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F&G Annuities & Life Reports Fourth Quarter and Full Year 2025 Results

FG
  • F&G Annuities & Life reported fourth-quarter 2025 net earnings attributable to common shareholders of $124 million ($0.92 per diluted share), down from $323 million ($2.50 per share) in the same period in 2024.
  • Full-year 2025 net earnings attributable to common shareholders totaled $248 million ($1.88 per share), compared to $622 million ($4.88 per share) in 2024.
  • Adjusted net earnings for the fourth quarter were $123 million ($0.91 per share), a decrease from $143 million ($1.12 per share) in the fourth quarter of 2024.
  • Full-year adjusted net earnings for 2025 were $482 million ($3.64 per share), down from $546 million ($4.30 per share) in 2024.
  • Assets under management (AUM) before flow reinsurance reached a record $73.1 billion as of December 31, 2025, representing a 12% increase from year-end 2024.
  • Retained AUM ended the year at $57.6 billion, up 7% from the previous year.
  • Full-year 2025 gross sales were $14.6 billion, with core sales (indexed annuities, indexed universal life, pension risk transfer) totaling $9.0 billion.
  • The investment portfolio maintained strong credit quality, with 97% of fixed maturities rated investment grade and credit-related impairments averaging 6 basis points over the past five years.
  • Adjusted return on assets (ROA) for the fourth quarter was 87 basis points, while adjusted return on equity (ROE) excluding AOCI was 8.2%.
  • The company returned $137 million to shareholders via dividends during 2025, including $38 million in the fourth quarter.
  • F&G announced a strategic sale of its Bermuda subsidiary, F&G Life Re Ltd, to Ancient Financial Holdings LP, with a closing expected on March 1, 2026.
  • The estimated risk-based capital (RBC) ratio for the primary operating subsidiary was approximately 430% as of December 31, 2025, exceeding the 400% target.
  • FNF completed the distribution of approximately 12% of F&G common stock to its shareholders on December 31, 2025, retaining an approximate 70% equity ownership stake.
  • Book value per common share excluding AOCI was $44.43 as of December 31, 2025, up from $44.28 at the end of 2024.
  • Investment income from alternative investments was $278 million below the long-term expected return for the full year 2025.
  • The company improved its operating expense ratio by 10 basis points compared to year-end 2024.
  • F&G plans to host an earnings conference call on February 20, 2026, at 9:00 a.m. Eastern Time to discuss the results.