The Filing Desk

F&G Annuities & Life

FG · NYSE · Financials · Financials, fiscal 2021 to 2025

FG · Last close · November 6, 2026
$23.38
Value F&G Annuities & Life yourself

F&G Annuities & Life's revenue fell 0.2% to $5.7 billion in fiscal 2025. Its net margin was 4.6%, down from 11.1% a year earlier. It paid out $147 million in dividends and buybacks. The diluted share count rose 0.8%.

F&G Annuities & Life, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001934850-26-000026 Updated
Revenue
$5.7B
0.2%
Net margin
4.6%
6.5 pts
Net income
$265M
58.5%
Free cash flow
—
 
Return on equity
—
 
Market cap
$3.2B
Nov 6 close
P/E
3.1x
On $7.58 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What F&G Annuities & Life does

F&G sells life insurance and retirement products. Through its insurance subsidiaries, Fidelity & Guaranty Life Insurance Company and its New York affiliate, it markets fixed indexed annuities, registered index-linked annuities and multi-year guarantee annuities. It also sells pension risk transfer deals, in which a company hands the pension payments it owes retirees to F&G, as well as indexed universal life insurance and institutional funding agreements.

It serves retail customers through three distribution channels and institutional customers in two markets, using national marketing organizations and independent agents. Fidelity National Financial bought F&G on June 1, 2020. F&G says its insurance financial strength ratings have improved since then.

F&G earns money mainly from the spread between what it earns investing customers' money and what it credits to them, and from fees. In 2025 it launched a reinsurance sidecar, an outside-funded vehicle that takes on some of its business. It says it wants a larger share of fee-based earnings, which need less capital.

Its biggest risks, as it describes them

  • A drop in its financial strength ratings, which could raise its costs and limit its sales.
  • Actual claims and policyholder behavior differing from its reserving assumptions.
  • Its ability to keep attracting and holding the national marketing organizations and independent agents that sell its products.
  • Heavy competition in the annuity and life insurance industry.
  • Debt terms that restrict its operations, and its need for continued access to capital.
From F&G Annuities & Life's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income
US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.
Revenue (left axis)Net income (right axis)
Gross profit, R&D and operating income
US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.
Gross profitResearch and developmentOperating income
Margins
Percent of revenue
GrossOperatingNetFree cash flow

From fiscal 2021 to 2025, earnings per share fell 36.8% a year and net income 32.0% a year, as new shares raised the share count by 26% and diluted each share's earnings.

Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Balance sheet

Cash and debt
US$ billions, at each fiscal year end. Debt includes finance leases.
Cash and short-term investmentsDebt
Assets, liabilities and equity
US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.
Total assetsTotal liabilitiesShareholders' equity
Debt and liquidity ratios
Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).
Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments1,9062,5163,0154,6742,529
Debt incl. finance leases9771,1141,7542,1712,237
Net debt (negative means net cash)−929−1,402−1,261−2,503−292
Net debt to EBITDA−0.5x−1.2x−2.7x−1.7x−0.2x
Debt to equity0.2x————
Interest coverage54.5x28.3x0.6x6.9x3.0x
Current ratio—————
Quick ratio—————
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for F&G Annuities & Life's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks
US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.
Stock-based compensationShare buybacks
Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Projections

Project F&G Annuities & Life's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $606,965 of F&G Annuities & Life shares on the open market, and none sold any.

Buys and sells by month
US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.
BoughtSold
DateInsiderTradeSharesPriceValueFiling
Mar 13, 2026Christopher O BluntChief Executive Officer, DirectorBought10,000$20.99$209,900Form 4
Mar 13, 2026Celina J. Wang DokaDirectorBought4,760$20.98$99,865Form 4
Jan 2, 2026Christopher O BluntChief Executive Officer, DirectorBought5,000$29.56$147,800Form 4
Nov 19, 2025Christopher O BluntChief Executive Officer, DirectorBought5,000$29.88$149,400Form 4
Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

IndicatorFY23FY24FY25
Piotroski F-score———
Rule of 40———
Altman Z''———
Accruals ratio−9.4%−6.9%−4.8%
Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

TestFY23FY24FY25
Net income is positiveFailPassPass
Cash from operations is positivePassPassPass
Return on assets roseFailPassFail
Cash from operations exceeds net incomePassPassPass
Debt fell relative to assetsFailPassPass
Current ratio rose———
Share count didn't riseFailFailFail
Gross margin rose———
Revenue rose relative to assetsPassFailFail
F-score———
Companies that report no gross profit are scored on the other eight.

Compare

Put F&G Annuities & Life side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
F&G Annuities & LifeFY25−0.2%———−0.2x—
Globe LifeFY253.7%—20.9%16.0%1.4x—Compare
Jackson FinancialFY25104.3%—————Compare
Brighthouse FinancialFY2543.2%—————Compare
CNO Financial GroupFY250.8%12.3%————Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

5 years of figures

Fiscal yearFY21FY22FY23FY24FY25
Income statement
Revenue3,9742,3494,5005,7445,731
Revenue growth—−40.9%91.6%27.6%−0.2%
Gross profit—————
Research and development—————
Operating income—————
Net income1,240635−58639265
Diluted EPS (US$)11.815.52−0.474.881.88
Diluted shares (millions)105115124131132
Cash flow
Cash from operations1,8713,1715,8345,9994,681
Capital expenditure—————
Free cash flow—————
Dividends paid00101121137
Share buybacks00181210
Acquisitions00000
Stock-based compensation912232931
Balance sheet at fiscal year end
Cash and short-term investments1,9062,5163,0154,6742,529
Debt incl. finance leases9771,1141,7542,1712,237
Total assets48,73054,62870,20284,93198,430
Total liabilities44,24552,22367,09980,85593,513
Shareholders' equity5,0342,4053,1033,9514,804
Margins and ratios
Gross margin—————
Operating margin—————
Net margin31.2%27.0%−1.3%11.1%4.6%
Free cash flow margin—————
Rule of 40 (growth + FCF margin)—————
Return on capital—————
Return on equity—17.1%———
Return on assets—1.2%−0.1%0.8%0.3%
Net debt to EBITDA−0.5x−1.2x−2.7x−1.7x−0.2x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: F&G Annuities & Life's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with F&G Annuities & Life.