Interest rate and spread risk
Earnings depend on the spread between investment income and policyholder crediting/hedging costs.
- Scope
- FIAs, IUL and fixed-rate annuities
- Materiality
- high
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.
4,6 %
−0,2 %
| % | |
|---|---|
| Retail annuities | 72% Deferred annuity products sold to individuals for retirement savings, income and principal protection. |
| Life insurance | 1% Indexed universal life policies that combine death benefit protection with cash value accumulation. |
| Pension risk transfer | 15% Institutional annuity solutions that assume pension payment obligations from plan sponsors. |
| Funding agreements and institutional products | 12% Funding agreements, FABN transactions and related spread-based institutional liabilities. |
F&G sells primarily to middle-income retail savers and retirees who want principal protection, predictable income and...
- Retail annuity buyersprimary
Individuals buying FIAs, RILAs and MYGAs for retirement savings, income and principal protection.
- Life insurance policyholderssecondary
Consumers buying IUL policies for protection and tax-advantaged cash value growth.
- Pension plan sponsorsprimary
Employers and plan fiduciaries purchasing PRT solutions to transfer pension liabilities.
- Institutional funding clientssecondary
Institutional counterparties using funding agreements and FABN transactions for balance-sheet funding.
- Distribution intermediariesprimary
IMOs, banks and broker-dealers that place the products and drive sales volume.
F&G is headquartered in the United States and its business is overwhelmingly U.S.-centric, with retail sales and...
- •United States is the core retail and institutional market
- •Sales are driven by U.S. IMOs, banks and broker-dealers
- •PRT and funding agreements are originated in U.S. capital markets
- •Bermuda and Cayman entities support reinsurance and liquidity
- •Geography mainly affects regulation, capital and asset-liability management
F&G is expanding beyond its traditional IMO channel by growing bank and broker-dealer distribution and by building...
01
Expand alternative retail channelsmedium-term
Reduces dependence on IMOs and captures more of the savings and CDs market.
02
Grow institutional spread businessesmedium-term
PRT and funding agreements diversify revenue and use existing asset-liability expertise.
03
Invest in owned distributionmedium-term
Ownership stakes can improve economics and secure access to productive channels.
The business is exposed to spread compression, market volatility and policyholder behavior because profitability...
Policyholder behavior risk
Surrenders, persistency and mortality affect liabilities, fees and profitability.
- Scope
- Retail annuities and life insurance
- Materiality
- high
Regulatory and suitability risk
Products are sold through intermediaries and are subject to insurance and sales-practice oversight.
- Scope
- IMO, bank and broker-dealer channels
- Materiality
- high
Liquidity and capital transfer risk
The holding company relies on dividends from subsidiaries and reinsurance structures.
- Scope
- F&G Annuities & Life, Inc. as a non-operating parent
- Materiality
- high
Owned distribution execution risk
Acquired or owned IMOs may underperform or be difficult to integrate.
- Scope
- Minority and majority stakes in distribution platforms
- Materiality
- medium
Sales versus GAAP revenue
Reported revenue may understate economic sales activity
Derivative and hedge fair value
Can cause quarter-to-quarter earnings volatility
Insurance reserves and actuarial estimates
Changes can materially affect earnings and capital
Goodwill and intangible assets
Potential non-cash charges
: 28.4.2026