F&G Annuities Q1 2026 Financial Results Show Remarkable Growth
F&G Annuities & Life, Inc., based in Des Moines, Iowa, recently disclosed its financial results for the first quarter ending March 31, 2026. The company achieved net earnings attributable to common shareholders of $244 million, or $1.78 per diluted share. This marks a significant turnaround from a net loss of $25 million, or $0.20 per share, in the same period of the previous year. The 2026 first-quarter earnings included $147 million of favorable mark-to-market impacts, slightly offset by $13 million of unfavorable items. Comparatively, the 2025 losses had $105 million of negative mark-to-market effects and $11 million of adverse items.
Adjusted net earnings for common shareholders rose to $110 million, or $0.82 per share, in the first quarter of 2026, compared to $91 million, or $0.72 per share, in 2025. These figures account for significant income and expenses, as well as variable returns from alternative investments, showcasing the company's strategic financial management.
Significant Growth in Assets Under Management
CEO Chris Blunt highlighted a robust start to the year, with record assets under management (AUM) nearly reaching $75 billion before the effects of reinsurance. This milestone was fueled by $3.2 billion in gross sales from indexed annuities, indexed universal life, and pension risk transfer products. Blunt noted, "Our diversified, self-funding capital model supports annual inforce capital generation and third-party capital through reinsurance partnerships, enabling us to invest in core business growth while returning capital to shareholders."
During the first quarter, F&G distributed $67 million to shareholders via dividends and share repurchases. The company is also transitioning towards a more fee-based, higher-margin business model. Total revenue for the first quarter of 2026 reached $1.2 billion, up from $908 million in the previous year, with net earnings before income taxes improving to $323 million from a pre-tax loss of $26 million in 2025.
The company's AUM, excluding reinsurance, increased by 11% over the prior year, amounting to $74.5 billion as of March 31, 2026. Gross sales of $3.2 billion indicate robust demand for retirement savings products, reflecting F&G's strong market position.
Chief Financial Officer Roger Hoaglin emphasized the company's solid performance within core sales categories, noting stable credit-related impairments within their investment portfolio. F&G continues to execute its growth strategy through strategic capital deployment, supported by an increase in book value per common share, excluding AOCI, to $46.51 from $43.31 the previous year.
The company held a conference call on May 7, 2026, to discuss these quarterly results, available via their Investor Relations website for further insights into their financial performance and strategic direction.