F&G Annuities & Life (FG) FY2025 results: revenue $5.7 billion, down 0.2% on the year
F&G Annuities & Life, Inc. (FG) reported revenue of $5.7 billion for fiscal 2025, the year ended 31 December 2025, down 0.2% on the year before. Net income was $265 million, down 58.5%, and diluted earnings per share $1.88. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
- Fourth-quarter GAAP earnings lower: Net earnings attributable to common shareholders were $124 million, or $0.92 per diluted share, against $323 million, or $2.50 per share, a year earlier. The release says mark-to-market effects and non-recurring items are excluded from adjusted figures.
- Full-year adjusted earnings lower: Full-year adjusted net earnings were $482 million, or $3.64 per share, against $546 million, or $4.30 per share, in 2024. Adjusted results include alternative investment returns that differ from the long-term expected return.
- Record AUM before flow reinsurance: AUM before flow reinsurance reached $73.1 billion, up 12%. Retained AUM was $57.6 billion, up 7%, and the company describes both as records.
- Full-year gross sales below 2024 record: Full-year gross sales were $14.6 billion, against an all-time record of $15.3 billion in 2024. Management described the year as one of its best sales years in history.
- Core sales steady near $9 billion: Full-year core sales were $9.0 billion, the second year above $9 billion, led by indexed annuities, indexed universal life and pension risk transfer. Fourth-quarter core sales were $2.8 billion, in line with 2024.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 5,731 | 5,744 | 4,500 | -0.2% | |
| Interest expense | 164 | 132 | 97.0 | +24.2% | |
| Pre-tax income | n/a | n/a | -35.0 | ||
| Income tax | 52.0 | 136 | 23.0 | -61.8% | |
| Net income | 265 | 639 | -58.0 | -58.5% | |
| Net margin | 4.6% | 11.1% | -1.3% | ||
| Diluted EPS | $1.88 | $4.88 | -$0.47 | -61.5% |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 4,681 | 5,999 | 5,834 | -22.0% | |
| Cash from investing | -8,429 | -7,953 | -8,918 | ||
| Cash from financing | 2,970 | 2,655 | 3,687 | +11.9% | |
| Depreciation and amortisation | 665 | 569 | 412 | +16.9% | |
| Share-based compensation | 31.0 | 29.0 | 23.0 | +6.9% | |
| Buybacks | 10.0 | 12.0 | 18.0 | -16.7% | |
| Dividends paid | 137 | 121 | 101 | +13.2% | |
| Dividend per share | $0.91 | $0.85 | $0.81 | +7.1% | |
| Diluted shares, weighted | 132m | 131m | 124m | +0.8% | |
| Shares outstanding at period end | 136m | 127m | 126m | +7.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 4,804 | 3,951 | 3,103 | +21.6% | |
| Non-controlling interest | 113 | 125 | 0.0 | -9.6% | |
| Debt | 2,237 | 2,171 | 1,754 | +3.0% | |
| Other liabilities | 91,276 | 78,793 | 65,345 | +15.8% | |
| Total liabilities and equity | 98,430 | 85,040 | 70,202 | +15.7% | |
| Goodwill | 2,180 | 2,179 | 1,749 | +0.0% | |
| Intangible assets | 551 | 562 | 200 | -2.0% | |
| Securities held for sale or to maturity | 52,700 | 46,317 | 40,419 | +13.8% | |
| Loans | 7,891 | 5,926 | 5,336 | +33.2% | |
| Cash and equivalents | 1,486 | 2,264 | 1,563 | -34.4% | |
| Other assets | 33,622 | 27,792 | 20,935 | +21.0% | |
| Total assets | 98,430 | 85,040 | 70,202 | +15.7% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.