Short answer
F&G Annuities & Life, Inc. (FG) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $5.7B (−0.2% year over year) and net income of $265M.
- Top risk flagged: Regulatory risk: sensitivity to NAIC regulatory RBC capital requirements under moderate to extreme stress scenarios affecting statutory capital
FY2025 key financial metrics · XBRL
- Revenue
- $5.7B
- −0.2% YoY
- Net income
- $265M
- −58.5% YoY
- EPS (diluted)
- $1.88
- −61.5% YoY
- ROE
- 5.5%
- −10.7 pp YoY
- Operating cash flow
- $4.7B
- −22.0% YoY
Source: XBRL data from the F&G Annuities & Life, Inc. (FG) FY2025 10-K on SEC EDGAR. USD.
F&G Annuities & Life, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Provides annuities and life insurance products with focus on indexed annuities and indexed universal life (IUL) policies
- New segment emphasis: Majority owned interests in Roar and PALH acquired in 2024, contributing $39 million to 2024 operating expenses
- Strategic shift: Amended reinsurance agreement effective July 1, 2024, impacting market risk benefit losses and reinsurance related embedded derivatives
- Quantitative highlight: Assets under management (AAUM) grew to $55.4 billion in 2025 from $51.6 billion in 2024, with net investment income rising to $2.84 billion
- Noteworthy fact: Market risk benefit losses increased to $167 million in 2025 from a gain of $25 million in 2024, reflecting unfavorable market movements and policyholder behavior
Management Discussion & Analysis
- No profitability or margin % figures provided
- No segment performance data mentioned
- No cash flow, buybacks, dividends, or capex amounts detailed
- Forward outlook: expects ongoing macroeconomic uncertainty impacting sales and demand, including inflation, market volatility, trade issues, and geopolitical risks
Risk Factors
- Regulatory risk: sensitivity to NAIC regulatory RBC capital requirements under moderate to extreme stress scenarios affecting statutory capital
- Macroeconomic risk: interest rate risk on $57.75B investment portfolio sensitive to rate changes impacting earnings and product spreads
- Operational risk: ALM mismatch risk due to duration disparity between assets and insurance liabilities influencing interest rate exposure
- Competitive risk: pressure to adjust crediting rates on annuities due to competitor offerings and surrender behavior limiting spread maintenance
- Financial risk: reliance on floating rate investments offset by floating rate funding agreements exposing interest expense to market rate fluctuations
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