FGL Holdings

Delisted

CIK 0001668428Large AcceleratedLife InsuranceFY ends Dec 31

Period

FY 2019

Revenue

$2.11B

Net Income

$507.00M

Total Assets

$36.71B

Equity

$2.74B

Shares Out

221.81M

Op. Cash Flow

$675.00M

Business

FGL Holdings is a former operating company in Life Insurance. Securities are no longer actively traded on a major U.S. exchange.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2017 2017-09-30	FY 2016 2016-09-30
Premiums	40	54	—	42	—
Net investment income	1,229	1,107	—	1,005	—
Net investment gains (losses)	674	−629	—	316	—
Insurance and investment product fees and other	170	179	—	167	—
Total revenues	2,113	711	—	1,530	—
Benefits and other changes in policy reserves	1,057	423	—	843	—
Acquisition and operating expenses, net of deferrals	330	181	—	137	—
Amortization of intangibles	126	49	—	193	—
Total operating expenses	1,513	653	—	1,173	—
Operating income	600	58	—	357	—
Interest expense	−32	−29	—	−24	—
Income (loss) before income taxes	568	29	—	333	—
Income tax (expense) benefit	−61	−16	—	−110	—
Net income (loss)	507	13	—	223	97
Less Preferred stock dividend	31	29	—	0	0
Net income (loss) available to common shareholders	476	−16	—	223	—
Basic (in USD per share)	2.19	−0.07	−0.44	3.83	1.67
Diluted (in USD per share)	2.19	−0.07	—	3.83	1.66
Basic (in shares)	217	216	—	58	58
Diluted (in shares)	217	216	—	58	59
Cash dividend per common share (in dollars per share)	0.04	0	0	0.26	—
Other-than-temporary impairments	−23	−24	—	−22	—
Gains (losses) on derivatives and embedded derivatives	498	−295	—	335	—
Other investment gains (losses)	199	−310	—	3	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2017 2017-11-30	FY 2017 2017-09-30
Fixed maturity securities, available-for-sale, at fair value (amortized cost: December 31, 2019 - $22,914; December 31, 2018 - $22,219)	23,726	21,109	—	—	—
Equity securities, at fair value (cost: December 31, 2019 - $1,069; December 31, 2018 - $1,526)	1,071	1,382	1,388	—	—
Derivative investments	587	97	492	—	—
Mortgage loans	1,267	667	548	—	—
Other invested assets	1,303	662	188	—	—
Total investments	27,954	23,917	23,604	—	—
Cash and cash equivalents	969	571	1,215	924	885
Accrued investment income	228	216	211	—	—
Funds withheld for reinsurance receivables, at fair value	2,172	757	756	—	—
Reinsurance recoverable	3,213	3,190	2,494	—	—
Intangibles, net	1,455	1,359	853	22	—
Deferred tax assets, net	61	343	182	—	—
Goodwill	467	467	467	467	—
Other assets	195	125	141	—	—
Total assets	36,714	30,945	29,923	—	—
Contractholder funds	25,684	23,387	21,827	—	—
Future policy benefits, including $1,953 and $725 at fair value at December 31, 2019 and December 31, 2018, respectively	5,735	4,641	4,751	—	—
Funds withheld for reinsurance liabilities	831	722	2	—	—
Liability for policy and contract claims	71	64	78	—	—
Debt Instrument, Face Amount	542	541	—	—	—
Other liabilities	1,108	700	890	—	—
Total liabilities	33,971	30,055	27,960	—	—
Preferred stock ($.0001 par value, 100,000,000 shares authorized, 429,789 and 399,033 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	0	0	0	—	—
Common stock ($.0001 par value, 800,000,000 shares authorized, 221,807,598 and 221,660,974 issued and outstanding at December 31, 2019 and December 31, 2018, respectively	0	0	0	—	—
Additional paid-in capital	2,031	1,998	2,037	—	—
Retained earnings (Accumulated deficit)	300	−167	−149	—	—
Accumulated other comprehensive income (loss)	481	−937	75	—	—
Treasury stock, at cost (8,652,400 shares at December 31, 2019; 600,000 shares at December 31, 2018)	−69	−4	0	—	0
Total shareholders' equity	2,743	890	1,963	—	—
Total liabilities and shareholders' equity	36,714	30,945	29,923	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-09-30	FY 2016 2016-09-30
Stock based compensation	5	4	6	—
Amortization	39	43	−42	—
Deferred income taxes	41	−30	−4	—
Interest credited/index credits to contractholder account balances	985	347	701	—
Net recognized losses (gains) on investments and derivatives	−682	629	−305	—
Charges assessed to contractholders for mortality and administration	−124	−136	−131	—
Intangibles, net	−336	−390	−144	—
Reinsurance recoverable	13	24	−18	—
Future policy benefits reflected in net income (loss)	1,079	−110	−55	—
Funds withheld for reinsurers	−1,220	679	−105	—
Collateral (returned) posted	387	−291	158	—
Other assets and other liabilities	−19	117	−47	—
Net cash provided by (used in) operating activities	675	897	237	—
Proceeds from mortgage loans	100	65	48	—
Costs of mortgage loans	−701	−185	0	—
Capital expenditures	−11	−7	−4	—
Payment for Contingent Consideration Liability, Investing Activities	0	57	0	0
Net cash provided by (used in) investing activities	−1,568	−2,280	−1,217	—
Treasury stock	−65	−4	−1	—
Payments of Debt Issuance Costs	0	−6	0	—
Proceeds from (Repayments of) Debt	0	547	0	—
Retirement and paydown on debt and revolving credit facility	−27	−440	0	—
Draw on revolving credit facility	27	30	5	—
Common stock dividends paid	−9	0	−15	—
Contractholder account deposits	4,124	3,352	2,890	—
Contractholder account withdrawals	−2,759	−2,674	−1,878	—
Net cash provided by (used in) financing activities	1,291	739	1,001	—
Change in cash & cash equivalents	398	−644	21	—
Interest Paid, Excluding Capitalized Interest, Operating Activities	30	—	23	—
Income taxes (refunded) paid	−1	41	114	—
Deferred sales inducements	130	138	20	—

Filings

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