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FG

F&G Annuities & Life, Inc.

FG

F&G Annuities & Life, Inc. • NYSE
$32.31 ▼ -0.40% (-0.13)
Market Cap $4.35 B
52w High $49.41
52w Low $28.70
Dividend Yield 0.88%
P/E 9.39
Volume 67.55K
Outstanding Shares 134.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.603B ▲ $291M ▲ $118M ▲ 7.361% ▲ $0.86 ▲ $353M ▲
Q2-2025 $1.304B ▲ $254M ▼ $40M ▲ 3.067% ▲ $0.26 ▲ $256M ▲
Q1-2025 $854M ▼ $356M ▲ $-21M ▼ -2.459% ▼ $-0.2 ▼ $167M ▼
Q4-2024 $1.47B ▲ $131M ▼ $327M ▲ 22.245% ▲ $2.58 ▲ $602M ▲
Q3-2024 $1.361B $296M $-6M -0.441% $-0.081 $153M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.201B ▼ $96.137B ▲ $91.197B ▲ $4.824B ▲
Q2-2025 $52.077B ▲ $91.816B ▲ $87.259B ▲ $4.438B ▲
Q1-2025 $28.539B ▼ $88.007B ▲ $83.522B ▲ $4.363B ▲
Q4-2024 $48.581B ▲ $85.04B ▲ $80.964B ▲ $3.951B ▼
Q3-2024 $28.341B $84.123B $79.648B $4.346B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $120M ▲ $937M ▼ $-1.869B ▲ $1.237B ▲ $305M ▲ $934M ▼
Q2-2025 $42M ▲ $1.62B ▲ $-3.464B ▼ $435M ▼ $-1.409B ▼ $1.616B ▲
Q1-2025 $-21M ▼ $956M ▼ $-809M ▲ $882M ▲ $1.029B ▲ $951M ▼
Q4-2024 $327M ▲ $1.32B ▼ $-2.808B ▼ $213M ▲ $-1.275B ▼ $1.315B ▼
Q3-2024 $-6M $2.09B $-1.916B $-161M $13M $2.083B

Revenue by Products

Product Q1-2025Q2-2025
Reportable Segment
Reportable Segment
 $910.00M ▲$1.36Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has expanded strongly over the past five years, more than tripling, though with some year‑to‑year swings that are common in insurance. Profitability dipped meaningfully in the middle of the period, including a small loss one year, but has since recovered and now looks much healthier, with operating profit and net income back at solid levels. The overall story is of a growing insurer that has moved through a patch of earnings volatility and is now converting more of its revenue into profit, but with the reminder that reported earnings in this industry can be sensitive to markets, interest rates, and actuarial assumptions.

Balance Sheet

Balance Sheet The balance sheet has grown substantially, with total assets more than doubling over five years, reflecting strong business expansion. Debt has increased but remains modest relative to the size of the balance sheet, suggesting measured, not aggressive, use of leverage. Shareholders’ equity dipped at one point and then rebuilt, implying that market movements and reserve adjustments have been meaningful but not destabilizing. Cash levels have risen in absolute terms but remain a small slice of total assets, which is typical for an insurer that invests mainly in longer‑term securities. Overall, the balance sheet looks larger, somewhat more leveraged, but still reasonably balanced for a life and annuity company.

Cash Flow

Cash Flow Operating cash flow has improved dramatically over the period, moving from almost break‑even to very strong and consistently positive in recent years. Free cash flow closely tracks operating cash flow because the business requires relatively little spending on physical assets, which is what you would expect for a financial services firm. This pattern suggests that the growth in reported earnings is backed by real cash generation, not just accounting effects. It also gives the company flexibility to fund growth, service debt, and support capital needs without heavy reliance on external financing, assuming conditions remain similar.

Competitive Edge

Competitive Edge F&G is carving out a differentiated position in the annuity and life insurance space by combining product innovation, a capital‑light model, and strong strategic partnerships. The alliance with Blackstone gives it access to sophisticated investment capabilities and reinsurance capital, which can support growth while limiting balance sheet strain. Its push into pension risk transfers and its control of multiple distribution platforms provide additional avenues for scale and margin improvement. At the same time, the firm competes in a crowded industry against much larger and well‑capitalized insurers, and it is still relatively early in life as a stand‑alone public company, which introduces execution and integration risks as it grows.

Innovation and R&D

Innovation and R&D Rather than traditional laboratory R&D, F&G’s innovation is focused on technology platforms and product engineering. The cloud modernization partnership with Accenture and Microsoft aims to streamline operations, improve service, and make it easier for agents and partners to do business with the company. On the product side, it is launching new types of index‑linked annuities and creative crediting strategies, as well as building capabilities in pension risk transfer solutions. This mix of tech modernization and product design can be a real differentiator if executed well, but it also requires sustained investment, regulatory compliance, and careful risk management to ensure that new structures behave as intended through different market cycles.

Summary

F&G Annuities & Life appears to be transitioning from a smaller, more volatile insurer into a larger, more systematized player with stronger cash generation. Revenue and assets have grown rapidly, profitability has recovered after a soft patch, and free cash flow is now robust. Strategically, the company is leaning into a capital‑light, fee‑oriented model supported by a deep partnership with Blackstone, modernized technology infrastructure, and a broadened distribution footprint. The main opportunities lie in continuing to scale innovative annuity and pension‑related products and leveraging its tech and distribution investments. The key risks include industry competition, dependence on key partners, sensitivity to interest rates and credit markets, and the need to execute complex strategic shifts without missteps. Overall, the trajectory is one of growth and modernization, with both upside potential and meaningful execution and market uncertainties to watch.

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