F&G Annuities & Life Inc (NYSE:FG)

Q4 2025 F&G Annuities & Life Inc Earnings Call Transcript

Feb 20, 2026 / 02:00 PM GMT

Release Date Price: $25.48 (-7.95%)

Transcript 10-K8-K

Key Points

Positve

F&G Annuities & Life Inc (FG) achieved record assets under management (AUM) before flow reinsurance of $73.1 billion, up 12% over the previous year.
The company reported strong sales performance with $14.6 billion in gross sales for the year, including $9 billion from core products like indexed annuities and indexed universal life.
The investment portfolio is high-quality, with 97% of fixed maturities being investment grade, and credit-related impairments remaining stable at 8 basis points.
F&G's fee income from flow reinsurance grew by 37% to $56 million for the full year, indicating a successful shift towards more fee-based earnings.
The company maintained a strong capital position with an estimated risk-based capital ratio of approximately 430%, above their 400% target.

Negative

Alternative investment income underperformed, with a return of approximately 7% in the fourth quarter compared to the 10% long-term expected return.
The company faces potential headwinds in 2026 from fluctuating bond prepayments, which could impact variable investment income.
There is a risk of quarterly variability due to elevated annuity terminations, which could pressure near-term spreads.
F&G's stock is trading at a significant discount to book value, reflecting market concerns over credit losses despite a strong investment portfolio.
The company anticipates a decrease in AUM by $1.9 billion following the sale of its Bermuda-based legal entity, which could impact future earnings.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FG.N - F&G Annuities & Life Inc
Q4 2025 F&G Annuities & Life Inc Earnings Call
Feb 20, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. Welcome to F&G's 4th quarter and full year 2025 earnings call. During today's presentation, all callers will be placed in listen-only mode.

Following management's prepared remarks, the conference will be open for questions with instructions to follow at that time.

I would now like to turn the call over to Lisa Foxworthy Parker, senior Vice President, Investor and external relations.

Please go ahead.

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Unidentified_2 [2]
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Thanks, operator and welcome everyone. I'm joined today by Chris

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