F&G Annuities & Life, Inc. FG
Founded in 1959, F&G is a leading provider of insurance solutions serving retail annuity and life customers as well as institutional clients. Our mission is to help people turn their aspirations into reality. As of December 31, 2025, F&G has approximately 778,000 policyholders who count on the safety and protection of our fixed annuity and life insurance products. We also serve approximately 145,000 plan participants who will receive their pension payments from F&G through our pension risk transfer solutions.
Through our insurance subsidiaries, including Fidelity & Guaranty Life Insurance Company ("FGL Insurance") and Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), we market a broad portfolio of annuities, including fixed indexed annuities ("FIAs"), registered index-linked annuities ("RILAs"), (together referred to as "indexed annuities"), multi-year guarantee annuities ("MYGAs") as well as pension risk transfer ("PRT") solutions, indexed universal life ("IUL") insurance and institutional funding agreements.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $5.73B | $5.74B | $4.50B | $2.35B | $3.97B | — | — |
| Interest expense | — | $132.0M | $97.0M | $29.0M | $29.0M | — | — |
| Pre-tax income | $300.0M | $778.0M | -$35.0M | $793.0M | $1.55B | — | — |
| Income tax | $52.0M | $136.0M | $23.0M | $158.0M | $320.0M | — | — |
| Net income | $248.0M | $642.0M | -$58.0M | $635.0M | $1.24B | — | — |
| EPS, basic | 1.89 | 4.98 | -0.47 | 5.52 | 11.81 | — | — |
| EPS, diluted | 1.88 | 4.88 | -0.47 | 5.52 | 11.81 | — | — |
| Shares, diluted (wtd. avg.) | $132.0M | $131.0M | $124.0M | $115.0M | $105.0M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.49B | $2.26B | $1.56B | $960.0M | $1.53B | $889.0M | $935.0M |
| Property, plant and equipment | — | — | — | $13.0M | $13.0M | — | — |
| Goodwill | $2.18B | $2.18B | $1.75B | $1.75B | $1.76B | — | — |
| Other intangibles | $551.0M | $562.0M | $200.0M | $3.43B | $2.23B | — | — |
| Total assets | $98.43B | $84.93B | $70.20B | $54.63B | $48.73B | — | — |
| Long-term debt | $2.24B | $2.17B | $1.75B | $1.11B | $977.0M | — | — |
| Total liabilities | $93.51B | $80.86B | $67.10B | $52.22B | $44.24B | — | — |
| Retained earnings | $2.57B | $2.44B | $1.93B | $2.06B | $1.00B | — | — |
| Total equity | $4.80B | $3.95B | $3.10B | $2.40B | $5.03B | $4.07B | $2.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.68B | $6.00B | $5.83B | $3.17B | $1.87B | — | — |
| Depreciation and amortisation | $665.0M | $569.0M | $412.0M | $324.0M | $271.0M | — | — |
| Investing cash flow | -$8.43B | -$7.95B | -$8.92B | -$9.37B | -$6.86B | — | — |
| Financing cash flow | $2.97B | $2.65B | $3.69B | $5.63B | $5.63B | — | — |
| Dividends paid | — | — | $101.0M | $0 | $0 | — | — |
| Buybacks | $10.0M | $12.0M | $18.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052877.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MET | METLIFE INC | $62.04B | 20.7x | 8.5% |
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| RGA | REINSURANCE GROUP OF AMERICA INC | $16.54B | 14.3x | 7.2% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |