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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 | - | $265M | $4.7B | 5.5% | 0.1% | -58.5% |
| 2024 | $5.4B | - | $639M | $6.0B | 16.2% | 26.9% | -1201.7% |
| 2023 | $4.3B | - | $-58M | $5.8B | -1.9% | 90.8% | -109.1% |
| 2022 | $2.2B | - | $635M | $3.1B | 26.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,239 | 4,271 | 5,421 | 5,429 |
| Operating Revenue | - | 2,239 | 4,271 | 5,421 | 5,429 |
| Selling General And Administration | - | 157 | 232 | 296 | 293 |
| Total Expenses | - | 1,446 | 4,306 | 4,643 | 5,106 |
| EBIT | - | 822 | 62 | 910 | 487 |
| Interest Income | - | 1,716 | 2,209 | 2,659 | 2,758 |
| Interest Expense | - | 29 | 97 | 132 | 164 |
| Net Interest Income | - | -29 | -97 | -132 | -164 |
| Other Income Expense | 33 | 58 | - | 81 | 89 |
| Interest Income Non Operating | 1,213 | 1,431 | - | - | - |
| Interest Expense Non Operating | - | 29 | 97 | 132 | 164 |
| Net Non Operating Interest Income Expense | - | -29 | -97 | -132 | -164 |
| Pretax Income | - | 793 | -35 | 778 | 323 |
| Tax Provision | - | 158 | 23 | 136 | 52 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 635 | -58 | 642 | 271 |
| Net Income From Continuing And Discontinued Operation | - | 635 | -58 | 639 | 265 |
| Net Income From Continuing Operation Net Minority Interest | - | 635 | -58 | 639 | 265 |
| Net Income | - | 635 | -58 | 639 | 265 |
| Net Income Common Stockholders | - | 635 | -58 | 622 | 248 |
| Net Income Including Noncontrolling Interests | - | 635 | -58 | 642 | 271 |
| Normalized Income | - | 635 | -58 | 639 | 265 |
| Diluted NI Availto Com Stockholders | - | 635 | -58 | 622 | 248 |
| Basic Average Shares | - | 115 | 124 | 125 | 131 |
| Diluted Average Shares | - | 115 | 124 | 131 | 132 |
| Reconciled Depreciation | - | 324 | 412 | 569 | 665 |
| Preferred Stock Dividends | - | - | - | 17 | 17 |
| Minority Interests | - | 0 | 0 | -3 | -6 |
| Net Income Discontinuous Operations | 8 | 0 | 0 | - | - |
| 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 |
| Other Operating Expenses | - | -80 | 241 | 178 | 323 |
| 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 | $3.6B | 13.58 | 0.75 | 5.5% | - |
| PennyMac Financial Services, Inc. | PFSI | $4.2B | 8.45 | 0.98 | 11.6% | 43.48 |
| Lemonade, Inc. | LMND | $4.0B | - | 7.42 | -31.0% | - |
| Marex Group plc | MRX | $3.9B | 12.76 | 3.10 | 24.3% | 9.33 |
| Miami International Holdings, Inc. | MIAX | $3.8B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 4.27 |
| -7.9% |
| - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Mechanics Bancorp | MCHB | $3.3B | - | - | - | - |
| TowneBank | TOWN | $3.1B | 18.29 | 1.28 | 7.0% | - |
| Upstart Holdings, Inc. | UPST | $3.1B | 57.62 | 3.87 | 6.7% | - |
| Peer Median | - | 14.92 | 3.10 | 6.7% | 26.41 | |