F&G Annuities & Life, Inc. (FG)

Price$25.04Cached quoteAs of 2026-09-05 19:02 UTC

AI: Undervalued

Price checkThe shares look cheap if recent underlying profits and asset quality prove durable.

At the observed price, F&G trades at about 8.4 times trailing reported earnings and roughly 7.0 times trailing adjusted earnings. Adjusted earnings remove major market-value swings and selected one-off items. The price is also only about 55% of June book value excluding accumulated other comprehensive income, which mainly reflects unrealized market movements. That discount, plus an annual common dividend near 4% of the observed price, provides a meaningful valuation cushion if current earning power persists. StockAnalysis.com+1

Big pictureReported profits swing sharply, but the company’s underlying earning power has been steadier.

Reported diluted earnings per share moved from $11.81 in 2021 to $5.52, a $0.47 loss, $4.88, and $1.88 through 2025. Operating cash flow stayed positive at roughly $5.8 billion, $6.0 billion, and $4.7 billion in 2023-2025, although insurer cash flow should not be treated like ordinary industrial free cash flow because premiums and investment purchases create large movements. Trailing adjusted common earnings through June 2026 were about $483 million, essentially matching 2025. Pasted text SEC

Business strengthInvestment quality and matched obligations offer protection, though returns remain below management’s goals.

Assets before reinsurance reached $74.7 billion, up 8% from a year earlier. F&G says 97% of fixed-maturity investments are investment grade, while credit impairments have averaged only six basis points, or 0.06%, over five years. About 93% of retail fixed-annuity liabilities remain protected by surrender charges, helping match investment and customer cash flows. The weakness is profitability: adjusted return on common equity was only 8.0%, well below management’s longer-term 13%-14% target. SEC

What could change the storyBetter returns could unlock value, while weaker sales and future share issuance could erase it.

First-half 2026 repurchases totaled $120 million for about 4.5 million shares at an average $26.44, reducing outstanding shares to roughly 131 million. However, five million mandatory preferred shares are expected to convert in January 2027 into roughly 4.7-5.6 million common shares, partly reversing that benefit. Meanwhile, second-quarter gross sales fell to $2.7 billion from $4.1 billion. Higher investment returns and progress toward management’s return targets support the bull case; persistently low returns, weaker sales, or dilution would justify much of today’s discount. investors.fglife.com+1

AI: News

Second-quarter profit pressureUnderlying profit fell and sales slowed, while record assets and buybacks softened the disappointment.

On August 5, F&G reported adjusted common earnings of $85 million, or $0.65 per share, versus $103 million and $0.77 a year earlier. Reported results showed an $81 million loss, including $144 million of unfavorable market-value effects. Gross sales fell to $2.7 billion, although assets before reinsurance rose 8% to $74.7 billion. Shares fell 1.6% the next session and another 5.2% on August 7; timing supports an association, not proof of causation. investors.fglife.com+1

Alternative returns warningF&G warned that investment returns were below expectations and new capital rules could reduce flexibility.

On July 8, F&G estimated second-quarter alternative-investment income at $56 million-$66 million before tax, implying about a 6% annualized return versus its roughly 12% long-term expectation. It also estimated that new capital requirements for collateralized loan obligations could reduce its insurance subsidiary’s risk-based capital ratio by about ten percentage points. The shares rose about 1.3% the following day, so there was no clear immediate negative price reaction despite the weaker earnings and capital signals. SEC+1

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$5.73B	$5.74B	$4.50B	$2.35B	$3.97B
Net income	$265.0M	$639.0M	−$58.0M	$635.0M	$1.24B
Net profit margin	4.62%	11.12%	−1.29%	27.03%	31.20%
Basic EPSper basic share	$1.89	$4.98	-$0.47	$5.52	$11.81
Diluted EPSper diluted share	$1.88	$4.88	-$0.47	$5.52	$11.81

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

72.29%of listed shares

Fidelity National Financial, Inc.94.66M shares · Jun 30, 2026

View holders

Top 20 reported holders of FG
Holder	% owned
Fidelity National Financial, Inc.	72.29%94.66M shares
BlackRock, Inc.	2.58%3.38M shares
Brave Warrior Advisors, LLC	1.90%2.48M shares
BANK OF AMERICA CORP /DE/	1.70%2.22M shares
DIMENSIONAL FUND ADVISORS LP	1.63%2.14M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.51%1.98M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.18%1.54M shares
STATE STREET CORP	1.09%1.43M shares
FOLEY WILLIAM P II	≈1.03%1.35M shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	0.96%1.26M shares
AMERIPRISE FINANCIAL INC	0.88%1.16M shares
Blunt Christopher O	≈0.85%1.11M shares
GOLDMAN SACHS GROUP INC	0.84%1.1M shares
FIRST TRUST ADVISORS LP	0.79%1.03M shares
GEODE CAPITAL MANAGEMENT, LLC	0.72%939.47K shares
AMERICAN CENTURY COMPANIES INC	0.64%844.17K shares
MORGAN STANLEY	0.46%608.71K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.45%589.97K shares
MILLENNIUM MANAGEMENT LLC	0.43%561.97K shares
Bank of New York Mellon Corp	0.39%507.99K shares

Percentages use 130.94M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys17$155.06M disclosed value

Sells (SEC code S)2$160.2K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 13, 2026Form 4	Doka Celina J. WangDirector	BuyCommon Stock	4.8K	$20.98	$99.9K	32.1K
Mar 13, 2026Form 4	Blunt Christopher OChief Executive Officer	BuyCommon Stock	10.0K	$20.99	$209.9K	1.11M
Jan 2, 2026Form 4	Blunt Christopher OChief Executive Officer	BuyCommon Stock	5.0K	$29.56	$147.8K	1.12M
Nov 19, 2025Form 4	Blunt Christopher OChief Executive Officer	BuyCommon Stock	5.0K	$29.88	$149.4K	1.15M
Sep 18, 2025Form 4	Punjabi LeenaEVP, Chief Investment Officer	SellCommon Stock	3.0K	$33.81	$101.4K	64.1K