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olivLaw · US equity research

F&G Annuities & Life, Inc. FG

Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)

22.11USD+2.84% · 1 dayClose 04 Nov 2026

F&G Annuities & Life is a provider of fixed and indexed annuities, life insurance and pension risk transfer solutions, with assets under management that exceeded 57 billion dollars at the end of 2025. The company is moving toward more fee-based and less capital-intensive earnings, which makes it relevant for investors following how a spread-based insurer can change its model.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, F&G Annuities & Life, Inc. (FG) stock was 22.11 USD (+2.84% on the day), with market capitalisation 2.9 bn USD, P/E 7.4 on diluted EPS of 2.98 USD over the last 12 months, dividend yield 4.39%, beta 0.91, 52-week range 18.90–34.93 USD. Latest reported quarter (Q2 2026): revenue of 1.4 bn USD (+4.2% YoY), net income of -76.0 m USD (−290.0% YoY), diluted EPS -0.62 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.9 bn USD
shares as of 31 Jul 2026
P/E (TTM)
7.4
Diluted EPS TTM 2.98 · TTM to 30 Jun 2026
E/P (TTM)
13.48%
TTM to 30 Jun 2026
Dividend yield
4.39%
DPS 12m 0.97
Beta (2y)
0.91
Volatility (1y) 41%
52-week range
18.9034.93

Price history

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Technical reading

RSI (14)
60.1
strong (55–70)
Bollinger (20, 2)
18.52 – 22.18
in the upper half of the band · %B 0.98 · band width 18.0%
SMA 50 / 200
21.85 / 25.69
mixed trend
MACD (12, 26, 9)
-0.03 / -0.36
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.5%−2.0%+2.4 pp—
3 months−25.4%−2.2%−23.3 pp—
6 months−25.0%+4.3%−29.2 pp—
Year to date−28.3%+10.6%−38.9 pp—
1 year−25.4%+10.5%−35.8 pp+5.9%
3 years−32.7%+73.7%−106.3 pp+51.2%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−45.9%
11 Dec 2025 → 12 Oct 2026
Max drawdown (5y)
−61.2%
02 Dec 2024 → 12 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.4 bn USD
+4.2% YoY
Net income
-76.0 m USD
−290.0% YoY
Diluted EPS
-0.62
−338.5% YoY
net / operating
-5.3% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue1.4 bn1.6 bn908.0 m1.4 bn1.7 bn1.8 bn1.2 bn1.4 bn
Depreciation & amortisation147.0 m152.0 m153.0 m158.0 m180.0 m174.0 m173.0 m175.0 m
Interest expense36.0 m38.0 m40.0 m41.0 m42.0 m41.0 m41.0 m41.0 m
Income tax-25.0 m85.0 m-5.0 m15.0 m11.0 m31.0 m74.0 m-19.0 m
Net income-6.0 m327.0 m-21.0 m40.0 m118.0 m128.0 m248.0 m-76.0 m
Diluted EPS-0.082.50 ≈-0.200.260.850.97 ≈1.78-0.62
Operating cash flow2.1 bn ≈1.3 bn956.0 m1.6 bn ≈937.0 m ≈1.2 bn743.0 m1.5 bn ≈
Dividends paid31.0 m ≈33.0 m30.0 m35.0 m ≈33.0 m ≈39.0 m38.0 m37.0 m ≈
Share repurchases0 ≈6.0 m3.0 m0 ≈0 ≈7.0 m29.0 m94.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 17 percentile of its own 12-quarter history (min 3.4, median 9.4, max 55.1; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue4.0 bn2.3 bn4.5 bn5.7 bn5.7 bn
Revenue YoYunavailable−40.9%+91.6%+27.6%−0.2%
Net income1.2 bn635.0 m-58.0 m639.0 m265.0 m
Net income YoYunavailable−48.8%−109.1%unavailable−58.5%
Diluted EPS11.815.52-0.474.881.88
Diluted EPS YoYunavailable−53.3%−108.5%unavailable−61.5%
net %31.2%27.0%-1.3%11.1%4.6%
Free cash flowunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.5 bn USD
Financial debt
2.2 bn USD
Net debt
751.0 m USD
Equity
4.9 bn USD
Total assets
98.4 bn USD
Debt / equity
0.45x
Current ratio
unavailable
ROE
5.9%
ROA
0.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Pre-tax income
2023
-35.0 m
2024
—
2025
—

SEC (XBRL)· 29 Feb 2024verified

Net income
2023
-58.0 m
2024
639.0 m
2025
265.0 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.47
2024
4.88
2025
1.88

SEC (XBRL)· 26 Feb 2026verified

Dividend per share
2023
0.81
2024
0.85
2025
0.91

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
1.6 bn
2024
2.3 bn
2025
1.5 bn

SEC (XBRL)· 26 Feb 2026verified

Loans
2023
5.3 bn
2024
5.9 bn
2025
7.9 bn

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
70.2 bn
2024
84.9 bn
2025
98.4 bn

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
1.8 bn
2024
2.2 bn
2025
2.2 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
67.1 bn
2024
80.9 bn
2025
93.5 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
3.1 bn
2024
4.1 bn
2025
4.9 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Dividends paid
2023
101.0 m
2024
121.0 m
2025
137.0 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
18.0 m
2024
12.0 m
2025
10.0 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-0.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
34.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
Net income growth (YoY)
-58.5%
computed by olivLawFY 2025
Net income CAGR 3Y
-25.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-61.5%
computed by olivLawFY 2025
EPS CAGR 3Y
-30.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing

Profitability

Net margin
6.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
9.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
32.6%
computed by olivLawTTM to 30 Jun 2026

Market and valuation

Market capitalisation
2.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
6.9x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
7.4x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
13.5%
computed by olivLawTTM to 30 Jun 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
4.4%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
9.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 49 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

22.11 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.9 bn USD

Key indicators

Market capitalisation
2.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
7.4x
computed by olivLawTTM to 30 Jun 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
9.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
6.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-0.2%
computed by olivLawFY 2025
Dividend yield
4.4%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

12/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 548derived 40

Score by group

  • Balance sheet0
  • Valuation59
  • Quality26
  • Growth44
  • Returns86

Estimated value range

Low
11.96
USD per share
Mid
34.48
USD per share
High
40.91
USD per share
Price: 22.11 USD
The price is within the range
Potential to the central value: 56.0% (value / price − 1)
Margin of safety: 35.9% (1 − price / value)
Agreement between methods: high · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.46 – 71.11 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income34.39 – 35.95 (Mid 35.15)
  • Justified P/B30.42 – 40.91 (Mid 34.89)
  • Dividend discount (DDM)11.96 – 16.08 (Mid 13.72)
  • Peers: P/E10.46 – 51.46 (Mid 32.60)
    16 companies used · median multiple 10.9x · quartiles 3.5x – 17.3x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
  • Peers: P/B11.61 – 71.11 (Mid 34.48)
    16 companies used · median multiple 1.0x · quartiles 0.3x – 2.0x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Multiple comparisons use the SIC vertical: Life Insurance (SIC 6311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 49/100

FactorValueScoreWeight used
ROE · Quality9.2%26 (vs peers)20%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growth-30.2%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth34.6%100 (on a fixed band)9%
ROA · Balance sheet0.4%0 (on a fixed band)9%
P/B · Valuation0.6x63 (vs peers)16%
P/E (TTM) · Valuation7.4x56 (vs peers)16%
Dividend yield · Returns4.4%77 (vs peers)11%
Payout ratio (EPS) · Returns32.6%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 1/1 factors with a value
  • Growth44/100 · 2/2 factors with a value
  • Quality· partial26/100 · 1/2 factors with a value
  • Returns86/100 · 2/2 factors with a value
  • Valuation59/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

F&G Annuities & Life, Inc. (FG). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: YoY growth -0.2%; net margin 6.9%; ROE 9.2%.

The estimated value range is 11.96–40.91 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 34.48 USD, the price of 22.11 USD leaves a potential of 56.0% (value / price − 1) and a margin of safety of 35.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 49/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 34.6%
  • Dividend yield: 4.4%
  • Payout ratio (EPS): 32.6%

What contradicts it

  • ROE: 9.2%
  • EPS CAGR 3Y: -30.2%
  • ROA: 0.4%

Not assessed (insufficient data or a ratio without meaning): Loss ratio.

Versus the vertical median

Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies

Multiples and returns vs the median

P/E
7.4x
vertical median 10.9x
below median (−32.2%)
EV/EBITDA
—
vertical median —
P/S
0.5x
vertical median 0.6x
below median (−15.9%)
P/B
0.6x
vertical median 1.0x
below median (−35.9%)
ROE
9.2%
vertical median 12.6%
below median (−26.7%)
Net margin
6.9%
vertical median 9.5%
below median (−27.7%)
EBIT margin
—
vertical median —
Revenue YoY
-0.2%
vertical median 6.6%
below median (−103.5%)
Net debt/EBITDA
—
vertical median —
Dividend yield
4.4%
vertical median 1.8%
above median (+146.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PUKPrudential PLC67.2 bn17.221.2%34.6%+7.0%−10% / +20%
METMetLife, Inc.64.0 bn19.113.2%4.6%+8.6%+31% / +58%
RGAReinsurance Group Of America, Incorporated17.3 bn11.611.7%5.8%+7.2%+39% / +62%
GLGlobe Life Inc.12.4 bn10.720.9%19.6%+3.7%+20% / +31%
VOYAVoya Financial, Inc.9.5 bn17.513.1%7.4%+1.7%+49% / +46%
CRBDCorebridge Financial, Inc.9.3 bn4.621.7%10.6%−1.2%−11% / unavailable
JXNJackson Financial Inc.9.1 bn11.19.5%13.4%+104.3%+40% / +188%
PRIPrimerica, Inc.8.8 bn11.433.0%23.2%+6.6%+11% / +36%
LNCLincoln National Corp8.0 bn3.622.6%12.2%−1.2%+1% / +75%
PFHPrudential Financial Inc5.3 bn1.412.6%6.0%−13.7%−11% / −20%
GNWGenworth Financial, Inc.3.5 bn17.52.4%2.9%+0.1%+6% / +56%
FGF&G Annuities & Life, Inc.2.9 bn7.49.2%6.9%−0.2%−25% / −33%
BHFBrighthouse Financial, Inc.2.4 bn3.313.6%12.5%+43.2%−35% / −18%
CIACitizens, Inc.209.2 m18.05.0%4.5%+4.3%−31% / +25%
AAMEAtlantic American Corporation24.3 m4.35.2%2.9%+11.9%−51% / −39%
ATHSAthene Holding Ltd4.7 m0.04.5%2.9%+24.1%−8% / unavailable
ANG-PDAmerican National Group Inc.215.5 k0.08.4%12.6%−0.4%−15% / unavailable
MFCManulife Financial Corporation——11.0%68.5%+7.1%+31% / +135%
SLFSun Life Financial Inc——14.2%8.5%+8.0%+39% / +62%
AEGAegon Ltd.——10.5%—+1.1%+7% / +56%

1- and 3-year price returns: for FG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
15.48
Total return -26% · Per year -26%
27.24
Total return 29% · Per year 29%
40.86
Total return 91% · Per year 91%
3 years
18.36
Total return -4% · Per year -1%
36.03
Total return 82% · Per year 22%
58.84
Total return 190% · Per year 43%
5 years
21.78
Total return 23% · Per year 4%
47.65
Total return 152% · Per year 20%
84.73
Total return 332% · Per year 34%
What moves the 3-year price the most
  • Exit P/E± 9.01
  • Net margin± 6.30
  • Annual revenue growth± 4.70
  • Annual dilution± 0.53

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Oct 2026 · results).

In brief

F&G Annuities & Life is a provider of fixed and indexed annuities, life insurance and pension risk transfer solutions, with assets under management that exceeded 57 billion dollars at the end of 2025 1. The company is moving toward more fee-based and less capital-intensive earnings, which makes it relevant for investors following how a spread-based insurer can change its model 1.

SWOT

Strengths

  • The company has a broad customer base, a diversified distribution network and a balance sheet that management describes as strong, with most of its fixed maturities in the safest categories.
  • The partnership with Blackstone for asset origination and access to external capital through reinsurance are described as lasting competitive advantages.
  • Most annuities carry surrender charges, which gives liabilities stability and a predictable duration.

Weaknesses

  • The company depends on credit ratings for access to reinsurance and certain markets, and a downgrade could raise its cost of capital.
  • Returns on alternative investments were below management's expectations in fiscal 2025, showing sensitivity of results to capital markets.
  • FNF owns most of the shares, and capital and financing decisions can be influenced by the majority shareholder.

Opportunities

  • Growing demand for retirement products and the expansion of the middle market could support long-term sales.
  • Developing fee-based lines such as reinsurance and owned distribution could improve returns and reduce capital needs.
  • Corporations de-risking pension plans could create further opportunities for PRT solutions.

Threats

  • A rating downgrade could reduce sales, raise costs and limit access to certain markets.
  • Competition from larger insurers could reduce market share and margins.
  • Macroeconomic volatility and trade policy changes could affect customer behaviour and investment values.

Risks

  • Credit ratingshigh

    A downgrade in credit ratings could raise the cost of capital and could exclude the company from segments such as PRT and FABN issuance.

  • Reserving assumptionsmedium

    If actual experience departs from reserving assumptions, especially for GMWB utilisation, the company could need to increase reserves, which would reduce profitability.

  • Investment valuationmedium

    Asset valuation and credit loss estimates rely on judgements that may change, which could affect reported results.

  • Dependence on FNFmedium

    As a subsidiary of FNF, the company may face limited capital options because FNF is not obliged to provide financing.

  • Competition and agentslow

    If the company fails to attract and keep agents and IMOs, sales could decline, and competition may force price reductions.

Investment thesis

What would need to be true (bull case)

  • The company could benefit from structural demand for retirement products, supported by the ageing U.S. population and growth in the FIA and RILA markets 12.
  • A shift toward fee-based earnings could improve margins and reduce capital needs if reinsurance and owned distribution develop as planned 1.
  • A balance sheet with strong ratings and an RBC ratio above target can support distributor confidence and sales volumes 1.

What would break the thesis

  • Dependence on credit ratings and access to external capital could limit growth if market conditions deteriorate 1.
  • Returns on alternative investments were below management's expectations, suggesting that results may be more volatile than anticipated 1.
  • Competition from larger insurers and private equity investors could pressure margins and reduce market share 1.

What to watch

  • Development of gross sales and fee-based earnings contributionnext 10-K
  • Alternative investment returns versus management's long-term expectationQ1 2027
  • Credit ratings and RBC ratio relative to the 400% target2027
  • Average crediting rate on fixed rate annuitiesQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Oct 2026 · results).

The business

F&G, founded in 1959 and acquired by Fidelity National Financial in June 2020, sells through its insurance subsidiaries fixed indexed annuities (FIA), registered index-linked annuities (RILA), multi-year guarantee annuities (MYGA), pension risk transfer (PRT) solutions, indexed universal life (IUL) insurance and institutional funding agreements 1. The company serves about 778000 policyholders and about 145000 pension plan participants through its PRT solutions 1. For fiscal 2025 it reported net earnings attributable to F&G of 265 million dollars and adjusted net earnings of 482 million dollars, with an estimated U.S. RBC ratio of about 430% 1.

F&G's strategy aims to shift gradually from spread-based products to more stable fee-based sources such as flow reinsurance, middle market life insurance and an owned distribution portfolio, including a reinsurance sidecar vehicle launched in August 2025 1. The company relies on a diversified distribution model that includes banks, broker-dealers and IMOs, while Blackstone handles much of the asset origination 1. It holds capital above its 400% target, which could support growth if market conditions remain favorable 1.

The company expanded from one distribution channel to five, and gross sales grew from 3.9 billion dollars in 2019 to 14.6 billion dollars in 2025 1. The balance sheet has a high share of fixed maturities rated NAIC 1 or NAIC 2, which management presents as evidence of prudent credit exposure 1.

Segments

Fixed and indexed annuities

Fixed and indexed annuities form the core spread business, with an account value of 36.1 billion dollars, of which about 93% is protected by surrender charges 1. The IMO channel produced sales of 6.9 billion dollars in 2025, while banks and broker-dealers contributed 3.8 billion dollars 1.

Middle market life insurance

The company sells IUL policies largely through Network Marketing Groups aimed at the middle market, where it reports IUL sales growth above the industry average 1. Growth in this segment depends on the ability to recruit and keep agents 1.

Pension risk transfer and funding agreements

PRT sales reached 2.1 billion dollars in 2025, while funding agreement issuance depends on market conditions and ratings and can vary from quarter to quarter 1.

Market context

The fixed index annuity market grew from nearly 12 billion dollars of sales in 2002 to 127 billion dollars in 2025, and the RILA market reached 76 billion dollars in 2025 2. Ageing of the U.S. population supports demand for retirement products, while interest rates and policyholder behaviour can influence sales and lapses 12.

The PRT and middle market life segments remain underpenetrated, which could open further opportunities if corporations keep de-risking pension plans 1. Institutional funding markets are described as volatile, and FABN volumes may fluctuate with economic conditions 1.

Trends

  • Ageing populationtailwind

    Demand for retirement savings and income products could grow as more than 11000 Americans turn 65 each day, although asset withdrawals may offset part of this effect 12.

  • Level of interest ratesmixed

    Interest rates affect portfolio yields and surrender behaviour, and if rates rise, policies with high guarantees could be surrendered earlier, which would affect earnings 2.

  • Capital market volatilityheadwind

    Macroeconomic uncertainty and market volatility can reduce customer demand and affect asset values, particularly alternative investments that returned below management's expectations 12.

  • Shift toward fee-based earningstailwind

    Growth in flow reinsurance, middle market life insurance and owned distribution could reduce capital consumption and raise margins if these lines expand 1.

Competitive position

The company faces intense competition from other insurers, many with larger financial resources and higher ratings, which can lead to lower sales or higher lapses 1. It also competes with private equity investments for agents and marketers 1.

In PRT and indexed annuities F&G holds mid-table positions in industry rankings, and its position depends on pricing, distribution support and maintaining credit ratings 1.

  • Other U.S. annuity and life insurers

    The source refers to insurers with greater resources and higher ratings that may hold larger market shares; no tickers are given in the source.

  • Private equity investors competing for agents

    The source names private equity investments as competitors for marketers and agents, based on financial position and support services.

  • Other IUL providers

    Competition in IUL is described as active, while F&G has kept a place among the top 10 IUL sellers.

  • PRT solution providers

    The PRT market is contested by several providers, and F&G's position depends on access to brokers and institutional consultants.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / F&G Annuities & Life, Inc. · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / F&G Annuities & Life, Inc. · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

F&G Annuities & Life, Inc. (FG): stock, results, valuation and forecast · olivLaw