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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
Form 10-Q
 
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to
Commission file number: 001-37779
 
 
 
FGL HOLDINGS
(Exact name of registrant as specified in its charter)
 
 
 

Cayman Islands
 
98-1354810
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
4th Floor
Boundary Hall, Cricket Square
Grand Cayman, Cayman Islands KY1-1102
(Address of principal executive offices, including zip code)

(800) 445-6758
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     or    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  or No¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller reporting Company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     or    No  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary shares, par value $.0001 per share
FG
New York Stock Exchange
Warrants to purchase ordinary shares
FG WS
New York Stock Exchange
As of July 31, 2019, there were 221,660,974 ordinary shares, $.0001 par value, issued and outstanding.
 


Table of Contents

FGL HOLDINGS
TABLE OF CONTENTS

 
Page
PART I. FINANCIAL INFORMATION
 
       (4) Investments
       (9) Equity
 
 
PART II. OTHER INFORMATION
 
 

-1

Table of Contents

PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
FGL HOLDINGS
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
 
June 30,
2019

December 31,
2018
 
(Unaudited)
 
 
ASSETS



Investments:



Fixed maturity securities, available-for-sale, at fair value (amortized cost: June 30, 2019 - $22,954; December 31, 2018 - $22,219)
$
23,362


$
21,109

Equity securities, at fair value (cost: June 30, 2019 - $1,174; December 31, 2018 - $1,526)
1,144


1,382

Derivative investments
383


97

Mortgage loans
760


667

Other invested assets
1,030


662

Total investments
26,679


23,917

Cash and cash equivalents
772

 
571

Accrued investment income
232

 
216

Funds withheld for reinsurance receivables, at fair value
1,922

 
757

Reinsurance recoverable
3,264

 
3,190

Intangibles, net
1,421

 
1,359

Deferred tax assets, net
150

 
343

Goodwill
467

 
467

Other assets
191

 
125

Total assets
$
35,098

 
$
30,945

 



LIABILITIES AND SHAREHOLDERS' EQUITY



 



Contractholder funds
$
24,828


$
23,387

Future policy benefits, including $1,787 and $725 at fair value at June 30, 2019 and December 31, 2018, respectively
5,641


4,641

Funds withheld for reinsurance liabilities
839

 
722

Liability for policy and contract claims
66


64

Debt
542


541

Other liabilities
922


700

Total liabilities
32,838


30,055

 



Commitments and contingencies ("Note 12")



 



 Shareholders' equity:

 

Preferred stock ($.0001 par value, 100,000,000 shares authorized, 414,126 and 399,033 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively)

 

Common stock ($.0001 par value, 800,000,000 shares authorized, 221,660,974 issued and outstanding at June 30, 2019 and December 31, 2018)

 

Additional paid-in capital
2,014

 
1,998

Retained earnings (Accumulated deficit)
30

 
(167
)
Accumulated other comprehensive income (loss)
251

 
(937
)
Treasury stock, at cost (4,475,919 shares at June 30, 2019; 600,000 shares at December 31, 2018)
(35
)
 
(4
)
Total shareholders' equity
2,260

 
890

Total liabilities and shareholders' equity
$
35,098

 
$
30,945

 
 
 
 

See accompanying notes to unaudited condensed consolidated financial statements.


-2

Table of Contents

FGL HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share data)

 
Three months ended
 
Six months ended
 
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
Revenues:
 
 
 
 
 
 
 
Premiums
$
8

 
$
15

 
$
24

 
$
33

Net investment income
315

 
282

 
604

 
545

Net investment gains (losses)
135

 
(2
)
 
375

 
(193
)
Insurance and investment product fees and other
37

 
45

 
92

 
93

Total revenues
495

 
340

 
1,095

 
478

Benefits and expenses:
 
 
 
 
 
 
 
Benefits and other changes in policy reserves
268

 
217

 
607

 
178

Acquisition and operating expenses, net of deferrals
147

 
46

 
191

 
86

Amortization of intangibles
13

 
17

 
42

 
44

        Total benefits and expenses
428

 
280

 
840

 
308

Operating income
67

 
60

 
255

 
170

Interest expense
(8
)
 
(7
)
 
(16
)
 
(13
)
Income (loss) before income taxes
59

 
53

 
239

 
157

Income tax expense
(13
)
 
(13
)
 
(22
)
 
(52
)
        Net income (loss)
$
46

 
$
40

 
$
217

 
$
105

Less Preferred stock dividend
8

 
7

 
16

 
14

Net income (loss) available to common shareholders
$
38

 
$
33

 
$
201

 
$
91

 
 
 
 
 
 
 
 
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
0.17

 
$
0.15

 
$
0.92

 
$
0.42

Diluted
$
0.17

 
$
0.15

 
$
0.92

 
$
0.42

Weighted average common shares used in computing net income (loss) per common share:
 
 
 
 
 
 
 
Basic
217,185,055

 
214,370,000

 
218,482,900

 
214,370,000

Diluted
217,262,215

 
214,379,000

 
218,537,145

 
214,376,439

 
 
 
 
 
 
 
 
Cash dividend per common share
$
0.01

 
$

 
$
0.02

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosures
 
 
 
 
 
 
 
Total other-than-temporary impairments
$
(3
)
 
$

 
$
(5
)
 
$
(2
)
Portion of other-than-temporary impairments included in other comprehensive income

 

 

 

Net other-than-temporary impairments
(3
)
 

 
(5
)
 
(2
)
Gains (losses) on derivatives and embedded derivatives
116

 
44

 
280

 
(101
)
Other investment gains (losses)
22

 
(46
)
 
100

 
(90
)
        Total net investment gains (losses)
$
135

 
$
(2
)
 
$
375

 
$
(193
)



See accompanying notes to unaudited condensed consolidated financial statements.

-3

Table of Contents

FGL HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
 
Three months ended
 
Six months ended
 
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
Net income (loss)
$
46

 
$
40

 
$
217

 
$
105

 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
Net change in unrealized gains/losses on investments
472

 
(325
)
 
1,196

 
(684
)
 
 
 
 
 
 
 
 
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk
(5
)
 

 
(8
)
 
2

 
 
 
 
 
 
 
 
Net changes to derive comprehensive income (loss) for the period
467

 
(325
)
 
1,188

 
(682
)
Comprehensive income (loss), net of tax
$
513

 
$
(285
)
 
$
1,405

 
$
(577
)

See accompanying notes to unaudited condensed consolidated financial statements.


-4

Table of Contents

FGL HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited) (In millions)

 
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Total Shareholders' Equity
Balance, December 31, 2018
 
$

 
$

 
$
1,998

 
$
(167
)
 
$
(937
)
 
$
(4
)
 
$
890

Treasury shares purchased
 

 

 

 

 

 
(30
)
 
(30
)
Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock (paid in kind)
 

 

 
8

 
(8
)
 

 

 

Common stock ($0.01/share)
 

 

 

 
(2
)
 

 

 
(2
)
Net income (loss)
 

 

 

 
171

 

 

 
171

Unrealized investment gains (losses), net
 

 

 

 

 
724

 

 
724

Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk
 

 

 

 

 
(3
)
 

 
(3
)
Stock-based compensation
 

 

 
1

 

 

 

 
1

Balance, March 31, 2019
 
$

 
$

 
$
2,007

 
$
(6
)
 
$
(216
)
 
$
(34
)
 
$
1,751

Treasury shares purchased
 

 

 

 

 

 
(1
)
 
(1
)
Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 


Preferred stock (paid in kind)
 

 

 
6

 
(8
)
 

 

 
(2
)
Common stock ($0.01/share)
 

 

 

 
(2
)
 

 

 
(2
)
Net income
 

 

 

 
46

 

 

 
46

Unrealized investment gains (losses), net
 

 

 

 

 
472

 

 
472

Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk
 

 

 

 

 
(5
)
 

 
(5
)
Stock-based compensation
 

 

 
1

 

 

 

 
1

Balance, June 30, 2019
 
$

 
$

 
$
2,014

 
$
30

 
$
251

 
$
(35
)
 
$
2,260

 
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Total Shareholders' Equity
Balance, December 31, 2017
 
$

 
$

 
$
2,037

 
$
(149
)
 
$
75

 
$

 
$
1,963

Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock (paid in kind)
 

 

 
2

 
(7
)
 

 

 
(5
)
Net income (loss)
 

 

 

 
65