F&g Annuities & Life

F&G helps people protect their money and prepare for retirement. It makes insurance products that turn savings into steady income for life. These services help individuals and businesses manage financial risks as they age.

What F&G Sells

• Fixed Indexed Annuities: Savings contracts that offer market-linked returns while protecting the original deposit; accounted for 46% of gross sales in 2025.
• Fixed Rate Annuities: Contracts that pay a set interest rate for a specific number of years; represented 26% of gross sales in 2025.
• Pension Risk Transfer: Services where F&G takes over a company's duty to pay retirement benefits; made up 15% of gross sales in 2025.
• Institutional Funding Agreements: Investment contracts sold to banks and large organizations; accounted for 12% of gross sales in 2025.
• Indexed Universal Life: Life insurance that builds cash value based on stock market performance; represented 1% of gross sales in 2025.

New Markets and Partnerships

• Purchased a 30% stake in Freedom Equity Group in October 2021 to reach more diverse middle-market customers.
• Acquired a 49% stake in Syncis Holdings, LLC in January 2023 to expand its network of insurance agents.
• Bought a 70% majority stake in Roar Joint Venture, LLC in January 2024 to sell products through more banks.
• Acquired 100% of PALH, LLC in July 2024 to strengthen its direct sales of life and annuity products.
• Launched a partnership with a new reinsurance vehicle backed by Blackstone in August 2025 to manage capital efficiently.

A Differentiated Business Model

F&G uses a unique approach by hiring Blackstone to manage its investments, which helps the company find higher-yielding assets. The firm also operates across five different sales channels to reach both individual savers and large institutions.

The Recent Financial Scorecard

• Revenue grew to $1.8 billion in Q4 2025, up 20.1% from Q4 2024.
• Net income was $128 million in Q4 2025, down 60.9% from $327 million in the previous year.
• Free cash flow rose to $1.5 billion in Q4 2025, a 16.3% increase year-over-year.
• Assets under management reached $57.6 billion by December 31, 2025, up 7% from the end of 2024.

Company Evolution

F&G has transitioned from a single-channel annuity seller into a diversified provider of retail and institutional insurance solutions. The company continues to shift toward fee-based earnings and capital-light strategies through its owned distribution and reinsurance partnerships.