F&G Annuities & Life
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%.
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.
Income statement
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.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 1,906 | 2,516 | 3,015 | 4,674 | 2,529 |
| Debt incl. finance leases | 977 | 1,114 | 1,754 | 2,171 | 2,237 |
| 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 equity | 0.2x | — | — | — | — |
| Interest coverage | 54.5x | 28.3x | 0.6x | 6.9x | 3.0x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
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.
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.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 13, 2026 | Christopher O BluntChief Executive Officer, Director | Bought | 10,000 | $20.99 | $209,900 | Form 4 |
| Mar 13, 2026 | Celina J. Wang DokaDirector | Bought | 4,760 | $20.98 | $99,865 | Form 4 |
| Jan 2, 2026 | Christopher O BluntChief Executive Officer, Director | Bought | 5,000 | $29.56 | $147,800 | Form 4 |
| Nov 19, 2025 | Christopher O BluntChief Executive Officer, Director | Bought | 5,000 | $29.88 | $149,400 | Form 4 |
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.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | — | — | — |
| Altman Z'' | — | — | — |
| Accruals ratio | −9.4% | −6.9% | −4.8% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Pass | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Pass | Pass |
| Current ratio rose | — | — | — |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | — | — | — |
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
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| F&G Annuities & Life | FY25 | −0.2% | — | — | — | −0.2x | — | |
| Globe Life | FY25 | 3.7% | — | 20.9% | 16.0% | 1.4x | — | Compare |
| Jackson Financial | FY25 | 104.3% | — | — | — | — | — | Compare |
| Brighthouse Financial | FY25 | 43.2% | — | — | — | — | — | Compare |
| CNO Financial Group | FY25 | 0.8% | 12.3% | — | — | — | — | Compare |
5 years of figures
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 3,974 | 2,349 | 4,500 | 5,744 | 5,731 |
| Revenue growth | — | −40.9% | 91.6% | 27.6% | −0.2% |
| Gross profit | — | — | — | — | — |
| Research and development | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | 1,240 | 635 | −58 | 639 | 265 |
| Diluted EPS (US$) | 11.81 | 5.52 | −0.47 | 4.88 | 1.88 |
| Diluted shares (millions) | 105 | 115 | 124 | 131 | 132 |
| Cash flow | |||||
| Cash from operations | 1,871 | 3,171 | 5,834 | 5,999 | 4,681 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| Dividends paid | 0 | 0 | 101 | 121 | 137 |
| Share buybacks | 0 | 0 | 18 | 12 | 10 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 9 | 12 | 23 | 29 | 31 |
| Balance sheet at fiscal year end | |||||
| Cash and short-term investments | 1,906 | 2,516 | 3,015 | 4,674 | 2,529 |
| Debt incl. finance leases | 977 | 1,114 | 1,754 | 2,171 | 2,237 |
| Total assets | 48,730 | 54,628 | 70,202 | 84,931 | 98,430 |
| Total liabilities | 44,245 | 52,223 | 67,099 | 80,855 | 93,513 |
| Shareholders' equity | 5,034 | 2,405 | 3,103 | 3,951 | 4,804 |
| Margins and ratios | |||||
| Gross margin | — | — | — | — | — |
| Operating margin | — | — | — | — | — |
| Net margin | 31.2% | 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 |