FGL Holdings reports fourth-quarter loss
FGL Holdings, the parent company of Des Moines-based Fidelity & Guaranty Life, on Wednesday reported a fourth-quarter loss of $156 million, or 70 cents per share. The loss was driven by “mark to market volatility and realized losses related to portfolio reposition actions,” the Cayman Islands company said in a release. Excluding those items, adjusted operating income (AOI) was $76 million and full-year AOI was $257 million. The company reported fourth-quarter annuity sales of $957 million, a 54 percent year-over-year increase. Full-year 2018 total annuity sales increased 33 percent to $3.3 billion. F&G’s assets under management increased 4 percent year-over-year to $25.6 billion. “We finished the fourth quarter on a strong earnings trajectory, with our AOI more than double what we delivered in the fourth quarter a year ago,” said Chris Blunt, F&G president and CEO.