📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

F&G Annuities & Life, Inc., together with its subsidiaries, provides annuity and life insurance products in the United States. It offers fixed indexed annuities registered index-linked annuities, pension risk transfer and indexed universal life, and multi-year guarantee annuities; immediate annuities; indexed universal life insurance; pension risk transfer solutions; and institutional funding agreements. The company distributes its products through independent agents, banks, and broker-dealers to retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa. F&G Annuities & Life, Inc. operates as a subsidiary of Fidelity National Financial, Inc.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding FG

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	128.9K	$3.3M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used language like 'strong second quarter', 'one of our best sales quarters in history', 'record AUM', and provided specific figures: $4.1B gross sales, $2.2B core sales up 22% sequentially, and $53M record IUL sales. They explicitly stated 'we delivered strong second quarter results with record AUM' and gave numeric details on product performance.

Q3 2025

Confident Specific

Management used forceful language like 'strong third-quarter results', 'record AUM', 'one of our best sales quarters in history', 'uniquely positioned', and provided numerous specific figures (e.g., AUM $71.4B, sales $4.2B, fee income up 46%). They directly addressed concerns about credit exposure and interest rate hedging with concrete numbers, reinforcing a self-assured, data-driven tone.

Q4 2025

Confident Specific

Management used phrases like 'strong finish to an outstanding year', 'feel comfortable and confident in the credit soundness', and 'executing on our strategy' throughout the call. They provided detailed metrics on AUM growth, portfolio quality, and progress toward Investor Day targets without hedging or defensive language.

Q1 2026 latest

Confident Specific

Management used explicit numbers and benchmarks (e.g., 'AUM before reinsurance nearly $75 billion', '18% CAGR since 2019', '97% of fixed maturities investment grade') and repeatedly described the quarter as 'solid' and 'in line with expectations'. They provided detailed breakdowns of asset classes and capital sources.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management demonstrated consistent execution on AUM growth (record $75B), maintained portfolio quality (97% IG, low impairments), and explicitly guided toward a higher-margin, capital-light model that should lift returns. The initiation of a strategic review for Peak Altitude could unlock hidden value and provide additional capital for buybacks or debt reduction. However, the alt investment return (8.3% vs 12-14% long-term target) remains a near-term drag on ROE, and management acknowledged a possible slight dip in core yield. Key metrics to watch next quarter: core spread stability, any developments on the Peak review, and progression of fee-based earnings toward the 25% target by 2028.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED F&G reports record gross AUM of $75B, focuses on fee-based growth and ROE expansion.

Revenue & Profitability

Adjusted net earnings for Q1 2026 were $110 million, or $0.82 per share. Gross sales were $3.2 billion, up 10% year-over-year, with core sales of $2 billion (up 11%) and opportunistic sales of $1.2 billion (up 9%). Retained AUM was $56 billion. Reported adjusted ROE (excluding AOCI) was 8.4%, and adjusted ROA was 76 basis points for the quarter.

Outlook

Management highlighted the 'Peak 65' retirement wave as a structural tailwind, with over 4 million Americans turning 65 each year through 2027, driving demand for guaranteed income solutions. Industry results are mixed: core product lines (indexed annuities, indexed universal life, pension risk transfer) are strong, while the Multi-Year Guaranteed Annuity market is normalizing as consumers feel less urgency to lock in rates.

Growth Drivers

Key growth levers include expanding core retail indexed annuity and indexed universal life sales in line with strong industry trends, a robust pension risk transfer pipeline (annual sales expected between $1.5-$2 billion), and growth in fee-based strategies such as flow reinsurance and owned distribution. The company also expects to benefit from scale as AUM grows, reducing the operating expense ratio.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

The operating expense ratio improved to 48 basis points of AUM before reinsurance (down from 50 bps at year-end 2025), with a target of ~45 bps by year-end 2027. Core spreads remained consistent with Q4 2025. Management expects to maintain return on assets (excluding significant items) in a corridor around current levels while expanding return on equity.

Key Risks

Risks flagged include the NAIC's proposal for higher capital charges on CLOs (estimated to decrease RBC by 5 points or less), volatility in alternative investment income (annualized return of 8.3% in Q1 vs. long-term expected 12-14%), and potential normalization of surrender activity. The company also noted the impact of interest rate movements on Multi-Year Guaranteed Annuity sales.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Second quarter results were in line with expectations, highlighted by record AUM growth, strong core retail sales, and disciplined capital allocation. Adjusted net earnings declined year-over-year, but the company remains focused on expanding fee-based business and unlocking value from Peak Altitude.

Q1 2026 Q1 2026 2026-05-07

Record AUM growth, improved margins, and a shift toward fee-based, capital-light strategies drove strong Q1 results. Capital returns to shareholders increased, and a strategic review of the owned distribution business is underway to unlock further value.

Q4 2025 Q4 2025 2026-02-20

Record AUM and strong sales drove robust earnings growth, with a strategic shift toward fee-based, higher margin business. Capital position remains strong, with improved expense ratios and increased dividends, while outlook anticipates continued disciplined growth and expanding fee-based earnings.

Q3 2025 Q3 2025 2025-11-07

Record AUM and strong sales drove robust Q3 results, with adjusted net earnings of $165 million and continued growth in fee-based, capital-light earnings. Public float will rise to 30% after FNF's share distribution, and operating expense ratios are set to improve further.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 saw record AUM and strong sales, driven by core annuity and life products. A new $1B reinsurance sidecar with Blackstone supports a shift to a fee-based, capital-light model. Operating metrics and returns improved, with continued focus on disciplined capital allocation.

📊 Analysis Methodology

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