F&G Annuities & Life Reports Q4 and Full Year 2025 Financial Results
F&G Annuities & Life, Inc., headquartered in Des Moines, Iowa, has announced its financial performance for the final quarter and full year ending December 31, 2025. The company reported net earnings for the fourth quarter of $124 million, or $0.92 per diluted share, showing a decline from $323 million, or $2.50 per share, in the same period the previous year. For the entire year of 2025, net earnings stood at $248 million, or $1.88 per share, compared to $622 million, or $4.88 per share, in 2024. These figures include both standard and non-recurring items.
Adjusted net earnings for the fourth quarter were reported at $123 million, or $0.91 per share, down from $143 million, or $1.12 per share, from the prior year. For the full year, adjusted net earnings were $482 million, or $3.64 per share, compared to $546 million, or $4.30 per share, in 2024. These figures account for significant income and expenses, along with returns from alternative investments that were below long-term expectations.
F&G achieved record levels of assets under management (AUM) before flow reinsurance, reaching $73 billion by the end of 2025. This growth was driven by $14.6 billion in gross sales across key product lines, including indexed annuities and indexed universal life insurance. The company’s diversified investment portfolio performance significantly contributed to its growth, with credit-related impairments remaining manageable.
Strategic Initiatives and Market Performance
CEO Chris Blunt emphasized strategic shifts towards a fee-based, capital-efficient model to ensure sustainable long-term growth. The operating expense ratio improved by 10 basis points from the previous year. Additionally, F&G expanded its public float to 30 percent, aiming to enhance market liquidity and investor access.
Gross sales for the fourth quarter reached $3.4 billion, showing a slight decrease from $3.5 billion in the same quarter the previous year, amid strong demand for retirement products. Core product sales remained solid at $2.8 billion, maintaining prior year levels, while opportunistic sales stood at $0.6 billion.
F&G's capital and liquidity posture remains robust, with total equity attributable to common shareholders, excluding accumulated other comprehensive income (AOCI), at $6.0 billion at the end of 2025. The company's primary operating subsidiary sustained a statutory company action level risk-based capital ratio of approximately 430%, exceeding its target. Actions to consolidate capital assets included the planned sale of its Bermuda-based reinsurance arm in March 2026.
Looking ahead, F&G’s management is dedicated to fostering growth in its core business and creating long-term value for shareholders. The company has scheduled an investor call to delve deeper into these financial results. F&G, known for offering an array of retirement solutions, underscores transparency by presenting both GAAP and non-GAAP financial measures, ensuring comprehensive insights into its financial health and operational strategies.