F&g Annuities & Life, Inc. · NYSE:FG
F&g Annuities & Life — Q4 2025 Earnings Presentation
50 slides from F&g Annuities & Life's earnings presentation, Feb 20, 2026
Slide 1: F&G Investor Update
F&G Investor Update Winter 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: Strong Finish To An Outstanding Year
Strong Finish To An Outstanding Year 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 $14.6B $10.0B $73.1B $57.6B FY2025 FY2025 AUM before flow Assets Under Gross Sales Net
Slide 5: Fourth Quarter and Full Year Financial Trends
Fourth Quarter and Full Year Financial Trends Financial Trends – As Reported Other Considerations – Quarterly ANE ($M) and Per Share 4Q24 4Q25 ($M) – except per share and percentages Quarterly Full Year Per Per ($M) ($M) share share 4Q24 4Q25 2024 2025 Investment income from alternative investments
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 $1.8B $2.7B $2.4B $4.2B $6.0B purchase price purchase price F&G market cap F&G market cap F&G GAAP by CF Corp1 on by FNF on at partial spinoff at partial spinoff Equity ex AOCI2 Nov 30, 2017 June 1,
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 in future years Retained Sales Flow Reinsurance Middle Market Life & Owned Distribution • Spread-based earnings
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 $5.8T Indexed annuities provide alternative with upside potential and l
Slide 13: ... With Secular Tailwinds Driving Demand
… With Secular Tailwinds Driving Demand U.S. Money Market Fund Assets ($Trillions)1 We continue to see sustainable demand for our retail Retail only fixed annuity products given current environment Institutional only Combined • U.S. consumers are holding $3 trillion in retail money 7.8 6.8 market fu
Slide 14: Our Strong Sales Are Driving Record AUM
Our Strong Sales Are Driving Record AUM … AUM and Annual Gross Sales by Retail Channel and Institutional Market ($B) AUM before flow FNF and F&G Merger $73.1B reinsurance (June 2020) $65.3B +19% CAGR1 $55.9B $46.4B $37.3B $28.6B Gross Sales $26.4B $15.3B $14.6B +25% CAGR1 $13.2B PRT $11.3B $9.6B Fun
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 • FY2025 EBITDA (cash): ~$80M Marketing Brokerage • Owned distrib
Slide 16: Disciplined Focus In Current Environment
Disciplined Focus In Current Environment AUM Before Flow Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) Cumulative new business flow Retained AUM 2025 VPY: 12% +12% VPY 546 65.3 73.1 65.3 73.1 482 55.9 11.5 15.5 11.5 15.5 6.8 335 49.1 53.8 57.6 53.8 57.6 2023 2024 2025 4Q24 4Q25 143 123 AA
Slide 17: Strong Gross Sales With Pricing Discipline
Strong Gross Sales With Pricing Discipline Gross Sales ($B) 2025 demonstrated our commitment to manage growth for Opportunistic (MYGA and Funding agreements) the long-term as we prioritize pricing discipline and capital Core (Indexed annuities, IUL and PRT) allocation to the highest return opportuni
Slide 18: Core Earnings Power Remains Attractive
Core Earnings Power Remains Attractive Common Adjusted Net Earnings (ANE) ($M) F&G expects steady and growing adjusted net earnings over time, excluding significant items • As reported, ANE in FY2025 vs. FY2024 reflects lower 546 than expected level of alternative investments income and 482 335 sign
Slide 19: Gaining Traction in Fee-Based Strategies
Gaining Traction in Fee-Based Strategies Adjusted Net Earnings1 – Pro Forma Mix During 2025, F&G is quickly evolving toward a more fee- based, higher margin, and less capital intensive 2022 2025 2028 Target business model • We estimate our fee-based flow reinsurance fee income ~5% ~15% and owned dis
Slide 20: Our Stable and Strong Capital Profile
Our Stable and Strong Capital Profile Total Capitalization ex AOCI1 ($M) Strong F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% Debt Preferred Stock • In early 2025, completed common stock offering with net Total Equity ex. AOCI proceeds of $269M to support future
Slide 21: Book Value Per Share Growth – FY 2025
Book Value Per Share Growth – FY 2025 BVPS ex. AOCI1 – 12/31/2024 to 12/31/2025 BVPS ex AOCI of $44.43 for FY 2025; ↑ $0.78 after effect of 1Q25 common $47.00 3.03 $46.68 (1.04) stock offering $46.00 $45.64 (1.21) • $3.03 per share increase due to $45.00 underlying business performance $44.28 (0.63)
Slide 22: 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 23: Investments
Investments SECTION F&G Investor Update | Winter 2025 23
Slide 24: 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 27% Corporates • Fixed income is 97% investment grade 21% Structured Securities 20% Private Credit • Modest average credit-related impairments of
Slide 25: 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 77% Corporates • Structured credit: Provides access to w
Slide 26: Portfolio Spotlight: Private Origination
Portfolio Spotlight: Private Origination1 Private Origination as % of Total Portfolio Private origination is a key component of our investment strategy • Our private origination portfolio is approximately $11B, or 20% of our retained portfolio 20% • We utilize Blackstone’s best-in-class origination,
Slide 27: Portfolio Spotlight: Structured Credit
Portfolio Spotlight: Structured Credit Investment Rationale CMBS by Property Type • Collateralized loan obligation (CLO) portfolio well diversified across industry, issuer and manager; focus on investment 39% Multifamily grade with ample par subordination 16% Office • Commercial mortgage-backed secu
Slide 28: 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 29: 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 5.1% Issuer 1 0.5% Industry 1 12.4% Manager 2 4.3% Issuer 2 0.5% Industry 2 11.6% Manager 3 4.0% Issuer 3 0.4% Industry 3 9
Slide 30: 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 31: 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 $13B 3.8 Real estate portfolio years 33% RML 30% CMBS $13B 17% CML 13% RMBS Weighted Average
Slide 32: Portfolio Spotlight: CMBS & RMBS
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating 3% 4% 2% 4% 3% 9% 9% 4% 6% 16% 6% 11% 11% 31% 86% 59% 36% 4Q25 4Q25 4Q25 SASB Multifamily RMBS Industrial 1 CRE CLOs Office 2 Conduit (Below A) Hotel 3 Conduit (A or above) Other 4/5/6 Agency Data Center Retail Note: GAAP
Slide 33: 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% $4B 86% CMBS portfolio Investment grade (NRSRO) 24% 14% Credit focus Quality 5% A- 1.3 NRSRO rati
Slide 34: Portfolio Spotlight: CMLs
Portfolio Spotlight: CMLs By State By Loan-To-Value % 20% CA 15% FL 6% TX 52% LTV 60% to 70% 5% NY 33% LTV 50% to 60% $2B 4% NJ $2B 14% LTV < 50% 4% GA 1% LTV > 70% 4% CT 42% Other By Underlying Property Type Investment Rationale 47% Multifamily 22% Industrial • Our Commercial Mortgage Loan (CML) po
Slide 35: Portfolio Spotlight: Alternative LPs & Equities
Portfolio Spotlight: Alternative LPs & Equities Alternative LPs – Historical Performance Alternative LPs NAV of $3B or 6% of total portfolio; Average = 12% generating positive annual returns Average ex 2021 = 7% • Historical average return of 12%; since inception: 37% • Total value to paid-in capita
Slide 36: Investment Portfolio Stress Testing
Investment Portfolio Stress Testing Stress Testing Scenarios and Methodology • Moderate, Severe Recession and Stagflation scenarios modeled by F&G and Blackstone investments and risk teams • Moderate Recession: Based on characteristics from recessions in 1990/1991 (1st Gulf War), 2001 (dot-com and 9
Slide 37: Stress Test: Results & No Management Actions
Stress Test: Results & No Management Actions Stress Test Scenario Results by Asset Class Before Stress Test, excess capital at 350% RBC is $0.7B1 Moderate Recession Severe Recession Stagflation • Impact of default losses & credit 4Q25 Stat drift are mitigated by reduced Portfolio Stat Loss Loss % pe
Slide 38: Stress Test: Management Actions to Mitigate Impact
Stress Test: Management Actions to Mitigate Impact Capital Position Before & After Stress & Management Actions ($B) Moderate Stress Impact on Excess Capital Severe Stress Impact on Excess Capital Stagflation Impact on Excess Capital 0.7 0.7 0.7 0.1 0.4 0.0 0.0 (0.6) (0.7) (1.1) Exc Cap Stress Mgmt E
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 | Winter 2025 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 $4.2B Market Cap • Scaling business to generate (
Slide 42: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations Year ended Three months ended ($M) 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Net earnings (loss) ($58) $622 $248 $323 ($25) $35 $114 $124 Recognized (gains) losses, net 214 27 180 (33) 29 79 68 4 Market related liability adjustments 258 (214) 28 (233) 103 (16) (37) (22
Slide 43: ANE – Significant Items
ANE – Significant Items1 ($ and shares in table 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 $4 million of actua
Slide 44: ANE – Significant Items
ANE – Significant Items1 ($ and shares in table in millions) Three months ended December 31, 2025 Adjusted net earnings of $123 million for the three months ended December 31, 2025. Investment income from alternative investments was $65 million below management's long-term expected return of approxi
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 is a non-GAAP economic measure we use to evaluate financ
Slide 46: 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 47: 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 48: 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 49: 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 50: 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