F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q1 2026 Earnings Presentation
50 slides from F&g Annuities & Life's earnings presentation, May 7, 2026
Slide 1: F&G Investor Update Spring 2026
F&G Investor Update Spring 2026
Slide 2: Disclaimer & Forward-Looking Statements
Disclaimer & Forward-Looking Statements This presentation contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Generally Accepted Accounting Principles in the U.S. ("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 transactions and i
Slide 4: 1Q26 Highlights
1Q26 Highlights We are executing on our strategy toward a more fee-based, higher margin, and less capital intensive business model and remain focused on delivering long-term shareholder value $74.5B $56.4B $3.2B $2.2B AUM before Assets Under 1Q26 1Q26 reinsurance1 Management (AUM)1 Gross Sales Net S
Slide 5: First Quarter Financial Trends
First Quarter Financial Trends Financial Trends – As Reported Other Considerations – Quarterly ANE ($M) and Per Share 1Q25 1Q26 ($M) – except per share and percentages Full Year Quarterly Per Per ($M) ($M) share share 2024 2025 1Q25 1Q26 Investment income from alternative investments Gross sales $15
Slide 6: F&G Is At A Highly Attractive Valuation
F&G Is At A Highly Attractive Valuation Progression of F&G Transaction Prices & Market Capitalization $6.2B $4.2B $3.8B F&G $2.7B $2.4B GAAP Equity F&G $1.8B market cap at F&G ex AOCI2 F&G Purchase Purchase price market cap at partial spinoff market cap by CF Corp1 price by FNF partial spinoff Nov 3
Slide 7: We Have Generated Sustainable Returns
We Have Generated Sustainable Returns Strong earnings generation combined with balanced capital allocation since 2020 acquisition by FNF have been driving steady BVPS growth, before mark-to-market (MTM) movements which are unrealized and point in time Book Value Per Share (BVPS) ex AOCI1 Cumulative
Slide 8: We Are Driving Toward Our Investor Day Targets
We Are Driving Toward Our Investor Day Targets F&G is transitioning its business toward a more fee based, higher margin and less capital intensive business with strong cash flow generation and ROE expansion in future years Retained Sales Flow Reinsurance Middle Market Life & Owned Distribution • Spr
Slide 9: F&G Snapshot
F&G Snapshot Our Product Lines Five Distinct Distribution Channels / Markets Retail Annuities Retail Channels • Fixed indexed annuity (FIA) • Independent insurance agents (IMOs) • Registered index-linked annuities (RILA) • Broker Dealers • Multi-year guaranteed annuity (MYGA) • Banks Pension Risk Tr
Slide 10: A Compelling Investment Case For F&G
A Compelling Investment Case For F&G Targeting Large, Growing Markets Evolved Ecosystem Spans v For Continued AUM Growth Distribution, Investments & Reinsurers F&G is a nationwide leader strategically positioned within large, F&G’s ecosystem has evolved and is built on our expanding growing markets,
Slide 11: We Have A Clean & Profitable Inforce Book
We Have A Clean & Profitable Inforce Book Our inforce liabilities are surrender charge protected and our asset and liability cash flows are well matched; our inforce book does not contain problematic legacy business • Our liability profile drives our investment strategy • Retail fixed annuities are
Slide 12: We Compete In Very Large Markets
We Compete In Very Large Markets The U.S. retirement and middle markets are growing and we are both well established and well positioned in our retail channels and institutional markets to grow our AUM Mutual Fund 401(k) Assets1 $5.8T Indexed annuities provide alternative with upside potential and l
Slide 13: Secular Tailwinds Driving Industry Demand
Secular Tailwinds Driving Industry Demand U.S. Money Market Fund Assets ($Trillions)1 We continue to see sustainable demand for our retail Retail only fixed annuity products given current environment Institutional only Combined • U.S. consumers are holding $3 trillion in retail money 7.8 7.8 6.8 mar
Slide 14: Our Strong Sales Are Driving Record AUM
Our Strong Sales Are Driving Record AUM AUM and Annual Gross Sales by Retail Channel and Institutional Market ($B) FNF and F&G Merger AUM before flow (June 2020) $74.5B $73.1B reinsurance $65.3B +18% CAGR1 $55.9B $46.4B Gross Sales $15.3B $14.9B +24% CAGR1 $37.3B $14.6B $13.2B Fixed Rate Annuities $
Slide 15: Our Owned Distribution Track Record
Our Owned Distribution Track Record Our owned distribution strategy is contributing to margin expansion and is a capital light, diversified source of fee-based earnings Portfolio is performing well and creating value Life Network Life • Owned distribution margin driven by seasonality, timing of Mark
Slide 16: Disciplined Focus In Current Environment
Disciplined Focus In Current Environment AUM Before Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) Cumulative net reinsurance to third parties Retained AUM 2025 VPY: 12% +11% VPY 546 482 65.3 73.1 67.4 74.5 55.9 11.5 15.5 12.9 18.0 335 6.8 49.1 53.8 57.6 54.5 56.4 2023 2024 2025 1Q25 1Q26
Slide 17: Strong Gross Sales With Pricing Discipline
Strong Gross Sales With Pricing Discipline Gross Sales ($B) Gross sales reflect continued pricing discipline & capital Opportunistic (MYGA and Funding agreements) allocation to highest return opportunities Core (Indexed annuities, IUL and PRT) • 1Q26 Gross sales of $3.2B, ↑ 10% vs. 1Q25 15.3 14.6 •
Slide 18: Core Earnings Power Remains Attractive
Core Earnings Power Remains Attractive Common Adjusted Net Earnings (ANE) ($M) F&G expects steady and growing adjusted net earnings over time, excluding significant items • As reported, ANE in 1Q26 vs. 1Q25 reflects lower than 546 expected level of alternative investments income and 482 335 signific
Slide 19: Gaining Traction in Fee-Based Strategies
Gaining Traction in Fee-Based Strategies Adjusted Net Earnings1 – Pro Forma Mix F&G is quickly evolving toward a more fee-based, higher margin, and less capital intensive business model 2022 2025 2028 Target • We estimate our fee-based flow reinsurance fee income and owned distribution margin, toget
Slide 20: Our Stable and Strong Capital Profile
Our Stable and Strong Capital Profile Total Capitalization ex AOCI1 ($M) Strong F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% Debt Preferred Stock • Balance sheet expected to naturally delever as a result of Total Equity ex. AOCI growth in total equity, excludin
Slide 21: Book Value Per Share Growth – 1Q26
Book Value Per Share Growth – 1Q26 BVPS ex. AOCI1 – 12/31/2025 to 3/31/2026 QE 1Q26 BVPS ex AOCI of $46.51; ↑ $2.08, or ↑ 5%, over QE 4Q25 0.99 $46.51 • $0.10 per share increase from 1x gain on sale of F&G Life Re Ltd 0.27 $45.52 0.72 $45.25 • $0.72 per share increase due to 0.10 $44.53 underlying b
Slide 22: Our Capital Allocation Priorities
Our Capital Allocation Priorities F&G’s business is built around a diversified and self funding capital model, with multiple sources of capital and capital allocation priorities that support continued growth and return of capital to shareholders Sources of Capital Capital Allocation Capital Targets
Slide 23: Our Capitalization Supports Growth & Dividend
Our Capitalization Supports Growth & Dividend F&G is quickly evolving toward a more fee based, higher margin and less capital intensive business with strong cash flow generation in future years • F&G has flexibility to adjust retained sales level, as a “lever” to support net cash from operations wit
Slide 24: Investments
Investments SECTION F&G Investor Update | Spring 2026 24
Slide 25: Our High Quality & Well Diversified Portfolio
Our High Quality & Well Diversified Portfolio1 Portfolio conservatively positioned & well-matched to Investment Portfolio by Asset Class liability profile 26% Corporates • Fixed income is 97% investment grade 21% Private Origination 21% Public Structured Securities • Modest average credit-related im
Slide 26: Our Investment Portfolio Key Attributes
Our Investment Portfolio Key Attributes1,2 Investment Rationale Core Fixed Income3 (excludes Public Structured, Private Origination and Mortgage Loans shown below) • Core fixed income: Focus remains on high grade public securities with strong risk adjusted returns • Private origination: Private orig
Slide 27: Portfolio Spotlight: Private Origination
Portfolio Spotlight: Private Origination Private origination is a key component of our investment strategy • Provides enhanced yield while limiting additional credit risk • Offers diversification and strong covenant protection • Our private origination portfolio is approximately $11B, or 21%, of our
Slide 28: Private Origination – Corporate Lending
Private Origination – Corporate Lending Our $11B private origination portfolio is comprised of $6B, or 58%, in corporate lending Private Origination • Private origination corporate lending of $6.0B is 12% of the total retained portfolio, including middle market lending of $4.8B, or 9%, of the total
Slide 29: Private Origination – Ratings Perspective
Private Origination – Ratings Perspective Our private origination portfolio is well diversified and high quality; in line with total portfolio Approximately 90% of the private origination debt portfolio is investment grade, and included within the 97% investment grade for our total retained fixed in
Slide 30: Portfolio Spotlight: Structured Credit
Portfolio Spotlight: Structured Credit Investment Rationale CLO Top 10 Industries • Collateralized loan obligation (CLO) portfolio well diversified 13% Healthcare & Pharmaceuticals across industry, issuer and manager; focus on investment 12% High Tech grade with ample par subordination 10% Banking,
Slide 31: Portfolio Spotlight: CLO
Portfolio Spotlight: CLO Highly diversified portfolio with ample par subordination • Blackstone’s broad & deep understanding of the asset class, and ability to perform loan level underwriting, distinguishes F&G’s portfolio from its peers F&G CLO Portfolio Composition – % Fair Value Market Value Cred
Slide 32: Our CLO Portfolio Characteristics
Our CLO Portfolio Characteristics Portfolio focused on high quality CLO securities backed by highly diversified pool of loans CLO Managers Companies Industries Manager 1 5.5% Issuer 1 0.6% Industry 1 12.5% Manager 2 4.6% Issuer 2 0.4% Industry 2 12.5% Manager 3 4.3% Issuer 3 0.4% Industry 3 10.1% Ma
Slide 33: U.S. CLO Impairment Frontier
U.S. CLO Impairment Frontier CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 8.7% (that would have to occur every year) assuming a 61% average long- term loan recovery rate U.S. CLO Impairment Frontier (First-Loss Scenarios a
Slide 34: Portfolio Spotlight: Real Estate Debt
Portfolio Spotlight: Real Estate Debt1 Blackstone Real Estate Debt Strategies (BREDS) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Market Value Duration $13B 3.7 Real estate portfolio years 37% RML 29% CMBS $13B 17% CML 12% RMBS Weighted Averag
Slide 35: Portfolio Spotlight: CMBS & RMBS
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating $6B $6B $6B 30% RMBS 37% Multifamily 86% NAIC 1 38% SASB 16% Office 9% NAIC 2 15% CRE CLOs 15% Industrial 2% NAIC 3 9% Conduit (Below A) 9% Hotel 3% NAIC 4/5/6 4% Conduit (A or above) 8% Other 4% Agency 6% Net Lease 5% Da
Slide 36: Portfolio Spotlight: CMBS
Portfolio Spotlight: CMBS Prudent asset selection has led to more multifamily exposure and less retail vs. Conduit CMBS market averages Portfolio Construction Comparison1 Market Value Credit Quality 37% $4B 86% CMBS portfolio Investment grade (NRSRO) 23% 15% Weighted Average Life Quality 4% 3.0 1.3
Slide 37: Portfolio Spotlight: CMLs
Portfolio Spotlight: CMLs By State By Loan-To-Value % 20% CA 14% FL 48% LTV 60% to 70% 6% NY 34% LTV 50% to 60% $2B 6% TX $2B 13% LTV < 50% 5% NJ 5% LTV > 70% 4% GA 4% CT 41% Other By Underlying Property Type Investment Rationale 48% Multifamily 21% Industrial • Our Commercial Mortgage Loan (CML) po
Slide 38: Portfolio Spotlight: Alternative LPs & Equities
Portfolio Spotlight: Alternative LPs & Equities Alternative LPs – Historical Performance Our alternative investments portfolio is $4B, or 7% of the total retained portfolio; this includes ~$3B of limited Average = 12% partnerships and ~$1B of other equity interests 37% • Effective 1/1/2026, we updat
Slide 39: Blackstone Related Important Disclosures
Blackstone Related Important Disclosures This document (together with any attachments, appendices, and related materials, the “Materials”) is provided for informational due diligence purposes only and is not, and may not be relied on in any manner as legal, tax, investment, accounting or other advic
Slide 40: Appendix – Finance
Appendix – Finance APPENDIX
Slide 41: We Are Achieving Higher Ratings Over Time
We Are Achieving Higher Ratings Over Time F&G’s Recent History F&G has received multiple ratings Launched upgrades over time, reflecting our Reinsurance Sidecar upward trajectory Launched FNF Merger Institutional F&G Partial Spinoff Completed Markets $4.2B Market Cap • Scaling business to generate (
Slide 42: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations Year ended Three months ended ($M) 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Net earnings (loss) ($58) $622 $248 ($25) $35 $114 $124 $244 Recognized (gains) losses, net 214 27 180 29 79 68 4 (163) Market related liability adjustments 258 (214) 28 103 (16) (37) (22) (37
Slide 43: ANE – Significant Items
ANE – Significant Items1 ($ in millions) Three months ended March 31, 2026 Adjusted net earnings of $110 million for the three months ended March 31, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $44 milli
Slide 44: ANE – Significant Items
ANE – Significant Items1 ($ in millions) Year ended December 31, 2025 Adjusted net earnings of $482 million for the year ended December 31, 2025 included income from a $16 million reinsurance true-up adjustment, $10 million tax valuation allowance benefit, and $4 million of actuarial reserve release
Slide 45: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions The following represents the definitions of non-GAAP financial measures used by F&G Adjusted Net Earnings attributable to common shareholders Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure we use to evaluate
Slide 46: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions The following represents the definitions of non-GAAP financial measures used by F&G Adjusted Net Earnings attributable to common shareholders (continued) (v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any
Slide 47: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Re
Slide 48: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distr
Slide 49: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Book Value per Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be
Slide 50: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the