DES MOINES, IA - F&G Annuities & Life, Inc. (NYSE:FG) announced the results of its annual shareholder meeting held today, in a recent SEC filing. During the meeting, shareholders voted on several key issues, including the election of directors and executive compensation.
The company reported that a quorum was achieved with the presence or representation of shares of common stock. As of the record date, June 3, 2024, there were 126,125,125 shares outstanding and entitled to vote.
Shareholders elected three Class II directors to serve on the board until the 2027 Annual Meeting or until their successors are duly elected. The directors elected are Douglas K. Ammerman with 118,068,413 votes for, Celina J. Wang Doka with 120,619,915 votes for, and Raymond R. Quirk with 118,864,661 votes for. Each director had some votes withheld and there were broker non-votes, which are shares represented at the meeting but not voted by brokers on these proposals.
In addition to the election of directors, a non-binding advisory resolution on executive compensation was approved with 120,255,807 votes in favor. This "say on pay" vote provides shareholders the opportunity to express their approval or disapproval of the company's executive compensation programs.
Furthermore, the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the 2024 fiscal year was ratified with 123,330,089 votes in favor.
The company's SEC filing also noted that the terms of office for Class III directors, William P. Foley, II and Christopher O. Blunt, will expire at the 2025 Annual Shareholders Meeting, and for Class I directors, John D. Rood, Michael J. Nolan, and Douglas Martinez, at the 2026 Annual Shareholders Meeting.
The information provided in this article is based on a press release statement from F&G Annuities & Life, Inc., filed with the SEC.
In other recent news, F&G Annuities & Life reported a strong first quarter, with gross sales hitting $3.5 billion, largely driven by a record performance in fixed indexed annuity sales. The company's assets under management also reached a new high of $49.8 billion, marking a 10% increase from the same period last year. Adjusted net earnings for the quarter were reported at $154 million, reflecting an 18% year-over-year increase.
In other developments, F&G Annuities & Life has announced the pricing of a public offering of $550 million in senior notes with a 6.500% interest rate, set to mature in 2029. The notes will be backed on an unsecured, unsubordinated basis by all of F&G's subsidiaries. The net proceeds from this offering are planned to support a cash tender offer by its wholly owned subsidiary, Fidelity & Guaranty Life Holdings, Inc., for up to $250 million of its 5.50% Senior Notes due in 2025.
Furthermore, F&G Annuities & Life has promoted John Currier to President. Currier, who has over three decades of experience in the insurance sector, will maintain his responsibilities over the Retail Markets business unit, overseeing sales, operations, marketing, and management of new and existing business. These recent developments highlight F&G's strategic approach to managing growth and adapting to the industry landscape.
InvestingPro Insights
In light of the recent shareholder meeting for F&G Annuities & Life, Inc. (NYSE:FG), it's worth noting some key financial metrics and InvestingPro Tips that could offer additional insights for investors. With a robust market capitalization of $5.67 billion and a Price/Earnings (P/E) ratio of 18.99, the company's valuation reflects investor confidence. Moreover, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 22.88, indicating expectations of continued earnings growth.
Investors may also be encouraged by the substantial revenue growth of 108.41% over the last twelve months leading up to Q1 2024. This growth is complemented by a strong gross profit margin of 25.38%, showcasing the company's ability to maintain profitability amidst its expansion. Additionally, F&G Annuities & Life has demonstrated significant returns, with a 12.43% increase over the last week and an impressive 86.62% return over the past year, signaling robust performance in the market.
Two InvestingPro Tips highlight that analysts predict the company will be profitable this year, and the company has been profitable over the last twelve months, aligning with the positive financial data. For those interested in further analysis and additional tips, InvestingPro offers more comprehensive insights. Readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to a total of 8 additional InvestingPro Tips for F&G Annuities & Life.
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