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F&G Annuities & Life Reports Fourth Quarter and Full Year Results for 2025

On February 19, 2026, F&G Annuities & Life, Inc. (NYSE: FG), a prominent provider of insurance solutions for retail annuity and life customers, reported its financial outcomes for the fourth quarter and the entire year ending December 31, 2025. The company has recorded noteworthy successes despite facing various industry challenges.

Strong Financial Performance

In the fourth quarter, the net income attributable to common shareholders reached $124 million, equivalent to $0.92 per diluted share. This figure represents a decrease from $323 million (or $2.50 per share) recorded during the same period in 2024. For the entire year, the net earnings dropped to $248 million or $1.88 per share, down from $622 million (or $4.88 per share) for 2024.

Adjusted net earnings for the fourth quarter stood at $123 million (or $0.91 per share) compared to $143 million (or $1.12 per share) from 2024. Over the full year, this metric was $482 million (or $3.64 per share) compared to $546 million (or $4.30 per share) the previous year.

Growth in Assets Under Management

The company achieved a record $73.1 billion in assets under management by the end of 2025, marking a 12% increase from the previous year. This includes retained assets under management of $57.6 billion, up by 7% from $53.8 billion at the end of 2024. Sales as a whole for 2025 totalled $14.6 billion, including $3.4 billion in the fourth quarter alone, led by strong demand for retirement savings products.

The investment portfolio demonstrated excellent performance with 97% of fixed maturities rated as investment grade. Furthermore, credit-related impairments have remained low and stable, averaging 6 basis points over the past five years.

Strategic Developments and Shareholder Capital Returns

F&G continued its strategic initiatives centered around organic growth and returning capital to shareholders. In 2025, the company returned $137 million in capital through common and preferred dividends, which included $38 million during the fourth quarter.

The company is also making strides towards reaching its medium-term targets as outlined at the 2023 Investor Day. Employees have focused on enhancing the margin and reducing capital intensity to pave the way for sustainable long-term growth.

Moreover, FG's risk-based capital (RBC) ratio is robust, estimated at approximately 430% as of December 31, 2025, surpassing their target of 400%. Additionally, the company is set to finalize a transaction in early 2026, selling its Bermuda-based subsidiary, FG Life Re Ltd, reflecting a strategic pivot in its reinsurance framework.

Looking Forward

Chris Blunt, CEO of F&G, shared, “We had a strong finish to an outstanding year... Our high-quality, diversified investment portfolio continues to perform remarkably well.” He also highlighted the strategic transition towards a fee-based, high-margin business model and the expansion of the public float to enhance market liquidity and investor accessibility.

In summary, while F&G Annuities & Life has faced some challenges in 2025, it has shown resilience through remarkable asset growth, strategic initiatives aimed at improving profitability, and a firm commitment to shareholder returns. The company remains poised for continued progress in the upcoming year, focusing on its core business and creating long-term shareholder value.