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Sep 30
F&G Annuities & Life Q3 2025 Earnings Report
F&G Annuities & Life reported strong financial results for the third quarter ended September 30, 2025, with significant growth in net earnings and assets under management.
Key Takeaways
F&G Annuities & Life delivered outstanding third-quarter results, marked by record assets under management before flow reinsurance of $71.4 billion, an 8% increase in gross sales, and a substantial rise in net earnings to $114 million from a net loss in the prior year. The company also successfully launched a new reinsurance sidecar, contributing to strong performance across its business.
Net earnings attributable to common shareholders were $114 million, a significant improvement from a $10 million net loss in Q3 2024.
Adjusted net earnings reached $165 million, up from $156 million in the same period last year.
Assets under management (AUM) before flow reinsurance hit a record $71.4 billion, a 14% increase year-over-year.
Gross sales grew by 8% to $4.2 billion, driven by favorable market conditions and strong demand for retirement savings products.
F&G Annuities & Life
F&G Annuities & Life
F&G Annuities & Life Revenue by Segment
Revenue by Segment
Life insurance premiums & fees Revenue
CapyFin.comInterest & investment income Revenue
CapyFin.comOwned distribution revenues Revenue
CapyFin.comRecognized gains and (losses), net Revenue
CapyFin.com Forward Guidance
F&G Annuities & Life anticipates continued improvement in its operating expense to AUM before flow reinsurance ratio by the end of the year, leveraging increased scale and disciplined expense management. The company expects to benefit from its strategic partnership with a new reinsurance vehicle, providing long-term growth capital.
Positive Outlook
- Expects further improvement in the ratio of operating expense to AUM before flow reinsurance by year-end.
- New reinsurance sidecar partnership provides long-term, on-demand growth capital.
- Strategic partnership through a forward flow reinsurance agreement on fixed indexed annuity products.
- Business is becoming more fee-based, higher margin, and capital-light.
- High-quality investment portfolio is performing well with credit impairments below pricing assumptions.
Challenges Ahead
- Higher interest expense on debt partially offset adjusted net earnings growth.
- Opportunistic sales volumes can fluctuate quarter-to-quarter depending on economics and market opportunity.
- Market-to-market movements can impact equity attributable to common shareholders.
- Capital actions resulted in a slight decrease in book value per common share excluding AOCI.
- No specific negative forward guidance was explicitly stated beyond the inherent fluctuations in opportunistic sales and market conditions.