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F&G Annuities & Life, Inc., together with its subsidiaries, provides annuity and life insurance products in the United States. It offers fixed indexed annuities registered index-linked annuities, pension risk transfer and indexed universal life, and multi-year guarantee annuities; immediate annuities; indexed universal life insurance; pension risk transfer solutions; and institutional funding agreements. The company distributes its products through independent agents, banks, and broker-dealers to retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa. F&G Annuities & Life, Inc. operates as a subsidiary of Fidelity National Financial, Inc.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.4B | $487M | $265M | $4.7B | 5.4% | 0.1% | -58.5% |
| 2024 | $5.4B | $910M | $639M | $6.0B | 15.7% | 26.9% | - |
| 2023 | $4.3B | $62M | $-58M | $5.8B | -1.9% | 90.8% | -109.1% |
| 2022 | $2.2B | $822M | $635M | $3.1B | 26.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,239 | 4,271 | 5,421 | 5,429 |
| EBIT | 822 | 62 | 910 | 487 |
| Pretax Income | 793 | -35 | 778 | 323 |
| Tax Provision | 158 | 23 | 136 | 52 |
| Net Income | 635 | -58 | 639 | 265 |
| Net Income Common Stockholders | 635 | -58 | 622 | 248 |
| Total Expenses | 1,446 | 4,306 | 4,643 | 5,106 |
| Interest Expense | 29 | 97 | 132 | 164 |
| Interest Income | 1,716 | 2,209 | 2,659 | 2,758 |
| Selling General And Administration | 157 | 232 | 296 | 293 |
| Normalized Income | 635 | -58 | 639 | 265 |
| Basic EPS | 5.52 | -0.47 | 4.98 | 1.89 |
| Diluted EPS | 5.52 | -0.47 | 4.88 | 1.88 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.20 | 0.21 | 0.17 | 0.16 |
| Net Income From Continuing Operation Net Minority Interest | 635 | -58 | 639 | 265 |
| Reconciled Depreciation | 324 | 412 | 569 | 665 |
| Net Interest Income | -29 | -97 | -132 | -164 |
| Net Income From Continuing And Discontinued Operation | 635 | -58 | 639 | 265 |
| Diluted Average Shares | 115 | 124 | 131 | 132 |
| Basic Average Shares | 115 | 124 | 125 | 131 |
| Diluted NI Availto Com Stockholders | 635 | -58 | 622 | 248 |
| Preferred Stock Dividends | 0 | 0 | 17 | 17 |
| Minority Interests | 0 | 0 | -3 | -6 |
| Net Income Including Noncontrolling Interests | 635 | -58 | 642 | 271 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | 635 | -58 | 642 | 271 |
| Other Income Expense | 58 | 0 | 81 | 89 |
| Net Non Operating Interest Income Expense | -29 | -97 | -132 | -164 |
| Interest Expense Non Operating | 29 | 97 | 132 | 164 |
| Interest Income Non Operating | 1,431 | 0 | 0 | 0 |
| Other Operating Expenses | -80 | 241 | 178 | 323 |
| Depreciation And Amortization In Income Statement | 324 | 412 | 569 | 665 |
| General And Administrative Expense | 157 | 232 | 296 | 293 |
| Salaries And Wages | 157 | 232 | 296 | 293 |
| Operating Revenue | 2,239 | 4,271 | 5,421 | 5,429 |
| Loss Adjustment Expense | 533 | 2,722 | 2,095 | 2,104 |
| Net Policyholder Benefits And Claims | 533 | 2,722 | 2,095 | 2,104 |
| Policyholder Benefits Gross | 533 | 2,722 | 2,095 | 2,104 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| F&G Annuities & Life, Inc.this co. | FG | $3.8B | 15.10↑ premium | 0.80 | 5.4% | 6.28 |
| International Bancshares Corporation | IBOC | $4.4B | 10.75 | 1.36 | 12.7% | - |
| Texas Capital Bancshares, Inc. | TCBI | $4.3B | 13.26 | 1.31 | 9.1% | - |
| Lemonade, Inc. | LMND | $4.3B | - | 7.97 | -31.0% | -33.42 |
| Eastern Bankshares, Inc. | EBC |
| $4.3B |
| 10.99 |
| 1.03 |
| 2.0% |
| - |
| CNO Financial Group, Inc. | CNO | $4.2B | 19.42 | 1.60 | 8.7% | 7.53 |
| Marex Group plc | MRX | $3.9B | 13.89 | 3.30 | 24.3% | - |
| Mechanics Bancorp | MCHB | $3.4B | 12.44 | 1.17 | 9.3% | - |
| WesBanco, Inc. | WSBC | $3.3B | 10.41 | 0.86 | 5.5% | - |
| Peer Median | - | 12.44 | 1.33 | 8.9% | -12.94 | |