Chris Blunt believes that registered index-linked annuities can do better than dominating the annuity market.
Blunt is the chief executive officer of F&G Annuities and Life, which launched its first RILA product, the F&G Confidence Builder annuity, last week.
Competitors generated $47 billion in RILA sales in 2023, according to LIMRA data.
That's' "just scratching the surface," Blunt told securities analysts Thursday during a conference call. "This is a product that now starts to compete very actively with mutual funds, which, as you know, is a $1 trillion marketplace. So, we're really psyched about it."
What it means: Maybe more of your clients' mutual fund assets will flow into RILAs.
The earnings: F&G held the conference call to go over earnings for the fourth quarter of 2023.
The Des Moines, Iowa-based company reported a $299 million net loss for the quarter on $1.6 billion in revenue, compared with a $176 million net loss on $627 million in revenue for the year-earlier quarter.
Adjusted net earnings, which exclude the effects of estimates changes in the value of derivative, investments and benefits promises, fell to $75 million, from $130 million.
Overall sales increased to $4.1 billion, from $2.7 billion.
