F&G Annuities & Life Inc (FG) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 13, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.29

Last Year’s EPS

0.72

Same Quarter Last Year

Analyst Consensus

Hold

Based on 2 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 19, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized multiple material positives: record AUM, robust gross sales (including core products), improved expense efficiency, strong statutory capital (RBC ~430%), and growing fee-based income (flow reinsurance and owned distribution). Management acknowledged underperformance in alternative investment returns (approximately 7% vs a 10% long-term target) with a significant FY shortfall ($278M) and flagged near-term variability from surrenders and prepayments as potential headwinds. The company is taking disclosure and strategic actions (reclassifying alternative returns, selling an offshore legal entity, optimizing product mix, and pursuing FABN issuances) to strengthen financial flexibility and investor clarity. Overall, the positive operational and capital achievements outweigh the challenges tied to alternative returns and short-term volatility, with management projecting continued progress toward fee-based, higher-margin earnings.

Company Guidance

Management reiterated guidance to continue shifting to a more fee‑based, higher‑margin, less capital‑intensive model while growing AUM and improving returns: FY‑25 AUM before flow reinsurance was $73.1B (+12% YoY) with retained AUM $57.6B (+7%), $14.6B gross sales ($9.0B core; $5.6B opportunistic), net retained sales $10.0B, and progress toward the 2023 Investor Day targets (AUM +44% from the $51B baseline toward a 50% five‑year goal; ROA and ROE moving toward the lower ends of the 133–155 bps and 13–14% targets). Key operational and capital targets included growing fee‑based earnings from ~15% of adjusted net earnings in 2025 (flow reinsurance fees $56M, owned distribution $47M) to ~25% by year‑end 2028, lowering operating expense to AUM before flow reinsurance from 50 bps (down from 60 bps) to ~45 bps by 2027, reinsuring the vast majority of MYGA while evolving FIA toward ~50/50 retained vs. flow, maintaining debt around a ~25% debt‑to‑capitalization target, holding company cash ~2x interest coverage, sustaining strong statutory capital (company action level RBC ~430% vs 400% target), and executing a transaction expected to deliver ~$300M net proceeds (including a $200M dividend), reduce AUM by ~$1.9B and forego ~ $10M of adjusted net earnings per quarter pre‑deployment; other portfolio metrics noted: Q4 fixed‑income yield 4.65% (+6 bps YoY), alt‑investments annualized ~7% (vs 10% long‑term), floating‑rate exposure ~$2.8B (~5%), prepayment fees $7M pretax Q4 ($56M FY), FY adjusted net earnings $482M ($3.64/share) and Q4 $123M ($0.91/share).

Record AUM and Midpoint Progress Toward Targets

Achieved record AUM before flow reinsurance of $73.1B (up 12% vs year-end 2024) and retained AUM of $57.6B (up 7% vs year-end 2024). AUM grew from a $51B 2020 baseline to $73B at year-end 2025 (a 44% increase toward the five-year 50% target).

Strong Sales Performance

Generated $14.6B of gross sales for FY2025 (second highest year on record), including $9.0B in core product sales and $5.6B in opportunistic sales. Q4 gross sales were $3.4B with core Q4 sales of $2.8B (up 27% sequentially from Q3).

Core Product Momentum

Indexed annuities $6.7B for FY2025 (in line with 2024) with Q4 indexed annuity sales of $1.9B (up 12% YoY). Indexed universal life (IUL) sales $190M for the year (up 14% YoY). Pension risk transfer (PRT) sales $2.1B for the year (third consecutive year ≥ $2B).

Improving Expense Efficiency

Operating expense ratio to AUM before flow reinsurance improved to 50 basis points at year-end 2025 from 60 basis points in 2024 (a 10 bps improvement). Company targets ~45 bps by year-end 2027.

High-Quality Investment Portfolio and Credit Metrics

Retained fixed maturities were 97% investment grade at year-end 2025. Private origination portfolio ~92% investment grade. Credit-related impairments remained stable at 8 basis points in 2025. Fixed income yield was 4.65% in Q4, up 6 bps YoY.

Growing Fee-Based Earnings

Fee income from flow reinsurance rose to $56M for FY2025 (up 37% vs $41M in 2024). Owned distribution margin contributed $47M (up 2% YoY). Fee-based strategies accounted for ~15% of adjusted net earnings in 2025 and management expects ~25% by year-end 2028.

Solid Adjusted Earnings and Capital Actions

Reported adjusted net earnings of $482M for FY2025 ($3.64 per share) and $123M in Q4 ($0.91). Company returned $137M of capital to shareholders in 2025, increased quarterly common dividend by 14% in Q4, and reported GAAP common equity excluding AOCI of $6.0B with book value per share excluding AOCI of $44.43 (up 62% since 2020 acquisition).

Strong Statutory Capital and Deleveraging Plan

Primary operating subsidiary company action level RBC approx. 430% (above 400% target). Targeting ~25% debt to capitalization excluding AOCI and expect balance sheet to naturally delever over time. Annualized interest expense ~$165M on $2.3B total debt.

Strategic Capital Transaction

On track to sell Bermuda legal entity F&G Life Re Limited to Ancient Financial Holdings LP (effective March 1). Recaptured ~$900M of affiliated statutory liabilities; expect net proceeds ≈ $300M (including a $200M dividend already reflected at year-end). Transaction provides capital transfer and counterparty diversification for MYGA flow reinsurance.

F&G Annuities & Life Inc (FG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2026	2026 (Q1)	1.29 / -	0.72	―	―	―
Feb 19, 2026	2025 (Q4)	1.20 / 0.91	1.12	-18.75% (-0.21)
Nov 06, 2025	2025 (Q3)	0.98 / 1.22	1.22	0.00% (0.00)
Aug 06, 2025	2025 (Q2)	0.62 / 0.77	1.1	-30.00% (-0.33)
May 07, 2025	2025 (Q1)	1.02 / 0.72	0.86	-16.28% (-0.14)
Feb 20, 2025	2024 (Q4)	1.17 / 1.12	0.6	86.67% (+0.52)
Nov 06, 2024	2024 (Q3)	1.09 / 1.22	0.96	27.08% (+0.26)
Aug 05, 2024	2024 (Q2)	1.08 / 1.10	0.63	74.60% (+0.47)
May 08, 2024	2024 (Q1)	1.00 / 0.86	0.39	120.51% (+0.47)
Feb 21, 2024	2023 (Q4)	1.05 / 0.60	1.1	-45.45% (-0.50)

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
Feb 19, 2026	$27.68	$25.48	-7.95%
Nov 06, 2025	$29.65	$30.59	+3.17%
Aug 06, 2025	$32.70	$33.65	+2.91%
May 07, 2025	$35.18	$30.09	-14.47%

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 May 13, 2026, After Close (Confirmed).

What is F&G Annuities & Life Inc (FG) earnings time?

F&G Annuities & Life Inc (FG) earnings time is at May 13, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

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What is FG EPS forecast?

FG EPS forecast for the fiscal quarter 2026 (Q1) is 1.29.