F&G Annuities & Life, Inc. · NYSE:FG
F&G Annuities & Life — Q3 2026 Earnings Presentation
23 slides from F&G Annuities & Life's earnings presentation, Nov 5, 2026
Slide 1: Quarterly Financial Supplement Third Quarter 2026
Quarterly Financial Supplement ——————————— Third 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 Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ 740 $ (76) $ 248 $ 128 $ 1
Slide 4: Consolidated Statements of Operations (GAAP)
Consolidated Statements of Operations (GAAP) Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Revenues Life insurance premiums and other fees $ 330 $ 394 $ 479 $ 987 $ 711 $ 1,203 $ 1,808 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 Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Net earnings (loss) attributable to F
Slide 6: Adjusted Net Earnings - Significant Income and Expense Items
Adjusted Net Earnings - Significant Income and Expense Items ¹ ² ³ 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
Slide 7: Adjusted Return on Assets
Adjusted Return on Assets ¹ Annualized year to date September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Adjusted interest and investment income $ 2,861 $ 2,884 $ 2,944 $ 2,813 $ 2,765 Cost of funds (1,968) (1,980) (1,984) (1,773) (1,724) Product margin 893 904 960 1,
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 Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 AUM at beginning of period $ 55,868 $ 56,436 $ 57,574 $ 56,647 $ 5
Slide 9: Consolidated Balance Sheets (GAAP)
Consolidated Balance Sheets (GAAP) Assets September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Investments Fixed maturity securities available for sale, at fair value, net of allowance $ 50,712 $ 52,228 $ 52,361 $ 52,700 $ 51,601 Fixed maturity securities, at fair val
Slide 10: Capitalization and Return on Equity
Capitalization ¹ Three months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Notes payable $ 2,240 $ 2,239 $ 2,238 $ 2,237 $ 2,236 Net issuance costs (premium) 30 31 32 33 34 Notes payable (aggregate principal amount) (A) $ 2,270 $ 2,270 $ 2,270 $ 2,270 $
Slide 11: Summary of Invested Assets by Asset Class
Summary of Invested Assets by Asset Class ¹ ² September 30, 2026 December 31, 2025 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Core fixed income securities Government related United States municipalities, states and territories $ 1,375 $ 1,084 2 % $ 1,469 $ 1,267 2 % United S
Slide 12: Interest and Investment Income; Credit Quality of Core Fixed Income
Interest and Investment Income September 30, 2026 December 31, 2025 Interest and investment income (year to date and net of amounts attributable to funds withheld reinsurance agreements): Interest and investment income - fixed income and other 1,920 90 % 2,539 89 % Interest and investment income - a
Slide 13: Credit Quality of Public Structured and Private Origination Securities
Credit Quality of Public Structured Securities - CMBS & RMBS ² September 30, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 3,573 83 % BBB 2 470 11 % BB 3 120 3 % B 4 58 1 % CCC 5 34 1 % CC and lower 6 29 1 % Total $ 4,284 100 % Credit Quality of Public Structured Securities - AB
Slide 14: GAAP Net Reserve Summary and Annuity Account Balance Rollforward
GAAP Net Reserve Summary 1 Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Indexed annuities $ 28,415 $ 29,178 $ 28,925 $ 30,966 $ 30,831 $ 28,415 $ 30,831 Fixed rate annuities 5,784 5,972 6,142 6,404 6,623
Slide 15: Annuity Liability Characteristics and Top 5 Reinsurers
Annuity Liability Characteristics September 30, 2026 Surrender Charge Percentages: Fixed Rate Annuities Account Value Indexed Annuities Account Value No surrender charge $ 357 $ 2,167 0.0% < 2.0% 26 499 2.0% < 4.0% 94 1,800 4.0% < 6.0% 807 3,205 6.0% < 8.0% 2,154 5,372 8.0% < 10.0% 2,051 8,315 10.0%
Slide 16: 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 Negative Senior Unsecured Notes Not Rated BBB- BBB- Baa3 Junior Subordinated Notes Not Rated BB BB Ba1 Operating S
Slide 17: 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 Second Quarter 29.47 24.03 26.59 T
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and in
Slide 19: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Composition of flow reinsurance fee income Reclass of fee income from cost of funds $ 17 $ 17 $ 16 $ 15
Slide 20: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 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) While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a us
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