F&G Annuities & Life Inc. (FG) stock plummeted 8.47% in intraday trading on Friday, underperforming the broader market. The decline came after the company reported disappointing fourth-quarter results.
For the fourth quarter, F&G posted an adjusted profit of $143 million, or $1.12 per share, falling short of Wall Street's expectation of $1.20 per share. The earnings miss was primarily driven by a shortfall in net investment income, which was impacted by a series of rate cuts.
Additionally, the company's net sales declined to $2.44 billion in the fourth quarter, down from $2.55 billion a year earlier. This marked the first time since the second quarter of 2023 that F&G's sales decreased on a year-over-year basis, raising concerns among investors and putting pressure on the stock.
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