# F&G Annuities & Life (FG.US)

Canonical: https://gigainvestors.com/s/FG

Analysis as of: 2026-10-16T07:28:30.531Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $19.61 per share; close as of 2026-10-15.

Estimated value: low $21.31 per share, central $26.63 per share, high $35.51 per share. Buy at or below the central value $26.63 per share. Valuation as of 2026-10-16T07:28:30.531Z; scenarios are not confidence intervals.

Expected annual return: 11.4% at the stated quote. About 11.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.3% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 9 years

- Financial history: 9 years

- Profitable years in the last ten: 5

- Required profitable years: 8

- Return on common equity variation (informational): 1.27×

Chart: Net income; fiscal year observations.

- FY2017: -$1.1B

- FY2018: -$16M

- FY2019: $381M

- FY2020: -$186M

- FY2021: $865M

- FY2022: $635M

- FY2023: -$58M

- FY2024: $622M

- FY2025: $248M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 5.2%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -1.9%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: -0.8%

- FY2018: -0.0%

- FY2019: 14.7%

- FY2020: -4.6%

- FY2021: 17.2%

- FY2022: 26.4%

- FY2023: -1.9%

- FY2024: 15.7%

- FY2025: 5.2%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: -14.5%

- Book return interval: 8 years

- Starting book value per share: $625.31

- Ending book value per share: $36.39

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: -22.4%

- FY2019: -95.8%

- FY2020: 602.3%

- FY2021: 48.8%

- FY2022: -56.4%

- FY2023: 23.6%

- FY2024: 24.2%

- FY2025: 24.1%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -5.9%

- Diluted shares, 5-year annual growth: 0.9%

- Share growth excluding flagged crisis recapitalisations: -5.9%

- Five-year share growth excluding flagged crisis recapitalisations: 0.9%

- Flagged crisis recapitalisations: 0

- Book value created per share: -$588.91

- Earnings retained per share after dividends and buybacks: -$1K

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Nov 2024 · net income -60.1%

Story as of 2026-10-16T09:58:45.206Z; price observation 2026-10-15.

The price assumes profits grow 4.6% a year forever

- 2025-08-12: FG Q2 Deep Dive: Reinsurance Partnership and Fee-Based Growth Drive Momentum ([finance.yahoo.com](https://finance.yahoo.com/news/fg-q2-deep-dive-reinsurance-072137991.html))

### Net income · FY2025

net income -60.1%; source https://www.sec.gov/Archives/edgar/data/1934850/000193485026000026/fg-20251231.htm; observed 2026-02-26.

- FY2017: -$1.1B 

- FY2018: -$16M 

- FY2019: $381M 

- FY2020: -$186M 

- FY2021: $865M 

- FY2022: $635M 

- FY2023: -$58M 

- FY2024: $622M 

- FY2025: $248M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance life; annual sales are USD 5.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1934850/000193485026000026/fg-20251231.htm#000193485026000026 (filed 2026-02-26); FY2025: revenue 5731000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FG.US: F&G Annuities & Life, Inc., together with its subsidiaries, provides annuity and life insurance products in the United States. It offers fixed indexed annuities registered index-linked annuities, pension risk transfer and indexed universal life, and multi-year guarantee annuities; immediate annuities; indexed universal life insurance; pension risk transfer solutions; and institutional funding agreements. The company distributes its products through independent agents, banks, and broker-dealers to retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa. F&G Annuities & Life, Inc. operates as a subsidiary of Fidelity National Financial, Inc.

### Why customers stay

It earns 5.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 9-year return on tangible equity observations [[2017,-0.008325438092609308],[2018,-0.0001493275593343724],[2019,0.14738878143133463],[2020,-0.045655375552282766],[2021,0.17183154549066348],[2022,0.26403326403326405],[2023,-0.018691588785046728],[2024,0.15742849911414833],[2025,0.051623646960865945]]; median 0.051623646960865945. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 9 years; bought back USD 10 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2017,9000000],[2018,9000000],[2019,9000000],[2020,14081000000],[2021,14467000000],[2022,0],[2023,101000000],[2024,121000000],[2025,137000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1934850/000193485026000026/fg-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 10000000 USD.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FG.US SharesStats.PercentInsiders = 2.732 percentage points; cache date 2026-10-15.

### What the price says

The price assumes profits grow 4.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 19.61; FX 1; original perpetual distributable cash 1.0653030303030306; discount 0.1; growth 0.04567552114721925. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-11: $22.99 per share

- 2022-12: $20.01 per share

- 2023-01: $21.46 per share

- 2023-02: $20.37 per share

- 2023-03: $18.12 per share

- 2023-04: $18.33 per share

- 2023-05: $20.68 per share

- 2023-06: $24.78 per share

- 2023-07: $26.20 per share

- 2023-08: $28.31 per share

- 2023-09: $28.06 per share

- 2023-10: $30.69 per share

- 2023-11: $40.81 per share

- 2023-12: $46.00 per share

- 2024-01: $44.84 per share

- 2024-02: $37.78 per share

- 2024-03: $40.55 per share

- 2024-04: $37.82 per share

- 2024-05: $40.41 per share

- 2024-06: $38.05 per share

- 2024-07: $43.13 per share

- 2024-08: $45.69 per share

- 2024-09: $44.72 per share

- 2024-10: $40.10 per share

- 2024-11: $48.33 per share

- 2024-12: $41.44 per share

- 2025-01: $45.91 per share

- 2025-02: $42.58 per share

- 2025-03: $36.05 per share

- 2025-04: $34.81 per share

- 2025-05: $31.96 per share

- 2025-06: $31.98 per share

- 2025-07: $31.91 per share

- 2025-08: $34.57 per share

- 2025-09: $31.27 per share

- 2025-10: $29.65 per share

- 2025-11: $32.31 per share

- 2025-12: $30.85 per share

- 2026-01: $29.49 per share

- 2026-02: $22.65 per share

- 2026-03: $25.32 per share

- 2026-04: $28.64 per share

- 2026-05: $27.72 per share

- 2026-06: $26.59 per share

- 2026-07: $28.57 per share

- 2026-08: $23.80 per share

- 2026-09: $21.68 per share

- 2026-10: $19.61 per share

## Annual estimated value (USD per share)

- FY2025: low $21.31 per share, central $26.63 per share, high $35.51 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1934850/000193485026000026/fg-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.