NYSE : FG
F&G Annuities & Life, Inc. — Financial statements
Financials · Insurance - Life · United States
Last price 21.05 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.76B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.57B | 2.79B | 2.86B | 2.41B | 1.70B | 1.41B |
| Total Interest & Dividend Income | 2.56B | 2.54B | 2.40B | 1.98B | 1.54B | 1.26B |
| Gain (Loss) on Sale of Investments | -200.00M | -101.00M | 42.00M | -148.00M | -461.00M | 51.00M |
| Other Revenue | 1.14B | 502.00M | 446.00M | 253.00M | -405.00M | 1.25B |
| Total Revenue | 6.07B | 5.73B | 5.74B | 4.50B | 2.38B | 3.97B |
| Policy Benefits | 4.08B | 3.96B | 3.79B | 3.55B | 1.13B | 1.93B |
| Depreciation & Amortization | 702.00M | 665.00M | 569.00M | 412.00M | 324.00M | 271.00M |
| Other Operating Expenses | 314.00M | 323.00M | 178.00M | 241.00M | -46.00M | 57.00M |
| Total Operating Expenses | 5.38B | 5.24B | 4.83B | 4.44B | 1.56B | 2.39B |
| Operating Income | 686.00M | 487.00M | 910.00M | 62.00M | 822.00M | 1.58B |
| Interest Expense | -165.00M | -164.00M | -132.00M | -97.00M | -29.00M | -29.00M |
| Pretax Income | 521.00M | 323.00M | 778.00M | -35.00M | 793.00M | 1.55B |
| Income Tax Expense | 97.00M | 52.00M | 136.00M | 23.00M | 158.00M | 320.00M |
| Earnings From Continuing Ops. | 424.00M | 271.00M | 642.00M | -58.00M | 635.00M | 1.23B |
| Earnings From Discontinued Ops. | 8.00M | |||||
| Net Income to Company | 424.00M | 271.00M | 642.00M | -58.00M | 635.00M | 1.24B |
| Minority Interest in Earnings | -6.00M | -6.00M | -3.00M | |||
| Net Income | 418.00M | 265.00M | 639.00M | -58.00M | 635.00M | 1.24B |
| Preferred Dividends & Other Adjustments | 17.00M | 17.00M | 17.00M | |||
| Net Income to Common | 401.00M | 248.00M | 622.00M | -58.00M | 635.00M | 1.24B |
| Shares Outstanding (Basic) | 131.50M | 131.00M | 125.00M | 124.00M | 115.00M | 105.00M |
| Shares Outstanding (Diluted) | 132.00M | 132.00M | 131.00M | 124.00M | 115.00M | 105.00M |
| EPS (Basic) | 3.05 | 1.89 | 4.98 | -0.47 | 5.52 | 11.81 |
| EPS (Diluted) | 3.03 | 1.88 | 4.88 | -0.47 | 5.52 | 11.81 |
| Free Cash Flow | 4.33B | 4.67B | 5.97B | 5.81B | 3.14B | 1.84B |
| Free Cash Flow Per Share | 32.77 | 35.35 | 45.61 | 46.83 | 27.30 | 17.50 |
| Dividend Per Share | 1.00 | 0.94 | 0.86 | 0.82 | 0.20 | |
| Operating Margin | 11.31% | 8.50% | 15.84% | 1.38% | 34.49% | 39.82% |
| Profit Margin | 6.61% | 4.33% | 10.83% | -1.29% | 26.65% | 31.23% |
| Free Cash Flow Margin | 71.29% | 81.42% | 104.02% | 129.04% | 131.72% | 46.30% |
| EBITDA | 779.00M | 576.00M | 984.00M | 97.00M | 853.00M | 1.60B |
| EBITDA Margin | 12.84% | 10.05% | 17.13% | 2.16% | 35.80% | 40.40% |
| D&A For EBITDA | 93.00M | 89.00M | 74.00M | 35.00M | 31.00M | 23.00M |
| EBIT | 686.00M | 487.00M | 910.00M | 62.00M | 822.00M | 1.58B |
| EBIT Margin | 11.31% | 8.50% | 15.84% | 1.38% | 34.49% | 39.82% |
| Effective Tax Rate | 18.62% | 16.10% | 17.48% | 19.92% | 20.62% | |
| Revenue as Reported | 6.07B | 5.73B | 5.74B | 4.50B | 2.35B | 3.97B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 52.32B | 52.70B | 46.32B | 40.42B | 31.22B | 29.96B |
| Investments in Equity & Preferred Securities | 5.36B | 5.22B | 3.98B | 3.68B | 3.28B | 3.52B |
| Policy Loans | 171.00M | 147.00M | 104.00M | 71.00M | 52.00M | 39.00M |
| Other Investments | 1.76B | 2.05B | 2.96B | 1.96B | 2.02B | 790.00M |
| Total Investments | 68.90B | 68.09B | 59.30B | 51.52B | 41.12B | 38.06B |
| Cash & Equivalents | 2.10B | 1.49B | 2.26B | 1.56B | 960.00M | 1.53B |
| Reinsurance Recoverable | 20.88B | 17.55B | 13.37B | 8.96B | 5.42B | 3.61B |
| Other Receivables | 1.19B | 355.00M | 11.00M | 496.00M | 386.00M | 299.00M |
| Deferred Policy Acquisition Cost | 3.85B | 3.64B | 3.04B | 2.21B | 1.41B | 761.00M |
| Property, Plant & Equipment | 21.00M | |||||
| Goodwill | 2.12B | 2.18B | 2.18B | 1.75B | 1.75B | 1.76B |
| Other Intangible Assets | 1.56B | 1.44B | 1.19B | 546.00M | 403.00M | 288.00M |
| Other Current Assets | 1.28B | 2.13B | 1.75B | 1.23B | 546.00M | 849.00M |
| Long-Term Deferred Tax Assets | 85.00M | 82.00M | 299.00M | 388.00M | 600.00M | |
| Other Long-Term Assets | 1.63B | 1.48B | 1.54B | 1.53B | 2.04B | 1.55B |
| Total Assets | 103.59B | 98.43B | 84.93B | 70.20B | 54.63B | 48.73B |
| Accounts Payable | 204.00M | 199.00M | 147.00M | 297.00M | 114.00M | 72.00M |
| Accrued Expenses | 415.00M | 410.00M | 412.00M | 367.00M | 334.00M | 245.00M |
| Insurance & Annuity Liabilities | 68.17B | 66.94B | 59.93B | 51.59B | 42.75B | 36.37B |
| Unpaid Claims | 109.00M | 100.00M | 102.00M | 92.00M | 109.00M | 109.00M |
| Reinsurance Payable | 17.46B | 14.19B | 10.76B | 7.08B | 3.70B | 1.68B |
| Current Portion of Long-Term Debt | 41.00M | 12.00M | 10.00M | |||
| Current Portion of Leases | 2.00M | |||||
| Short-Term Debt | 362.00M | 547.00M | ||||
| Current Income Taxes Payable | 5.00M | |||||
| Long-Term Debt | 2.24B | 2.24B | 2.17B | 1.39B | 567.00M | 977.00M |
| Long-Term Leases | 11.00M | 10.00M | 10.00M | 11.00M | 13.00M | 14.00M |
| Long-Term Deferred Tax Liabilities | 24.00M | |||||
| Other Current Liabilities | 8.51B | 7.96B | 6.36B | 5.23B | 3.64B | 4.72B |
| Other Long-Term Liabilities | 1.10B | 903.00M | 549.00M | 403.00M | 282.00M | |
| Total Liabilities | 98.90B | 93.51B | 80.86B | 67.10B | 52.22B | 44.24B |
| Additional Paid-In Capital | 3.77B | 3.76B | 3.46B | 3.19B | 3.16B | 2.75B |
| Retained Earnings | 2.67B | 2.57B | 2.44B | 1.93B | 2.06B | 1.00B |
| Treasury Stock | -163.00M | -40.00M | -30.00M | -18.00M | ||
| Comprehensive Income & Other | -1.66B | -1.49B | -1.92B | -1.99B | -2.82B | 734.00M |
| Total Common Equity | 4.61B | 4.80B | 3.95B | 3.10B | 2.40B | 4.49B |
| Minority Interest | 85.00M | 113.00M | 125.00M | |||
| Shareholders' Equity | 4.69B | 4.92B | 4.08B | 3.10B | 2.40B | 4.49B |
| Total Liabilities & Equity | 103.59B | 98.43B | 84.93B | 70.20B | 54.63B | 48.73B |
| Filing Date Shares Outstanding | 130.94M | 135.61M | 126.77M | 126.28M | 126.41M | 125.00M |
| Total Common Shares Outstanding | 130.94M | 135.61M | 126.79M | 126.33M | 126.41M | 105.00M |
| Total Debt | 2.29B | 2.26B | 2.19B | 1.76B | 1.13B | 991.00M |
| Net Cash (Debt) | -193.00M | -775.00M | 73.00M | -202.00M | -167.00M | 542.00M |
| Net Cash Per Share | -1.46 | -5.87 | 0.56 | -1.63 | -1.45 | 5.16 |
| Book Value Per Share | 35.20 | 35.43 | 31.16 | 24.56 | 19.03 | 42.71 |
| Tangible Book Value | 929.00M | 1.18B | 585.00M | 808.00M | 253.00M | 2.44B |
| Tangible Book Value Per Share | 7.09 | 8.72 | 4.61 | 6.40 | 2.00 | 23.25 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 418.00M | 265.00M | 639.00M | -58.00M | 635.00M | 1.24B |
| Depreciation & Amortization | 93.00M | 89.00M | 74.00M | 35.00M | 31.00M | 23.00M |
| Other Amortization | 587.00M | 576.00M | 495.00M | 377.00M | 293.00M | 248.00M |
| Gain (Loss) on Sale of Assets | -14.00M | 14.00M | ||||
| Gain (Loss) on Sale of Investments | 53.00M | 128.00M | -210.00M | 461.00M | 436.00M | -576.00M |
| Stock-Based Compensation | 34.00M | 31.00M | 29.00M | 23.00M | 12.00M | 9.00M |
| Reinsurance Recoverable | 18.00M | -5.00M | -19.00M | 94.00M | 148.00M | 149.00M |
| Change in Income Taxes | 86.00M | 22.00M | 103.00M | -4.00M | 211.00M | 256.00M |
| Change in Insurance Reserves / Liabilities | 1.46B | 1.71B | 1.85B | 1.32B | 1.07B | 627.00M |
| Change in Other Net Operating Assets | -59.00M | 146.00M | -173.00M | 491.00M | -516.00M | 27.00M |
| Other Operating Activities | -1.81B | -1.73B | -695.00M | -400.00M | -1.32B | -1.07B |
| Operating Cash Flow | 4.33B | 4.68B | 6.00B | 5.83B | 3.17B | 1.87B |
| Capital Expenditures | -10.00M | -15.00M | -24.00M | -27.00M | -32.00M | -33.00M |
| Cash Acquisitions | 88.00M | -482.00M | -43.00M | |||
| Investment in Securities | -5.00B | -8.36B | -7.40B | -8.87B | -9.32B | -6.79B |
| Other Investing Activities | -16.00M | -10.00M | -13.00M | |||
| Investing Cash Flow | -4.99B | -8.43B | -7.95B | -8.92B | -9.37B | -6.86B |
| Long-Term Debt Issued | 375.00M | 1.05B | 845.00M | 550.00M | 400.00M | |
| Total Debt Issued | 375.00M | 1.05B | 845.00M | 550.00M | 400.00M | |
| Total Debt Repaid | -300.00M | -615.00M | -185.00M | |||
| Net Debt Issued (Repaid) | 75.00M | 435.00M | 660.00M | 550.00M | 400.00M | |
| Issuance of Common Stock | 269.00M | |||||
| Repurchases of Common Stock | -130.00M | -10.00M | -12.00M | -18.00M | ||
| Issuance of Preferred Stock | 250.00M | |||||
| Common Dividends Paid | -147.00M | -137.00M | -121.00M | -101.00M | ||
| Other Financing Activities | -27.00M | -39.00M | -34.00M | -16.00M | -4.00M | |
| Financing Cash Flow | 871.00M | 2.97B | 2.65B | 3.69B | 5.63B | 5.63B |
| Net Cash Flow | 219.00M | -778.00M | 701.00M | 603.00M | -573.00M | 644.00M |
| Free Cash Flow | 4.33B | 4.67B | 5.97B | 5.81B | 3.14B | 1.84B |
| Free Cash Flow Margin | 71.29% | 81.42% | 104.02% | 129.04% | 131.72% | 46.30% |
| Free Cash Flow Per Share | 32.77 | 35.35 | 45.61 | 46.83 | 27.30 | 17.50 |
| Levered Free Cash Flow | 2.27B | 2.76B | 554.25M | 1.37B | -765.38M | 1.95B |
| Unlevered Free Cash Flow | 2.37B | 2.87B | 636.75M | 1.43B | -747.25M | 1.97B |
| Cash Interest Paid | 158.00M | 156.00M | 127.00M | 84.00M | 34.00M | 30.00M |
| Cash Income Tax Paid | 9.00M | 8.00M | 4.00M | -72.00M | 44.00M | |
| Change in Working Capital | 4.82B | 5.15B | 5.56B | 5.29B | 2.97B | 1.91B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.77B | 4.15B | 5.23B | 5.77B | 2.50B | |
| Enterprise Value | 2.96B | 4.33B | 3.86B | 5.61B | 1.70B | |
| PE Ratio | 6.97 | 16.75 | 8.40 | 3.94 | ||
| PS Ratio | 0.46 | 0.72 | 0.91 | 1.28 | 1.05 | |
| PB Ratio | 0.60 | 0.84 | 1.28 | 1.86 | 1.04 | |
| P/FCF Ratio | 0.64 | 0.89 | 0.88 | 0.99 | 0.80 | |
| P/OCF Ratio | 0.64 | 0.89 | 0.87 | 0.99 | 0.79 | |
| EV/Sales Ratio | 0.49 | 0.76 | 0.67 | 1.25 | 0.71 | |
| EV/EBITDA Ratio | 3.80 | 7.52 | 3.93 | 57.85 | 2.00 | |
| EV/EBIT Ratio | 4.31 | 8.89 | 4.25 | 90.51 | 2.07 | |
| EV/FCF Ratio | 0.68 | 0.93 | 0.65 | 0.97 | 0.54 | |
| Debt / Equity Ratio | 0.49 | 0.46 | 0.54 | 0.57 | 0.47 | 0.22 |
| Debt / EBITDA Ratio | 2.94 | 3.93 | 2.23 | 18.20 | 1.32 | 0.62 |
| Debt / FCF Ratio | 0.53 | 0.48 | 0.37 | 0.30 | 0.36 | 0.54 |
| Net Debt / Equity Ratio | 0.04 | 0.16 | -0.02 | 0.07 | 0.07 | -0.12 |
| Net Debt / EBITDA Ratio | 0.25 | 1.34 | -0.07 | 2.08 | 0.20 | -0.34 |
| Net Debt / FCF Ratio | 0.04 | 0.17 | -0.01 | 0.04 | 0.05 | -0.29 |
| Quick Ratio | 0.10 | 0.12 | 0.26 | 0.23 | 0.29 | 0.29 |
| Current Ratio | 0.94 | 0.95 | 1.09 | 1.00 | 1.03 | 0.97 |
| Asset Turnover | 0.06 | 0.06 | 0.07 | 0.07 | 0.05 | 0.09 |
| Return on Equity (ROE) | 9.17% | 6.03% | 17.89% | -2.11% | 18.43% | 28.79% |
| Return on Assets (ROA) | 0.44% | 0.33% | 0.73% | 0.06% | 0.99% | 2.23% |
| Return on Invested Capital (ROIC) | 7.98% | 6.08% | 13.49% | 1.48% | 14.61% | 24.72% |
| Earnings Yield | 14.35% | 6.38% | 12.23% | -1.00% | 25.39% | |
| FCF Yield | 156.33% | 112.35% | 114.35% | 100.59% | 125.50% | |
| Dividend Yield | 4.73% | 3.07% | 2.09% | 1.79% | 1.01% | |
| Payout Ratio | 32.99% | 51.70% | 18.94% | |||
| Buyback Yield / Dilution | -0.38% | -0.76% | -5.64% | -7.83% | -9.52% | 30.00% |
| Total Shareholder Return | 4.35% | 2.31% | -3.56% | -6.03% | -8.51% | 30.00% |