Conor E. Murphy
About Conor E. Murphy
Conor E. Murphy (age 56) was appointed Chief Financial Officer effective April 1, 2025, and subsequently assumed the role of President and CFO on August 7, 2025 . He previously served as President & CEO, Resolution Life US; EVP & COO, Brighthouse Financial (also serving as interim CFO); and held multiple senior finance roles over 17 years at MetLife (including first European CFO and CFO of Latin America), following seven years in PwC’s financial services practice . Company performance context: Adjusted net earnings totaled $546m in 2024 (vs. $353m in 2022), net income was $642m in 2024 (vs. $635m in 2022), and cumulative TSR measured from IPO-date baselines to year-end showed strong multi-year gains; AUM before flow reinsurance reached $65.3bn at YE2024 and a record $71.4bn by Q3 2025 . On the Q3 2025 call, Murphy reported ANE of $165m ($1.22 per share) and discussed progress toward medium-term ROA/ROE targets, fee-based growth via flow reinsurance and a new sidecar, and operating leverage from expense actions .
Company performance snapshot:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($m) | 635 | (58) | 642 |
| Adjusted Net Earnings ($m) | 353 | 335 | 546 |
| Cumulative TSR ($ of $100) | 104.60 | 247.92 | 228.18 |
AUM before flow reinsurance:
| Period | AUM Before Flow Reinsurance ($bn) |
|---|---|
| Dec 31, 2024 | 65.3 |
| Sep 30, 2025 (Q3 2025) | 71.4 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Resolution Life US | President & CEO | Not disclosed | Led US platform; senior industry leadership prior to FG |
| Brighthouse Financial | EVP & COO; Interim CFO | ~5 years | Oversaw operations during MetLife separation; managed life & annuity businesses; strategy & finance |
| MetLife | Multiple senior finance roles incl. first European CFO; CFO of Latin America | 17 years | Built global finance leadership across geographies |
| PwC (Financial Services) | Senior roles serving insurance clients | 7 years | Managed significant insurance client relationships |
External Roles
No current public company directorships or external board roles disclosed for Murphy .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $550,000 per year (minimum) |
| Annual Incentive Target | 100% of base salary; max up to 200% of target |
| Sign‑on Cash Bonus | $500,000 lump sum after start; subject to repayment if he resigns without Good Reason or is terminated for Cause on/before April 1, 2026 |
| One‑time Equity Grant | Performance‑based restricted stock award valued at $3,000,000; vests in three equal annual installments beginning the first anniversary of grant date, subject to a performance condition |
| Ongoing Equity Eligibility | Company will recommend an annual equity award of $3,000,000 (subject to Compensation Committee approval) on similar terms as senior executives |
Performance Compensation
Company plan design for executives (illustrative of structure Murphy participates in):
| Metric | Weight | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Achieve Financial Plan: Sales; Adjusted Net Earnings (ex-SIE) | 80% | Committee‑set | Company achieved strong results in 2024 | Contributed to pool | Annual cash (EIP) |
| Corporate Initiatives (growth, engagement, modernization) | 20% | Committee‑set | Company achieved strong results in 2024 | Contributed to pool | Annual cash (EIP) |
| 2024 EIP Pool Outcome (for NEOs) | — | — | — | 190% of target | — |
| Long‑term Equity (PRSUs) | — | One‑year ANE goal | 2024 grants contingent on 2025 ANE | Time‑vests if performance met | 3‑yr, equal tranches |
Notes:
- Annual EIP metrics (Sales and Adjusted Net Earnings excluding Significant Income/Expense) are company-wide; individual payouts reflect both corporate and individual performance. 2024 illustrates design (Murphy joined in 2025) .
- Long‑term incentive design uses a one‑year ANE performance condition with three‑year ratable vesting, aligning equity value to profitability and retention .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 81,345 FG shares (as of April 28, 2025) |
| Ownership as % of Outstanding | Less than 1% (company table marker “*”; 134,820,676 shares outstanding as of April 28, 2025) |
| Vested vs. Unvested | Not disclosed for Murphy (not an NEO in 2024 tables) |
| Options (exercisable/unexercisable) | No option awards disclosed for Murphy; company does not currently grant new stock options |
| Stock Ownership Guidelines | Executives (other than CEO/Chair): 2× base salary; four‑year compliance window |
| Hedging & Pledging | Company prohibits hedging and pledging of FG securities, and holding in margin accounts, without approval |
Employment Terms
| Provision | Terms |
|---|---|
| Start Date; Roles | CFO effective April 1, 2025; President & CFO effective August 7, 2025 |
| Agreement Term | Initial three‑year term from April 1, 2025; automatic one‑year extensions beginning on the third anniversary unless terminated |
| Annual Bonus Eligibility | Target 100% of base; max 200% |
| Equity | One‑time $3m PRSU (3 equal annual tranches; performance‑conditioned); annual $3m equity award recommended (committee approval) |
| Severance/Termination Benefits | Employment agreement “contains provisions related to the payment of benefits upon certain termination events” (details not disclosed in 8‑K) |
| Sign‑on Clawback/Repayment | $500k sign‑on must be repaid if he resigns without Good Reason or is terminated for Cause on or before April 1, 2026 |
| Company Clawback Policy | Executive incentive‑based comp is recoverable upon an accounting restatement (preceding three years) |
Investment Implications
- Pay-for-performance alignment: Murphy’s package is heavily at‑risk via a 100% target bonus (max 200%) and a $3m performance‑conditioned PRSU that vests ratably over three years; ongoing annual equity recommendations further align long‑term incentives with ANE performance and retention . This structure ties realized pay to profitability and should moderate near‑term selling pressure since vesting begins one year post‑grant and is performance‑gated .
- Retention dynamics: The $500k sign‑on repayment if he departs before April 1, 2026, three‑year employment term with auto‑renewals, and multi‑year PRSU vesting reduce short‑term departure risk and align continuity with strategic initiatives (flow reinsurance, sidecar, operating leverage) he is leading as President & CFO .
- Ownership and governance: Beneficial ownership is modest (<1%), but company‑wide ownership guidelines (2× salary for senior execs) and prohibitions on hedging/pledging support alignment and reduce financing‑related overhang risk .
- Performance track record context: Under Murphy’s initial tenure, management delivered Q3 2025 ANE of $165m while advancing a fee‑based, capital‑light model (flow reinsurance, sidecar), and expense ratio improvements toward medium‑term ROA/ROE targets—constructive for value creation and execution credibility . Company fundamentals (ANE growth 2022→2024; AUM growth into Q3 2025) provide a supportive backdrop for incentive achievement, but alternative investment income variability and spread dynamics remain watch items for payout sensitivity .
No related‑party transactions, tax gross‑ups, option repricing, pledging, or legal proceedings are disclosed for Murphy; the 8‑K explicitly notes he is not a party to any related person transactions .