F&G Annuities & Life
Provider of annuities and life insurance across retail and institutional markets.
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Profile
Sells annuities and life insurance through independent agents, banks, and broker-dealers, plus pension risk transfer and funding agreements to institutions. Earnings center on investment spreads, with growing fee contributions from reinsurance and owned distributors; Fidelity National Financial remains the controlling shareholder.
Underwrites fixed indexed and fixed-rate annuities, registered index-linked annuities, indexed universal life insurance, immediate annuities, pension risk transfer contracts, and institutional funding agreements. Products reach U.S. retail customers through independent agents, banks, and broker-dealers, while pension and funding agreements serve institutional clients.
Earns primarily from investment spreads on insurance liabilities, supplemented by fee income from flow reinsurance and owned distributors. Matches asset and liability cash flows and emphasizes contracts protected by surrender charges to support disciplined pricing.
Operates as one reportable segment and remains majority owned by Fidelity National Financial. Blackstone supplies core investment origination and management alongside other asset managers. Growth depends on capital availability, insurer financial-strength ratings, and insurance rules governing reserves and product sales.
Company facts
Categories
Key statistics
Year to date −20.1% · Average volume (30d) 618.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jan 8, 2026 | Barclays | Target | $35 | $31 | |
| Oct 8, 2025 | Barclays | Reiterate | Equal Weight | $45 | $35 |
| Oct 7, 2025 | Piper Sandler | Target | $40 | $33 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.78 | $0.65 | −16.3% | $1.49B | $1.46B | −1.7% | −1.59% |
| May 6, 2026Q1 FY26 | $0.90 | $0.82 | −8.8% | $1.46B | $2.25B | +53.3% | −8.11% |
| Feb 19, 2026Q4 FY25 | $1.20 | $0.91 | −24.2% | $1.55B | $2.30B | +48.9% | −7.95% |
| Nov 6, 2025Q3 FY25 | $1.02 | $1.22 | +19.6% | $1.55B | $1.60B | +3.6% | +3.15% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $854.0M | $1.30B | $1.60B | $1.77B | $1.19B | $1.42B | |
| Gross profit | $330.0M | $311.0M | $422.0M | $500.0M | $703.0M | $272.0M | |
| Operating income | −$26.0M | $57.0M | $131.0M | $161.0M | $323.0M | −$94.0M | |
| Net income | −$21.0M | $40.0M | $118.0M | $128.0M | $248.0M | −$76.0M | |
| Diluted EPS | −$0.20 | $0.26 | $0.85 | $0.89 | $1.78 | −$0.62 | |
| Gross margin | 38.6% | 23.8% | 26.3% | 28.3% | 59.2% | 19.1% | |
| Operating margin | -3.0% | 4.4% | 8.2% | 9.1% | 27.2% | -6.6% |
Fiscal years (4-quarter sums)FY21 $3.79B · FY22 $2.24B · FY23 $4.27B · FY24 $5.42B · FY25 $5.53B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.65B · Total debt $2.24B · Total assets $103.59B · Shareholders' equity $4.61B
Dividends
Raised for 2 straight years — most recently to $0.25 from $0.22 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $0.25 | |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.25 | |
| Dec 17, 2025 | Dec 17 | Dec 31 | $0.25 | raised from $0.22 |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.22 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.22 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.22 | |
| Dec 17, 2024 | Dec 17 | Dec 31 | $0.22 | raised from $0.21 |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.21 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 132.48M · Float 128.94M · 97.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Fidelity National Financial, Inc. | 94.66M | 71.45% | 13F | Aug 7, 2026 |
| BlackRock, Inc. | 3.38M | 2.55% | 13F | Aug 7, 2026 |
| Brave Warrior Advisors, LLC | 2.48M | 1.87% | 13F | Aug 14, 2026 |
| Bank of America Corp /DE/ | 2.22M | 1.68% | 13F | Aug 14, 2026 |
| Dimensional Fund Advisors LP | 2.14M | 1.61% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 13, 2026 | Christopher O. Blunt | director, officer: Chief Executive Officer | +10,000 | $20.99 |
| Mar 13, 2026 | Celina J. Wang Doka | director | +4,760 | $20.98 |
| Jan 2, 2026 | Christopher O. Blunt | director, officer: Chief Executive Officer | +5,000 | $29.56 |
| Nov 19, 2025 | Christopher O. Blunt | director, officer: Chief Executive Officer | +5,000 | $29.88 |
| Sep 18, 2025 | Leena Punjabi | officer: EVP, Chief Investment Officer | −3,000 | $33.81 |
Peers
- Apollo Global Management
Athene parent — #1 US annuity seller, Apollo private-credit backed
- Corebridge Financial
#3 US FIA writer, $10B 2025 sales; full FIA, MYGA, RILA, IUL, PRT suite
- Jackson Financial
Third-largest RILA provider; expanding FIA alongside dominant VA franchise
- Brighthouse Financial
Top-5 US annuity/life insurer; RILA leader via Shield suite, expanding FIA
- Equitable
RILA pioneer and #1 seller; variable and indexed annuities via advisor channels
- Lincoln Financial
Broad annuity/life insurer refocusing on spread-based FIA and IUL growth
- Prudential Financial
Dominant U.S. PRT writer and diversified insurer with FIA, MYGA, and IUL lines
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| F&G Annuities & Life | $23.98 | −0.12% | $3.18B | 8.3 | 5.6 | 0.5 | +5.8% |
| Apollo Global Management | $135.48 | +0.35% | $77.78B | 30.2 | 13.8 | 2.2 | +63.7% |
| Corebridge Financial | $32.50 | −0.35% | $14.54B | 19.1 | 6.4 | 1.5 | +482.9% |
| Jackson Financial | $134.00 | −0.07% | $9.36B | 172.0 | 4.5 | 1.4 | — |
| Brighthouse Financial | $56.80 | +7.05% | $3.05B | 4.2 | 2.7 | 0.5 | +166.5% |
| Equitable | $49.68 | −1.04% | $13.70B | — | 6.2 | 1.3 | −29.8% |
| Lincoln Financial | $43.25 | −0.07% | $8.29B | 3.7 | 5.3 | 0.4 | +21.2% |
| Prudential Financial | $119.79 | +0.01% | $41.57B | 10.8 | 8.5 | 0.6 | +2.8% |
| Median | 14.9 | 6.2 | 1.3 | +42.4% |