FORTITUDE LIFE INSURANCE & ANNUITY CO Financial Statements (2024 and earlier)
Company Profile
| Business Address |
TEN EXCHANGE PLACE JERSEY CITY, NJ 07302 |
| State of Incorp. | AZ |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6399 - Insurance Carriers, Not Elsewhere Classified (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 1,089,000 | 2,891,311 | 1,387,372 | 3,130,521 | 4,541,102 | 2,532,727 | |||
| Cash and cash equivalents | 872,000 | 2,015,885 | 1,069,211 | 2,795,163 | 4,503,534 | 1,639,939 | |||
| Short-term investments | 217,000 | 875,426 | 318,161 | 335,358 | 37,568 | 892,788 | |||
| Receivables | 1,773,152 | 1,474,185 | |||||||
| Total current assets: | 1,089,000 | 2,891,311 | 3,160,524 | 4,604,706 | 4,541,102 | 2,532,727 | |||
| Noncurrent Assets | |||||||||
| Nontrade receivables | 50,000 | ||||||||
| Long-term investments and receivables | 335,811 | ||||||||
| Long-term investments | 335,811 | ||||||||
| Intangible assets, net (including goodwill) | 93,000 | ||||||||
| Goodwill | 93,000 | ||||||||
| Deposits noncurrent assets | 607,000 | ||||||||
| Total noncurrent assets: | 750,000 | 335,811 | |||||||
| Other undisclosed assets | 29,703,000 | 55,686,819 | 61,114,582 | 54,230,291 | 50,136,742 | 57,092,312 | |||
| TOTAL ASSETS: | 31,542,000 | 58,578,130 | 64,275,106 | 58,834,997 | 54,677,844 | 59,960,850 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Debt | 119,671 | 242,094 | 140,569 | 43,734 | |||||
| Total current liabilities: | 119,671 | 242,094 | 140,569 | 43,734 | |||||
| Noncurrent Liabilities | |||||||||
| Other undisclosed liabilities | 29,955,000 | 56,896,403 | 61,454,290 | 53,065,548 | 47,795,707 | 53,636,066 | |||
| Total liabilities: | 29,955,000 | 56,896,403 | 61,573,961 | 53,307,642 | 47,936,276 | 53,679,800 | |||
| Equity | |||||||||
| Equity, attributable to parent | 1,587,000 | 1,681,727 | 2,701,145 | 5,527,355 | 6,741,568 | 6,281,050 | |||
| Common stock | 3,000 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | |||
| Additional paid in capital | 1,759,000 | 592,208 | 4,382,936 | 5,142,936 | 6,120,436 | 7,145,436 | |||
| Accumulated other comprehensive income (loss) | 111,000 | 169,756 | 1,533,059 | 428,612 | (324,373) | (90,124) | |||
| Retained earnings (accumulated deficit) | (286,000) | 917,263 | (3,217,350) | (46,693) | 943,005 | (776,762) | |||
| Total equity: | 1,587,000 | 1,681,727 | 2,701,145 | 5,527,355 | 6,741,568 | 6,281,050 | |||
| TOTAL LIABILITIES AND EQUITY: | 31,542,000 | 58,578,130 | 64,275,106 | 58,834,997 | 54,677,844 | 59,960,850 | |||
Income Statement (P&L) ($ in thousands)
| 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 8,948,478 | (2,225,424) | 451,307 | 3,914,580 | 2,303,936 | |||
| Insurance commissions and fees | 1,231,816 | 1,943,599 | 2,081,046 | 2,171,278 | ✕ | |||
| Insurance agency management fee | 254,750 | ✕ | ||||||
| Net investment income | 490,393 | 579,261 | 551,548 | 402,808 | 422,809 | |||
| Realized investment gains (losses) | 7,488,807 | (5,260,940) | (2,681,320) | 884,073 | (805,400) | |||
| Other income | (553,861) | 452,071 | 440,483 | 389,156 | 413,375 | |||
| Cost of revenue | (799,337) | (806,786) | (577,987) | (1,026,058) | (130,402) | |||
| Policyholder benefits and claims incurred, net | 219,983 | (222,612) | (143,925) | (187,088) | ✕ | |||
| Liability for future policy benefits, period expense (income) | ||||||||
| Policyholder account balance, interest expense | (639,632) | (180,160) | (161,209) | (249,175) | (30,280) | |||
| Deferred policy acquisition costs, amortization expense | (379,688) | (404,014) | (272,853) | (589,795) | 13,946 | |||
| Financial services costs | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | (114,068) | |
| Gross profit: | 8,149,141 | (3,032,210) | (126,680) | 2,888,522 | 2,173,534 | |||
| Operating expenses | (316,547) | (204,866) | (264,155) | (181,964) | 79,061 | |||
| Operating income (loss): | 7,832,594 | (3,237,076) | (390,835) | 2,706,558 | 2,252,595 | |||
| Other undisclosed loss from continuing operations before equity method investments, income taxes | (797,909) | (889,593) | (862,338) | (1,135,000) | ||||
| Income (loss) from continuing operations before equity method investments, income taxes: | 7,832,594 | (4,034,985) | (1,280,428) | 1,844,220 | 1,117,595 | |||
| Other undisclosed loss from continuing operations before income taxes | (1,573,228) | |||||||
| Income (loss) from continuing operations before income taxes: | 6,259,366 | (4,034,985) | (1,280,428) | 1,844,220 | 1,117,595 | |||
| Income tax expense (benefit) | (1,294,005) | 865,720 | 291,101 | (161,504) | (1,201,099) | |||
| Income (loss) from continuing operations: | 4,965,361 | (3,169,265) | (989,327) | 1,682,716 | (83,504) | |||
| Income (loss) before gain (loss) on sale of properties: | ✕ | ✕ | 4,965,361 | (3,169,265) | (989,327) | 1,682,716 | (83,504) | |
| Net income (loss) available to common stockholders, diluted: | 4,965,361 | (3,169,265) | (989,327) | 1,682,716 | (83,504) | |||
Comprehensive Income ($ in thousands)
| 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 4,965,361 | (3,169,265) | (989,327) | 1,682,716 | (83,504) | |||
| Other comprehensive income (loss) | (1,363,303) | 1,104,447 | 752,985 | (197,532) | 224,824 | |||
| Comprehensive income (loss), net of tax, attributable to parent: | 3,602,058 | (2,064,818) | (236,342) | 1,485,184 | 141,320 | |||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.