F&G Annuities & Life Inc (FG) AI Stock Analysis

• Market Cap: $4.19B
• Dividend Yield: 2.91%
• Average Volume (3M): 221.78K
• Price to Earnings (P/E): 9.3
• Beta (1Y): 1.11
• Revenue Growth: -4.58%
• EPS Growth: N/A
• Country: US
• Employees: 1,300
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 1.22
• Shares Outstanding: 134,619,540
• 10 Day Avg. Volume: 320,444
• 30 Day Avg. Volume: 221,775
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.31
• Price to Sales (P/S): 0.96
• P/FCF Ratio: 0.87
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 0.79
• Enterprise Value/Gross Profit: 2.58
• Enterprise Value/Ebitda: 3.01
• 1Y Price Target: $34.00
• Price Target Upside: 8.83% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.93
• Revenue Forecast (FY): $5.13B

• Rating: 77 Outperform
• Price Target: $37.00 ▲(18.44% Upside)

F&G Annuities & Life Inc receives a strong overall score due to its robust financial performance, attractive valuation, and positive corporate events. The earnings call and technical analysis further support the stock's potential, despite some challenges in profitability and cash flow growth.

Positive Factors

Strong Sales Growth

The record AUM and robust sales growth indicate strong market demand and effective sales strategies, supporting long-term revenue expansion.

Fee-Based Income Expansion

The significant growth in fee-based income enhances profitability and supports a capital-light, high-margin business model, improving financial resilience.

Special Stock Distribution

The special stock distribution broadens F&G's shareholder base, enhances market liquidity, and reflects confidence in the company's long-term prospects.

Negative Factors

Profitability Pressure

Decreased profitability margins suggest challenges in cost management and pricing power, which may impact long-term financial stability.

Decline in Free Cash Flow Growth

A decline in free cash flow growth can limit the company's ability to reinvest in growth opportunities and meet financial obligations, affecting future expansion.

Increased Amortization Expense

Higher amortization expenses can reduce net income and cash flow, impacting profitability and financial flexibility over the long term.

F&G Annuities & Life Inc Business Overview & Revenue Model

Company Description

F&G Annuities & Life, Inc. provides fixed annuities and life insurance products. It serves retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa. F&G Annuities & Life, Inc. is a subsidiary of Fidelity National Financial, Inc.

How the Company Makes Money

F&G Annuities & Life Inc generates revenue through several key streams. Primarily, the company earns income from the sale of its annuity and life insurance products, which involve collecting premiums from policyholders. The company invests these premiums in various financial instruments, generating investment income that contributes significantly to its overall revenue. Additionally, F&G may earn fees from managing its investment portfolio and from the administration of its insurance products. Strategic partnerships with financial advisors and broker-dealers enhance distribution channels, further increasing sales and market reach. Overall, the company's revenue model relies on a combination of premium collection, investment income, and service fees, which collectively support its financial performance.

F&G Annuities & Life Inc Financial Statement Overview

Summary

F&G Annuities & Life Inc demonstrates solid revenue growth and operational efficiency, though profitability margins have seen some pressure. The balance sheet is stable with moderate leverage, and while cash flow generation is strong, recent declines in free cash flow growth warrant attention. Overall, the company is in a stable financial position but should focus on improving profitability and cash flow growth.

Income Statement

F&G Annuities & Life Inc has shown a consistent revenue growth trajectory, with a TTM revenue growth rate of 4.85%. The gross profit margin is healthy at 22.25% for TTM, although it has decreased from previous years. The net profit margin has also decreased to 8.72% TTM, indicating some pressure on profitability. However, the company maintains a solid EBIT margin of 13.81% and an EBITDA margin of 22.51% TTM, reflecting operational efficiency.

Balance Sheet

The company has a moderate debt-to-equity ratio of 0.46 TTM, indicating a balanced approach to leverage. The return on equity has decreased to 10.56% TTM, suggesting reduced profitability relative to equity. The equity ratio stands at 5.02%, indicating a stable capital structure. Overall, the balance sheet reflects a stable financial position with manageable debt levels.

Cash Flow

The free cash flow growth rate has declined by 19.26% TTM, which is a concern. However, the company maintains a strong free cash flow to net income ratio of 99.60% TTM, indicating efficient cash generation relative to net income. The operating cash flow to net income ratio is not available, which limits a full assessment of cash flow efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.23B	5.42B	4.27B	2.24B	3.38B	1.43B
Gross Profit	1.61B	1.63B	718.00M	1.11B	1.45B	1.43B
EBITDA	1.38B	1.48B	474.00M	1.15B	1.85B	0.00
Net Income	464.00M	639.00M	-58.00M	635.00M	1.24B	-178.00M
Balance Sheet
Total Assets	96.14B	85.04B	70.20B	54.63B	48.73B	39.76B
Cash, Cash Equivalents and Short-Term Investments	30.20B	48.58B	43.43B	33.73B	31.87B	26.84B
Total Debt	2.24B	2.18B	1.76B	1.13B	991.00M	603.00M
Total Liabilities	91.20B	80.96B	67.10B	52.22B	44.24B	35.68B
Stockholders Equity	4.82B	3.95B	3.10B	2.40B	4.49B	4.07B
Cash Flow
Free Cash Flow	4.82B	5.97B	5.81B	3.14B	1.84B	35.00M
Operating Cash Flow	4.83B	6.00B	5.83B	3.17B	1.87B	63.00M
Investing Cash Flow	-8.95B	-7.95B	-8.92B	-9.37B	-6.86B	-2.59B
Financing Cash Flow	2.77B	2.65B	3.69B	5.63B	5.63B	2.52B

F&G Annuities & Life Inc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 31.24
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FG, the sentiment is Negative. The current price of 31.24 is below the 20-day moving average (MA) of 32.86, above the 50-day MA of 31.23, and below the 200-day MA of 32.50, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 42.28 is Neutral, neither overbought nor oversold. The STOCH value of 11.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FG.

F&G Annuities & Life Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FG	77 Outperform	$4.19B	9.33	10.12%	2.91%	-4.58%	―
BHF	74 Outperform	$3.71B	4.40	16.27%	―	27.71%	―
JXN	73 Outperform	$7.31B	14.88	5.50%	2.98%	24.94%	―
CNO	72 Outperform	$4.15B	15.23	11.12%	1.54%	-1.61%	15.79%
LNC	71 Outperform	$8.76B	4.11	21.66%	3.93%	35.76%	636.97%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GNW	60 Neutral	$3.69B	17.29	2.86%	―	1.41%	150.35%

F&G Annuities & Life Inc Corporate Events

F&G Shares Set for Special Distribution to FNF Holders

On December 18, 2025, Fidelity National Financial, Inc. (FNF), the majority owner of F&G Annuities & Life, announced that its board had set the final terms for a special stock distribution of F&G shares to FNF investors. The transaction will see FNF distribute 16,280,204 F&G shares—around 12% of F&G’s outstanding stock—to FNF shareholders of record as of 4:30 p.m. ET on December 17, 2025, with distribution scheduled for December 31, 2025. Based on FNF’s 271.3 million shares outstanding on the record date, investors will receive six F&G shares for every 100 FNF shares held, with cash paid in lieu of fractional F&G shares. The move further broadens F&G’s shareholder base while modestly reducing FNF’s majority stake, and the distribution, structured as a taxable dividend for U.S. federal income tax purposes, gives FNF shareholders direct exposure to F&G’s insurance and annuity business without requiring any action or payment on their part.

F&G Annuities Announces Special Stock Distribution

On November 7, 2025, F&G Annuities & Life, Inc. announced a special stock distribution of approximately 16 million shares of its common stock by its majority-owned parent, Fidelity National Financial, Inc., to FNF shareholders. This distribution, representing about 12% of F&G’s outstanding shares, is intended to enhance market liquidity and broaden investor access to F&G’s shares, reflecting FNF’s confidence in F&G’s long-term prospects. The distribution is scheduled for December 31, 2025, with FNF shareholders receiving approximately six shares of F&G for every 100 shares of FNF held.

F&G Annuities Reports Strong Q3 2025 Financial Results

On November 6, 2025, F&G Annuities & Life reported its financial results for the third quarter ended September 30, 2025, showcasing a significant turnaround with net earnings of $114 million compared to a net loss of $10 million in the same quarter of 2024. The company achieved record assets under management of $71.4 billion, driven by strong sales and the successful launch of a new reinsurance sidecar, which is expected to provide long-term growth capital. F&G’s strategic focus on organic growth and capital returns to shareholders, along with disciplined expense management, has positioned it well in the industry, as evidenced by its improved operating expense ratio and strong investment portfolio performance.