F&G Annuities & Life Inc. (FG)
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On paper it is the cheapest stock in sight: F&G Annuities & Life carries a market value of roughly $3.93 billion and reported free cash flow of $4,666 million for 2025. A price-to-free-cash-flow ratio below one — the company arithmetically earns its own price in less than a year. The statement of cash flows in its annual report to the U.S. securities regulator, the SEC, shows where the money comes from: $3,277 million from the change in funds withheld from reinsurers, $1,710 million from the build-up of future policy benefits. Net earnings were $271 million. This analysis works through who actually owns the money in an annuity writer's till.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIF&G setzt KI-Werkzeuge nach eigener Angabe für einzelne, rechtlich und sicherheitstechnisch geprüfte Anwendungsfälle im eigenen Betrieb ein und nennt den wettbewerbsfähigen Einsatz von KI und maschinellem Lernen als Wettbewerbsfaktor — es gibt aber kein KI-Produkt und keinen daraus stammenden Umsatz.
View the full file — quotes, sources, reviewed filings
„We have and may adopt and integrate artificial intelligence tools into our systems for specific use cases reviewed by legal and information security."
Wir haben KI-Werkzeuge in unsere Systeme übernommen und integriert und können dies weiter tun — für bestimmte Anwendungsfälle, die von der Rechtsabteilung und der Informationssicherheit geprüft wurden.
„Our competitive position may be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning, or if our competitors collect and use data which we do not have the ability to access or use."
Unsere Wettbewerbsposition kann beeinträchtigt werden, wenn wir Technologien wie künstliche Intelligenz und maschinelles Lernen nicht kosteneffizient und wettbewerbsfähig einsetzen können oder wenn unsere Wettbewerber Daten erheben und nutzen, auf die wir keinen Zugriff haben oder die wir nicht nutzen dürfen.
„Issues in the development and use of AI/ML/LLM, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations."
Probleme bei der Entwicklung und Nutzung von KI, maschinellem Lernen und großen Sprachmodellen können in Verbindung mit einem unsicheren Regulierungsumfeld zu Reputationsschäden, Haftung oder anderen nachteiligen Folgen für unseren Geschäftsbetrieb führen.
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-26 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2025-02-28
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.50 | – | 1,470 | -5.30 | 22.20 | 1,320 | 1,315 |
| 2025: Q1 | -0.17 | -118.80 | 854 | -43.60 | -2.50 | 956 | 951 |
| 2025: Q2 | 0.30 | -80.70 | 1,304 | 21.30 | 3.10 | 1,620 | 1,616 |
| 2025: Q3 | 0.85 | – | 1,603 | 17.80 | 7.40 | 937 | 934 |
| 2025: Q4 | 0.92 | -63.10 | 1,765 | 20.10 | 7.30 | 1,532 | 1,529 |
| 2026: Q1 | 1.78 | – | 1,187 | 39.00 | 20.90 | 743 | 741 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Assets under management rose from $26.5 billion at the Fidelity National Financial acquisition in June 2020 to $57.6 billion as of December 31, 2025, and gross sales from $4.5 billion to $14.6 billion. The 2025 annual report names a compound annual growth rate in assets under management of 17 percent over six years. Ratings upgrades carried it: S&P and Fitch to A− in June 2020, Moody's to A3 in July 2023, A.M. Best to A in January 2024.
Of $4,681 million in operating cash flow during 2025, $3,277 million comes from the change in funds withheld from reinsurers and $1,710 million from the build-up of future policy benefits — together $4,987 million, more than the entire amount. Net earnings were $271 million; owners received $137 million of dividends and $10 million of share repurchases. The metric measures growth in the book, not earning power.
Investment income from alternative investments fell short of management's long-term expected return by $153 million in 2023, $145 million in 2024 and $278 million in 2025 (10-K 2025). The 2025 shortfall equals 58 percent of adjusted annual earnings of $482 million. The first quarter of 2026 was $44 million short; for the second quarter of 2026 F&G reported preliminarily on July 8, 2026 an annualized return of roughly 6 percent and a $65 million pre-tax shortfall.
The estimated U.S. capital ratio of the main subsidiary FGL Insurance was about 430 percent as of December 31, 2025 against a 400 percent target. Prescribed and permitted practices raised statutory capital by $249 million (March 31, 2026 and December 31, 2025) — without them the subsidiaries Corbeau Re and F&G Cayman Re would sit below minimum regulatory capital. From December 31, 2026 new NAIC factors for CLO holdings cost roughly 10 percentage points of the ratio on the company's own estimate.
Fidelity National Financial holds about 70 percent of the common stock (December 31, 2025); roughly 34.7 million of 132.5 million shares trade freely (as of July 25, 2026). The parent's 5,000,000 preferred shares convert automatically on January 15, 2027 into between 0.9456 and 1.1111 common shares each, meaning up to 5.56 million new shares or 4.2 percent. While the preferred dividend is unpaid, no common dividend may generally be paid.
Roughly $3.93 billion of market value (as of July 25, 2026) stands against $4,749 million of equity as of March 31, 2026 — a price-to-book ratio of about 0.85 at a trailing price-to-earnings ratio of roughly 7.7. The discount has reasons: equity contains a cumulative unrealized bond loss of $2,500 million (March 31, 2026, prior quarter $1,951 million). Two analyst firms cover the stock, both at hold with an average price target of $27.
F&G Annuities & Life has more than doubled assets under management since June 2020, from $26.5 billion to $57.6 billion, and earns a workable spread of 5.12 percent (2025). But the $4,666 million of free cash flow that lifted the stock to number 15 in our price-to-free-cash-flow ranking is $4,987 million the build-up of obligations to policyholders and reinsurers — net earnings were $271 million. Add three documented findings: alternative investments under plan for a third consecutive year, $249 million of statutory capital resting on regulatory waivers, and a rule change on December 31, 2026 that costs roughly 10 percentage points of capital ratio. Not investment advice.
- Hook: rank 15 in our in-house price-to-free-cash-flow ranking (U.S. selection), displayed value 0.7, as of July 26, 2026. The list shows the 25 strongest matches; on that day 544 stocks met the criteria. The lists are recalculated daily — the rank and the match count are a snapshot.
- As-of dates: SEC figures per December 31, 2025 (Form 10-K, filed February 26, 2026) and March 31, 2026 (Form 10-Q, filed May 7, 2026); metrics, share count and analyst coverage as of July 25, 2026. Filings after the quarterly report were reviewed: Form 8-K of June 16, 2026 (leadership change), June 25, 2026 (annual meeting) and July 8, 2026 (preliminary figures).
- Risk of confusion: the symbol FG is also used on Canada's TSX Venture Exchange by Falcon Gold Corp., a mineral explorer with no connection to this company. The same SEC filer number, 0001934850, also carries the notes FGN and FGSN on the New York Stock Exchange. Identification is unambiguous through the exchange (NYSE) and ISIN US30190A1043. F&G should also not be confused with its majority owner Fidelity National Financial (FNF) or with the similarly named fund manager Fidelity Investments, to which it has no connection.
- Metric caveat: at life and annuity insurers the Altman Z-score and classical working capital ratios carry no meaning, because the formulas were built for industrial companies. The relevant measures are new business premiums, investment income and the regulatory capital ratio.
- Takeover check: through July 26, 2026 the SEC filings contain no merger agreement, no tender offer and no delisting — not even from majority owner FNF, which in fact reduced its stake on December 31, 2025 by distributing roughly 12 percent of the shares.
About the Company
F&G Annuities & Life, Inc. bietet zusammen mit seinen Tochtergesellschaften Renten- und Lebensversicherungsprodukte in den USA an.
| Employees | 1,100 |
|---|---|
| Headquarters | Des Moines, IA |
| Website | fglife.com |
| IPO Date | 1. Dec 2022 |
| Next Earnings | 5. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| William Patrick Foley II | Executive Chairman of the Board | 1945 |
| Christopher Owsley Blunt | CEO & Director | 1963 |
| Leena Punjabi C.F.A. | Executive VP & Chief Investment Officer | 1979 |
| Michael Louis Gravelle J.D. | Executive VP, General Counsel & Corporate Secretary | 1962 |
| David Edward Martin C.F.A. | Senior Vice President of Investment Risk & ALM Strategy | 1969 |
| Wendy J.B. Young | Executive VP & Chief Liability Officer | 1964 |
| Matthew Eric Christensen | Executive VP of Pension Risk Transfer & COO | – |
| Mark Lynn Wiltse | Senior VP & Chief Accounting Officer | 1968 |
| Ted Hughes | Senior VP & Chief Information Officer | – |
| Lisa Foxworthy-Parker | Senior Vice President of Investor & External Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.