F&G Annuities & Life, Inc (NYSE:FG) Q1 2024 Results Conference Call May 9, 2024 9:00 AM ET
Company Participants
Lisa Foxworthy-Parker - SVP, Investor and External Relations
Chris Blunt - Chief Executive Officer
Wendy Young - Chief Financial Officer
Conference Call Participants
John Barnidge - Piper Sandler
Wes Carmichael - Autonomous
Mark Hughes - Truist Securities
Operator
Ladies and gentlemen, good morning, and welcome to F&G's First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.
Lisa Foxworthy-Parker
Great. Thanks, operator, and welcome, everyone.
Joining me today are Chris Blunt, Chief Executive Officer; and Wendy Young, Chief Financial Officer. We look forward to addressing your questions following our prepared remarks. 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 SEC filings for a discussion of the factors that could cause actual results to differ materially from those expressed or implied.
This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. Non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules within our earnings release, financial supplement and investor presentation, all of which are available on the company's website. Today's call is being recorded and will be available for webcast replay at fglife.com. It will also be available through telephone replay beginning today at 1:00 p.m. Eastern Time through May 16, 2024.
And now I'll turn the call over to our CEO, Chris Blunt.
Chris Blunt
Good morning, everyone. Thanks for joining us to discuss our first quarter results. I'm pleased to share that we're off to a terrific start in 2024, having delivered another strong quarter as we execute on our strategic initiatives. We continue to focus on our growth strategy, maintaining a disciplined and balanced capital management process and diversifying our earnings into more capital-light strategies over time.
Starting with sales, we continue to see sustainable momentum across our multichannel new business platform and strong demand for our products in the volatile and higher rate environment. Coming off record sales in the fourth quarter, we reported gross sales of $3.5 billion in the first quarter, our second highest on record, which was up 6% over the first quarter of 2023, which was the third highest on record. Retail channel sales through our agent, bank and broker-dealer channels were $2.8 billion in the first quarter. We reported record fixed indexed annuity sales and lower multiyear guaranteed annuity sales, leading to a higher percentage of net sales retained as compared to the sequential quarter.