F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q3 2025 Earnings Presentation
23 slides from F&g Annuities & Life's earnings presentation, Nov 6, 2025
Slide 1: Quarterly Financial Supplement Third Quarter 2025
Quarterly Financial Supplement ——————————— Third Quarter 2025 The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K as applicable. A
Slide 2: Financial Results contents
Financial Results Financial Highlights 3 Consolidated Statements of Operations (GAAP) 4 Adjusted Net Earnings - Management View 5 Adjusted Net Earnings - Significant Income and Expense Items 6 Adjusted Return on Assets 7 Assets Under Management Rollforward and Average Assets Under Management 8 Inter
Slide 3: Financial Highlights
Financial Highlights Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ 118 $ 40 $ (21) $ 327 $ (6
Slide 4: Consolidated Statements of Operations (GAAP)
Consolidated Statements of Operations (GAAP) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Revenues Life insurance premiums and other fees $ 711 $ 608 $ 489 $ 1,149 $ 506 $ 1,808 $ 1,711
Slide 5: Adjusted Net Earnings - Management View
Adjusted Net Earnings - Management View ¹ Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Interest and investment income - fixed income and other $ 529 $ 518 $ 509 $ 513 $ 514 $ 1,556 $ 1,
Slide 6: Adjusted Net Earnings - Significant Income and Expense Items
Adjusted Net Earnings - Significant Income and Expense Items ¹ ² Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings, as we believe these items provide further clarity to the financial performance of the business. Those si
Slide 7: Adjusted Return on Assets
Adjusted Return on Assets ¹ Annualized year to date September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Adjusted interest and investment income $ 2,765 $ 2,674 $ 2,660 $ 2,643 $ 2,601 Cost of funds ² (1,724) (1,708) (1,712) (1,528) (1,504) Product margin 1,041 966 94
Slide 8: Assets Under Management Rollforward and Average AUM
Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 AUM at beginning of period $ 55,565 $ 54,546 $ 53,817 $ 52,464 $ 5
Slide 9: Consolidated Balance Sheets (GAAP)
Consolidated Balance Sheets (GAAP) Assets September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $54,005), net of allowance for credit losses of $96 at September 30, 2025 $ 51,60
Slide 10: Capitalization and Return on Equity
Capitalization ¹ Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Notes payable $ 2,236 $ 2,235 $ 2,234 $ 2,171 $ 2,038 Net issuance costs (premium) 34 35 36 24 22 Notes payable (aggregate principal amount) (A) $ 2,270 $ 2,270 $ 2,270 $ 2,195 $
Slide 11: Summary of Invested Assets by Asset Class
Summary of Invested Assets by Asset Class September 30, 2025 December 31, 2024 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale United States Government full faith and credit $ 421 $ 422 1 % $ 160 $ 158 — % United States Government spo
Slide 12: Credit Quality of Fixed Maturity Securities
Credit Quality of Fixed Maturity Securities September 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 32,582 63 % BBB 2 16,680 33 % BB 3 1,583 3 % B 4 508 1 % CCC 5 108 — % CC and lower 6 140 — % Total $ 51,601 100 % Credit Quality of Asset-Backed Securities September 30, 2025
Slide 13: GAAP Net Reserve Summary and Annuity Account Balance Rollforward
GAAP Net Reserve Summary Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Indexed annuities $ 31,073 $ 30,878 $ 30,326 $ 30,141 $ 30,239 $ 31,073 $ 30,239 Fixed rate annuities 6,623 6,661 5,880 6,434 6,508 6,
Slide 14: Annuity Liability Characteristics
Annuity Liability Characteristics Fixed Rate Annuities Account Value Indexed Annuities Account Value Surrender Charge Percentages: September 30, 2025 No surrender charge $ 406 $ 2,406 0.0% < 2.0% 17 419 2.0% < 4.0% 340 1,745 4.0% < 6.0% 761 3,475 6.0% < 8.0% 1,831 5,355 8.0% < 10.0% 2,973 9,591 10.0
Slide 15: Ratings Overview
Ratings Overview A.M. Best S&P Fitch Moody's Holding Company and Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Baa3 Outlook Stable Stable Stable Senior Unsecured Notes Not Rated BBB- BBB- Baa3 Junior Subordinated Notes Not Rated BB BB Ba1 CF Bermuda Ho
Slide 16: Shareholder Information
Shareholder Information NYSE: FG History of Quarterly Common Stock Price High Low Close 2024 First Quarter $ 47.54 $ 35.99 $ 40.55 Second Quarter 42.76 35.11 38.05 Third Quarter 45.69 37.08 44.72 Fourth Quarter 48.76 40.10 41.44 2025 First Quarter 47.04 34.70 36.05 Second Quarter 36.88 30.17 31.98 T
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (
Slide 18: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP int
Slide 19: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution r
Slide 20: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income
Slide 21: Non-GAAP Measures Definitions
Non-GAAP Measures Definitions Non-GAAP Measures Generally Accepted Accounting Principles ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactio
Slide 22: Non-GAAP Measures Definitions (continued)
Non-GAAP Measures Definitions (continued) Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net
Slide 23: Non-GAAP Measures Definitions (continued)
Non-GAAP Measures Definitions (continued) Average Assets Under Management (AAUM) (Quarterly and YTD) AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one. Management considers this non-GAAP fina