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Visual21 Nov 2025
Data center suppliers
F&G Annuities & Life (FG) investor relations material
F&G Annuities & Life Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record assets under management (AUM) before flow reinsurance of $71.4 billion, up 14% year-over-year, with retained AUM at $56.6 billion, up 8% year-over-year.
Gross sales reached $4.2 billion in Q3 2025, up 8% year-over-year, with net sales of $2.8 billion and core sales of $2.2 billion.
Adjusted net earnings were $165 million ($1.22 per share) in Q3 2025, including a $10 million tax benefit and $4 million actuarial reserve release.
Net earnings attributable to common shareholders were $114 million, compared to a net loss of $10 million in Q3 2024.
Launched a new reinsurance sidecar in August 2025, enhancing capital efficiency and fee-based earnings.
Financial highlights
Total revenues for Q3 2025 were $1.69 billion, up from $1.44 billion in Q3 2024; interest and investment income was $748 million.
Book value per share excluding AOCI was $44.07 at Q3 2025, up from $42.28 a year ago.
Operating expense to AUM ratio improved to 52 bps, down 10 bps year-over-year.
Life insurance premiums and other fees were $711 million, up from $506 million year-over-year.
Debt-to-capitalization ratio ex AOCI at 26.4% as of Q3 2025, managed to a long-term target of 25%.
Outlook and guidance
Management expects continued AUM growth and further improvement in operating expense to AUM ratio by year-end.
Progressing toward medium-term targets: 50% AUM growth, adjusted ROA (ex-significant items) of 1.33–1.55%, and adjusted ROE (ex-AOCI/significant items) of 13–14%.
On track to achieve $1.5–$2.5 billion in PRT sales for the full year.
Focused on transitioning to a more fee-based, higher margin, and capital-light business model.
Sidecar's impact on capital efficiency?
Outlook for alternative investment returns?
What is the target operating expense ratio?
FIA sales evolution with sidecar use
Private credit exposure and rating agency use
Operating expense ratio improvement targets
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Next F&G Annuities & Life earnings date
Q4 202520 Feb, 2026
Next F&G Annuities & Life earnings date
Q4 202520 Feb, 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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