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F&G Annuities & Life Inc (FG)
NYSE:FG
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F&G Annuities & Life Inc
(NYSE:FG)
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Rating:77Outperform
Price Target:
$34.00
▲(10.35% Upside)
F&G Annuities & Life Inc demonstrates strong financial performance and positive earnings call sentiment, contributing significantly to the overall score. While technical analysis indicates a bearish trend, the reasonable valuation and dividend yield provide a balanced outlook.
F&G Annuities & Life Inc (FG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.03B
Dividend Yield2.86%
Average Volume (3M)159.28K
Price to Earnings (P/E)12.2
Beta (1Y)1.20
Revenue Growth-4.56%
EPS GrowthN/A
CountryUS
Employees1,300
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)1.22
Shares Outstanding134,648,800
10 Day Avg. Volume139,429
30 Day Avg. Volume159,280
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.31
Price to Sales (P/S)0.90
P/FCF Ratio0.87
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$34.00Price Target Upside10.35% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)3.69
Revenue Forecast (FY)$5.13B
F&G Annuities & Life Inc Business Overview & Revenue Model
Company DescriptionF&G Annuities & Life Inc (FG) is a financial services company specializing in the development and distribution of annuities and life insurance products. The company operates primarily in the insurance and financial services sectors, providing consumers with innovative solutions for retirement savings, income, and protection. Its core products include fixed and indexed annuities, as well as life insurance policies, aimed at helping individuals achieve financial security during retirement and throughout their lives.
How the Company Makes MoneyF&G Annuities & Life Inc generates revenue through several key streams. Primarily, the company earns income from the sale of its annuity and life insurance products, which involve collecting premiums from policyholders. The company invests these premiums in various financial instruments, generating investment income that contributes significantly to its overall revenue. Additionally, F&G may earn fees from managing its investment portfolio and from the administration of its insurance products. Strategic partnerships with financial advisors and broker-dealers enhance distribution channels, further increasing sales and market reach. Overall, the company's revenue model relies on a combination of premium collection, investment income, and service fees, which collectively support its financial performance.
F&G Annuities & Life Inc Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 25, 2026
Earnings Call Sentiment Positive
F&G's earnings call highlighted a strong financial performance with record AUM and robust sales growth. The company demonstrated improvements in core financial metrics and expanded fee-based income. However, there were challenges with alternative investment income and increased amortization expenses. Overall, the positive aspects of the financial results and strategic growth initiatives outweigh the concerns.Q3-2025 Updates
Positive Updates
Record AUM and Strong Sales Performance
F&G reported a record $71.4 billion of AUM before flow reinsurance at the end of the third quarter, with a 14% increase compared to the third quarter of 2024. The company generated $4.2 billion in gross sales during the third quarter, marking one of the best sales quarters in history.
Growth in Core and Opportunistic Sales
Core sales, including indexed annuities, index life, and pension risk transfer, totaled $2.2 billion in the third quarter. Opportunistic sales reached $2 billion, with notable achievements in funding agreements and MYGA sales.
Improved Financial Metrics
Adjusted net earnings for the third quarter were $165 million or $1.22 per share. The company's adjusted return on equity was 8.8%, and adjusted ROA was stable at 92 basis points.
Expansion of Fee-Based Income
Fee income from accretive flow reinsurance grew 46% over the first nine months of 2024. The introduction of a new reinsurance sidecar supports a capital-light, high-margin business model.
Dividend Increase
F&G increased its dividend by 13.6%, reflecting the benefits of its capital-light model.
Negative Updates
Alternative Investment Income Below Expectations
Alternative investment income was $67 million or $0.48 per share below management's long-term expected return for the quarter.
Increased Amortization Expense
Amortization expense was approximately $6 million after-tax higher in the third quarter due to an actuarial assumption review, with expectations of higher amortization over the next year.
Tighter Competition in MYGA Sales
The company noted tighter competition in the MYGA market, which may impact sales volumes depending on market economics.
Company Guidance
During F&G's Third Quarter 2025 Earnings Call, the company reported robust results, highlighting a record $71.4 billion in assets under management (AUM) before flow reinsurance, marking a 14% increase from the previous year. Retained AUM reached $56.6 billion, with gross sales of $4.2 billion for the quarter, contributing to $11 billion in gross sales for the first nine months of 2025. Core sales, including indexed annuities and pension risk transfer, reached $2.2 billion in the third quarter. The launch of a new reinsurance sidecar and a record $800 million FABN issuance were notable achievements. The investment portfolio remained high quality, with 96% of fixed maturities rated investment grade, and credit impairments averaged 6 basis points over five years. F&G's fee-based flow reinsurance grew significantly, with $41 million in fee income in the first nine months, up 46% from 2024. The company expects continued growth in AUM and aims to expand adjusted return on assets (ROA) and return on equity (ROE) in the coming years.F&G Annuities & Life Inc Financial Statement Overview
Summary
F&G Annuities & Life Inc shows strong financial performance with significant revenue growth and improved profitability. The company has a robust cash flow, although the low Equity Ratio indicates a high reliance on liabilities, which requires careful management.Income Statement
F&G Annuities & Life Inc has demonstrated significant revenue growth, with Total Revenue increasing from $1.43 billion in 2020 to $5.74 billion in 2024. The Gross Profit margin remains strong at 100% due to no cost of goods sold. Net Profit Margin improved to 10.83% in 2024 from a negative margin in 2023, indicating a turnaround in profitability. EBIT and EBITDA margins also reflected robust performance, particularly with the EBIT margin increasing to 15.49% in 2024. The strong revenue growth and improved profitability metrics contribute to a high score.85
Very Positive
Balance Sheet
The company maintains a solid equity position with Stockholders' Equity increasing to $3.95 billion in 2024. The Debt-to-Equity ratio is low at 0.55, indicating prudent leverage management. However, the Return on Equity (ROE) is at a moderate 15.75%, suggesting scope for more efficient equity utilization. The Equity Ratio is low at 4.64%, reflecting a high reliance on liabilities, which could pose risks if not managed carefully.72
Positive
Cash Flow
F&G Annuities & Life Inc has exhibited impressive cash flow performance, with Free Cash Flow growing consistently to $5.975 billion in 2024. The Operating Cash Flow to Net Income ratio is exceptionally strong at 9.64, indicating robust cash generation relative to net earnings. The Free Cash Flow to Net Income ratio is also high at 9.61, reinforcing the company's strong cash conversion capabilities. These metrics highlight excellent cash flow management, leading to a high score.90
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.23B | 5.42B | 4.27B | 2.24B | 3.38B | 1.43B |
| Gross Profit | 2.65B | 1.63B | 718.00M | 1.11B | 1.45B | 1.43B |
| EBITDA | 1.02B | 1.48B | 474.00M | 1.15B | 1.85B | 139.00M |
| Net Income | 340.00M | 639.00M | -58.00M | 635.00M | 1.24B | -47.00M |
Balance Sheet | ||||||
| Total Assets | 91.82B | 85.04B | 70.20B | 55.08B | 48.73B | 39.76B |
| Cash, Cash Equivalents and Short-Term Investments | 52.08B | 48.58B | 41.98B | 33.73B | 31.87B | 26.84B |
| Total Debt | 2.23B | 2.18B | 1.76B | 1.13B | 991.00M | 603.00M |
| Total Liabilities | 87.26B | 80.96B | 67.10B | 53.26B | 44.24B | 35.68B |
| Stockholders Equity | 4.44B | 3.95B | 3.10B | 1.82B | 4.49B | 4.07B |
Cash Flow | ||||||
| Free Cash Flow | 5.96B | 5.97B | 5.81B | 3.14B | 1.84B | 35.00M |
| Operating Cash Flow | 5.99B | 6.00B | 5.83B | 3.17B | 1.87B | 63.00M |
| Investing Cash Flow | -9.00B | -7.95B | -8.92B | -9.37B | -6.86B | -2.59B |
| Financing Cash Flow | 1.37B | 2.65B | 3.69B | 5.63B | 5.63B | 2.52B |
F&G Annuities & Life Inc Technical Analysis
Neutral
30.81
Price Trends
31.41
Negative
31.89
Negative
34.33
Negative
Market Momentum
-0.30
Negative
57.27
Neutral
77.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FG, the sentiment is Neutral. The current price of 30.81 is above the 20-day moving average (MA) of 29.50, below the 50-day MA of 31.41, and below the 200-day MA of 34.33, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 57.27 is Neutral, neither overbought nor oversold. The STOCH value of 77.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FG.
F&G Annuities & Life Inc Risk Analysis
F&G Annuities & Life Inc disclosed 66 risk factors in its most recent earnings report. F&G Annuities & Life Inc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
F&G Annuities & Life Inc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.03B | 12.22 | 10.12% | 2.86% | -4.56% | ― | |
73 Outperform | $3.75B | 7.13 | 16.27% | ― | 24.80% | ― | |
71 Outperform | $3.92B | 14.16 | 11.12% | 1.60% | -1.61% | 15.79% | |
68 Neutral | $7.76B | 3.67 | 21.66% | 4.37% | 35.76% | 636.97% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $6.26B | 12.74 | 5.50% | 3.36% | 24.94% | ― | |
60 Neutral | $3.50B | 19.28 | ― | ― | 1.41% | 150.35% |
* Financial Sector Average
FG
F&G Annuities & Life Inc
30.81
-15.29
-33.17%
CNO
CNO Financial
41.25
1.93
4.92%
GNW
Genworth Financial
8.67
1.46
20.25%
LNC
Lincoln National
41.15
7.06
20.72%
BHF
Brighthouse Financial
66.01
13.77
26.36%
JXN
Jackson Financial Incorporation
92.88
-16.54
-15.11%
F&G Annuities & Life Inc Corporate Events
F&G Annuities & Life Reports Strong Q3 2025 Results
Nov 8, 2025
F&G Annuities & Life Inc., a prominent provider of insurance solutions, specializes in serving retail annuity and life customers as well as institutional clients, positioning itself as a key player in the insurance sector with a focus on annuities and life insurance products.
Business Operations and StrategyFinancial Disclosures
F&G Annuities Reports Strong Q3 2025 Financial Results
Positive
Nov 6, 2025
On November 6, 2025, F&G Annuities & Life reported its financial results for the third quarter ended September 30, 2025, showcasing a significant turnaround with net earnings of $114 million compared to a net loss of $10 million in the same quarter of 2024. The company achieved record assets under management of $71.4 billion, driven by strong sales and the successful launch of a new reinsurance sidecar, which is expected to provide long-term growth capital. F&G’s strategic focus on organic growth and capital returns to shareholders, along with disciplined expense management, has positioned it well in the industry, as evidenced by its improved operating expense ratio and strong investment portfolio performance.
The most recent analyst rating on (FG) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on F&G Annuities & Life Inc stock, see the FG Stock Forecast page.
F&G Annuities & Life Inc. Reports Record Growth
Aug 13, 2025
F&G Annuities & Life Inc. recently held its earnings call, reflecting a strong performance with record assets under management and substantial sales growth. The company introduced a new reinsurance sidecar expected to enhance future profitability. However, challenges such as a decline in MYGA sales compared to the previous year and lower-than-expected returns from alternative investments were noted.
F&G Annuities & Life Reports Q2 2025 Financial Results
Aug 8, 2025
F&G Annuities & Life Inc., headquartered in Des Moines, Iowa, is a prominent provider of insurance solutions, specializing in retail annuity and life insurance products for both individual and institutional clients.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.