F&G Annuities & Life, Inc.
F&G Annuities & Life, Inc. is a U.S. insurance holding company focused on retirement and protection products. Through its insurance subsidiaries, it designs, issues and services fixed indexed annuities, other annuities, indexed universal life insurance, pension risk transfer solutions and institutional funding agreements.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueDeferred annuity products sold to individuals for retirement savings, income and principal protection.
Indexed universal life policies that combine death benefit protection with cash value accumulation.
Institutional annuity solutions that assume pension payment obligations from plan sponsors.
Funding agreements, FABN transactions and related spread-based institutional liabilities.
Customers
F&G sells primarily to middle-income retail savers and retirees who want principal protection, predictable income and tax-deferred accumulation. It also serves corporate pension sponsors and institutional investors that need de-risking or funding solutions. Distribution is routed through IMOs, banks, broker-dealers and institutional advisors, so the company depends on both end-customer demand and intermediary relationships.
Individuals buying FIAs, RILAs and MYGAs for retirement savings, income and principal protection.
Consumers buying IUL policies for protection and tax-advantaged cash value growth.
Employers and plan fiduciaries purchasing PRT solutions to transfer pension liabilities.
Institutional counterparties using funding agreements and FABN transactions for balance-sheet funding.
IMOs, banks and broker-dealers that place the products and drive sales volume.
Strategy
F&G is expanding beyond its traditional IMO channel by growing bank and broker-dealer distribution and by building institutional businesses such as PRT and FABN. It also emphasizes pricing discipline, capital allocation to higher-return opportunities and owned distribution investments to diversify earnings and strengthen partner relationships. The strategy is designed to reduce reliance on any single channel while preserving spread-based economics.
Reduces dependence on IMOs and captures more of the savings and CDs market.
PRT and funding agreements diversify revenue and use existing asset-liability expertise.
Ownership stakes can improve economics and secure access to productive channels.
Geography
F&G is headquartered in the United States and its business is overwhelmingly U.S.-centric, with retail sales and institutional transactions primarily sourced domestically. The company also uses offshore reinsurance and holding-company structures, including Bermuda and Cayman entities, to support capital and liquidity management. Geography matters less for end-market demand than for regulatory, capital and reinsurance structure.
Risks
The business is exposed to spread compression, market volatility and policyholder behavior because profitability depends on investment returns, hedging costs and persistency. It also faces regulatory, suitability and capital-management risk given the highly regulated nature of annuities and life insurance, plus execution risk from owned-distribution investments and acquisitions. As a holding company, F&G depends on dividends and upstream liquidity from insurance subsidiaries and offshore affiliates.
- Interest rate and spread riskImpact: HighLikelihood: Medium
Earnings depend on the spread between investment income and policyholder crediting/hedging costs.
Exposure - Policyholder behavior riskImpact: HighLikelihood: Medium
Surrenders, persistency and mortality affect liabilities, fees and profitability.
Exposure: Retail annuities and life insurance
- Regulatory and suitability riskImpact: HighLikelihood: Medium
Products are sold through intermediaries and are subject to insurance and sales-practice oversight.
Exposure - Liquidity and capital transfer riskImpact: HighLikelihood: Low
The holding company relies on dividends from subsidiaries and reinsurance structures.
Exposure - Owned distribution execution riskImpact: MediumLikelihood: Medium
Acquired or owned IMOs may underperform or be difficult to integrate.
Exposure: Minority and majority stakes in distribution platforms
Accounting
Judgemental itemsMany annuity and funding agreement deposits are balance-sheet liabilities rather than revenue, affecting top-line interpretation.
Impact: Reported revenue may understate economic sales activity
Index crediting is hedged with options, futures and other derivatives that are remeasured to fair value.
Impact: Can cause quarter-to-quarter earnings volatility
Liabilities depend on mortality, lapses, crediting rates and discount-rate assumptions.
Impact: Changes can materially affect earnings and capital
Owned distribution investments and acquisitions may require impairment testing if performance weakens.
Impact: Potential non-cash charges
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Last updated: 24/09/2026