F&G Annuities & Life, Inc.

Listed Company

FGNCIK 0001934850NYSEAcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.73B

Net Income

$265.00M

Total Assets

$98.43B

Equity

$4.80B

Shares Out

135.61M

Op. Cash Flow

$4.68B

Business

F&G Annuities & Life, Inc. provides insurance solutions focused on retail annuity and life insurance customers and institutional clients. It offers fixed indexed annuities, registered index-linked annuities, multi-year guarantee annuities, fixed rate annuities, indexed universal life insurance, pension risk transfer solutions, funding agreements and related riders and hedging tools. The company operates through insurance subsidiaries and distinct business lines including retail annuities, middle-market life insurance, owned distribution investments, funding agreement origination and pension risk transfer. Its products are distributed nationally through independent agents/IMOs, banks, broker-dealers and institutional channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Life insurance premiums and other fees	2,795	2,860	2,413	1,704	1,407
Interest and investment income	2,837	2,719	2,211	1,655	1,852
Owned distribution revenues	89	81	0	0	—
Recognized gains and (losses), net	10	84	−124	−1,010	715
Total revenues	5,731	5,744	4,500	2,349	3,974
Benefits and other changes in policy reserves	3,963	3,791	3,553	1,126	1,932
Market risk benefit losses (gains)	167	−25	95	−182	−44
Depreciation and amortization	665	569	412	324	271
Personnel costs	293	296	232	157	129
Other operating expenses	156	203	146	102	105
Interest expense	164	132	97	—	—
Total benefits and expenses	5,408	4,966	4,535	1,556	2,422
Earnings (loss) before income taxes	323	778	−35	793	1,232
Income tax expense	52	136	23	158	320
Net earnings (loss)	271	642	−58	635	—
Less: Non-controlling interests	6	3	0	0	—
Net earnings (loss)	265	639	−58	635	1,240
Less: Preferred stock dividend	17	17	0	0	0
Net earnings (loss) attributable to F&G common shareholders	248	622	−58	635	865
Net earnings (loss) per share attributable to F&G common shareholders, basic (in usd per share)	1.89	4.98	−0.47	5.52	11.81
Net earnings (loss) per share attributable to F&G common shareholders, diluted (in usd per share)	1.88	4.88	−0.47	5.52	11.81
Weighted average shares outstanding F&G common stock, basic basis (in shares)	131	125	124	115	105
Weighted average shares outstanding F&G common stock, diluted basis (in shares)	132	131	124	115	105

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities available for sale, at fair value, at December 31, 2025 and 2024, at an amortized cost of $55,292 and $49,729, respectively, net of allowance for credit losses of $104 and $62, respectively	52,700	46,317	40,419	31,218	29,962
Derivative investments	1,148	792	797	244	816
Mortgage loans, net of allowance for credit losses of $86 and $70 at December 31, 2025 and 2024, respectively	7,891	5,926	5,336	4,554	—
Investments in unconsolidated affiliates (2025 includes $262 related to investments held by consolidated variable interest entities (VIEs) and 2025 and 2024 include certain investments at fair value of $270 and $272, respectively)	4,878	3,565	3,071	2,455	2,350
Other long-term investments (2025 includes $248 related to investments held by consolidated VIEs)	1,294	580	537	537	489
Policy loans	147	104	71	—	—
Short-term investments (2025 includes $116 related to investments held by consolidated VIEs)	1,043	2,410	1,452	1,556	373
Total investments	69,442	60,109	52,289	41,387	38,910
Cash and cash equivalents (2025 includes $2 related to investments held by consolidated VIEs)	1,486	2,264	1,563	960	1,533
Reinsurance recoverable, net of allowance for credit losses of $18 and $20 at December 31, 2025 and 2024, respectively	17,545	13,369	8,960	5,417	3,610
Goodwill	2,180	2,179	1,749	1,749	1,756
Prepaid expenses and other assets (certain assets held at fair value of $24 and $11 at December 31, 2025 and 2024, respectively)	1,052	950	931	941	613
Other intangible assets, net	6,275	5,572	4,207	—	—
Market risk benefits asset	285	189	88	117	41
Income taxes receivable	83	0	27	28	50
Deferred tax asset, net	82	299	388	600	0
Total assets	98,430	84,931	70,202	54,628	48,730
Contractholder funds	62,726	56,404	48,798	40,843	35,525
Future policy benefits	10,755	8,749	7,050	5,021	4,918
Market risk benefits liability	903	549	403	282	469
Accounts payable and accrued liabilities	2,701	2,219	2,011	1,260	1,297
Income taxes payable	0	5	0	—	—
Notes payable	2,237	2,171	1,754	1,114	977
Funds withheld for reinsurance liabilities	14,191	10,758	7,083	3,703	1,676
Total liabilities	93,513	80,855	67,099	52,223	44,245
Preferred stock $0.001 par value; authorized 25,000,000 shares; outstanding and issued 5,000,000 as of December 31, 2025 and 2024	0	0	0	—	—
F&G common stock, $0.001 par value; authorized 500,000,000 shares as of December 31, 2025 and 2024; outstanding of 135,610,292 and 126,792,844, respectively, and issued of 137,056,106 and 127,952,143, respectively	0	0	0	0	0
Additional paid-in-capital	3,764	3,464	3,185	3,162	2,750
Retained earnings	2,568	2,440	1,926	2,061	1,001
"Accumulated other comprehensive income (loss) (""AOCI"")"	−1,488	−1,923	−1,990	−2,818	734
Treasury stock, at cost (1,445,814 shares and 1,159,299 shares as of December 31, 2025 and 2024, respectively)	−40	−30	−18	0	—
Total F&G Annuities & Life, Inc. shareholders' equity	4,804	3,951	3,103	2,405	5,034
Non-controlling interests	113	125	0	—	—
Total equity	4,917	4,076	3,103	2,405	5,034
Total liabilities and equity	98,430	84,931	70,202	54,628	48,730

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	665	569	412	324	271
(Gain) loss on sales of investments and other assets and asset impairments, net	128	−210	461	436	−576
Interest credited/index credits to contractholder account balances	202	1,327	1,409	−560	573
Deferred policy acquisition costs and deferred sales inducements	−1,286	−1,419	−1,082	−814	−675
Charges assessed to contractholders for mortality and administration	−330	−291	−255	−221	−191
Distributions from unconsolidated affiliates, return on investment	176	108	104	119	70
Stock-based compensation cost	31	29	23	12	9
Change in NAV of limited partnerships, net	−349	−350	−220	−109	−589
Change in valuation of derivatives, equity and preferred securities and other assets, net	−144	60	−347	561	−140
Change in reinsurance recoverable	−5	−19	94	148	149
Change in derivative collateral liabilities	249	91	410	−398	—
Change in future policy benefits	1,710	1,853	1,325	1,071	627
Change in funds withheld from reinsurers	3,277	3,795	3,386	2,056	850
Net change in income taxes	22	103	−4	211	256
Net change in other assets and other liabilities	−103	−264	81	−118	27
Net cash provided by operating activities	4,681	5,999	5,834	3,171	1,871
Proceeds from sales, calls and maturities of investments	14,294	11,260	5,279	5,429	9,280
Additions to property and equipment and capitalized software	−15	−24	−27	−32	−33
Purchases of investment securities	−22,498	−16,922	−13,326	−12,426	−14,556
Net proceeds from sales, maturities and purchases of short-term investment securities	1,535	−1,103	−28	−1,654	71
Other acquisitions/disposals, net of cash acquired	0	−482	0	0	−43
Additional investments in unconsolidated affiliates	−2,386	−1,114	−1,137	−987	−1,731
Net increase in policy loans	−43	−33	−19	−13	—
Distributions from unconsolidated affiliates, return of investment	694	478	340	313	150
Net change in notes receivable	−10	−13	0	0	—
Net cash used in investing activities	−8,429	−7,953	−8,918	−9,370	−6,862
Borrowings	375	1,050	845	550	400
Debt issuance costs	−11	−20	−16	−4	0
Payment of contingent consideration for acquisitions	−10	0	0	—	—
Net revolving credit facility (repayments) borrowings	0	−365	−185	0	0
Repayments of outstanding debt	−300	−250	0	0	—
Dividends paid	−137	−121	−101	0	—
Dividends and distributions paid to non-controlling interest shareholders	−18	−14	0	0	—
Purchases of treasury stock	−10	−12	−18	0	0
Issuance of preferred stock	0	250	0	0	—
Issuance of common stock	269	0	0	—	—
Contractholder account deposits	11,575	10,147	7,787	8,530	8,166
Contractholder account withdrawals	−8,763	−8,010	−4,625	−3,450	−2,931
Net cash provided by (used in) financing activities	2,970	2,655	3,687	5,626	5,635
Net (decrease) increase in cash and cash equivalents	−778	701	603	−573	644

Filings

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