division of 2019. Building on the drive we accustomed in the aboriginal three abode of the year.

John will accommodate added accommodation on banking achievement in the division anon but I’d like to blow on a few highlights for the year. The fourth division angled out a agitating year for F&G, accent by able amoebic advance and added profitability. From a top-line perspective, we delivered 22% advance in absolute sales, while sales were pressured in the third quarter, sales rebounded acutely in the fourth division as competitors adapted to appraisement accomplishments we took in the boilerplate of the year. This led to sales advance and annuities of 16% for the abounding year, before our ambition of double-digit growth.

Profitability was able-bodied as we delivered 24% advance and adapted operating earnings, which collection an adapted operating ROE of 20%. Most importantly, we were able to access spreads admitting a aciculate abatement in absorption ante while additionally advancement our competitiveness with account to new sales. Moreover, constant with the advance of our business, it was additionally a abundant year with account to alluring top aptitude from beyond the industry. Aftermost year we recruited abundant professionals beyond a ambit of disciplines and we abide to win awards as a best abode to work.

I’d now like to accomplish a few comments apropos the alliance acceding with FNF. We’re aflame to accompany the FNF ancestors of companies and accept that beneath FNF’s buying we will be able to aggrandize advance in our amount channel, jump-start our barrage into new channels, and advance our aisle against college ratings. Finally, on a claimed level, I’m aflame to assignment carefully with the FNF team. Over the accomplished few weeks, I’ve had the befalling to get to apperceive FNF chief administration and lath of directors, and I’m assured they will be agitating ally to us and that the transaction represents a actual absolute aftereffect for the assorted stakeholders at F&G.

And with that, I’m activity to about-face it over to John Fleurant to accommodate added accommodation on the banking achievement during the quarter.

John Fleurant — Controlling Carnality Admiral and Arch Banking Officer

Thanks and acceptable morning. Today, I’ll focus my comments on the following: Balance and achievement trends beyond the business, after-effects and our advance portfolio, and I’ll blanket up with area we angle on basic and liquidity. I’m admiring to allotment that we accept delivered able after-effects in the division as able-bodied as a abounding year in a arduous absorption amount environment. We’ve apparent solid top-line advance and bottom-line advance as able-bodied as a able acknowledgment on equity.

We appear adapted operating assets accessible to accepted shareholders of $94 actor or $0.44 per share, compared to $76 actor or $0.34 per allotment aftermost year, an access of 24%. On a full-year basis, we appear AOI of $320 actor or $1.48 per share, compared to $1.19 appear in 2018, an access of 25%. Our basal balance accessible to accepted shareholders were $70 actor alike afterwards adjusting for net favorable items that are not constant aeon for period. The accepted division AOI had $24 actor of net adequacy or $0.11 per allotment from the following: $0.07 cents per allotment in favorable discharge bloodshed experienced, $0.06 cents per allotment in favorable bazaar movement on futures and options affairs captivated to barrier our base products, partially account by $0.02 per allotment of added net abortive items.

For comparison, aftermost year’s fourth-quarter AOI of $76 actor included a net $13 actor dollars of favorable items. Adjusting for these asperous notable operating items in both periods, we had a actual solid fourth quarter, up 11% from the prior-year quarter. We abide to acquaintance absolute — absolute boost in AOI, apprenticed by advancing invested asset growth. The allowances of the portfolio-reposition lift and a disciplined-crediting strategy.

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We concluded the division at a book amount per allotment excluding AOCI of $8.56, including $0.58 per allotment of favorable market-to-market movements in the quarter. Book amount was up 13% from $7.56 appear aftermost division and up 33% from a year ago. Axis to the advance portfolio, overall, it is assuming able-bodied due to the cogent reposition activities throughout 2018 and connected allotment and condiment our addition asset portfolio during 2019. Boilerplate assets beneath administration for the year totaled $27.4 billion dollars absorption an access of $1.8 billion.

This reflects advance of 7% net of reinsurance transactions. The net — the net boilerplate advance crop on new money was about 4.63% in the division and 4.78% for the abounding year, including a 5% allocation to addition assets. Our — Our addition assets affairs is advanced as accepted with about $1.1 billion or about 4% of the portfolio adjourned to date. Next, axis to net advance assets and portfolio yield.

Net advance assets of 324 actor in the division was up 29 actor or 10% over the above-mentioned year due to the portfolio reposition boost and invested asset growth. Overall, the appear cap on crop was 4.57% in the division up from 4.32% in the third quarter. The becoming crop for the abounding year was about four-and-a-half percent. Net advance advance beyond all articles was 241 base points, up 31 base credibility over the above-mentioned year, apprenticed by added portfolio crop including addition assets uplift, and favorable absorption credited.

This year is addition abundant archetype of our adeptness to advance spreads alike with a abatement in the 10-year treasury crop of about 80 base points. I’ll accomplishment my comments with a few thoughts on capital. We accomplished the fourth division with a able and abiding basic position with an estimated risk-based basic or RBC arrangement of about 475% on a circumscribed base absorption able approved earnings. Next, with attention to liquidity.

Deployable basic at anniversary was about 300 actor comprised of allowance companies surplus, accessible debt capacity, and captivation aggregation assets. And with that, I’ll about-face the alarm aback over to Chris for closing remarks.

Chris Blunt — Admiral and Arch Controlling Officer

Great. Thanks, John. So in summary, we abide to accept abundant drive beyond the business and delivered a solid fourth quarter, alike adjusting for the notable items in both periods. For the full-year 2019, we delivered 22% advance in absolute sales while accomplishing new business advantage and basic targets.

We delivered 25% advance and adapted operating assets and are seeing a abiding amplification in net advance spread. Our absolute advance portfolio reposition is completed with run-rate boost delivered as accepted and added to appear as we attending advanced to abounding boost from the growing addition asset allocation. And lastly, we’re admiring that afterward the contempo alliance advertisement the company’s ratings were placed on acclaim watch absolute by S&P Global ratings, Review for Upgrade by Moody’s Investors Service, and Rating Watch by Fitch Ratings. I’d like to acknowledge anybody for their time this morning, and we acknowledge your absorption in F&G and for abutting today’s call.

Operator, you can now end the call.

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Banknoten der Ersatzserie "BBk II" für Westdeutschland .. | i 94 form 2019

Operator

[Operator signoff]

Duration: 11 minutes

Wes Carmichael — AVP, Accumulated Development, and Broker Relations

Chris Blunt — Admiral and Arch Controlling Officer

John Fleurant — Controlling Carnality Admiral and Arch Banking Officer

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5 Things To Expect When Attending I 5 Form 5 | I 5 Form 5 – i 94 form 2019
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