F&G Annuities & Life (FG) | Financial Analysis & Statements
F&G Annuities & Life Inc. Mid-cap Financial Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
1.7B
Net Income
130.0M
7.79%
Balance Sheet Metrics
Total Assets
98.4B
Total Liabilities
93.5B
Shareholders Equity
4.9B
Debt to Equity
19.02
Cash Flow Metrics
Operating Cash Flow
173.0M
Free Cash Flow
1.2B
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
F&G Annuities & Life Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 5.4B | 5.4B | 4.3B | 2.2B | 3.4B |
| Cost of Goods Sold | - | - | - | - | - |
| Gross Profit | - | - | - | - | - |
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 293.0M | 296.0M | 232.0M | 157.0M | 129.0M |
| Other Operating Expenses | 323.0M | 178.0M | 241.0M | -80.0M | 61.0M |
| Total Operating Expenses | 616.0M | 474.0M | 473.0M | 77.0M | 190.0M |
| Operating Income | - | - | - | - | - |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | 1.4B | 1.2B |
| Interest Expense | 164.0M | 132.0M | 97.0M | 29.0M | 29.0M |
| Other Non-Operating Income | 89.0M | 81.0M | - | 58.0M | 33.0M |
| Pre-tax Income | 323.0M | 778.0M | -35.0M | 793.0M | 1.6B |
| Income Tax | 52.0M | 136.0M | 23.0M | 158.0M | 320.0M |
| Effective Tax Rate % | 16.1% | 17.5% | 0.0% | 19.9% | 20.6% |
| Net Income | 271.0M | 642.0M | -58.0M | 635.0M | 1.2B |
| Net Margin % | 5.0% | 11.8% | -1.4% | 28.4% | 36.6% |
| Key Metrics | |||||
| EBITDA | - | - | - | - | - |
| EPS (Basic) | $1.89 | $4.98 | $-0.47 | $5.52 | $11.81 |
| EPS (Diluted) | $1.88 | $4.88 | $-0.47 | $5.52 | $11.81 |
| Basic Shares Outstanding | 131000000 | 125000000 | 124000000 | 115000000 | 105000000 |
| Diluted Shares Outstanding | 131000000 | 125000000 | 124000000 | 115000000 | 105000000 |
Income Statement Trend
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F&G Annuities & Life Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 1.5B | 2.3B | 1.6B | 960.0M | 1.5B |
| Short-term Investments | 28.1B | 26.5B | 41.9B | 32.8B | 30.3B |
| Accounts Receivable | 17.5B | 13.4B | 9.0B | 5.4B | 3.6B |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | - | - | - | - | - |
| Non-Current Assets | |||||
| Property, Plant & Equipment | - | - | - | - | - |
| Goodwill | 10.6B | 9.9B | 7.7B | 6.9B | 5.7B |
| Intangible Assets | 6.3B | 5.6B | 4.2B | 3.4B | 2.2B |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - |
| Total Non-Current Assets | - | - | - | - | - |
| Total Assets | 98.4B | 85.0B | - | - | - |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 247.0M | 207.0M | 378.0M | 231.0M | 220.0M |
| Short-term Debt | - | - | - | - | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | - | - | - | - | - |
| Non-Current Liabilities | |||||
| Long-term Debt | 2.3B | 2.2B | 1.8B | 1.1B | 991.0M |
| Deferred Tax Liabilities | - | - | - | - | 24.0M |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 93.5B | 81.0B | - | - | - |
| Equity | |||||
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 2.6B | 2.4B | 1.9B | 2.1B | 1.0B |
| Treasury Stock | 40.0M | 30.0M | 18.0M | 0 | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 4.9B | 4.1B | 3.1B | 2.4B | 4.5B |
| Key Metrics | |||||
| Total Debt | 2.3B | 2.2B | 1.8B | 1.1B | 991.0M |
| Working Capital | 0 | 0 | 0 | 0 | 0 |
Balance Sheet Composition
F&G Annuities & Life Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 271.0M | 642.0M | -58.0M | 635.0M | 1.2B |
| Depreciation & Amortization | - | - | - | - | - |
| Stock-Based Compensation | 31.0M | 29.0M | 23.0M | 12.0M | 9.0M |
| Working Capital Changes | 163.0M | -89.0M | 581.0M | -157.0M | 432.0M |
| Operating Cash Flow | 302.0M | 266.0M | 386.0M | 87.0M | 1.4B |
| Investing Activities | |||||
| Capital Expenditures | -15.0M | -24.0M | -27.0M | -32.0M | -33.0M |
| Acquisitions | -2.4B | -1.6B | -1.1B | -987.0M | -1.8B |
| Investment Purchases | -22.5B | -18.0B | -13.4B | -14.1B | -14.6B |
| Investment Sales | 15.8B | 11.3B | 5.3B | 5.4B | 9.4B |
| Investing Cash Flow | -9.1B | -8.4B | -9.3B | -9.7B | -7.0B |
| Financing Activities | |||||
| Share Repurchases | -10.0M | -12.0M | -18.0M | 0 | 0 |
| Dividends Paid | -137.0M | -121.0M | -101.0M | 0 | 0 |
| Debt Issuance | 375.0M | 1.0B | - | - | - |
| Debt Repayment | -300.0M | -615.0M | - | - | - |
| Financing Cash Flow | 3.0B | 2.7B | 2.8B | 5.1B | 5.2B |
| Free Cash Flow | 4.7B | 6.0B | 5.8B | 3.1B | 1.8B |
| Net Change in Cash | -5.8B | -5.5B | -6.0B | -4.5B | -331.0M |
Cash Flow Trend
F&G Annuities & Life Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
14.42
Forward P/E
4.48
Price to Book
0.77
Price to Sales
0.64
PEG Ratio
4.48
Profitability Ratios
Profit Margin
4.62%
Operating Margin
11.45%
Return on Equity
6.03%
Return on Assets
0.33%
Financial Health
Current Ratio
0.96
Debt to Equity
45.98
Beta
1.34
Per Share Data
EPS (TTM)
$1.88
Book Value per Share
$35.43
Revenue per Share
$43.75
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| FG | 3.7B | 14.42 | 0.77 | 6.03% | 4.62% | 45.98 |
| Manulife Financial | 64.6B | 17.18 | 1.86 | 11.49% | 18.67% | 48.35 |
| Aflac | 59.1B | 16.88 | 2.02 | 13.12% | 21.24% | 42.68 |
| Primerica | 8.9B | 12.26 | 3.65 | 31.93% | 22.43% | 77.92 |
| Jackson Financial | 8.0B | 15.31 | 0.80 | 0.71% | 0.40% | 55.12 |
| Lincoln National | 7.0B | 6.25 | 0.70 | 12.28% | 6.44% | 64.67 |
Financial data is updated regularly. All figures are in the company's reporting currency.






