F&G Annuities & Life, Inc.FG

F&G Annuities & Life, Inc. Segments Disclosure

10-KFiled Feb 26, 20262 min read
Segment Information
F&G has one reportable segment, which reflects the manner by which our CODM, the Chief Executive Officer of F&G, views and manages the business. F&G’s CODM uses the consolidated net earnings (loss) as reported on the Consolidated Statements of Operations to evaluate F&G’s results and measure profitability and performance. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets.

Summarized financial information concerning our single reportable segment is shown in the following table (in millions).
Year Ended December 31,
202520242023
Revenues:
Life-contingent pension risk transfer premiums$2,108 $2,217 $1,964 
Traditional life insurance and life-contingent immediate annuity premiums30 35 43 
Surrender charges253 268 103 
Policyholder fees and other income404 340 303 
Life insurance premiums and other fees2,795 2,860 2,413 
Owned distribution revenues89 81 — 
Revenues from external customers2,884 2,941 2,413 
Interest and investment income2,837 2,719 2,211 
Recognized gains and (losses), net10 84 (124)
Total revenues5,731 5,744 4,500 
Significant expenses (a):
Benefits and other changes in policy reserves3,963 3,791 3,553 
Personnel costs293 296 232 
Other operating expenses 156 203 146 
Total significant expenses:4,412 4,290 3,931 
Other segment items
Market risk benefit losses (gains)167 (25)95 
Depreciation and amortization665 569 412 
Interest expense164 132 97 
Total other segment items:996 676 604 
Total expenses5,408 4,966 4,535 
Earnings (loss) before income taxes323 778 (35)
Income tax expense52 136 23 
Net earnings (loss)$271 $642 $(58)
(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

F&G derives its revenue from external customers primarily located in the United States. Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuities policies, the cost of insurance on IUL policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts. We have ceded the majority of our traditional life business to unaffiliated third-party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Other income related to riders is earned when elected by the policyholder. Surrender charges are earned when a policyholder withdraws funds from the contract early or cancels the contract.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 28, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValueGoodwill & IntangiblesDebtCommitmentsNew Standards