F&G Annuities & Life, Inc. (NYSE:FG) Q1 2024 Earnings Call Transcript

Wendy Young : Yes. I think I would just add, Wes, the biggest difference is that F&G is different, right? Back in the original rule, we weren’t in the bank and broker dealer market. So that has significantly improved those percentages that Chris was talking about of where we would be impacted.

Chris Blunt: Yes. And then we also weren’t in the PRT or FABN market. So if you go back 5 years ago, we were doing probably $3 billion of sales. It was all through independent agents. And now as you see, we’re $13 billion plus. And we continue to grow the IMO space. And a number of those IMOs, I think, actually will thrive during this because they’re fairly sophisticated, it may force independent agents to need to affiliate with one IMO versus multiple IMOs. So I think the best players actually look at this and say, we can build some nice moats for ourselves adapting to this. 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.

Operator: Thank you. Ladies and gentlemen, this will conclude our question-and-answer session. I will now turn the conference back over to CEO, Chris Blunt, for his closing remarks. Chris?

Chris Blunt: Thanks, everybody. Look, we’re really pleased with our overall results, which demonstrate the competitive strength and resilience of our business. F&G is positioned to perform through the cycle, and we’re successfully executing on our strategic priorities to generate continued growth and profitability. Thanks for joining us. We appreciate your interest in F&G and look forward to updating you on our second quarter earnings call.

Operator: The conference of F&G has now concluded. Thank you for your participation. You may now disconnect your lines.