F&G Annuities & Life, Inc. (FG) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 20 2026
0mins
Should l Buy FG?
Source: SeekingAlpha
Assets Under Management (AUM) before flow reinsurance $73.1 billion, up 12% over year-end 2024. This increase was driven by $14.6 billion of gross sales, reflecting disciplined growth and capital allocation to high-return opportunities.
Retained AUM $57.6 billion, up 7% over year-end 2024. Growth attributed to strong sales and investment performance.
Gross Sales $14.6 billion for the full year, including $3.4 billion in Q4. This was the second-highest year on record, driven by indexed annuities, indexed universal life, and pension risk transfer products.
Core Sales $9 billion for the full year, including indexed annuities, indexed universal life, and pension risk transfer. Indexed annuities were $6.7 billion, in line with 2024, and indexed universal life sales increased by 14% year-over-year.
Opportunistic Sales $5.6 billion for the full year, including funding agreements and MYGA. Funding agreements increased by nearly 80% year-over-year to $1.8 billion, while MYGA sales decreased to $3.8 billion from $5.1 billion in 2024 due to pricing discipline and market conditions.
Fixed Income Yield 4.65% in Q4, up 6 basis points over Q4 2024. This reflects improved credit quality and portfolio optimization.
Alternative Investment Portfolio Return Approximately 7% annualized return in Q4, compared to a 10% long-term expected return. The portfolio includes 40% equity interest and 60% investment-grade fixed income debt.
Fee Income from Flow Reinsurance $56 million for the full year 2025, up 37% from $41 million in 2024. Growth driven by accretive flow reinsurance strategies.
Fee Income from Owned Distribution Margin $47 million for the full year 2025, up 2% from $46 million in 2024. Growth attributed to strong performance in owned distribution investments.
Adjusted Net Earnings $482 million for the full year 2025, or $3.64 per share. This reflects asset growth, growing fees, and operating expense discipline.
Operating Expense to AUM Ratio 50 basis points at year-end 2025, down from 60 basis points in 2024. Improvement driven by AUM growth and expense management.
Book Value per Share (excluding AOCI) $44.43 at year-end 2025, up 62% since 2020. Growth reflects strong financial performance and capital management.
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Analyst Views on FG
Wall Street analysts forecast FG stock price to rise
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 22.710
Low
31.00
Averages
32.00
High
33.00
Current: 22.710
Low
31.00
Averages
32.00
High
33.00
About FG
F&G Annuities & Life, Inc. is a provider of insurance solutions serving retail annuity and life customers, as well as institutional clients. Through its subsidiaries, it markets a portfolio of annuities, including fixed indexed annuities (FIAs), registered index-linked annuities (RILAs), (referred to as indexed annuities), multi-year guarantee annuities (MYGAs) as well as pension risk transfer (PRT) solutions, indexed universal life (IUL) insurance and institutional funding agreements. Its retail annuities serve as a retirement and savings tool on which its customers rely for principal protection and predictable income streams. In addition, its life insurance products provide its customers with a complementary product that allows them to build on their savings and provide a payment to their designated beneficiaries upon the policyholder's death. Its customers value its FIAs, which provide a portion of the gains of an underlying market index, while also providing principal protection.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
F&G Partners with Voya to Distribute Annuity Products
- Partnership Formation: F&G's annuity products will be distributed through Voya's Wealth Management platform, marking a commitment from both premier financial services organizations to help Americans achieve financial security.
- Expanded Product Suite: Voya's financial professionals will have access to F&G's fixed indexed annuities, registered index-linked annuities, and multi-year guaranteed annuities, enhancing clients' retirement and income protection options.
- Supportive Educational Resources: Voya's financial professionals will receive educational resources and product expertise from F&G, aimed at driving strong advisor and client outcomes, thereby enhancing customer financial confidence.
- Enhanced Market Impact: This collaboration not only strengthens Voya's ability to deliver solutions for retirement and investment needs but also expands market access to annuity solutions by combining F&G's competitive offerings with Voya's distribution capabilities.
See More
F&G Partners with Voya to Distribute Annuity Products
- Strategic Partnership: F&G's annuity products will be distributed through Voya's Wealth Management platform, marking a strategic collaboration between two financial service organizations aimed at helping more Americans achieve financial security.
- Expanded Product Suite: Voya's financial professionals will have access to F&G's fixed indexed annuities, registered index-linked annuities, and multi-year guaranteed annuities, providing clients with additional retirement and income protection options to meet diverse retirement planning needs.
- Supportive Educational Resources: Voya will provide its financial advisors with educational resources and product expertise related to F&G's annuity offerings, aimed at enhancing advisor and client outcomes and further boosting clients' financial confidence.
- Shared Values: Both companies share a strong commitment to innovation, integrity, and customer-centric values, and this partnership will enhance Voya's ability to deliver impactful solutions that help clients address a wide range of retirement and investment needs.
See More
F&G Annuities & Life Dividend Outlook
- Dividend Volatility: F&G Annuities & Life's dividend amounts are influenced by the company's profitability fluctuations, and historical data indicates uncertainty regarding the sustainability of dividends, prompting investors to carefully assess the expectation of a 4% annual yield.
- Profit-Dividend Relationship: The ups and downs in company profits directly affect dividend payments, and analyzing historical dividend charts can help determine whether the latest dividend is sustainable, impacting investment decisions.
- Investor Caution: While the current dividend level may attract investors, it is essential to consider the risks of potential dividend adjustments due to profit volatility, urging investors to remain vigilant to avoid potential losses.
- Market Sentiment: The author's views represent personal opinions and may not reflect those of Nasdaq, suggesting that investors should consider multiple sources of information when making decisions.
See More
F&G Annuities & Life Reports Record AUM and Strategic Growth
- Asset Management Innovation: F&G's year-end AUM reached $73.1 billion, a 12% increase over 2024, demonstrating the company's successful transition to a higher-margin, less capital-intensive business model, thereby enhancing its ability to create long-term shareholder value.
- Strong Sales Performance: Total sales for 2025 hit $14.6 billion, with core product sales at $9 billion, indicating sustained competitiveness in the market and laying a solid foundation for future revenue growth.
- Fee Income Growth: Fee income from flow reinsurance rose to $56 million, up 37% from 2024, with expectations that fee income will account for 25% of total earnings by 2028, further boosting the company's profitability.
- Capital Transaction and Transparency: F&G plans to close a transaction with Ancient Financial Holdings LP in Q1 2026, expecting net proceeds of approximately $300 million, which will diversify counterparty risk for future flow reinsurance, while management emphasizes confidence and transparency in its investment portfolio.
See More
F&G (FG) Q4 2025 Earnings Call Transcript
See More
F&G Annuities & Life Declares Quarterly Dividend of $0.25
- Quarterly Dividend Announcement: F&G Annuities & Life has declared a quarterly dividend of $0.25 per share, consistent with previous distributions, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns.
- Dividend Yield: The forward yield of 3.61% provides investors with a relatively attractive return, reflecting the company's competitiveness in the current market environment.
- Payment Schedule: The dividend is payable on March 31, with a record date of March 17 and an ex-dividend date also on March 17, ensuring shareholders receive their earnings promptly and enhancing investor confidence.
- Investment Opportunity: Amid technical pressures, F&G Annuities & Life is viewed as a compelling value investment opportunity, and its stable dividend policy may attract investors seeking reliable income.
See More
F&G Partners with Voya to Distribute Annuity Products
- Partnership Formation: F&G's annuity products will be distributed through Voya's Wealth Management platform, marking a commitment from both premier financial services organizations to help Americans achieve financial security.
- Expanded Product Suite: Voya's financial professionals will have access to F&G's fixed indexed annuities, registered index-linked annuities, and multi-year guaranteed annuities, enhancing clients' retirement and income protection options.
- Supportive Educational Resources: Voya's financial professionals will receive educational resources and product expertise from F&G, aimed at driving strong advisor and client outcomes, thereby enhancing customer financial confidence.
- Enhanced Market Impact: This collaboration not only strengthens Voya's ability to deliver solutions for retirement and investment needs but also expands market access to annuity solutions by combining F&G's competitive offerings with Voya's distribution capabilities.
See More
F&G Partners with Voya to Distribute Annuity Products
- Strategic Partnership: F&G's annuity products will be distributed through Voya's Wealth Management platform, marking a strategic collaboration between two financial service organizations aimed at helping more Americans achieve financial security.
- Expanded Product Suite: Voya's financial professionals will have access to F&G's fixed indexed annuities, registered index-linked annuities, and multi-year guaranteed annuities, providing clients with additional retirement and income protection options to meet diverse retirement planning needs.
- Supportive Educational Resources: Voya will provide its financial advisors with educational resources and product expertise related to F&G's annuity offerings, aimed at enhancing advisor and client outcomes and further boosting clients' financial confidence.
- Shared Values: Both companies share a strong commitment to innovation, integrity, and customer-centric values, and this partnership will enhance Voya's ability to deliver impactful solutions that help clients address a wide range of retirement and investment needs.
See More
F&G Annuities & Life Dividend Outlook
- Dividend Volatility: F&G Annuities & Life's dividend amounts are influenced by the company's profitability fluctuations, and historical data indicates uncertainty regarding the sustainability of dividends, prompting investors to carefully assess the expectation of a 4% annual yield.
- Profit-Dividend Relationship: The ups and downs in company profits directly affect dividend payments, and analyzing historical dividend charts can help determine whether the latest dividend is sustainable, impacting investment decisions.
- Investor Caution: While the current dividend level may attract investors, it is essential to consider the risks of potential dividend adjustments due to profit volatility, urging investors to remain vigilant to avoid potential losses.
- Market Sentiment: The author's views represent personal opinions and may not reflect those of Nasdaq, suggesting that investors should consider multiple sources of information when making decisions.
See More
F&G Annuities & Life Reports Record AUM and Strategic Growth
- Asset Management Innovation: F&G's year-end AUM reached $73.1 billion, a 12% increase over 2024, demonstrating the company's successful transition to a higher-margin, less capital-intensive business model, thereby enhancing its ability to create long-term shareholder value.
- Strong Sales Performance: Total sales for 2025 hit $14.6 billion, with core product sales at $9 billion, indicating sustained competitiveness in the market and laying a solid foundation for future revenue growth.
- Fee Income Growth: Fee income from flow reinsurance rose to $56 million, up 37% from 2024, with expectations that fee income will account for 25% of total earnings by 2028, further boosting the company's profitability.
- Capital Transaction and Transparency: F&G plans to close a transaction with Ancient Financial Holdings LP in Q1 2026, expecting net proceeds of approximately $300 million, which will diversify counterparty risk for future flow reinsurance, while management emphasizes confidence and transparency in its investment portfolio.
See More
F&G (FG) Q4 2025 Earnings Call Transcript
See More
F&G Annuities & Life Declares Quarterly Dividend of $0.25
- Quarterly Dividend Announcement: F&G Annuities & Life has declared a quarterly dividend of $0.25 per share, consistent with previous distributions, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns.
- Dividend Yield: The forward yield of 3.61% provides investors with a relatively attractive return, reflecting the company's competitiveness in the current market environment.
- Payment Schedule: The dividend is payable on March 31, with a record date of March 17 and an ex-dividend date also on March 17, ensuring shareholders receive their earnings promptly and enhancing investor confidence.
- Investment Opportunity: Amid technical pressures, F&G Annuities & Life is viewed as a compelling value investment opportunity, and its stable dividend policy may attract investors seeking reliable income.
See More
