F&G Annuities & Life, Inc. (FG) FY2025 10-K Annual Report
F&G Annuities & Life, Inc. (FG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
F&G Annuities & Life, Inc. FY2025 10-K Analysis
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 specific revenue or YoY change amounts disclosed
- • 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
F&G Annuities & Life, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$5.7B
▼ -0.2% YoY
Net Income
$265M
▼ -58.5% YoY
Net Margin
4.6%
▼ -650bp YoY
ROE
5.5%
▼ -1066bp YoY
Total Assets
$98.4B
▲ +15.7% YoY
EPS (Diluted)
$1.88
▼ -61.5% YoY
Operating Cash Flow
$4.7B
▼ -22.0% YoY
Source: XBRL data from F&G Annuities & Life, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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