FG F&G Annuities & Life, Inc.

Overview and Growth

F&G Annuities & Life, Inc. generated $5.73B of revenue in fiscal 2025, with net income of $265.00M and an operating cash inflow of $4.68B. Revenue of $5.73B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $5.74B in fiscal 2024, revenue decreased 0.2%, a top-line contraction that reduced operating scale. The company reported diluted EPS of $1.88, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 61.5% from $4.88 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. A diluted share base of 132.00M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 131.00M diluted shares in fiscal 2024, the current 132.00M base was 0.8% higher. The company employed $98.43B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.06x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The bottom-line result was net income of $265.00M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 4.6% of revenue, connecting the absolute net income figure with the company’s top-line scale. The company recognized $52.00M of income tax for the period, completing the transition from pretax income to net income. The relationship between net income and period-end equity was 5.4%, indicating the profitability achieved on book capital. Return on period-end assets was 0.3%, connecting net income with the company’s total asset base. Current net income of $265.00M was below fiscal 2024 net income of $639.00M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

Total assets were $98.43B, supported by $93.51B of liabilities and $4.92B of shareholder equity. Cash and equivalents totaled $1.49B, identifying the most liquid reported component available within the broader current-asset balance. Total debt was $2.24B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.45x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 2.3%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 5.0%, placing book capital against the total resource base. Relative to total assets, liabilities measured 95.0%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 1.5%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 15.9% from $84.93B in fiscal 2024, leaving current total assets higher year over year. Against $4.08B of equity in fiscal 2024, the current book-equity balance moved 20.6% and ended higher. Cash and equivalents were 34.4% lower than fiscal 2024 cash of $2.26B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $4.68B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 17.66x, comparing cash generated by operations with the bottom-line earnings result. Compared with $6.00B in fiscal 2024, current operating cash flow of $4.68B was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.