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.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy FG?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on FG
Wall Street analysts forecast FG stock price to rise
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 24.200
Low
31.00
Averages
32.00
High
33.00
Current: 24.200
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 Annuities Executive Increases Stock Holdings
- Insider Purchase: Celina J. Wang Doka, a director at F&G Annuities & Life, purchased 4,760 shares at a weighted average price of $20.98, totaling approximately $100,000, indicating her confidence in the company's future prospects.
- Increased Ownership: Following this transaction, Doka's direct holdings rose from 27,310 to 32,070 shares, a 17.43% increase, reinforcing her commitment to the company without introducing indirect or derivative risks.
- Market Comparison: The purchase price was below the March 16, 2026 closing price of $22.14, reflecting Doka's decision to buy during a period when the stock has declined by 46.43% over the past year, showcasing her keen judgment amid market volatility.
- Company Financial Overview: F&G Annuities & Life reported annual revenue of $5.4 billion and net income of $265 million; despite a slight dip in net sales, the firm achieved a 12% year-over-year increase in assets under management, reaching $73 billion, highlighting strong demand for retirement products.
See More
F&G Annuities & Life Director Acquires Shares
- Share Acquisition: Celina J. Wang Doka, a director at F&G Annuities & Life, acquired 4,760 shares on March 13, 2026, at a weighted average price of $20.98 per share, totaling approximately $100,000, which increased her direct common stock holdings by 17.43%, indicating confidence in the company's future prospects.
- Market Recovery: Since the purchase, F&G Annuities & Life's stock has rebounded about 15% within just two weeks, suggesting a positive market response and possibly reflecting a strategic move during a period of volatility.
- Asset Management Growth: The company reported approximately $73 billion in assets under management, marking a 12% year-over-year increase, despite a slight dip in net sales due to reinsurance movements, highlighting ongoing demand for retirement products and the company's robust market position.
- Profitability Analysis: Although adjusted net earnings fell to $412 million, a 13.3% decrease from the previous year, the continued growth in assets and distribution capabilities underscores the company's resilience in a competitive insurance landscape.
See More
F&G Annuities Insider Buys Shares Amid Stock Decline
- Share Acquisition Details: Celina J. Wang Doka, a director at F&G Annuities & Life, purchased 4,760 shares at a weighted average price of $20.98, totaling approximately $100,000, indicating her confidence in the company's future prospects.
- Ownership Increase: Following this transaction, Doka's direct holdings rose from 27,310 to 32,070 shares, marking a 17.43% increase, which not only reinforces her commitment as an insider but also reflects her positive outlook on the company's future.
- Market Reaction Analysis: Despite F&G Annuities' stock price declining by 46.43% over the past year, Doka's purchase price was below recent trading levels, suggesting she may be capitalizing on market opportunities, reflecting confidence in the company's value.
- Business Growth Context: F&G Annuities has reached approximately $73 billion in assets under management, a 12% year-over-year increase, and despite a slight dip in net sales, the ongoing demand for retirement products indicates the company's competitive strength in the market.
See More
F&G Annuities & Life Approves Stock Repurchase Program
- Repurchase Program Initiation: F&G Annuities & Life has approved a new three-year stock repurchase program effective March 16, 2026, allowing for the repurchase of up to $100 million in common stock, thereby enhancing shareholder value and boosting market confidence.
- Existing Authorization Status: The company's current stock repurchase authorization permits total repurchases of up to $50 million, with approximately $32 million remaining available as of March 13, 2026, indicating the company's flexibility in capital management and commitment to ongoing repurchases.
- Authorization Expiration: The existing repurchase authorization is set to expire on November 6, 2026, and F&G's continued repurchase strategy reflects confidence in future market performance, potentially generating positive reactions among shareholders.
- Strategic Transformation Signal: F&G Annuities & Life also indicated plans to shift 25% of its earnings to fee-based models by 2028 while expanding assets under management and capital flexibility, demonstrating the company's strategic adjustments and forward-looking positioning.
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 Executive Increases Stock Holdings
- Insider Purchase: Celina J. Wang Doka, a director at F&G Annuities & Life, purchased 4,760 shares at a weighted average price of $20.98, totaling approximately $100,000, indicating her confidence in the company's future prospects.
- Increased Ownership: Following this transaction, Doka's direct holdings rose from 27,310 to 32,070 shares, a 17.43% increase, reinforcing her commitment to the company without introducing indirect or derivative risks.
- Market Comparison: The purchase price was below the March 16, 2026 closing price of $22.14, reflecting Doka's decision to buy during a period when the stock has declined by 46.43% over the past year, showcasing her keen judgment amid market volatility.
- Company Financial Overview: F&G Annuities & Life reported annual revenue of $5.4 billion and net income of $265 million; despite a slight dip in net sales, the firm achieved a 12% year-over-year increase in assets under management, reaching $73 billion, highlighting strong demand for retirement products.
See More
F&G Annuities & Life Director Acquires Shares
- Share Acquisition: Celina J. Wang Doka, a director at F&G Annuities & Life, acquired 4,760 shares on March 13, 2026, at a weighted average price of $20.98 per share, totaling approximately $100,000, which increased her direct common stock holdings by 17.43%, indicating confidence in the company's future prospects.
- Market Recovery: Since the purchase, F&G Annuities & Life's stock has rebounded about 15% within just two weeks, suggesting a positive market response and possibly reflecting a strategic move during a period of volatility.
- Asset Management Growth: The company reported approximately $73 billion in assets under management, marking a 12% year-over-year increase, despite a slight dip in net sales due to reinsurance movements, highlighting ongoing demand for retirement products and the company's robust market position.
- Profitability Analysis: Although adjusted net earnings fell to $412 million, a 13.3% decrease from the previous year, the continued growth in assets and distribution capabilities underscores the company's resilience in a competitive insurance landscape.
See More
F&G Annuities Insider Buys Shares Amid Stock Decline
- Share Acquisition Details: Celina J. Wang Doka, a director at F&G Annuities & Life, purchased 4,760 shares at a weighted average price of $20.98, totaling approximately $100,000, indicating her confidence in the company's future prospects.
- Ownership Increase: Following this transaction, Doka's direct holdings rose from 27,310 to 32,070 shares, marking a 17.43% increase, which not only reinforces her commitment as an insider but also reflects her positive outlook on the company's future.
- Market Reaction Analysis: Despite F&G Annuities' stock price declining by 46.43% over the past year, Doka's purchase price was below recent trading levels, suggesting she may be capitalizing on market opportunities, reflecting confidence in the company's value.
- Business Growth Context: F&G Annuities has reached approximately $73 billion in assets under management, a 12% year-over-year increase, and despite a slight dip in net sales, the ongoing demand for retirement products indicates the company's competitive strength in the market.
See More
F&G Annuities & Life Approves Stock Repurchase Program
- Repurchase Program Initiation: F&G Annuities & Life has approved a new three-year stock repurchase program effective March 16, 2026, allowing for the repurchase of up to $100 million in common stock, thereby enhancing shareholder value and boosting market confidence.
- Existing Authorization Status: The company's current stock repurchase authorization permits total repurchases of up to $50 million, with approximately $32 million remaining available as of March 13, 2026, indicating the company's flexibility in capital management and commitment to ongoing repurchases.
- Authorization Expiration: The existing repurchase authorization is set to expire on November 6, 2026, and F&G's continued repurchase strategy reflects confidence in future market performance, potentially generating positive reactions among shareholders.
- Strategic Transformation Signal: F&G Annuities & Life also indicated plans to shift 25% of its earnings to fee-based models by 2028 while expanding assets under management and capital flexibility, demonstrating the company's strategic adjustments and forward-looking positioning.
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
