F&G Annuities & Life (FG) KBW Insurance Conference 2026 summary

Leadership and strategic priorities

• CEO and CFO roles recently transitioned, with a focus on continuity and growth momentum.

• Emphasis on expanding gross and net AUM, with a shift toward capital-light, fee-based business models.

• Fee income targeted to rise from 15% in 2025 to 25% by 2028, driven by reinsurance and business mix.

• Core retail products (FIA, IUL, RILA, PRT) are central to growth, with top rankings in several segments.

• Stability in revenue and earnings is prioritized, with predictable performance outside of alternative investments.

Reinsurance and business mix

• MYGA products are heavily reinsured (up to 90%), while FIA reinsurance targets about 50%.

• Expansion of reinsurance is likely, with a sidecar arrangement for FIA accumulation business.

• Retained AUM has grown significantly over five years, with more reinsurance expected.

• Fee income is generated from Peak, flow reinsurance, and select life products.

• Reinsurance partnerships diversify risk and support capital-light strategy.

Distribution and product strategy

• Distribution has expanded from IMOs to include broker-dealers and financial institutions.

• MYGA sales are opportunistic, with reduced volumes in recent quarters and capital redirected to buybacks.

• FIA business remains competitive but stable, with consistent returns and strong relationships in owned distribution.

• RILA is a newer, fast-growing product, with momentum expected to continue.

• Diversification in distribution and product mix is a key ongoing priority.