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F&G Annuities & Life Demonstrates Year-Over-Year Growth in Third Quarter of 2026

F&G Annuities & Life, Inc. (NYSE: FG), a prominent provider of insurance solutions in the retail annuity and life sectors, has reported compelling financial results for the third quarter ending September 30, 2026. Demonstrating impressive growth over the previous year, the company continues to make significant strides in optimizing its operations and expanding its market reach.

Financial Highlights

The firm recorded net earnings attributable to common shareholders of $736 million, equivalent to $5.48 per diluted share for the third quarter of 2026. This starkly contrasts with the $114 million recorded in the same period in 2025, marking a substantial leap in profitability. The remarkable earnings for Q3 included $648 million in favorable mark-to-market effects, along with $8 million of unfavorable variances that were excluded from adjusted net earnings. Comparatively, last year’s third quarter earnings were hindered by $25 million in unfavorable mark-to-market impacts and $26 million attributed to other unfavorable items.

Adjustments to net earnings for Q3 of 2026 indicate $96 million or $0.74 per share, which is a decrease from $165 million or $1.22 per share in the same quarter from the previous year. Such adjustments encompass variances in short-term returns against long-term expectations from the company’s alternative investment portfolio, among other income and expense adjustments.

Asset Management Growth

An impressive total of $76.2 billion in assets under management (AUM) before reinsurance was achieved as of September 30, 2026, signifying a 7% increase from $71.4 billion reported by the close of Q3 2025. This expansion in AUM includes retained assets totaling $56.2 billion. F&G’s gross sales surged to $3.0 billion, which includes record core retail sales that alone accounted for $2.1 billion.

Quality of Investment Portfolio

F&G boasts a high-quality investment portfolio where 97% of fixed maturities fall into the investment-grade category, maintaining a well-defined alignment with its liability portfolio. Furthermore, the company has successfully kept credit-related impairments to a minimum, averaging 6 basis points over the last five years, comfortably below pricing assumptions for the first nine months of 2026.

Enhancements in Equity

A substantial uplift in common equity was noted, with total FG equity attributable to common shareholders, excluding accumulated other comprehensive income (AOCI), now standing at $6.7 billion, or $51.37 per share. This improvement saw a notable increase of $712 million, or $5.44 per share, compared to June 30, 2026, primarily facilitated by $652 million in favorable adjustments related to market conditions.

F&G also efficiently returned $37 million of capital to shareholders through common and preferred dividends within the third quarter. This brings the total capital returned for the first nine months of 2026 to $232 million.

Future Outlook and Strategic Focus

Conor Murphy, FG's Chief Executive Officer and President, emphasized the firm’s ongoing momentum due to record core retail sales and disciplined pricing strategies that maintain profitability. The CEO highlighted the strategic approach towards a more fee-based and high-margin business model, noting progress in scaling operations while continuing to prioritize returns on investments.

FG's commitment to developing a more resilient earnings structure is evident through the diversification strategy across its distribution networks, and a focus on both fee-based earnings and capital generation from its established book of business.

In conclusion, with a solid balance sheet that propels both organic growth and returns to shareholders, F&G Annuities & Life is poised to further capitalize on market opportunities while maintaining its focus on profitability in future financial quarters.