F&G Annuities & Life Inc (FG)
NYSE:FG
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Earnings Data
Report Date
Aug 11, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.93Last Year’s EPS
0.77Same Quarter Last Year
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong top-line momentum (record gross AUM ~$75B, double-digit gross sales growth and diversified product mix), improved operating efficiency, a high-quality and well-diversified $53B retained investment portfolio with low credit impairments, and proactive capital returns (dividends and an enhanced $100M buyback authorization). Key near-term challenges center on alternative investment returns lagging long-term expectations (alts returned 8.3% vs. target 12%–14%), timing-related yield pressure that reduced fixed income yield by ~16 bps, and some moderation in opportunistic product demand. Management emphasized a shift toward higher-margin, fee-based and capital-light strategies to expand ROE, and reiterated strong capital targets and flexibility. On balance, the positives — AUM scale, diversified earnings mix, improving expense efficiency, strong capitalization, and shareholder returns — outweigh the current challenges tied largely to alternative timing and a few one-time items.Company Guidance
Record AUM and Strong Growth
Reported nearly $75.0B gross AUM at quarter-end (before reinsurance), an 11% increase versus $67B in 2025 and representing an 18% compound annual growth rate since 2019.
Retained AUM and Net Sales
Retained AUM of $56B (up 3% year-over-year; current period excludes a $1.8B in‑force block reinsured 03/01/2026). Net sales were $2.2B for the quarter.
Strong New Business and Sales Mix
First-quarter gross sales of $3.2B (up 10% vs. $2.9B in 2025), including core sales of $2.0B (up 11%) and opportunistic sales of $1.2B (up 9%). Pension risk transfer pipeline expected at $1.5B–$2.0B annually.
Solid Earnings and Per-Share Results
Adjusted net earnings of $110M, or $0.82 per share for the quarter; adjusted ROE excluding AOCI of 8.4% and adjusted ROA of 76 basis points for the quarter (87 bps LTM in line with 2025).
Diversified, High-Quality Retained Investment Portfolio
Retained investment portfolio of $53B with 97% of fixed maturities investment grade; allocation includes $18B fixed income (34%), $11B public structured (21%), $11B private origination (21%), $7B mortgage loans (13%), and $4B alternatives (7%).
Improving Alternative Returns and Portfolio Yield
Alternative investments annualized return improved to 8.3% (from 7.8% sequentially). Fixed income yield was 4.77% in Q1; management states core spread remained in line with 2025 after excluding one-time/timing items.
Low Credit Impairments and Improved Credit Quality
Credit-related impairments averaged 6 basis points over the past five years and were a modest 3 basis points through Q1; since 2020 the company has selectively repositioned over $2B of assets to de-risk and improve credit quality.
Capital Returns and Share Repurchase Authorization
Returned $67M to shareholders in Q1 ($38M dividends; $29M repurchases of ~1.2M shares at $24.14 average). Board authorized a new up-to-$100M three-year share repurchase program on 03/13/2026 (approximately $3M remained under prior authorization as of 03/31/2026).
Operating Efficiency Gains and Expense Targets
Operating expense ratio to AUM before reinsurance improved to 48 basis points (from 50 bps at YE2025 and 60 bps at end-2024). Targeting ~45 bps by year-end 2027 (a cumulative ~15 bps or 25% improvement).
Strong Capitalization and Capital Allocation Framework
GAAP equity excluding AOCI of $6.2B and book value per share excluding AOCI of $46.51 (up 70% since 2020 FNF acquisition). Targets ~25% debt-to-capital (ex-AOCI) and expects to maintain Company Action Level RBC above 400%. Annualized interest expense ~ $165M on $2.3B total debt (roughly 7% blended yield).
FG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | $29.47 | $27.08 | -8.11% |
Feb 19, 2026 | $27.37 | $25.19 | -7.95% |
Nov 06, 2025 | $29.32 | $30.24 | +3.15% |
Aug 06, 2025 | $32.33 | $33.27 | +2.90% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does F&G Annuities & Life Inc (FG) report earnings?
F&G Annuities & Life Inc (FG) is schdueled to report earning on Aug 11, 2026, After Close (Confirmed).
What is F&G Annuities & Life Inc (FG) earnings time?
F&G Annuities & Life Inc (FG) earnings time is at Aug 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is FG EPS forecast?
FG EPS forecast for the fiscal quarter 2026 (Q2) is 0.93.