F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q3 2025 Earnings Presentation
44 slides from F&g Annuities & Life's earnings presentation, Nov 7, 2025
Slide 1: F&G Investor Update
F&G Investor Update Fall 2025
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: Executing To Deliver Shareholder Value
Executing To Deliver Shareholder Value Strong 3Q25 performance; well positioned for strong finish in 2025 $4.2B $2.8B $71.4B $56.6B 3Q25 3Q25 AUM before flow Assets Under Gross Sales Net Sales reinsurance1 Management (AUM)1 ↑ 8% vs. 3Q24 ↑ 17% vs. 3Q24 ↑ 14% YoY ↑ 8% YoY 0.92% 8.8% $98M $6.0B LTM 3Q
Slide 5: Third Quarter Financial Trends
Third Quarter Financial Trends Financial Trends – As Reported Other Considerations – Quarterly ANE ($M) and Per Share 3Q24 3Q25 ($M) – except per share and percentages Quarterly Year-to-Date Per Per ($M) ($M) share share 3Q24 3Q25 3Q24 3Q25 Investment income from alternative investments Gross sales
Slide 6: We Have Generated Strong Returns Over Time
We Have Generated Strong Returns Over Time Strong earnings generation combined with balanced capital allocation have been driving sustainable ROE expansion and BVPS growth since 2020 acquisition by FNF Adjusted Return on Equity (ROE) ex AOCI1 Book Value Per Share (BVPS) ex AOCI2 Cumulative period fr
Slide 7: We Are Driving Toward Our Investor Day Targets
We Are Driving Toward Our Investor Day Targets F&G is moving toward a more fee based, higher margin and capital light business with strong cash flow generation in future years Retained Sales Flow Reinsurance Middle Market Life & Owned Distribution • Spread-based earnings • Fee-based earnings • Fee-b
Slide 8: 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 9: A Compelling Investment Case For F&G
A Compelling Investment Case For F&G v Targeting Large and Growing Markets Superior Ecosystem F&G is a nationwide leader in the large markets we We have long-standing relationships with multiple play in, and we expect demographic trends will distribution channels, an investment edge, and a track pro
Slide 10: 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 11: 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 for continued growth in our retail channels and institutional markets Mutual Fund 401(k) Assets1 $5.7T Indexed annuities provide alternative with upside potential
Slide 12: … With Secular Tailwinds Driving Demand
… With Secular Tailwinds Driving Demand U.S. Money Market Fund Assets ($Trillions)1 We continue to see sustainable demand for our retail Retail only fixed annuity products given current environment Institutional only Combined 7.4 • U.S. consumers are holding nearly $3 trillion in retail 6.8 5.9 mone
Slide 13: … And We’re Winning …
… And We’re Winning … Annual Gross Sales by Retail Channel and Institutional Market ($B) $15.3B +31% CAGR1 $13.2B PRT $11.3B Funding Agreements $9.6B FNF and F&G Merger Bank (June 2020) Broker Dealer $4.5B $3.9B Agent 2019 2020 2021 2022 2023 2024 1CAGR reflects 2019-2024 annual periods F&G Investor
Slide 14: … While Significantly Diversifying Our Business
… While Significantly Diversifying Our Business FY2020 Sales FY2024 Sales YTD 3Q25 Sales 4% 15% 11% 7% Agent 5% Channel 7% 14% Bank 46% 45% Broker Dealer $4.5B 5% $15.3B 4% $11.2B Funding Agreements (9 Mos.) Pension Risk Transfer (PRT) 84% 27% 26% 1% 5% 11% 15% Indexed Annuities (FIA/RILA) 17% Produ
Slide 15: Our Owned Distribution Track Record
Our Owned Distribution Track Record Our owned distribution strategy is contributing to margin expansion and is a capital light, diversified source of fee-based earnings Portfolio is performing well and creating value Life Network Life • Owned distribution margin driven by seasonality, timing of Mark
Slide 16: Our High Quality & Well-Diversified Portfolio
Our High Quality & Well-Diversified Portfolio1 Portfolio conservatively positioned & well-matched to Investment Portfolio by Asset Class liability profile 29% Corporates • Fixed income is 96% investment grade 22% Structured Securities 17% Private Origination • Credit related impairments averaging 6
Slide 17: Our Investment Portfolio Key Attributes
Our Investment Portfolio Key Attributes Investment Rationale Fixed Income1,2 (ex. Structured, Mortgage Loan & Private Origination) • Core fixed income: Focus remains on high grade public and private securities with strong risk adjusted returns 79% Corporates • Structured credit: Provides access to w
Slide 18: Strong Performance In Current Environment
Strong Performance In Current Environment Gross Sales ($B) Common Adjusted Net Earnings (ANE) ($M) Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 2024 VPY: 16% (5%) VPY 546 502 15.3 14.7 403 13.2 11.8 11.2 335 359 6.4 6.1 5.6 5.5 5.0 6.8 9.2 9.1 6.3 6.2 2023 2024 3
Slide 19: 3Q25 One of Our Best Sales Quarters In History
3Q25 One of Our Best Sales Quarters In History Gross Sales ($B) Gross sales reflect strength across all products and Opportunistic (MYGA and Funding agreements) distribution channels; continued pricing discipline & Core (Indexed annuities, IUL and PRT) capital allocation to highest return opportunit
Slide 20: Core Earnings Power Remains Attractive
Core Earnings Power Remains Attractive Common Adjusted Net Earnings (ANE) ($M) F&G expects steady and growing adjusted net earnings over time, excluding significant items • 3Q25 ANE vs. 3Q24 reflects lower than expected level of 546 493 alternative investments income and significant items, as 335 we
Slide 21: Our Stable and Strong Capital Profile
Our Stable and Strong Capital Profile Total Capitalization ex AOCI1 ($M) Solid F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% Debt Preferred Stock • In early 2025, completed common stock offering with net Total Equity ex. AOCI proceeds of $269M to support future
Slide 22: Book Value Per Share Growth – YTD 3Q25
Book Value Per Share Growth – YTD 3Q25 BVPS ex. AOCI1 – 12/31/2024 to 9/30/2025 BVPS ex AOCI of $44.07 at QE 3Q25, ↑ 3% YTD ex effect of MTM movements $47.00 2.24 $46.52 (0.50) • $2.24 per share increase due to $46.50 (0.63) $46.00 underlying business performance $45.39 (1.32) $45.50 • ($1.13) per s
Slide 23: Our Capitalization Supports Growth & Dividend
Our Capitalization Supports Growth & Dividend F&G is moving toward a more fee based, higher margin and capital light 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 with sustained asset g
Slide 24: Appendix – Investments
Appendix – Investments APPENDIX F&G Investor Update | Fall 2025 24
Slide 25: Overview of Structured Credit
Overview of Structured Credit Investment Rationale CMBS by Property Type • Collateralized loan obligation (CLO) portfolio well diversified 39% Multifamily across industry, issuer and manager; focus on investment 16% Industrial grade with ample par subordination 16% Office • Commercial mortgage-backe
Slide 26: 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 27: Our CLO Portfolio: Look Through Analysis
Our CLO Portfolio: Look Through Analysis Portfolio focused on high quality CLO securities backed by highly diversified pool of loans CLO Managers Companies Industries Manager 1 5.4% Issuer 1 0.6% Industry 1 11.6% Manager 2 4.5% Issuer 2 0.5% Industry 2 11.1% Manager 3 3.5% Issuer 3 0.4% Industry 3 1
Slide 28: 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 9.1% (that would have to occur every year) assuming a 62.3% average long- term loan recovery rate U.S. CLO Impairment Frontier (First-Loss Scenarios
Slide 29: Portfolio Spotlight: Real Estate Debt
Portfolio Spotlight: Real Estate Debt Blackstone Real Estate Debt Strategies (BREDS) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Market Value Duration $13.0B 3.7 Real estate portfolio years 32% CML 31% CMBS $13B 17% RMBS 14% RML Weighted Avera
Slide 30: Portfolio Spotlight: CMBS & RMBS
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating 4% 2% 3% 5% 3% 4% 6% 9% 10% 10% 17% 11% 11% 31% 83% 57% 34% 3Q25 3Q25 3Q25 SASB Multifamily 1 RMBS Industrial Office 2 CRE CLOs Conduit (Below A) Other 3 Hotel Conduit (A or above) Retail 4/5/6 Agency Defeased Note: GAAP
Slide 31: 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 39% $4.1B 87% CMBS portfolio Investment grade (NRSRO) 24% 14% Credit focus Quality 5% A- 1.4 NRSRO ra
Slide 32: Portfolio Spotlight: CMLs
Portfolio Spotlight: CMLs By State By Loan-To-Value % 21% CA 15% FL 5% NY 54% LTV 60% to 70% 5% TX 34% LTV 50% to 60% $2B 5% NJ $2B 11% LTV < 50% 4% GA 1% LTV > 70% 4% CT 41% Other By Underlying Property Type Investment Rationale 49% Multifamily 23% Industrial • Our Commercial Mortgage Loan (CML) po
Slide 33: Portfolio Spotlight: Alternative LPs
Portfolio Spotlight: Alternative LPs Alternative LPs – Historical Performance • Alternative LPs NAV of $3.0B or 5% of total portfolio; Average = 12% generating positive annual returns Average ex 2021 = 7% • The portfolio is well-diversified by underlying asset type, 37% vintage year and geography •
Slide 34: 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 35: Appendix – Finance
Appendix – Finance APPENDIX F&G Investor Update | Fall 2025 35
Slide 36: 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 F&G at 9/30/2025 upgrades over time, reflecting our Launched $4.2B Market Cap upward trajectory FNF Merger Institutional Completed Markets • Scaling business to generate (PRT & FABN) profitable growth La
Slide 37: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations Year ended Three months ended Nine months ended ($M) 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 3Q25 Net earnings (loss) ($58) $622 ($10) $323 ($25) $35 $114 $299 $124 Recognized (gains) and losses, net 214 27 46 (33) 29 79 68 60 176 Market related liability adjustments
Slide 38: ANE – Significant Items
ANE – Significant Items1 ($ and shares in table in millions) Three months ended September 30, 2025 Adjusted net earnings of $165 million for the three months ended September 30, 2025 included income from $10 million tax valuation benefit and $4 million of actuarial reserve release. Investment income
Slide 39: 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 is a non-GAAP economic measure we use to evaluate financ
Slide 40: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created
Slide 41: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions 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 ne
Slide 42: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions AUM before Flow Reinsurance AUM before Flow Reinsurance is comprised of AUM plus flow reinsured assets, including certain block reinsured assets that have the characteristics of flow reinsured assets. Management considers this non-GAAP financial measure to
Slide 43: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sa
Slide 44: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Total F&G Equity attributable to common shareholders, excluding AOCI Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, in