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F&G Annuities & Life
F&G Annuities & Life (FG) investor relations material
F&G Annuities & Life Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record AUM before flow reinsurance of $73.1B, up 12% year-over-year, and retained AUM of $57.6B, up 7% year-over-year.
Gross sales reached $14.6B for the year, with net sales of $10.0B, and core product sales above $9B for the second consecutive year.
Adjusted net earnings for the year were $482M ($3.64/share), down from $546M ($4.30/share) in 2024.
Transitioning to a more fee-based, higher margin, and less capital-intensive business model, with progress toward medium-term financial targets.
Expanded public float from 18% to 30% after FNF's distribution, enhancing market liquidity and institutional ownership.
Financial highlights
Book value per share (ex-AOCI) rose to $44.43 at year-end 2025, up 62% since 2020.
Operating expense ratio improved to 50 bps from 60 bps year-over-year.
Fee income from flow reinsurance grew 37% to $56M; own distribution margin contributed $47M in 2025.
Investment income from alternative investments was $278M below long-term expectations in 2025.
Net sales for 2025 were $10.0B, compared to $10.6B in 2024.
Outlook and guidance
Targeting AUM growth of 50%, adjusted ROA ex significant items of 1.33%-1.55%, and adjusted ROE ex AOCI of 13-14% over the medium term.
Expect fee-based earnings to grow to 25% of total by 2028, up from 15% in 2025.
Operating expense ratio targeted to improve to 45 bps by 2027.
Anticipate lower surrender fee income and prepayments in 2026, with potential 20% decline in surrender-related fees.
Remain focused on disciplined growth, capital allocation, and expanding core product sales.
Alternative investment income outlook?
Bermuda sale: impact on reinsurance strategy?
Progress on less capital-intensive model?
Impact of alt investment reclassification
Confirm capital self-sufficiency for growth
MYGA sales moderation: long-term strategy?
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Next F&G Annuities & Life earnings date
Q1 20267 May, 2026
F&G Annuities & Life
Next F&G Annuities & Life earnings date
Q1 20267 May, 2026
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Frequently asked questions
F&G Annuities & Life Inc. (NYSE: FG), also known as F&G, is a leading provider of insurance solutions in the United States. The company focuses on serving both retail annuity and life customers as well as institutional clients. F&G's product portfolio primarily includes fixed annuities and life insurance products, catering to the financial security and retirement planning needs of its clients. The company is headquartered in Des Moines, Iowa, and its shares are listed on the New York Stock Exchange.
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