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Insurance - Life · Financial Services · Fiscal year ends Dec 31
F&G Annuities & Life reported revenue of $5.7B in the fiscal year ended Dec 2025, down 0.2% from the year before. Net income was $265M. Net debt was $751M.
Ranks among the 19 insurance - life companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,974 | 2,349 | 4,500 | 5,744 | 5,731 |
| Operating incomederived: pre-tax income + interest | 1,581 | 822 | 62.0 | – | – |
| Interest expense | 29.0 | 29.0 | 97.0 | 132 | 164 |
| Pre-tax income | 1,552 | 793 | −35.0 | – | – |
| Income tax | 320 | 158 | 23.0 | 136 | 52.0 |
| Net income | 1,240 | 635 | −58.0 | 639 | 265 |
| Diluted EPS | 11.81 | 5.52 | −0.47 | 4.88 | 1.88 |
| Diluted shares | 105 | 115 | 124 | 131 | 132 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,533 | 960 | 1,563 | 2,264 | 1,486 |
| Net PP&E | 13.0 | 13.0 | – | – | – |
| Goodwill | 1,756 | 1,749 | 1,749 | 2,179 | 2,180 |
| Total assets | 48,730 | 54,628 | 70,202 | 84,931 | 98,430 |
| Deferred revenue | 87.0 | 166 | 270 | 401 | 551 |
| Long-term debt | 977 | 1,114 | 1,754 | 2,171 | 2,237 |
| Total liabilities | 44,245 | 52,223 | 67,099 | 80,855 | 93,513 |
| Shareholders' equity | 5,034 | 2,405 | 3,103 | 3,951 | 4,804 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,871 | 3,171 | 5,834 | 5,999 | 4,681 |
| Depreciation & amortisation | 271 | 324 | 412 | 569 | 665 |
| Stock-based compensation | 9.0 | 12.0 | 23.0 | 29.0 | 31.0 |
| Share buybacks | 0.0 | 0.0 | 18.0 | 12.0 | 10.0 |
| Dividends paid | 0.0 | 0.0 | 101 | – | – |
| Dividend per share | – | 0.20 | 0.81 | 0.85 | 0.91 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −40.9% | 91.6% | 27.6% | −0.2% |
| Operating income growth (YoY) | – | −48.0% | −92.5% | – | – |
| EPS growth (YoY) | – | −53.3% | −108.5% | – | −61.5% |
| Operating margin | 39.8% | 35.0% | 1.4% | – | – |
| Net margin | 31.2% | 27.0% | −1.3% | 11.1% | 4.6% |
| Return on equityBlank when equity is negative | 24.6% | 26.4% | −1.9% | 16.2% | 5.5% |
| Cash conversion (CFO ÷ net income) | 1.51x | 4.99x | −101x | 9.39x | 17.7x |
| Interest cover | 54.5x | 28.3x | 0.64x | – | – |
| Debt ÷ equity | 0.19x | 0.46x | 0.57x | 0.55x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −556 | 154 | 191 | −93.0 | 751 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.