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Sells fixed and indexed annuities and life insurance, majority-owned by Fidelity National Financial.
Sells fixed and indexed annuities and life insurance, majority-owned by Fidelity National Financial.
Takes in annuity and life premiums, invests them mostly in bonds and private credit, and earns the spread between what the investments yield and what it credits to policyholders, with the hedge for index-linked returns costing part of that. Fidelity National Financial owns most of it, and Blackstone manages a large part of its portfolio and holds a minority stake.
Moat: narrow (distribution, scale). Strong agent/bank distribution for annuities, but a commoditized, spread-based product.
Headquarters: Des Moines, Iowa, United States · Founded: 1959 · Employees: 1,173
Size F&G Annuities & Life (FG) is a United States Financials company (Multi-Line Insurance) with a market value of $3.06B, the 1537th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.38 on 6 Nov 2026.
Performance Over six months the shares fell 17.4%, against +4.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +8.8%); the operating margin is 11.2% (peer median 10.1%).
Valuation It trades at 0.66× book value against a peer median of 1.06× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 8.4%; F&G Annuities & Life delivers 9.2%, so the price asks less than the business earns today.
Credit F&G Annuities & Life has 3 bonds outstanding ($1.55B), rated BBB- by the agencies and trading like BB- at a weighted spread of 218 bp.
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.06B | $5.79B | $5.78B | $4.54B | $2.38B |
| Revenue growth | — | 0% | +27% | +90% | — |
| Net income | $418M | $265M | $639M | -$58.0M | $635M |
| Free cash flow | $5.18B | $5.36B | $6.45B | $6.15B | $3.45B |
| Capital expenditure | $69.0M | $68.0M | $70.0M | $27.0M | $32.0M |
| Total debt | $2.25B | $2.25B | $2.18B | $1.76B | $1.13B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| F&G Annuities & Life FG | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% |
| Apollo Global Management APO | $68.9B | -12% | +11% | -5% | 4.32× | 43.6% |
| Brighthouse Financial BHF | $2.45B | -31% | +3% | 14% | 0.37× | 5.2% |
| Corebridge Financial CRBG | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% |
| Jackson Financial Incorporation JXN | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.7% | +3.3% | 3rd highest of 21 |
| 6-month return | -17.4% | +4.4% | 4th lowest of 21 |
| Return on equity | 9.2% | 12.7% | 10th lowest of 21 |
| Price / book | 0.66× | 1.06× | 5th cheapest of 21 |
| Trailing P/E | 8.2× | 13.3× | 7th cheapest of 19 |
| ROE the price implies | 8.4% | 8.0% | 9th most demanding of 20 |
| ROE delivered | 9.2% | 13.7% | 10th lowest of 20 |
| Bond spread | 218 bp | 137 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| F&G Annuities & Life FG | United States | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% | 9.2% |
| Lemonade LMND | United States | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% | -27.0% |
| Genworth Financial GNW | United States | $3.29B | -5% | -1% | 2% | 0.38× | 5.3% | 2.3% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |
| Skyward Specialty Insurance SKWD | United States | $2.68B | +29% | +38% | 17% | 2.11× | 10.2% | 17.3% |
| Vaudoise Assurances VAHN.SW | Switzerland | $2.66B | -8% | +14% | 6% | 0.78× | n/a | 5.9% |
| Hamilton Insurance HG | United States | $3.64B | +20% | +20% | 19% | 1.24× | 8.0% | 19.0% |
| Alm. Brand A/S ALMB.CO | Denmark | $3.70B | +16% | +3% | 9% | 2.19× | 7.3% | 8.8% |
| Go Digit General Insurance GODIGIT.NS | India | $2.44B | -21% | +9% | 12% | 4.91× | 37.4% | n/a |
| Pelagos Insurance Capital PLGO | United States | $2.29B | +33% | -4% | 18% | 1.03× | 6.5% | 17.6% |
| NIB NHF.AX | Australia | $2.29B | +4% | +5% | 17% | 2.90× | 13.2% | 16.6% |
| Seoul Guarantee Insurance 031210.KS | South Korea | $2.26B | -8% | +14% | 6% | 0.61× | 4.5% | 6.0% |
| Zhongan Online P&C Insurance 6060.HK | Hong Kong | $2.06B | -19% | +16% | 8% | 0.54× | 8.0% | 8.2% |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| Korean Reinsurance 003690.KS | South Korea | $1.74B | +8% | -2% | 14% | 0.73× | 4.8% | 14.4% |
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |
| Trupanion TRUP | United States | $1.61B | +49% | +12% | 6% | 3.94× | 35.3% | 6.1% |
| Sony Financial 8729.T | Japan | $6.06B | +1% | -10% | 14% | 1.08× | 5.1% | 14.4% |
| RLI RLI | United States | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% | 22.1% |
F&G Annuities & Life has 3 bonds outstanding with $1.55B face value. The agencies rate it BBB-; its bonds trade like BB-. Weighted yield 6.70%, a spread of 218 bp over government bonds.