**F&G Annuities & Life, Inc. Reports Financial Results for Fiscal Year 2025**
F&G Annuities & Life, Inc. (F&G), a leading provider of insurance solutions, reported its financial results for the fiscal year ended December 31, 2025. The company's net earnings attributable to F&G totaled $265 million, while adjusted net earnings attributable to F&G common shareholders reached $482 million. The adjusted return on assets (ROA) attributable to F&G common shareholders was 87 basis points. These figures include income from a $16 million reinsurance true-up adjustment, a $10 million tax valuation allowance benefit, and $4 million of actuarial reserve release. However, investment income from alternative investments was $278 million below management’s long-term expected return of approximately 10%.
Compared to the previous fiscal year, F&G experienced both growth and strategic shifts. Gross sales increased from $4.5 billion in 2020 to $14.6 billion in 2025. Assets under management (AUM) grew from $26.5 billion at the time of acquisition by Fidelity National Financial, Inc. (FNF) to $57.6 billion as of December 31, 2025. The company has expanded its business from a single channel to five distinct retail and institutional channels. F&G's inforce liabilities stood at $56.8 billion as of December 31, 2025, with a liability duration of approximately 5 years, closely matched to its assets.
Strategic developments included a focus on fee-based earnings and less capital-intensive business lines. F&G launched a reinsurance sidecar vehicle in August 2025 and continued to grow its middle market life insurance and owned distribution portfolio. The company also balanced this with continued growth in its spread-based business, prioritizing pricing discipline and allocating capital to the highest return opportunities. F&G's estimated U.S. risk-based capital (RBC) ratio was approximately 430% as of December 31, 2025, compared to 410% and 451% as of December 31, 2024 and December 31, 2023, respectively.
Operationally, F&G served approximately 778,000 policyholders and 145,000 plan participants through its pension risk transfer solutions. The company's investment portfolio remained high quality, with 96% of fixed maturity securities rated NAIC 1 or NAIC 2. F&G has also diversified its business, expanding its product and distribution capabilities from one primary channel to five, and from one primary product to six. The top five states for the distribution of F&G’s retail products in the year ended December 31, 2025 were California, Florida, Pennsylvania, Texas and New Jersey, which together accounted for 40% of F&G’s retail sales.
Looking ahead, F&G aims to continue its diversified growth strategy, targeting large, growing markets and leveraging its evolved ecosystem. The company is focused on transforming into a more fee-based, higher margin, and less capital-intensive business, while maintaining pricing discipline and allocating capital to the highest return opportunities. FGL Insurance expects to maintain its U.S. RBC ratio at or above its target of 400%.
About F&G Annuities & Life, Inc.
F&G Annuities & Life, Inc. provides insurance solutions including fixed and indexed annuities, life insurance, pension risk transfer, and institutional funding agreements. Serving retail and institutional markets, it leverages diversified distribution channels, strategic partnerships, and a strong investment portfolio. The company focuses on long-term growth, product innovation, and market expansion, offering principal protection, guaranteed income, and risk management services to help customers secure retirement and savings goals.
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