F&G Annuities & Life, Inc. (NYSE: FG) closed at $28.44, down –1.3% at Thursday’s market close on the New York Stock Exchange, after the company reported fourth-quarter and full-year 2025 financial results. Intraday, shares moved modestly lower in reaction to the earnings data. At current prices, F&G’s market capitalization is approximately $3.83 billion.
Latest Quarterly Results
For the three months ended December 31, 2025, F&G reported:
- Total revenues:
- Q4 2025: $1.77 billion
- Q4 2024: $1.60 billion
Year-over-year change: +10.8% growth in revenue.
- Net earnings attributable to common shareholders:
- Q4 2025: $124 million, or $0.92 per diluted share
- Q4 2024: $323 million, or $2.50 per diluted share
Year-over-year change: −61.6% in net earnings and −63.2% in EPS.
- Adjusted net earnings attributable to common shareholders:
- Q4 2025: $123 million, or $0.91 per share
- Q4 2024: $143 million, or $1.12 per share
Year-over-year change: −13.9% in adjusted net earnings and −18.8% adjusted EPS.
Full-Year Results Context
For the year ended December 31, 2025, F&G Annuities & Life, Inc. reported the following results compared with the prior year, based solely on the company’s Q4 2025 earnings press release
- Total revenues:
- 2025: $5.731 billion
- 2024: $5.744 billion
- Year-over-year change: Decrease of approximately 0.2%
- Net earnings attributable to common shareholders:
- 2025: $248 million, or $1.88 per diluted share
- 2024: $622 million, or $4.88 per diluted share
- Year-over-year change: Decrease of approximately 60%
- Adjusted net earnings attributable to common shareholders:
- 2025: $482 million, or $3.64 per diluted share
- 2024: $546 million, or $4.30 per diluted share
- Year-over-year change: Decrease of approximately 12%
Business & Operations Update
F&G reported record assets under management (AUM) before flow reinsurance of $73.1 billion, up about 12% from year-end 2024. The company also noted gross sales of $14.6 billion for full-year 2025, with $3.4 billion in the fourth quarter. F&G’s investment portfolio remained largely investment grade, and the company highlighted an estimated risk-based capital (RBC) ratio of approximately 430% at the primary operating subsidiary, above its internal target.
F&G returned $137 million of capital to shareholders during 2025 through dividends, including $38 million in the fourth quarter. The company also announced an ongoing strategic sale of its Bermuda subsidiary planned for early 2026.
M&A or Strategic Moves
F&G noted it has completed planned distribution of approximately 12% of its outstanding shares to shareholders of its majority owner, Fidelity National Financial (FNF), expanding F&G’s public float while FNF retains a roughly 70% ownership stake. There were no additional acquisition or merger transactions announced in the earnings release.
Equity Analyst Commentary
Analyst commentary noted that F&G’s Q4 adjusted EPS of $0.91 missed consensus estimates while revenue exceeded expectations. This mixed results profile was reflected in trading activity following the release.
Guidance & Outlook
F&G did not issue formal forward revenue or earnings guidance in the release. Investors are positioned to monitor assets under management trends, alternative investment income performance, and progress on the Bermuda subsidiary sale as key developments for 2026.
Performance Summary
- Q4 revenue increased year-over-year.
- Net earnings and adjusted earnings declined versus Q4 2024.
- Full-year revenue rose while earnings contracted.
- AUM reached a record level.