4Q23 Financial Supplement

Exhibit 99.2

F&G Annuities & Life, Inc. ("F&G" or "the Company") (NYSE: FG) Financial Supplement

December 31, 2023

(Year Ended December 31)

The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K as applicable.

We adopted Accounting Standards Update ("ASU") 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12") using the full retrospective transition method effective January 1, 2023, with a transition date of January 1, 2021. The 2022 financial information contained herein has been adjusted for our full retrospective adoption of this update.

All dollar amounts are presented in millions except for per share amounts.

Non-GAAP Financial Measures

Generally Accepted Accounting Principles ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.

F&G Annuities & Life, Inc.
Financial Supplement - December 31, 2023
(All periods are unaudited)
		Page
A.	Financial Highlights
	Financial Highlights	3
	Consolidated Statements of Operations (GAAP)	4
	Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss)	5
	Adjusted Net Earnings (Loss) Statement	6
	Adjusted Net Earnings (Loss) - Significant Income and Expense Items	7
	Adjusted Retuon Assets	8
	Assets Under Management Rollforward and Average Assets Under Management	9
	Interest and Investment Income and Yield	9
	Consolidated Balance Sheets (GAAP)	10
	Capitalization	11
	Retuon Equity	11
B.	Investment Summary
	Summary of Invested Assets by Asset Class	12
	Credit Quality of Fixed Maturity Securities,Asset-BackedSecurities and CLO Securities	13
C.	Product Summary
	GAAP Net Reserve Summary	14
	Annuity Account Balance Rollforward	14
	Annuity Liability Characteristics	15
	Top 5 Reinsurers	15
D.	Additional Information
	Ratings Overview	16
	Shareholder Information	17
	Non-GAAPFinancial Measures Definitions	18

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA

Net earnings (loss)

Net earnings (loss) per diluted share

Weighted-average diluted shares outstanding (in millions)

NON-GAAP AND SELECTED METRICS (a) Adjusted net earnings (loss)

Adjusted net earnings (loss) per diluted share

Adjusted weighted-average diluted shares outstanding (in millions) Adjusted retuon assets

Adjusted retuon average equity, excluding AOCI

SELECTED CONSOLIDATED BALANCE SHEET DATA

Total assets

Total liabilities

Total equity

Total equity, excluding AOCI

NON-GAAP AND SELECTED METRICS (a)

Book value per share

Book value per share, excluding AOCI

Common shares outstanding (in millions)

Assets under management ("AUM")

Average assets under management ("AAUM") YTD

AUM before flow reinsurance

SALES (a)

Fixed indexed annuities ("FIA")

Fixed rate annuities ("MYGA")

Total annuity

Indexed universal life ("IUL")

Funding agreements ("FABN/FHLB")

Pension risk transfer ("PRT")

Gross sales

Sales attributable to flow reinsurance to third parties

Net sales

(a) Refer to "Non-GAAP Financial Measures Definitions"

Financial Highlights

				Three months ended							Year ended
December 31,		September 30,			June 30,			March 31,		December 31,	December 31,		December 31,
	2023			2023			2023			2023		2022				2023		2022
$	(299)	$	306	$	130	$	(195)	$	(176)		$	(58)	$	635
	(2.41)			2.45			1.04			(1.56)		(1.41)				(0.47)		5.52
	124			125			125			125		125				124		115
$	75	$	120	$	79	$	61	$	130		$	335	$	353
	0.60			0.96			0.63			0.49		1.04				2.68		3.07
	125			125			125			125		125				125		115
	0.72%			0.76%			0.62%			0.55%		0.88%				0.72%		0.88%
	6.5%			7.4%			5.0%			6.6%		7.2%				6.5%		7.2%
	70,202			63,623			62,587			59,414		54,628				70,202		54,628
	67,099			61,251			60,069			56,929		52,223				67,099		52,223
	3,103			2,372			2,518			2,485		2,405				3,103		2,405
	5,093			5,412			5,128			5,033		5,223				5,093		5,223
	24.63			18.98			19.98			19.72		19.09				24.63		19.09
	40.42			43.30			40.70			39.94		41.45				40.42		41.45
	126			125			126			126		126				126		126
	49,453			47,437			46,260			45,422		43,568				49,453		43,568
	46,265			45,541			44,948			44,393		40,069				46,265		40,069
	56,278			52,910			51,203			49,278		46,432				56,278		46,432
$	1,142	$	1,122	$	1,224	$	1,211	$	1,365		$	4,699	$	4,550
	1,753			736			1,064			1,513		1,076				5,066		3,744
	2,895			1,858			2,288			2,724		2,441				9,765		8,294
	39			38			42			37		35				156		127
	385			415			200			256		-			1,256		1,443
	764			470			478			264		243				1,976		1,390
	4,083			2,781			3,008			3,281		2,719				13,153		11,254
	(1,534)			(513)			(796)			(1,072)		(808)				(3,915)		(2,248)
$	2,549		$	2,268		$	2,212		$	2,209	$	1,911			$	9,238	$	9,006

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Consolidated Statements of Operations (GAAP)

					Three months ended								Year ended
	December 31,		September 30,			June 30,			March 31,		December 31,				December 31,	December 31,
		2023			2023			2023			2023			2022		2023	2022
Revenues:
Life insurance premiums and other fees	$	890	$	582	$	576	$	365	$	335		$	2,413	$	1,704
Interest and investment income		589			578			525			519			439		2,211	1,655
Recognized gains and (losses), net		133			(309)			67			(15)			(147)		(124)	(1,010)
Total revenues		1,612			851			1,168			869			627		4,500	2,349
Benefits and expenses:
Benefits and other changes in policy reserves		1,632			292			817			812			730		3,553	1,126
Market risk benefit (gains) losses		115			(49)			(30)			59			5		95	(182)
Depreciation and amortization		110			108			104			90			86		412	324
Personnel costs		65			58			56			53			47		232	157
Other operating expenses		39			38			33			36			25		146	102
Interest expense		26			24			25			22			6		97	29
Total benefits and expenses		1,987			471			1,005			1,072			899		4,535	1,556
Earnings (loss) before income taxes		(375)			380			163			(203)			(272)		(35)	793
Income tax expense (benefit)		(76)			74			33			(8)			(96)		23	158
Net earnings (loss)	$	(299)	$	306	$	130	$	(195)	$	(176)		$	(58)	$	635
Net earnings (loss) per common share:

Basic	$	(2.41)	$	2.47	$	1.04	$	(1.56)	$	(1.41)		$	(0.47)	$	5.52
Diluted	$	(2.41)	$	2.45	$	1.04	$	(1.56)	$	(1.41)		$	(0.47)	$	5.52
Weighted average common shares used in computing net earnings (loss) per
common share:
Basic		124			124			125			125			125		124	115
Diluted		124			125			125			125			125		124	115

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) (a) (b)

					Three months ended								Year ended
	December 31,		September 30,			June 30,			March 31,		December 31,		December 31,		December 31,
		2023			2023			2023			2023			2022				2023	2022
Net earnings (loss)	$	(299)	$	306	$	130	$	(195)	$	(176)		$	(58)	$	635
Non-GAAP adjustments (a):
Recognized (gains) and losses, net
Net realized and unrealized (gains) losses on fixed maturity available-for-sale		9			14			27			48			110				98	446
securities, equity securities and other invested assets
Change in allowance for expected credit losses		15			5			20			8			11				48	24
Change in fair value of reinsurance related embedded derivatives		162			(36)			(17)			19			5				128	(352)
Change in fair value of other derivatives and embedded derivatives		(72)			13			-			(1)			10				(60)	(1)
Recognized (gains) losses, net		114			(4)			30			74			136				214	117
Market related liability adjustments		353			(237)			(102)			244			217				258	(534)
Purchase price amortization		6			5			6			5			5				22	21
Transaction costs and other non-recurring items		-			1			-			2			2				3	10
Income taxes on non-GAAP adjustments		(99)			49			15			(69)			(54)				(104)	104
Adjusted net earnings (loss) (a) (b)	$	75		$	120		$	79		$	61	$ $	130		$	335	$	353

Refer to "Non-GAAP Financial Measures Definitions."
Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 7.

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Adjusted Net Earnings (Loss) Statement (a) (b)

					Three months ended								Year ended
	December 31,		September 30,			June 30,			March 31,		December 31,		December 31,		December 31,
		2023			2023			2023			2023			2022			2023		2022
Revenues:
Life insurance premiums and other fees	$	890	$	582	$	576	$	365	$	335		$	2,413	$	1,704
Interest and investment income (c)		580			576			521			520			439			2,197		1,655
Recognized gains and losses, net (d)		-			-			-			-			-		-		-
Total revenues		1,470			1,158			1,097			885			774			4,610		3,359
Benefits and expenses:
Benefits and other changes in policy reserves (e)		1,085			759			768			545			510			3,157		2,340
Market risk benefit (gains) losses (f)		42			32			24			23			20			121		17
Depreciation and amortization (g)		118			103			99			85			81			405		317
Personnel costs		62			58			51			53			47			224		157
Other operating expenses (h)		39			37			33			35			22			144		92
Interest expense		26			24			25			22			6			97		29
Total benefits and expenses		1,372			1,013			1,000			763			686			4,148		2,952
Pre-tax earnings		98			145			97			122			88			462		407
Income tax expense (benefit)		23			25			18			61			(42)			127		54
Adjusted net earnings (loss) (a) (b)	$	75		$	120		$	79		$	61		$	130		$	335	$	353

Adjusted net earnings (loss) per diluted share:	$	0.60	$	0.96	$	0.63	$	0.49	$	1.04		$	2.68	$	3.07
Adjusted weighted average diluted shares outstanding (in millions) (a)		125			125			125			125			125			125		115

Refer to "Non-GAAP Financial Measures Definitions."
Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 7.
Refer to Interest and Investment Income and Yield on page 9.
Recognized gains and losses (net) have been adjusted to remove the effect of recognized (gains) losses including changes in allowance for expected credit losses and OTTI; changes in fair values of indexed product related derivatives and embedded derivatives, net of hedging costs; and the changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards.
Benefits and other changes in policy reserves has been adjusted to remove the effects of the changes in fair values of indexed product embedded derivatives, changes in allowance for expected credit losses on reinsurance recoverables, the fair value impacts of assumed reinsurance and changes in the deferral/amortization of initial liability losses on PRT.
Market risk benefit (gains) losses has been adjusted to remove the changes in the fair value of market risk benefits by deferring current period fair value changes and amortizing the amount deferred over the life of the market risk benefit.
Depreciation and amortization has been adjusted to remove the impact of purchase price amortization.
Other operating expenses have been adjusted to remove the effects of transaction costs.

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Adjusted Net Earnings (Loss) - Significant Income and Expense Items (a)

Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings, as we believe these items provide further clarity to the financial performance of the business. Those significant income and expense items are reported after taxes ($ and shares in table in millions).

Significant Income and Expense Items (Reflected in Adjusted Net Earnings)

Alternatives
Long-term		Weighted
Expected
	Average
Retuof
	Diluted
10% (Not
	Shares
Reflected in
	Outstanding
Adjusted Net

Earnings)

Three months ended
December 31, 2023
Adjusted net earnings of $75 million for the three months ended December 31, 2023 included $110 million of investment income from
alternative investments, partially offset by $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption	$91
updates. Alternative investments investment income based on management's long-term expected retuof approximately 10% was $147 million.
September 30, 2023
Adjusted net earnings of $120 million for the three months ended September 30, 2023 included $114 million of investment income from
alternative investments. Alternative investments investment income based on management's long-term expected retuof approximately 10%	$114
was $142 million.
June 30, 2023
Adjusted net earnings of $79 million for the three months ended June 30, 2023 included $82 million of investment income from alternative
investments and $5 million of bond prepay income. Alternative investments investment income based on management's long-term expected	$87
retuof approximately 10% was $137 million.
March 31, 2023
Adjusted net earnings of $61 million for the three months ended March 31, 2023 included $99 million of investment income from alternative
investments, offset by $37 million tax valuation allowance. Alternative investments investment income based on management's long-term	$62
expected retuof approximately 10% was $132 million.
December 31, 2022
Adjusted net earnings of $130 million for the three months ended December 31, 2022 included $41 million of investment income from
alternative investments and $58 million one-time tax benefit from carryback of capital losses. Alternative investments investment income based	$99
on management's long-term expected retuof approximately 10% was $113 million.

Year ended
December 31, 2023
Adjusted net earnings of $335 million for the year ended December 31, 2023 included $405 million of investment income from alternative
investments and $5 million of bond prepay income, partially offset by $37 million tax valuation allowance, $10 million of one-time fixed asset	$354
impairment charge and $9 million actuarial industry assumption updates. Alternative investments investment income based on management's

long-term expected retuof approximately 10% was $558 million.
December 31, 2022
Adjusted net earnings of $353 million for the year ended December 31, 2022 included $202 million of investment income from alternative
investments, $66 million gain from actuarial assumption updates, $20 million net, tax benefits and $13 million net, CLO redemption gains and	$301
other income and expense items. Alternative investments investment income based on management's long-term expected retuof approximately

10% was $419 million.

(a) Refer to Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) on page 5 and Adjusted Net Earnings (Loss) Statement on page 6.

$147 125

$142 125

$137 125

$132 125

$113 125

$558 125

$419 115

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Adjusted Retuon Assets

					Three months ended								Year ended
	December 31,		September 30,			June 30,			March 31,		December 31,		December 31,		December 31,
		2023			2023			2023			2023			2022			2023		2022
Interest and investment income	$	580	$	576	$	521	$	520	$	439		$	2,197	$	1,655
Cost of funds		(363)			(319)			(316)			(297)			(273)			(1,295)		(948)
Product margin		217			257			205			223			166			902		707
Expenses (operating, interest & taxes)		(142)			(137)			(126)			(162)			(36)			(567)		(354)
Adjusted net earnings (loss) (a)	$	75		$	120		$	79		$	61		$	130		$	335	$	353

Annualized year to date

Year ended

	December 31,		September 30,		June 30,			March 31,		December 31,
		2023			2023		2023			2023		2022
Portfolio earned yield (b) (c)		4.75 %			4.73 %	4.63 %			4.69 %		4.13 %
Cost of funds (b)		(2.80)%			(2.73)%		(2.73)%			(2.68)%		(2.37)%
Product margin (b)		1.95 %			2.00 %	1.90 %			2.01 %		1.76 %
Expenses (operating, interest & taxes) (b)		(1.23)%			(1.24)%		(1.28)%			(1.46)%		(0.88)%
Adjusted retuon assets (a) (b)		0.72 %			0.76 %		0.62 %			0.55 %		0.88 %
AAUM YTD (a)	$	46,265	$	45,541	$ 44,948	$	44,393	$	40,069

December 31,

2023

4.75 % (2.80)%

1.95 % (1.23)%

0.72 %

46,265

December 31,

2022

4.13 % (2.37)%

1.76 % (0.88)%

0.88 %

40,069

Refer to "Non-GAAP Financial Measures Definitions"
Calculated by dividing applicable annualized year-to-date amount by year-to-date AAUM.
Yield on AAUM reflects significant income and expense items, such as alternative investment mark-to-market, gains on CLO redemptions and bond prepay income. See page 7 for further discussion of these items.

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Assets Under Management Rollforward and Average Assets Under Management

					Three months ended
	December 31,		September 30,			June 30,			March 31,		December 31,
		2023			2023			2023			2023		2022
AUM at beginning of period (a)	$	47,437	$	46,260	$	45,422	$	43,568	$	41,988
Net new business asset flows		3,181			1,707			1,925			2,387		1,868
Net flow reinsurance to third parties		(1,352)			(530)			(1,087)			(992)		(835)
Debt issuance (repayment) proceeds, net		187			-			-			459		547
AUM at end of period (a)	$	49,453		$	47,437		$	46,260		$	45,422	$	43,568
AAUM YTD (a)	$	46,265	$	45,541	$	44,948	$	44,393	$	40,069
AUM before flow reinsurance (a)	$	56,278	$	52,910	$	51,203	$	49,278	$	46,432

Interest and Investment Income and Yield

	Year ended
December 31,		December 31,
	2023			2022
$	43,568	$	36,494
	9,200			8,539
	(3,961)			(2,012)
	646			547
$	49,453		$	43,568
$	46,265	$	40,069
$	56,278	$	46,432

Three months ended

Year ended

	December 31,		September 30,			June 30,			March 31,		December 31,
		2023			2023			2023			2023	2022
Interest and investment income (b)	$	580	$	576	$	521	$	519	$	439
AAUM QTD (a)		48,367			46,758			45,622			44,393	42,605
Yield on AAUM (a)		4.80 %			4.93 %			4.57 %			4.68 %	4.12 %
Less: Alternative investment income (c)		124			129			89			110	45
Less: Variable investment income (d)		-			-			6			-	-
Fixed income and other net investment income (b)(e)	$	456	$	447	$	426	$	409	$	394
AAUM QTD, excluding alternative investments		40,973			39,651			38,844			37,810	36,055
Yield on AAUM, excluding alternative investments and variable investment income		4.45 %			4.51 %			4.39 %			4.33 %	4.37 %

December 31,

2023

2,196
46,265
4.75 %

452

1,738
39,302
4.42 %

December 31,

2022

1,655
40,069
4.13 %

229

1,396
34,460
4.05 %

Refer to" Non-GAAP Financial Measures Definitions".
Reflects interest and investment income on an adjusted net earnings basis.
Comprised of alternative investment income, which includes mark-to-market movement that is reflected in adjusted net earnings, from limited partnerships and limited liability corporations classified as investments in unconsolidated affiliates and non-direct lending and direct lending securitizations classified as fixed maturity securities.
Includes significant, non-recurring interest and investment income items, which could include call and tender income, commercial loan obligation redemption gains and other miscellaneous investment income.
Includes interest and investment income from fixed maturity securities (excluding certain asset backed securities considered alternative investments), mortgage loans, equity securities, short-term investments, and long-term investments.

F&G Annuities & Life, Inc.

Financial Supplement - December 31, 2023 (All periods are unaudited)

Consolidated Balance Sheets (GAAP)

Assets:	December 31,		September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
Investments:
Fixed maturity securities available for sale, at fair value, (amortized cost of $43,601), net of allowance for credit	$	40,419	$	36,871	$	36,182	$	34,197	$	31,218
losses of $35 at December 31, 2023
Preferred securities, at fair value		469			605			647			691			722
Equity securities, at fair value		137			116			109			106			101
Derivative investments		797			420			648			432			244
Mortgage loans, net of allowance for credit losses of $66 at December 31, 2023		5,336			5,174			5,076			4,984			4,554
Investments in unconsolidated affiliates (certain investments at fair value of $285 at December 31, 2023)		3,071			2,920			2,803			2,669			2,455
Other long-term investments		608			594			566			565			537
Short-term investments		1,452			168			347			776			1,556
Total investments	$	52,289		$	46,868	$	46,378		$	44,420		$	41,387
Cash and cash equivalents		1,563			1,742			1,688			1,584			960
Reinsurance recoverable, net of allowance for credit losses of $21 at December 31, 2023		8,960			7,462			7,076			6,361			5,417
Goodwill		1,749			1,749			1,749			1,749			1,749
Prepaid expenses and other assets		931			1,076			1,168			948			941
Other intangible assets, net		4,207			4,005			3,851			3,677			3,429
Market risk benefits asset		88			118			118			106			117
Income taxes receivable		27			27			13			25			28
Deferred tax asset, net		388			576			546			544			600
Total assets	$	70,202		$	63,623		$	62,587		$	59,414		$	54,628
Liabilities and Equity:

Contractholder funds	$	48,798	$	46,011	$	45,070	$	43,379	$	40,843
Future policy benefits		7,050			5,823			5,715			5,371			5,021
Market risk benefits liability		403			278			313			324			282
Accounts payable and accrued liabilities		2,011			1,452			1,719			1,453			1,260
Notes payable		1,754			1,569			1,571			1,572			1,114
Funds withheld for reinsurance liabilities		7,083			6,118			5,681			4,830			3,703
Total liabilities	$	67,099		$	61,251		$	60,069		$	56,929		$	52,223
Equity:

F&G common stock $0.001 par value; authorized 500,000,000 shares as of December 31, 2023; outstanding and		-			-			-			-			-
issued shares of 126,332,142 and 127,234,902 as of December 31, 2023, respectively
Additional paid-in-capital		3,185			3,178			3,173			3,167			3,162
Retained earnings		1,926			2,252			1,971			1,866			2,061
Accumulated other comprehensive (loss) income		(1,990)			(3,040)			(2,610)			(2,548)			(2,818)
Treasury stock, at cost (902,760 shares as of December 31, 2023)		(18)			(18)			(16)			-			-
Total equity	$	3,103		$	2,372		$	2,518		$	2,485		$	2,405
Total liabilities and equity	$	70,202		$	63,623		$	62,587		$	59,414		$	54,628

Attachments

Disclaimer

F&G Annuities & Life Inc. published this content on 20 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2024 22:42:46 UTC.

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