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F&G Annuities & Life Inc (FG)
NYSE:FG
US Market
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F&G Annuities & Life Inc (FG) AI Stock Analysis

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FG

F&G Annuities & Life Inc

(NYSE:FG)

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Outperform 73 (OpenAI - Gpt-5.6Sol)
Rating:73Outperform
Price Target:
$25.00
▼(-15.63% Downside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by strong financial quality—especially very strong and consistent cash generation—plus attractive valuation (low P/E and a solid dividend yield). Offsetting these positives are a mixed technical picture with softer near-term momentum and ongoing sensitivity to alternative investment returns highlighted on the earnings call.
Positive Factors
AUM and Core Sales Growth
Growing AUM and strong indexed annuity and life sales expand the asset and fee base. Outperforming a contracting FIA industry supports durable distribution strength and future spread and fee income.
Negative Factors
Regulatory Capital Pressure
Higher regulatory capital charges could reduce deployment flexibility, constrain growth or increase the capital needed to support investment portfolios. The estimated impact is preliminary but represents a structural capital-management risk.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM and Core Sales Growth
Growing AUM and strong indexed annuity and life sales expand the asset and fee base. Outperforming a contracting FIA industry supports durable distribution strength and future spread and fee income.
Read all positive factors

F&G Annuities & Life Inc (FG) vs. SPDR S&P 500 ETF (SPY)

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

Company Description
F&G Annuities & Life Inc. (FG) is a U.S. insurance company focused on retirement and life insurance solutions. The company designs, underwrites, and distributes annuity products—particularly fixed indexed annuities and multi-year guaranteed annuit...
How the Company Makes Money
F&G primarily makes money by collecting premiums and deposits on annuity and life insurance products, investing the resulting assets, and earning a spread between investment returns and what it credits or pays to policyholders. Key revenue and ea...

F&G Annuities & Life Inc Earnings Call Summary

Earnings Call Date:Aug 05, 2026
(Q2-2026)
|
% Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a generally constructive operational and capital story: solid AUM growth (+8% YoY), record-level core retail sales, high-quality fixed income portfolio and improving operating efficiency. Management highlighted strong balance sheet positioning, continued capital flexibility and targeted strategic actions (e.g., Peak Altitude review, new reinsurance partners). The primary near-term headwinds were below-expectation alternative investment returns, some earnings pressure from the FG Life Re sale, and timing/assumption items impacting product margin. Overall, the positives around growth, capital strength and disciplined execution materially outweigh the temporary headwinds in alternatives and sale-related impacts.
Positive Updates
AUM Growth and Scale
Assets under management before reinsurance increased to $74.7 billion at June 30, up 8% year-over-year. Retained AUM was $55.9 billion. Management cites continued momentum in AUM growth driven by core and opportunistic sales.
Negative Updates
Alternative Investments Underperformance (Near-Term)
Alternative investment annualized return fell to ~5.9% in Q2 from 8.3% in Q1 2026; alternative investment income was $49 million ($0.38/share), below management's long-term expected return of 12% and slightly below the preannounced $51 million guide. Management expects near-term alts returns roughly in the 7%–8% range before longer-term realization.
Read all updates
Q2-2026 Updates
Negative
AUM Growth and Scale
Assets under management before reinsurance increased to $74.7 billion at June 30, up 8% year-over-year. Retained AUM was $55.9 billion. Management cites continued momentum in AUM growth driven by core and opportunistic sales.
Read all positive updates
Company Guidance
Management's guidance emphasized continued disciplined, capital-light growth and margin improvement: they expect operating expense to AUM for reinsurance to improve to ~45 bps by year-end 2027 (a 15‑bp, ~25% improvement vs end‑2024), to maintain an estimated company action level RBC above 400%, and to target ~25% debt-to-capitalization (ex‑AOCI) as the balance sheet naturally delevers; holding company cash and invested assets are targeted at 2x interest coverage. They reiterated a long‑term expected return on alternative investments of 12% (which would add ~3.1 ppt to ROE and ~35 bps to ROA), acknowledged near‑term alt returns were ~5.9% annualized in Q2 (down from 8.3% in Q1) and suggested near‑term H2 realization closer to ~7–8%. Operational metrics and sales guidance included disciplined AUM growth (AUM $74.7B, +8% YoY; retained AUM $55.9B), Q2 gross sales $2.7B (core $2.0B, opportunistic $0.7B), retained net sales $1.5B with flow reinsurance aligned to capital targets, a Q2 fixed income yield of 4.91%, an alts portfolio of $4B (~8% of retained portfolio), and a target PRT run‑rate of roughly $1.5–2.0B annually; buybacks are opportunistic (H1 repurchases $120M for 4.5M shares at $26.44 avg) but not the primary capital deployment tool.

F&G Annuities & Life Inc Financial Statement Overview

Summary
Strong cash generation is the key strength (TTM operating cash flow ~$5.44B and free cash flow ~$5.43B, with high cash conversion), and profitability has rebounded versus the 2023 loss year (TTM net income $418M). Balance-sheet leverage appears moderate for the sector (debt-to-equity ~0.49). The main constraint is historical earnings/margin volatility (including a loss year) and some ratio data gaps that reduce confidence in certain trend comparisons.
Income Statement
67
Positive
Balance Sheet
61
Positive
Cash Flow
84
Very Positive
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue5.98B5.73B5.42B4.27B2.24B3.38B
Gross Profit1.90B1.77B1.63B718.00M1.11B1.45B
EBITDA1.39B1.15B1.48B474.00M1.15B1.85B
Net Income418.00M265.00M639.00M-58.00M635.00M1.24B
Balance Sheet
Total Assets103.59B98.43B85.04B70.20B54.63B48.73B
Cash, Cash Equivalents and Short-Term Investments2.65B54.19B48.58B43.43B33.73B31.87B
Total Debt2.24B2.24B2.18B1.76B1.13B991.00M
Total Liabilities98.90B93.51B80.96B67.10B52.22B44.24B
Stockholders Equity4.61B4.80B3.95B3.10B2.40B4.49B
Cash Flow
Free Cash Flow4.69B4.67B5.97B5.81B3.14B1.84B
Operating Cash Flow4.70B4.68B6.00B5.83B3.17B1.87B
Investing Cash Flow-5.35B-8.43B-7.95B-8.92B-9.37B-6.86B
Financing Cash Flow871.00M2.97B2.65B3.69B5.63B5.63B

F&G Annuities & Life Inc Technical Analysis

Technical Analysis Sentiment
Negative
Last Price29.63
Price Trends
50DMA
28.20
Negative
100DMA
27.63
Negative
200DMA
27.78
Negative
Market Momentum
MACD
-1.44
Positive
RSI
23.71
Positive
STOCH
4.93
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 29.63 is above the 20-day moving average (MA) of 27.43, above the 50-day MA of 28.20, and above the 200-day MA of 27.78, indicating a bearish trend. The MACD of -1.44 indicates Positive momentum. The RSI at 23.71 is Positive, neither overbought nor oversold. The STOCH value of 4.93 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 Risk Analysis

F&G Annuities & Life Inc disclosed 69 risk factors in its most recent earnings report. F&G Annuities & Life Inc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

F&G Annuities & Life Inc Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
$2.96B7.528.86%3.27%13.68%16.86%
73
Outperform
$4.91B18.0210.82%1.30%5.72%7.05%
70
Outperform
$8.04B3.5121.99%4.35%12.32%97.86%
69
Neutral
$8.75B162.351.04%2.85%15.09%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
63
Neutral
$3.73B18.132.42%-0.68%19.26%
50
Neutral
$3.06B4.1113.17%2.62%33.55%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
FG
F&G Annuities & Life Inc
22.57
-10.75
-32.27%
CNO
CNO Financial
53.52
15.16
39.51%
GNW
Genworth Financial
9.88
1.24
14.35%
LNC
Lincoln National
42.15
2.14
5.35%
BHF
Brighthouse Financial
52.27
5.48
11.71%
JXN
Jackson Financial Incorporation
129.88
35.38
37.43%

F&G Annuities & Life Inc Corporate Events

Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
F&G Annuities Reports Q2 Loss Amid Strong AUM
Negative
Aug 5, 2026
On August 5, 2026, FG Annuities Life reported second-quarter 2026 results showing a net loss attributable to common shareholders of $81 million, or $0.62 per share, versus net earnings of $35 million, or $0.26 per share, a year earlier, largely d...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
F&G Annuities Flags Lower Alternative Investment Returns
Negative
Jul 8, 2026
FG Annuities Life Inc. disclosed preliminary figures indicating that investment income from alternative investments for the quarter ended June 30, 2026 is expected to be between $56 million and $66 million pre-tax, implying an annualized return o...
Executive/Board ChangesShareholder Meetings
F&G Annuities & Life Holds 2026 Annual Shareholder Meeting
Positive
Jun 25, 2026
FG Annuities Life, Inc. held its Annual Meeting of Shareholders on June 24, 2026, with a quorum present from 132,889,653 eligible common shares. Shareholders elected three Class I directors—John D. Rood, Michael J. Nolan and J. Douglas Mart...
Business Operations and StrategyExecutive/Board Changes
F&G Annuities & Life Announces Key Leadership Transitions
Positive
Jun 16, 2026
FG Annuities Life announced a series of executive leadership transitions dated June 16, 2026, highlighted by the planned June 30, 2026 retirement of Chris Blunt from his role as chief executive, while he remains on the board and continues as CEO ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 07, 2026