FG
F&G Annuities & Life, Inc.34.48
-0.29-0.83%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms strategy; capital self-sufficient.
Q&A largely reaffirmed prepared remarks on record sales and fee-based progress to 15% of earnings, but management firmly addressed valuation woes, insisting on capital self-sufficiency even at 7% alt returns—no external funding needed. They flagged lower 2026 surrender fees (down ~20%), risking short-term ROA plateau offset by asset retention and yield gains. Low software risk (<5% portfolio, <1% disruptive), diversified reinsurance (Ancient joins via $300M Bermuda sale), and selective MYGA/FABN prioritizing FIA/Rila emerged as nuggets. Capital independent. Investors watch sales mix, ROE trajectory.
Key Stats
Market Cap
4.64BP/E (TTM)
10.02Basic EPS (TTM)
3.44Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
F&G Annuities & Life grew AUM to $57.6B at year-end 2025, up 7% y/y, with gross sales of $14.6B reflecting steady core annuity demand while opportunistic MYGA and funding agreements moderated. Net earnings hit $265M, or $482M adjusted, yielding 87bps adjusted ROA on $55.4B AAUM at 5.1% yield; alt investments lagged long-term 10% expectations by $278M. Q4 accelerated PRT sales to $2.1B annually, buoyed by $1.8B FABN issuance, while RBC strengthened to 430% from 410% y/y. Debt totaled $2.3B with $950M liquidity; no buybacks, $137M dividends paid. No 2026 guidance disclosed. Equity volatility could hinder quarterly momentum.
8-K
Record AUM, earnings dip
F&G reported Q4 adjusted net earnings of $123M, down from $143M last year as alternative investments trailed 10% expectations by $65M; full-year hit $482M on $14.6B gross sales. Record AUM before flow reinsurance reached $73.1B, up 12%, with retained AUM at $57.6B. Assets strong. Bermuda sale closes March 1.
8-K
FNF sets F&G spin ratio
FNF finalized its special stock distribution of 16,280,204 F&G shares—about 12% of F&G outstanding—to FNF shareholders on December 31, 2025, at six F&G shares per 100 FNF shares held as of December 17 record date. Cash replaces fractional shares. FNF cuts its stake while boosting F&G's public float. Taxed as a dividend.
8-K
FNF distributes 12% F&G stake
10-Q
Q3 FY2025 results
F&G swung to Q3 net earnings of $114M ($0.85 diluted EPS) from a $10M loss, as revenues climbed 17% y/y to $1.7B on PRT premiums doubling to $536M while indexed annuities sales held steady. Total revenues for nine months dipped 5% y/y to $4.0B, with net earnings of $124M ($0.94 diluted EPS, confirmed vs. 132M shares). Investment yield slipped to 5.4% from 5.4% on $56B AAUM, yet operating cash swelled to $3.5B; debt steady at $2.2B with $950M revolver availability and $2.2B cash. Common stock issuance added $269M in March. Sales commissions face litigation risk.
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