F&G Annuities & Life reports record $71.4 billion AUM as strong sales drive robust third quarter performance and positive outlook for continued growth.

Good morning and welcome to FMG's third quarter 2025 earnings call. During today's presentation, all callers will be placed in a listen only mode following management's prepared remarks. The conference will be open for questions with instructions to follow at that time. I would now like to turn the call over to Lisa Foxworthy Parker, Senior Vice President, Investor Relations and External Relations. Please go ahead.

Thanks Operator and welcome everyone. I'm joined today by Chris Blunt, Chief Executive Officer and Connor Murphy, President and Chief Financial Officer. 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. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those expressed or implied. This morning's discussion also includes non GAAP measures which management believes are relevant in assessing the financial performance of the business. Non GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company's investor website. Please note that today's call is being recorded and will be available for webcast replay and with that I'll hand the call over to Chris Blunt.

Call over to Chris Blunt Good morning everyone and thanks for joining our call. We delivered strong third quarter results with record AUM before flow reinsurance fueled by one of our best sales quarters in history, the launch of our new reinsurance sidecar and strong performance across the business as we execute on our strategy and make continued progress toward our 2023 Investor Day targets. F&G Annuities & Life is uniquely positioned in the industry with a profitable and growing $56 billion in force block. We generate spread based earnings from fixed annuities and pension risk transfer and we have multiple sources of fee based earnings with the sidecar in place alongside our flow reinsurance, middle market life insurance and well performing owned distribution portfolio. As our business grows, we're becoming a more fee based, higher margin and capital light business, leveraging our position as one of the industry's largest sellers of annuities and life insurance. We are balancing this with continuing to grow our spread based business, prioritizing pricing discipline and allocating capital to the highest return opportunities. As we execute on our strategy, we expect both gross and net AUM to continue to grow. F and g reported a record 71.4 billion of AUM before flow reinsurance at the end of the third quarter including retained assets under management of 56.6 billion. Compared to the third quarter of 2024, AUM increased 14 and 8% respectively, driven by net new business flows. For the first nine months of the year we generated $11 billion of gross sales. This reflects $6 billion of core sales which include index annuities, index life and pension risk transfer and $5 billion of opportunistic sales including MYGA and funding agreements. Looking at the third quarter, we delivered one of our best sales quarters with $4.2 billion of gross sales and strength across all products and distribution channels. Core sales were half of the total at 2.2 billion, modestly above both the second quarter of 2025 and the third quarter of 2024. Highlights for our core sales include indexed annuities of 1.7 billion in the quarter and 4.8 billion year to date. FIA is our largest contributor to index annuity sales and with the launch of the reinsurance sidecar in August, we have started flowing a portion of our accumulation focused FIA sales during the quarter. RILA continues to be a modest but growing contributor to our sales as we are gaining momentum. IUL sales were over 40 million in the quarter and 137 million year to date, up 10% over the prior year to date period as our life insurance solutions are meeting the needs of the underserved multicultural middle market and PRT sales were more than 500 million in the quarter, including a multiple repeat client and 1.3 billion year to date in line with the prior year to date period. The PRT market continues to see a robust pipeline for mid sized deals between 100 million to 500 million where F&G Annuities & Life competes well and we're on track to achieve our targeted 1.5 to 2.5 billion of PRT sales for the full year. Opportunistic sales were 2 billion in the third quarter with over $1 billion of funding agreements and nearly $1 billion of MyGA sales. Opportunistic sales volumes will fluctuate quarter to quarter depending on economics and market opportunity. Here's a few details. We took advantage of an attractive market window and executed a record $800 million FABN issuance in the third quarter and expanded our high quality investor base bringing our third quarter and year to date funding agreement placements to 1 billion and 1.6 billion respectively. Coming off a record second quarter. Myga sales were nearly 1 billion in the third quarter and 3.4 billion year to date. We optimize our level of flow reinsurance in line with our capital targets by dynamically adjusting MYGA volumes up and down as market economics change. While short term interest rates declined following the recent Fed cuts, the shape of the yield curve has a bigger impact on our business. We do not have significant exposure to changes in short term interest rates as we have hedged a majority of our floating rate portfolio to lock in higher rates over the past couple of years. Our floating rate assets are now only 2.4 billion or 5% of our total portfolio net of hedging. We expect continued strong demand for retirement savings products, including a growing demand for annuities by consumers and financial advisors for retirement security. Demographic trends remain a powerful secular driver as the growing retirement population seeks guaranteed lifetime income streams, and the continued macroeconomic volatility increases the relative attractiveness of fixed annuity products for consumers that want guaranteed tax deferred growth and principal protection. Next turning to the investment portfolio. Our portfolio is diversified, well positioned and high quality with 96% of fixed maturities being investment grade. Credit related impairments have remained low and stable averaging 6 basis points over the past five years. Through the first nine months of the year, credit related impairments remained below our pricing. Given broader market concerns around credit exposure to bank loans, we don't have any direct holdings in First Brands, Tricolor or Prima Lending and our exposure to the subprime auto and regional bank sectors was a modest $20 million and $13 million respectively. As of September 30, our fixed income yield of 4.68% increased 10 basis points over the sequential quarter, primarily driven by a prospective floating rate asset model refinement. As a reminder, our fixed income yield excludes alternative investment income as well as variable investment income. Looking at our alternative investment portfolio, we saw improvement in our annualized return at 7% in the quarter, up from 6% in the sequential quarter and as compared to our 10% long term expected return. Our alternative investment portfolios comprise 30% of Alt LPs with the remainder more debt like in nature. Next, turning to variable investment income, we reported 24 million of pre tax prepay income in the quarter which was above our run rate expectation as compared to 26 million in the prior year quarter and 6 million at the sequential quarter. As far as asset managers go, we really think we have the best of both worlds in terms of our competitive positioning and flexibility. This month marks that we are eight years into our strong and seasoned relationship with a world class manager in Blackstone and we have the flexibility to work with other asset managers whether for flow, reinsurance or specialty asset classes that complement Blackstone's capabilities. In summary, F&G's results through the first nine months of the year positioned us well for a strong finish for the remainder of 2025. We are executing on our strategy, leveraging the strength of our distribution partners to continue to grow our spread based business alongside our growing sources of fee based, higher margin and capital light earnings through our flow reinsurance, middle market, life insurance and owned distribution strategies. I'm excited about the future and our ability to continue to further expand our return on equity to deliver long term shareholder value. Let me now turn the call over to Connor to provide further details on F&G's third quarter highlights.