F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q2 2026 Earnings Presentation
49 slides from F&g Annuities & Life's earnings presentation, Aug 6, 2026
Slide 1: F&G Investor Update Summer 2026
F&G Investor Update Summer 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: 2Q26 Highlights
2Q26 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 $74.7B $55.9B $1.8B $2.7B $1.5B AUM before Assets Under 2Q26 Gross Sales: 2Q26 Gross Sales: 2Q26 reinsurance
Slide 5: Second Quarter Financial Trends
Second Quarter Financial Trends Financial Trends – As Reported Other Considerations – Quarterly ANE ($M) and Per Share 2Q25 2Q26 ($M) – except per share and percentages Quarterly Year-to-Date Per Per ($M) ($M) share share 2Q25 2Q26 1H25 1H26 Investment income from alternative investments Gross sales
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 $6.0B $4.2B $3.7B $2.7B F&G $2.4B F&G GAAP Equity $1.8B market cap at F&G ex AOCI2 F&G Purchase partial spinoff market cap Purchase price market cap at 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 $5.7T Indexed annuities provide alternative with upside potential and l
Slide 13: Secular Tailwinds Driving Industry Demand
Secular Tailwinds Driving Industry Demand Projected U.S. Population: Ages 65-100 (Millions)1 We continue to see sustainable demand for our retail fixed annuity products given current environment Number of people aged 65-100 is projected to increase 30% over the next 25 years • We serve a growing ret
Slide 14: Our Strong Sales Are Driving Record AUM
Our Strong Sales Are Driving Record AUM AUM and Annual Gross Sales by Retail Channel and Institutional Market ($B) FNF and F&G Merger AUM before (June 2020) $73.1B $74.7B reinsurance $65.3B +17% CAGR1 $55.9B $46.4B Gross Sales $15.3B +21% CAGR1 $37.3B $14.6B $13.2B $13.5B Fixed Rate Annuities $26.4B
Slide 15: Our Owned Distribution Track Record
Our Owned Distribution Track Record Our owned distribution strategy is a capital light, diversified source of fee-based earnings; we have launched a process to explore strategic alternatives for Peak Altitude Portfolio is performing well and creating value Life Network Life • Owned distribution marg
Slide 16: Disciplined Focus In Current Environment
Disciplined Focus In Current Environment AUM Before Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) Cumulative net reinsurance to third parties Retained AUM +8% VPY 546 2025 VPY: 12% 482 483 65.3 73.1 74.7 69.2 74.7 11.5 15.5 18.8 13.6 18.8 53.8 57.6 55.9 55.6 55.9 194 195 2024 2025 2Q26 LT
Slide 17: AUM Growth Aligned With Disciplined Sales
AUM Growth Aligned With Disciplined Sales AUM Before Reinsurance1 ($B) Gross AUM growth aligned with disciplined sales and capital allocation to highest return opportunities Cumulative net reinsurance to third parties Retained AUM • AUM before reinsurance of $74.7B, ↑ 8% vs. 2Q25 2025 VPY: 12% 2Q26
Slide 18: Higher Quality Core Earnings Remain Attractive
Higher Quality Core Earnings Remain Attractive Common Adjusted Net Earnings (ANE) ($M) • 2Q26 Reported ANE of $85M vs. $110M in 1Q26 largely consistent and in line with our expectation, reflecting: 546 • lower alternative investments income (6% annualized 482 483 return in 2Q26 vs. 8% in 1Q26), • ef
Slide 19: Gaining Traction in Fee-Based Strategies
Gaining Traction in Fee-Based Strategies Adjusted Net Earnings1 – Pro Forma Mix F&G is quickly evolving toward a more fee-based, higher margin, and less capital intensive business model 2022 2025 2028 Target • We estimate our fee-based flow reinsurance fee income and owned distribution margin, toget
Slide 20: Our Stable and Strong Capital Profile
Our Stable and Strong Capital Profile Total Capitalization ex AOCI1 ($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 – 1H26
Book Value Per Share Growth – 1H26 BVPS ex. AOCI1 – 12/31/2025 to 6/30/2026 QE 2Q26 BVPS ex AOCI of $45.93 ↑ $1.50, or ↑ 3%, over QE 4Q25 • $0.10 per share from 1x gain on $45.85 0.08 $45.93 1.05 $45.58 0.27 F&G Life Re (Bermuda) sale • $1.05 per share from underlying 0.10 $44.53 business performanc
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 | Summer 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 • Fixed income is 97% investment grade 31% Core fixed income • Credit-related impairments averaging 6 bps over the last 5 22% Private origination
Slide 26: Our Investment Portfolio Key Attributes
Our Investment Portfolio Key Attributes1 Core Fixed Income Private Origination Focus on high grade public securities with strong adjusted returns Provides access to wide spectrum of collateral types for diversification 29% Finance, insurance and real estate 56% Corporate lending 23% Services, media
Slide 27: Portfolio Spotlight: Private Origination
Portfolio Spotlight: Private Origination Total Portfolio Private Origination Private Origination – Private Origination – Middle Middle Market Lending1 Market Lending1 (Non-IG) 22% 10% $55B $12B $5B $0.5B 78% 90% Private origination 56% Corporate lending 17% Infrastructure Investment grade Non-privat
Slide 28: Private Origination – Corporate Lending
Private Origination – Corporate Lending At YE 2025, our private origination portfolio was comprised of $6B or 58% in corporate lending Private Origination • Private origination corporate lending of $6B, or 12% of the total retained portfolio, includes middle market (YE 2025) lending of $4.8B, or 9%,
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 7% Issuer 1 0.6% Industry 1 13% Manager 2 4% Issuer 2 0.4% Industry 2 12% Manager 3 4% Issuer 3 0.4% Industry 3 10% Manager 4 4% I
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 3.9 35% RML Real estate portfolio years 24% CMBS $13B 18% CML 12% RMBS Weighted Averag
Slide 35: Portfolio Spotlight: CMBS & RMBS
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating $5B $5B $5B 40% SASB 57% Multifamily 85% NAIC 1 32% RMBS 12% Office 10% NAIC 2 11% CRE CLOs 2% NAIC 3 12% Industrial 9% Conduit (below A) 3% NAIC 4/5/6 4% Conduit (A or above) 7% Hotel 4% Agency 5% Net lease 4% Data cente
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% $3B 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: Spotlight: Alternative Investments Portfolio
Spotlight: Alternative Investments Portfolio Alternative LPs & Other Equity Interests – By Sector • Our alternative investments portfolio is highly diversified across 150 underlying funds • Our portfolio composition has evolved over time toward higher returning private equity strategies vs. private
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 F&G Investor Update | Summer 2026 40
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 $4.2B Market Cap • Scaling business to generate (
Slide 42: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations Year ended Three months ended Six months ended ($M) 2024 2025 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Net earnings (loss) $622 $248 $35 $114 $124 $244 ($81) $10 $163 Recognized (gains) losses, net 27 180 79 68 4 (163) 190 108 27 Market related liability adjustments (214)
Slide 43: ANE – Significant Items
ANE – Significant Items1 ($ in millions) Three months ended June 30, 2026 Adjusted net earnings of $85 million for the three months ended June 30, 2026. Investment income from alternative investments was $49 million below management's long-term expected return.1 March 31, 2026 Adjusted net earnings
Slide 44: 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 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 (continued) (v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any
Slide 46: 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 47: 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 48: 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 49: 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