F&G Annuities & Life Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Amber here stands for documented substance findings without acute danger to the business. On the positive side sit a book that has grown at double digits for six years to $57.6 billion (December 31, 2025), a 5.12 percent yield on average assets under management, and a main subsidiary capital ratio of about 430 percent above its own 400 percent target. Against that stand three findings from the filings: investment income from alternative investments is under plan for a third consecutive year (2025: −$278 million, equal to 58 percent of adjusted earnings), $249 million of statutory capital rests on regulatory waivers without which two subsidiaries would fall below minimum capital, and from December 31, 2026 new NAIC factors for CLO holdings cost roughly 10 of the 30 points of cushion above the capital target. None of it is existential; all of it is verifiable on a stated date.
What the thesis turns on
Assessment: Opportunities & Risks
F&G Annuities & Life has more than doubled assets under management since June 2020, from $26.5 billion to $57.6 billion, and earns a workable spread of 5.12 percent (2025). But the $4,666 million of free cash flow that lifted the stock to number 15 in our price-to-free-cash-flow ranking is $4,987 million the build-up of obligations to policyholders and reinsurers — net earnings were $271 million. Add three documented findings: alternative investments under plan for a third consecutive year, $249 million of statutory capital resting on regulatory waivers, and a rule change on December 31, 2026 that costs roughly 10 percentage points of capital ratio. Not investment advice.
Growth of the book
Assets under management rose from $26.5 billion at the Fidelity National Financial acquisition in June 2020 to $57.6 billion as of December 31, 2025, and gross sales from $4.5 billion to $14.6 billion. The 2025 annual report names a compound annual growth rate in assets under management of 17 percent over six years. Ratings upgrades carried it: S&P and Fitch to A− in June 2020, Moody's to A3 in July 2023, A.M. Best to A in January 2024.
Origin of free cash flow
Of $4,681 million in operating cash flow during 2025, $3,277 million comes from the change in funds withheld from reinsurers and $1,710 million from the build-up of future policy benefits — together $4,987 million, more than the entire amount. Net earnings were $271 million; owners received $137 million of dividends and $10 million of share repurchases. The metric measures growth in the book, not earning power.
Alternative investments
Investment income from alternative investments fell short of management's long-term expected return by $153 million in 2023, $145 million in 2024 and $278 million in 2025 (10-K 2025). The 2025 shortfall equals 58 percent of adjusted annual earnings of $482 million. The first quarter of 2026 was $44 million short; for the second quarter of 2026 F&G reported preliminarily on July 8, 2026 an annualized return of roughly 6 percent and a $65 million pre-tax shortfall.
Regulatory capital
The estimated U.S. capital ratio of the main subsidiary FGL Insurance was about 430 percent as of December 31, 2025 against a 400 percent target. Prescribed and permitted practices raised statutory capital by $249 million (March 31, 2026 and December 31, 2025) — without them the subsidiaries Corbeau Re and F&G Cayman Re would sit below minimum regulatory capital. From December 31, 2026 new NAIC factors for CLO holdings cost roughly 10 percentage points of the ratio on the company's own estimate.
Ownership and dilution
Fidelity National Financial holds about 70 percent of the common stock (December 31, 2025); roughly 34.7 million of 132.5 million shares trade freely (as of July 25, 2026). The parent's 5,000,000 preferred shares convert automatically on January 15, 2027 into between 0.9456 and 1.1111 common shares each, meaning up to 5.56 million new shares or 4.2 percent. While the preferred dividend is unpaid, no common dividend may generally be paid.
Valuation
Roughly $3.93 billion of market value (as of July 25, 2026) stands against $4,749 million of equity as of March 31, 2026 — a price-to-book ratio of about 0.85 at a trailing price-to-earnings ratio of roughly 7.7. The discount has reasons: equity contains a cumulative unrealized bond loss of $2,500 million (March 31, 2026, prior quarter $1,951 million). Two analyst firms cover the stock, both at hold with an average price target of $27.
Worth Noting
Hook: rank 15 in our in-house price-to-free-cash-flow ranking (U.S. selection), displayed value 0.7, as of July 26, 2026. The list shows the 25 strongest matches; on that day 544 stocks met the criteria. The lists are recalculated daily — the rank and the match count are a snapshot.
As-of dates: SEC figures per December 31, 2025 (Form 10-K, filed February 26, 2026) and March 31, 2026 (Form 10-Q, filed May 7, 2026); metrics, share count and analyst coverage as of July 25, 2026. Filings after the quarterly report were reviewed: Form 8-K of June 16, 2026 (leadership change), June 25, 2026 (annual meeting) and July 8, 2026 (preliminary figures).
Risk of confusion: the symbol FG is also used on Canada's TSX Venture Exchange by Falcon Gold Corp., a mineral explorer with no connection to this company. The same SEC filer number, 0001934850, also carries the notes FGN and FGSN on the New York Stock Exchange. Identification is unambiguous through the exchange (NYSE) and ISIN US30190A1043. F&G should also not be confused with its majority owner Fidelity National Financial (FNF) or with the similarly named fund manager Fidelity Investments, to which it has no connection.
Metric caveat: at life and annuity insurers the Altman Z-score and classical working capital ratios carry no meaning, because the formulas were built for industrial companies. The relevant measures are new business premiums, investment income and the regulatory capital ratio.
Takeover check: through July 26, 2026 the SEC filings contain no merger agreement, no tender offer and no delisting — not even from majority owner FNF, which in fact reduced its stake on December 31, 2025 by distributing roughly 12 percent of the shares.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FG since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 20.70 $ to 34.90 $ · Last price: 23.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Insurance - Life
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| F&G Annuities & Life Inc. FG | 3.1 | 6.2 | 0.0 | 32.8 | – | 5.7 | -27.9 |
| MetLife Inc MET | 62.3 | 19.2 | 0.0 | 24.0 | 9.9 | 8.6 | 27.0 |
| Aflac Incorporated AFL | 59.3 | 13.6 | 0.0 | 50.9 | 29.6 | -8.8 | 10.8 |
| Prudential Financial, Inc. PRU | 41.0 | 12.3 | 0.0 | 29.0 | 4.7 | -14.0 | 20.7 |
| Unum Group UNM | 15.4 | 20.6 | 0.0 | 29.3 | 10.6 | 2.1 | 30.4 |
| Globe Life Inc GL | 13.4 | 12.1 | 0.0 | 33.9 | 23.8 | 3.8 | 21.6 |
| Jackson Financial Inc JXN | 9.0 | – | -5.7 | 48.8 | 44.6 | 116.1 | 38.0 |
| Primerica Inc PRI | 8.9 | 12.7 | 0.0 | 72.1 | 30.3 | 4.4 | 9.0 |
| Lincoln National Corporation LNC | 8.2 | 4.7 | 0.0 | 27.1 | -4.1 | 1.2 | 12.5 |
| Median of companies shown | 13.4 | 12.5 | 0.0 | 32.8 | 17.2 | 3.8 | 20.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1 | 0 | 0 | -0.02 | -1 | 692 | 692 |
| 2017 | 1,980 | 252 | -1,116 | -54.43 | 1,020 | 134,047 | 375,319 |
| 2018 | 711 | 58 | -16 | -0.84 | 897 | 107,147 | 365,725 |
| 2019 | 1,813 | 421 | 412 | 21.87 | 652 | 2,760 | 36,714 |
| 2020 | 1,430 | 1,331 | -178 | -1.19 | 63 | 4,074 | 39,756 |
| 2021 | 3,385 | 1,552 | 1,240 | 11.81 | 1,871 | 4,485 | 48,730 |
| 2022 | 2,239 | 793 | 635 | 5.52 | 3,171 | 1,816 | 55,075 |
| 2023 | 4,271 | -35 | -58 | -0.47 | 5,834 | 3,103 | 70,202 |
| 2024 | 5,421 | 778 | 639 | 4.88 | 5,999 | 3,951 | 85,040 |
| 2025 | 5,731 | 323 | 265 | 2.01 | 4,681 | 4,804 | 98,430 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.50 | – | 1,470 | -5.30 | 22.20 | 1,320 | 1,315 |
| 2025: Q1 | -0.17 | -118.80 | 854 | -43.60 | -2.50 | 956 | 951 |
| 2025: Q2 | 0.26 | -83.20 | 1,304 | 21.30 | 3.10 | 1,620 | 1,616 |
| 2025: Q3 | 0.85 | – | 1,603 | 17.80 | 7.40 | 937 | 934 |
| 2025: Q4 | 0.92 | -63.10 | 1,765 | 20.10 | 7.30 | 1,532 | 1,529 |
| 2026: Q1 | 1.78 | – | 1,187 | 39.00 | 20.90 | 743 | 741 |
| 2026: Q2 | -0.62 | -338.50 | 1,421 | 9.00 | -5.30 | 1,487 | 1,487 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.21 | 3.17 – 3.25 | 3,029 | -11.9% | 2 |
| 12/31/2027 | 4.85 | 4.08 – 5.62 | 3,337 | 51.3% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $4.69B |
|---|---|
| Market cap | $3.07B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 166.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
F&G setzt KI-Werkzeuge nach eigener Angabe für einzelne, rechtlich und sicherheitstechnisch geprüfte Anwendungsfälle im eigenen Betrieb ein und nennt den wettbewerbsfähigen Einsatz von KI und maschinellem Lernen als Wettbewerbsfaktor — es gibt aber kein KI-Produkt und keinen daraus stammenden Umsatz.
View the full file — quotes, sources, reviewed filings
„We have and may adopt and integrate artificial intelligence tools into our systems for specific use cases reviewed by legal and information security."
Wir haben KI-Werkzeuge in unsere Systeme übernommen und integriert und können dies weiter tun — für bestimmte Anwendungsfälle, die von der Rechtsabteilung und der Informationssicherheit geprüft wurden.
10-K · 2026-02-26 · View SEC filing
„Our competitive position may be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning, or if our competitors collect and use data which we do not have the ability to access or use."
Unsere Wettbewerbsposition kann beeinträchtigt werden, wenn wir Technologien wie künstliche Intelligenz und maschinelles Lernen nicht kosteneffizient und wettbewerbsfähig einsetzen können oder wenn unsere Wettbewerber Daten erheben und nutzen, auf die wir keinen Zugriff haben oder die wir nicht nutzen dürfen.
10-K · 2026-02-26 · View SEC filing
„Issues in the development and use of AI/ML/LLM, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations."
Probleme bei der Entwicklung und Nutzung von KI, maschinellem Lernen und großen Sprachmodellen können in Verbindung mit einem unsicheren Regulierungsumfeld zu Reputationsschäden, Haftung oder anderen nachteiligen Folgen für unseren Geschäftsbetrieb führen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-26 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2025-02-28
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 36.8%
- More than 10% revenue growth is expected for the coming year 8.6%
- Share count grows by less than 3% a year 4.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 87.1%
- Gross margin at 40% or higher and without meaningful erosion 30.9%
- Goodwill from acquisitions does not grow faster than revenue 2.2%
- Net debt below twice EBITDA 51,949 m net cash
- Operating cash flow covers the profits of the last three years 15,668 m
- Return on capital at 15% or higher, or up versus two years ago no data
- Insiders hold at least 10% or are net buyers 2.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 159.9%
- Exp. sales growth 3Y > 5% -23.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 55.5%
- Net debt < 4x EBIT -160.8x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% –
- Expected return > 10% 291.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Bailey Michael H | EVP, Chief Financial Officer | Other | 26,817 | 0.00 | – |
The company
About the Company
F&G Annuities & Life, Inc. bietet zusammen mit seinen Tochtergesellschaften Renten- und Lebensversicherungsprodukte in den USA an.
- Employees
- 1,173
- Headquarters
- Des Moines, IA
- Address
- 801 Grand Avenue, 50309 Des Moines, United States
- Phone
- 866 846 4660
- Website
- fglife.com
- IPO Date
- 12/01/2022
- ISIN
- US30190A1043
Management
| Name | Title | Birth Year |
|---|---|---|
| William Patrick Foley II | Executive Chairman of the Board | 1945 |
| Conor Ernan Murphy C.A., C.P.A., F.C.A. | CEO & President | 1969 |
| Leena Punjabi C.F.A. | Executive VP & Chief Investment Officer | 1979 |
| Michael Louis Gravelle J.D. | Executive VP, General Counsel & Corporate Secretary | 1962 |
| David Edward Martin C.F.A. | Senior Vice President of Investment Risk & ALM Strategy | 1969 |
| Michael Bailey | Executive VP & CFO | – |
| Mark Lynn Wiltse | Senior VP & Chief Accounting Officer | 1968 |
| Ted Hughes | Senior VP & Chief Information Officer | – |
| Gregg N. Sofer | Executive VP, Deputy Chief Legal Officer & Chief Compliance Officer | – |
| Tom Olson | Senior Vice President of Financial Institutions Distribution | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.