Tue, May 14, 5:40 PM (73 days ago)
For the quarter ending March 31, 2024, Fortitude Life Insurance & Annuity Company (FLIAC) reported a significant improvement in financial performance. The company posted a net income of $145 million, a substantial increase from $7 million in the same quarter of the previous year, primarily driven by favorable changes in the fair value of insurance liabilities due to equity market and interest rate movements. Total assets grew slightly to $31,682 million from $31,553 million at the end of 2023, with notable increases in investments and separate account assets. Cash and cash equivalents decreased from $940 million to $441 million due to investment purchases and timing of asset sales. The company's equity rose to $1,422 million from $1,362 million, driven by net income and partially offset by a $75 million dividend to the parent company. However, investment losses, particularly in equity derivatives and fixed maturity securities, were a concern, reflecting market volatility. The report also highlighted ongoing regulatory and legal matters that could impact future operations.