F&G Annuities & Life, Inc. reported a significant financial turnaround in its latest quarterly results, with net earnings of $249 million for the three months ended March 31, 2026, compared to a net loss of $21 million in the same period last year. This improvement was driven by a 30.7% increase in total revenues, which rose to $1.187 billion from $908 million, primarily due to higher interest and investment income, which reached $723 million, up from $666 million. The company also noted a pre-tax gain of approximately $14 million from the sale of its Bermuda-based subsidiary, F&G Life Re, which was completed on March 1, 2026.
In terms of operational metrics, F&G's total assets increased to $101.031 billion as of March 31, 2026, up from $98.430 billion at the end of 2025. The company’s contractholder funds also saw a rise, totaling $63.474 billion, compared to $62.726 billion previously. The increase in contractholder funds was attributed to new business inflows and the performance of existing policies. Additionally, the company reported a slight decrease in personnel costs to $60 million from $67 million, reflecting disciplined expense management.
F&G's strategic initiatives included the approval of a new three-year stock repurchase program, allowing for the repurchase of up to $100 million of its common stock. During the first quarter of 2026, the company repurchased approximately 1.2 million shares at an average cost of $24.14 per share under its existing repurchase program. The company also maintained a strong liquidity position, with cash and cash equivalents of $1.324 billion, down from $1.486 billion at the end of 2025.
Looking ahead, F&G's management expressed optimism about the company's growth prospects, particularly in the indexed annuity and life insurance markets, which are expected to benefit from the aging U.S. population. The company continues to monitor market conditions closely, particularly interest rates and equity market performance, which could impact its investment income and policyholder behavior. The effective tax rate for the quarter was reported at 23%, reflecting the company's improved profitability compared to the previous year. Overall, F&G's financial performance indicates a positive trajectory as it navigates the complexities of the insurance market.
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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