10-K · February 26, 2026
F&G reported record AUM of $57.6 billion and significant top-line growth (gross sales $14.6 billion in 2025) while continuing a strategic shift toward fee-based, capital-light businesses (reinsurance sidecar launched…
Earnings analysis · 10-Q
FG earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
F&G Annuities & Life, Inc. reported significant performance improvements in Q1 2026, with a notable revenue increase driven by strong indexed annuity sales. Despite a revenue surprise, EPS missed expectations,…
Read full summary
F&G Annuities & Life, Inc. reported significant performance improvements in Q1 2026, with a notable revenue increase driven by strong indexed annuity sales. Despite a revenue surprise, EPS missed expectations, reflecting higher investment and operational costs amid ongoing market volatility.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.82
- Segment
- Indexed Annuities
- Segment
- IUL
- Segment
- PRT
- Segment
- Funding Agreements
What stood out
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Revenue Surge Year-over-Year
Total revenue reached $2.25 billion, up 32.2% from $1.73 billion in Q1 2025, exceeding expectations by 53.4%.
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Higher Gross Margin
Gross margin improved to 32.7% from 27.4% year-over-year, benefiting from higher sales volume and improved product mix.
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Operating Income Growth
Operating income also significantly increased, totaling $386 million, up from just $35 million a year ago.
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Increased AUM
Assets Under Management rose to $74.5 billion, an increase of 11% year-over-year.
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Strong Indexed Annuity Demand
Indexed annuity sales increased to $1.58 billion, up 8.1% compared to $1.46 billion in the same quarter last year.
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Cash Flow Stability
Operating cash flow for the quarter was $743 million, providing solid liquidity for ongoing operations.
What to watch
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Investment Income Volatility
Investment income decreased by $73 million due to lower performance of equity securities, impacting overall earnings visibility.
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Market Conditions Risk
Continued volatility and uncertainty in capital markets may influence product sales and consumer purchasing behavior.
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Regulatory Compliance Risks
Potential changes in regulations affecting the insurance and annuity sectors could impact operational flexibility.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 7, 2025
F&G reported Q2 revenue of $1,364 million (three months ended June 30, 2025) and diluted EPS of $0.26. Revenue rose materially versus the prior quarter and year-ago quarter, operating profitability improved from the…
10-Q · May 8, 2025
F&G reported Q1 2025 revenues of $908.0 million and a diluted loss per share of $(0.20), missing consensus by a wide margin and reversing from prior-year profitability. The quarter was driven by a large recognized…
10-K · February 28, 2025
F&G’s 2024 10‑K emphasizes continued scale and distribution expansion: AUM grew to $53.8 billion and gross sales reached $15.3 billion in 2024, with adjusted net earnings attributable to common shareholders of $546…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.