F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q1 2026 Earnings Presentation
22 slides from F&g Annuities & Life's earnings presentation, May 6, 2026
Slide 1: Quarterly Financial Supplement First Quarter 2026
Quarterly Financial Supplement ——————————— First Quarter 2026 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 Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings Attributable to Common Shareholders 5 Adjusted Net Earnings - Significant Income and Expense Items 6 Adjusted Return on Assets 7 Assets Under Managem
Slide 3: Financial Highlights
Financial Highlights Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ 248 $ 128 $ 118 $ 40 $ (21) $ 265 $ 639
Slide 4: Consolidated Statements of Operations (GAAP)
Consolidated Statements of Operations (GAAP) Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Revenues Life insurance premiums and other fees $ 479 $ 987 $ 711 $ 608 $ 489 $ 2,795 $ 2,860 Interest and i
Slide 5: Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings Attributable to Common Shareholders
Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings Attributable to Common Shareholders ¹ ² Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Net earnings (loss) attributable to F&G $ 248 $ 12
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 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Adjusted interest and investment income $ 2,944 $ 2,813 $ 2,765 $ 2,674 $ 2,660 Cost of funds (1,984) (1,773) (1,724) (1,708) (1,712) Product margin 960 1,040 1,041 96
Slide 8: Assets Under Management Rollforward and Interest and Investment Income and Yield
Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 AUM at beginning of period $ 57,574 $ 56,647 $ 55,565 $ 54,546 $ 53,817 $ 53,81
Slide 9: Consolidated Balance Sheets (GAAP)
Consolidated Balance Sheets (GAAP) Assets March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Investments Fixed maturity securities available for sale, at fair value, net of allowance $ 52,361 $ 52,700 $ 51,601 $ 50,193 $ 47,909 Fixed maturity securities, at fair value u
Slide 10: Capitalization and Return on Equity
Capitalization ¹ Three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Notes payable $ 2,238 $ 2,237 $ 2,236 $ 2,235 $ 2,234 Net issuance costs (premium) 32 33 34 35 36 Notes payable (aggregate principal amount) (A) $ 2,270 $ 2,270 $ 2,270 $ 2,270 $ 2,27
Slide 11: Summary of Invested Assets by Asset Class
Summary of Invested Assets by Asset Class March 31, 2026 December 31, 2025 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale United States Government full faith and credit $ 437 $ 434 1 % $ 495 $ 493 1 % United States Government sponsor
Slide 12: Credit Quality of Fixed Maturity Available For Sale Securities
Credit Quality of Fixed Maturity Available For Sale ("AFS") Securities March 31, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 32,216 62 % BBB 2 17,665 34 % BB 3 1,707 3 % B 4 473 1 % CCC 5 109 — % CC and lower 6 191 — % Total $ 52,361 100 % Credit Quality of AFS Asset-Backed Se
Slide 13: GAAP Net Reserve Summary and Annuity Account Balance Rollforward
GAAP Net Reserve Summary 1 Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Indexed annuities $ 28,925 $ 30,966 $ 30,831 $ 30,665 $ 30,139 $ 30,966 $ 29,953 Fixed rate annuities 6,142 6,404 6,623 6,661 5,880 6,404 6,434 S
Slide 14: Annuity Liability Characteristics and Top 5 Reinsurers
Annuity Liability Characteristics March 31, 2026 Surrender Charge Percentages: Fixed Rate Annuities Account Value Indexed Annuities Account Value No surrender charge $ 380 $ 2,046 0.0% < 2.0% 17 449 2.0% < 4.0% 142 1,802 4.0% < 6.0% 669 2,877 6.0% < 8.0% 1,848 5,307 8.0% < 10.0% 2,796 9,020 10.0% or
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 Operating Sub
Slide 16: Shareholder Information
Shareholder Information NYSE: FG History of Quarterly Common Stock Price High Low Close 2025 First Quarter $ 47.04 $ 34.70 $ 36.05 Second Quarter 36.88 30.17 31.98 Third Quarter 35.50 30.01 31.27 Fourth Quarter 34.93 28.91 30.85 2026 First Quarter 30.84 20.57 25.32 History of Quarterly Cash Dividend
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and investment inco
Slide 18: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Composition of flow reinsurance fee income Reclass of fee income from cost of funds $ 16 $ 15 $ 14 $ 14 $ 13 $ 56 $
Slide 19: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense)
Slide 20: 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 21: 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 22: 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