UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of December 31, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-12-31
F&G Annuities & Life, Inc. is a public reporting company classified under Life Insurance. [COMPLETE: description of principal products, including annuity and life insurance offerings, and the markets and customer segments served.] [COMPLETE: description of distribution channels and key strategic priorities.] Our financial statements include the accounts of the Company and its consolidated subsidiaries, and all intercompany balances and transactions have been eliminated in consolidation. Our investments are classified at the time of purchase based on the nature of the security and our intent and ability to hold it, and are subsequently measured under the accounting framework applicable to that classification.
Our operations generate revenue principally from premiums on the policies we write and from income earned on our invested assets. For the year ended December 31, 2025, total revenue was $5,731 million, with net premiums earned of $2,795 million compared with $2,860 million in the prior year, a decrease of 2.3%, and net investment income of $2,837 million compared with $2,719 million in the prior year, an increase of 4.3%. Other revenue was $99 million compared with $141 million in the prior year, and net income for the period was $265 million. Our investment portfolio consisted primarily of debt securities available for sale of $52,700 million at December 31, 2025, compared with $46,317 million at the prior year end, an increase of 13.8%, and other investments of $1,294 million compared with $580 million at the prior year end. Policyholder account balances were $62,726 million at December 31, 2025, compared with $56,404 million at the prior year end, an increase of 11.2%, and future policy benefits were $10,755 million compared with $8,749 million, an increase of 22.9%.
Reinsurance is an important component of how we manage the risks we assume. Reinsurance recoverables were $17,545 million at December 31, 2025, compared with $13,369 million at the prior year end, an increase of 31.2%, and funds held under reinsurance agreements were $14,191 million compared with $10,758 million, an increase of 31.9%. Total stockholders' equity was $4,917 million at December 31, 2025, including retained earnings of $2,568 million compared with $2,440 million at the prior year end. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. [COMPLETE: description of the regulatory framework applicable to our insurance subsidiaries, competitive conditions, and human capital resources.] We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements.
We operate in an environment in which macroeconomic conditions could adversely affect our business, results of operations and financial condition. We anticipate various macroeconomic factors will continue to drive uncertainty and instability, which could have a significant impact on the Company during fiscal year 2026. These factors include, among others, consumer spending, business investment, government spending, government shutdown, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs and trade sanctions on goods, trade wars, United States-China relations and supply chain disruptions. In light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us. Any of these conditions could reduce demand for our products, impair the value of our investments or increase our costs, and there can be no assurance that our results for the year ended December 31, 2025, in which we reported revenue of $5,731,000,000 and net income of $265,000,000, are indicative of future performance.
Our results are sensitive to changes in interest rates, the performance of our investment portfolio and the behavior of our policyholders. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. Our exposure to interest rate and credit movements is significant given the size of our investment portfolio, as debt securities available for sale totaled $52,700,000,000 at December 31, 2025, compared with $46,317,000,000 in the prior year. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions. If actual surrender rates are significantly different from those estimated, such differences could have a significant effect on our reserve levels and related results of operations. The measurement of our reserves also depends on discount rate assumptions; for the liability for future policy benefits reserves the discount rate used is based on the yield curve for A-rated corporate bonds as of the valuation date, and changes in the discount rates from the at-issue or at-purchase discount rates flow through other comprehensive income (loss). As a result, movements in interest rates may cause volatility in our reported equity; accumulated other comprehensive income (loss) was $(1,488,000,000) at December 31, 2025, compared with $(1,923,000,000) in the prior year.
We are also exposed to counterparty, liquidity and legal risks. Our reliance on reinsurance is substantial, with reinsurance recoverables of $17,545,000,000 and funds held under reinsurance agreements of $14,191,000,000 at December 31, 2025, and the failure of a reinsurer to meet its obligations could adversely affect our financial condition. Our liquidity position may fluctuate from period to period, and cash and cash equivalents declined to $1,486,000,000 at December 31, 2025 from $2,264,000,000 in the prior year, a decrease of 34.4%. We are involved in legal proceedings arising in the ordinary course of business from time to time, and although management does not currently believe any pending matter is material to the financial statements, the outcome of litigation is inherently uncertain and adverse determinations could have a material effect on us. Management evaluated our disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter; however, any future failure to maintain effective controls could impair our ability to report financial information accurately and on a timely basis. [COMPLETE: additional risk factors relating to regulatory, competitive, operational, cybersecurity and ownership matters]
F&G Annuities & Life, Inc. is a public reporting company classified under Life Insurance, and the following discussion of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes for the year ended December 31, 2025. F&G Annuities & Life, Inc. is a public reporting company classified under Life Insurance, and this discussion covers the period ended December 31, 2025. The statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future; all forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. For the year ended December 31, 2025, we reported total revenues of $5,731 million and net income of $265 million. Basic earnings per share were $1.89 on weighted-average basic shares outstanding of 131 million.
Net investment income increased 4.3% to $2,837 million from $2,719 million in the prior year, reflecting growth in our investment portfolio, as debt securities available for sale increased 13.8% to $52,700 million from $46,317 million and loans receivable, net increased 33.2% to $7,891 million from $5,926 million. Net premiums earned decreased 2.3% to $2,795 million from $2,860 million, and other revenue decreased 29.8% to $99 million from $141 million. We recorded no net gains on investments in the current year compared with net gains of $24 million in the prior year. [COMPLETE: description of the business drivers behind the decline in net premiums earned and other revenue.] Benefits and other income statement expenses increased 13.2% to $4,999 million from $4,418 million, consistent with growth in our policyholder obligations, as future policy benefits increased 22.9% to $10,755 million from $8,749 million and policyholder account balances increased 11.2% to $62,726 million from $56,404 million. Interest expense on operations increased 24.2% to $164 million from $132 million, and commission expense increased 9.9% to $89 million from $81 million, while other operating costs decreased 23.2% to $156 million from $203 million. Income tax expense decreased 61.8% to $52 million from $136 million, and net income attributable to noncontrolling interests was $6 million compared with $3 million in the prior year. The principal assumptions used to establish liabilities for future policy benefits are established at issue of the contract and include discount rates, mortality and cash surrender or policy lapse for our traditional life insurance products; these assumptions require considerable judgment, and changes in, or deviations from, the assumptions previously used can significantly affect our reserve levels and related results of operations in a positive or negative direction.
Cash and cash equivalents were $1,486 million at December 31, 2025, a decrease of 34.4% from $2,264 million at the end of the prior year. The decrease in cash reflects in part the deployment of funds into invested assets, including the increase in debt securities available for sale to $52,700 million from $46,317 million and the increase in other investments of 123.1% to $1,294 million from $580 million. Debt outstanding increased 3.0% to $2,237 million from $2,171 million, and operating lease liabilities increased to $12 million from $10 million. Funds held under reinsurance agreements increased 31.9% to $14,191 million from $10,758 million, and reinsurance recoverables increased 31.2% to $17,545 million from $13,369 million. Total liabilities were $93,513 million and total equity was $4,917 million at December 31, 2025. Total equity benefited from an increase in additional paid-in capital of 8.7% to $3,764 million from $3,464 million, an increase in retained earnings of 5.2% to $2,568 million from $2,440 million, and an improvement in accumulated other comprehensive loss to $1,488 million from $1,923 million, partially offset by an increase in treasury stock, at cost, to $40 million from $30 million. [COMPLETE: statement as to whether management believes that existing cash and cash equivalents, investment portfolio cash flows and available financing are sufficient to meet operating, capital and debt service requirements for at least the next twelve months.] Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Net gains (losses) on investments | 0 | 24,000,000 |
| Net investment income | ||
| Net premiums earned | ||
| Other revenue | ||
| Total Revenue | ||
| Total COGS | ||
| Gross Profit | ||
| Commission expense | ||
| Interest expense, operating | ||
| Other income statement items (derived) | ||
| Other operating costs | ||
| Total operating expenses | ||
| Operating income | ||
| Other income (expense) | ||
| Interest expense | 0 | 132,000,000 |
| Income before income taxes | ||
| Income tax expense (benefit) | ||
| Net income including noncontrolling interests | ||
| Less: net income attributable to noncontrolling interests | ||
| Net Income | ||
| Less: preferred stock dividends | -17,000,000 | -17,000,000 |
| Net income (loss) available to common stockholders | ||
| Basic earnings per share | ||
| Diluted earnings per share | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Net income | 265,000,000 | 639,000,000 |
| Foreign currency translation adjustment, net of tax | - | |
| Other comprehensive income (loss), other components | 425,000,000 | 72,000,000 |
| Other comprehensive income (loss), net of tax | ||
| Comprehensive income including noncontrolling interests | ||
| Less: comprehensive income attributable to noncontrolling interests | 6,000,000 | 3,000,000 |
| Comprehensive income attributable to parent |
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | ||
| Debt securities available for sale | ||
| Deferred policy acquisition costs | 0 | |
| Deferred tax assets | ||
| Goodwill | ||
| Intangible assets, net | ||
| Loans receivable, net | ||
| Other assets (derived) | ||
| Other intangible assets, net | 0 | |
| Other invested assets | 0 | 13,108,000,000 |
| Other investments | ||
| Policy loans | ||
| Reinsurance recoverables | ||
| Total Assets | ||
| Liabilities | ||
| Accounts payable and accrued liabilities | ||
| Debt | ||
| Deferred revenue | ||
| Funds held under reinsurance agreements | ||
| Future policy benefits | ||
| Operating lease liabilities | ||
| Other liabilities (derived) | ||
| Policyholder account balances | ||
| Total Liabilities | ||
| Equity | ||
| Preferred stock | ||
| Preferred stock, par value per share | ||
| Preferred stock, shares authorized | ||
| Preferred stock, shares issued | ||
| Preferred stock, shares outstanding | ||
| Common stock, par value per share | ||
| Common stock, shares authorized | ||
| Common stock, shares issued | ||
| Common stock, shares outstanding | ||
| Accumulated other comprehensive income (loss) | - | - |
| Additional paid-in capital | ||
| Retained earnings (accumulated deficit) | ||
| Treasury stock, at cost | - | - |
| Treasury stock, common shares held | ||
| Total stockholders equity attributable to parent | ||
| Noncontrolling interests | ||
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | ||
| Depreciation and amortization | ||
| Deferred income taxes | ||
| Change in income taxes payable | ||
| Change in other operating capital, net | - | - |
| Changes in operating assets and liabilities, net | ||
| Net cash from operating activities | ||
| Investing activities | ||
| Purchases of available-for-sale securities | - | - |
| Proceeds from maturities, prepayments and calls of available-for-sale securities | ||
| Other investing activities (derived) | - | - |
| Net cash from investing activities | - | - |
| Financing activities | ||
| Repurchases of common stock | - | - |
| Dividends paid | - | - |
| Proceeds from issuance of common stock | ||
| Other financing activities (derived) | ||
| Net cash from financing activities | ||
| Net change in cash | - | |
| Cash at beginning of period | 1,563,000,000 | |
| Cash at end of period | 2,264,000,000 | |
| Supplemental cash flow information | ||
| Cash paid for interest | ||
| Cash paid for income taxes | ||
| Cash paid for income taxes, federal | 0 | |
| Cash paid for income taxes, foreign | 0 | |
| Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Treasury stock, at cost | Noncontrolling interests | Total | |
|---|---|---|---|---|---|---|
| Balance at beginning of prior year | 3,185,000,000 | 1,926,000,000 | -1,990,000,000 | -18,000,000 | 0 | 3,103,000,000 |
| Net income | ||||||
| Other equity movements | 279,000,000 | -125,000,000 | 67,000,000 | -12,000,000 | 122,000,000 | 331,000,000 |
| Balance at December 31, 2024 | - | - | ||||
| Net income | ||||||
| Dividends | - | - | ||||
| Treasury stock acquired | - | - | ||||
| Other equity movements | 300,000,000 | 0 | 435,000,000 | 0 | -18,000,000 | 717,000,000 |
| Balance at December 31, 2025 | - | - |
F&G Annuities & Life, Inc. is a public reporting company classified under Life Insurance. We operate in the sector of the insurance industry that focuses on the needs of middle-income Americans. The accompanying interim condensed financial statements are unaudited, have been prepared from the connected books, and the results for the interim period are not necessarily indicative of the results to be expected for a full year. The financial statements have been prepared in accordance with GAAP and should be read together with our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter.
Total revenue for the period ended December 31, 2025 was $5,731 million and net income was $265 million. Net premiums earned were $2,795 million compared with $2,860 million in the prior period, a decrease of 2.3%, while net investment income increased 4.3% to $2,837 million from $2,719 million. Other revenue was $99 million compared with $141 million in the prior period, a decrease of 29.8%, and net gains on investments were nil compared with $24 million in the prior period. Commission expense was $89 million compared with $81 million, an increase of 9.9%, and other operating costs decreased 23.2% to $156 million from $203 million. Income before income taxes was $323 million, all of which was domestic, and total income tax expense was $52 million, reflecting an effective tax rate of 15.9% compared with the federal statutory rate of 21.0%. Income tax expense decreased 61.8% from $136 million in the prior period.
Basic earnings per share for the period were $1.89, computed using weighted-average basic shares outstanding of 131 million. Diluted earnings per share were $1.88. Net income attributable to noncontrolling interests was $6 million compared with $3 million in the prior period. Share-based compensation expense totaled $31 million compared with $29 million in the prior period.
Debt outstanding was $2,237 million at December 31, 2025 compared with $2,171 million in the prior period, an increase of 3.0%. Total long-term debt principal of $2,270 million is presented net of unamortized debt issuance costs of $33 million, with no principal maturing within the first two years, $500 million maturing in year three, $550 million in year four, none in year five, and $1,220 million thereafter. Interest expense on debt was $164 million compared with $132 million in the prior period, an increase of 24.2%. Operating lease liabilities were $12 million compared with $10 million in the prior period, and policyholder account balances increased 11.2% to $62,726 million from $56,404 million. Total liabilities were $93,513 million and total equity was $4,917 million at December 31, 2025. Additional paid-in capital increased 8.7% to $3,764 million from $3,464 million, and retained earnings increased 5.2% to $2,568 million from $2,440 million. Accumulated other comprehensive loss narrowed to $1,488 million from $1,923 million in the prior period, treasury stock at cost increased to $40 million from $30 million, and noncontrolling interests decreased 9.6% to $113 million from $125 million. Income tax expense recognized in other comprehensive income was $108 million, and available-for-sale debt securities carried accumulated gross unrealized gains of $603 million and accumulated gross unrealized losses of $3,091 million.
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
Investments are classified at the time of purchase based on the nature of the security and the Company's intent and ability to hold it, and are subsequently measured under the accounting framework applicable to that classification, as presented in the investments note.
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When the carrying amount of an asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds fair value.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Derivative instruments are recognized as assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives are recognized in earnings unless the derivative is designated and qualifies as a hedging instrument, in which case recognition follows the applicable hedge accounting model.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Share-based compensation is measured at the grant-date fair value of the award and recognized as expense over the requisite service period of the award.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Debt | ||
| Operating lease liabilities | ||
| Policyholder account balances | ||
| Total debt | 64,975,000,000 | 58,585,000,000 |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total long-term debt principal |
| Current | Prior | |
|---|---|---|
| Unamortized debt issuance costs |
| Current | Prior | |
|---|---|---|
| Amortization expense |
| Current | Prior | |
|---|---|---|
| Accumulated other comprehensive income (loss) | - | - |
| Additional paid-in capital | ||
| Retained earnings (accumulated deficit) | ||
| Treasury stock, at cost | - | - |
| Total stockholders' equity | 4,804,000,000 | 3,951,000,000 |
| Current | Prior | |
|---|---|---|
| Net income available to common stockholders | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | 1.89 | 4.98 |
| Diluted earnings per share |
| Amount | |
|---|---|
| Current federal | ( |
| Current state and local | |
| Current foreign | |
| Total current | ( |
| Deferred federal | |
| Deferred state and local | |
| Deferred foreign | |
| Total deferred | |
| Total income tax expense (benefit) | 52,000,000 |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ||
| Federal statutory rate | ||
| State and local taxes | ||
| State and local rate | ||
| Valuation allowance change | ( | |
| Valuation allowance change rate | ( | ( |
| Tax contingencies | ||
| Tax contingencies rate | ||
| Foreign rate differential | ||
| Foreign rate differential rate | ||
| Tax credits rate | ||
| Nondeductible share-based compensation | ( | |
| Nondeductible share-based compensation rate | ( | |
| Enacted rate change | ||
| Enacted rate change rate | ||
| Research tax credits | ||
| Research tax credits rate | ||
| Share-based compensation excess tax benefit rate | ( | |
| Other tax credits | ||
| Other tax credits rate | ||
| Dividends deduction | ||
| Dividends deduction rate | ||
| Foreign tax credits | ||
| Foreign tax credits rate | ||
| Nondeductible expenses | ( | |
| Nondeductible expenses rate | ( | |
| Other adjustments | ||
| Other adjustments rate | ||
| Effective tax rate |
| Current | Prior | |
|---|---|---|
| Operating loss carryforwards | ||
| Other deferred tax assets | ||
| Valuation allowance | ||
| Deferred tax assets, net | ||
| Tax credit carryforwards | ||
| Capital loss carryforwards | ||
| Derivative instruments | ||
| Investments | ||
| Property, plant and equipment | ||
| Employee benefits | ||
| Accrued liabilities | ||
| Alternative minimum tax credit carryforwards | ||
| Operating loss carryforwards, pre-tax | ||
| Deferred income tax liabilities | ||
| Property and equipment | ||
| Other deferred tax liabilities | ||
| Deferred policy acquisition costs | ||
| Derivatives | ||
| Goodwill and intangible assets | ||
| Net deferred tax position |
| Amount | |
|---|---|
| Balance at end of period |
| Current | Prior | |
|---|---|---|
| Income (loss) before income taxes |
| Amount | |
|---|---|
| Domestic | |
| Foreign | |
| Income before income taxes | 323,000,000 |
| Current | Prior | |
|---|---|---|
| Income tax expense (benefit) on continuing operations | 52,000,000 | 136,000,000 |
| Income tax expense (benefit) on other comprehensive income (loss) | 108,000,000 | 18,000,000 |
| Total income tax expense (benefit) |
| Current | Prior | |
|---|---|---|
| Total share-based compensation expense |
| Current | Prior | |
|---|---|---|
| Depreciation and amortization |
| Current | Prior | |
|---|---|---|
| Interest expense on debt |
| Current | Prior | |
|---|---|---|
| Accumulated gross unrealized gains | ||
| Accumulated gross unrealized losses |
| Current | Prior | |
|---|---|---|
| Derivative assets, gross fair value | ||
| Derivative assets | ||
| Derivative liabilities, gross fair value | ||
| Derivative liabilities, current |
| Balance sheet captions for these amounts are not separately disclosed: |
Management of F&G Annuities & Life, Inc. evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of December 31, 2025, the end of the period covered by this report. Based on that evaluation, management concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period. Disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that their objectives are met, and management necessarily applies judgment in evaluating the cost-benefit relationship of possible controls and procedures. [COMPLETE: Management's conclusion language in this paragraph must be reviewed and formally adopted by management, including the certifying officers, before filing.]
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. [COMPLETE: Management's annual report on internal control over financial reporting as of December 31, 2025, including the framework used to conduct the assessment and management's conclusion on the effectiveness of internal control over financial reporting.] [COMPLETE: Statement regarding the attestation report of the Company's independent registered public accounting firm on the effectiveness of internal control over financial reporting, or the basis for any exemption from such attestation.]
There were no changes in the Company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. This conclusion relates to the quarter ended December 31, 2025, which is the fourth quarter of the fiscal year covered by this report.
F&G Annuities & Life, Inc. is a public reporting company classified under Life Insurance, and as such we depend on information systems and data to conduct our business and serve our policyholders and business partners. We maintain a cybersecurity risk management program designed to identify, assess, and manage material risks from cybersecurity threats as part of our overall enterprise risk management framework. [COMPLETE: description of the cybersecurity risk management program, including the frameworks or standards used, processes for identifying and assessing threats, use of third-party assessors or consultants, and processes for overseeing and identifying risks associated with third-party service providers.] [COMPLETE: statement regarding whether any risks from cybersecurity threats, including as a result of prior cybersecurity incidents, have materially affected or are reasonably likely to materially affect the company, its business strategy, results of operations, or financial condition.]
Our Board of Directors oversees our management of risks from cybersecurity threats as part of its broader risk oversight responsibilities. [COMPLETE: description of Board and committee oversight of cybersecurity risk, including the committee responsible, the frequency and content of reporting to the Board, and the process by which the Board is informed of and monitors cybersecurity risks.] [COMPLETE: description of management's role in assessing and managing cybersecurity risk, including the positions or committees responsible, the relevant expertise of such persons, the processes by which they are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents, and the manner in which such information is reported to the Board or its committees.]
Our cybersecurity program is integrated with our controls environment. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level. No changes materially affected internal control over financial reporting during the quarter. We continue to monitor our controls and processes and will report any future changes that materially affect our internal control over financial reporting as required.
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
F&G Annuities & Life, Inc. is a public reporting company classified under Life Insurance, and the following individuals served as our directors and executive officers as of the end of the fiscal year ended 2025-12-31. Christopher O. Blunt serves as our Chief Executive Officer and as a director, and Raymond R. Quirk, Michael Joseph Nolan, Douglas K. Ammerman and Celina J. Wang Doka serve as directors. Our executive officers also include Michael H. Bailey, EVP, Chief Financial Officer; Mark Wiltse, Interim CFO; Conor Murphy, President and CFO; Michael L. Gravelle, EVP, General Counsel & Corporate Secretary; and Wendy J.B. Young, EVP, CLO & Treasurer. [COMPLETE: counsel to confirm the current chief financial officer designation and effective dates, as the insider roster reflects Bailey, Wiltse (interim) and Murphy with CFO titles.] [COMPLETE: ages, terms of office, business experience for the past five years, family relationships, audit committee composition and financial expert designation, code of ethics, and insider trading policy disclosure for each director and executive officer.]
Section 16(a) of the Exchange Act requires our directors, executive officers and beneficial owners of more than ten percent of our common stock to file reports of ownership and changes in ownership with the SEC. Based on a review of Item 405 data for fiscal year 2025, no late or unfiled Section 16(a) reports were identified. [COMPLETE: counsel to confirm the results of the Form 3 review, as 10 insider record(s) lack a became-insider date and were excluded from Form 3 testing, and to confirm timely filing based on written representations from reporting persons.]
The information required by Item 11 regarding executive compensation, including the compensation discussion and analysis, summary compensation table, grants of plan-based awards, outstanding equity awards, pay versus performance, director compensation and compensation committee interlocks and insider participation, is set forth as follows: [COMPLETE: executive compensation disclosure for the named executive officers and directors for fiscal year 2025]. The information required by Item 12 regarding security ownership of certain beneficial owners and management and securities authorized for issuance under equity compensation plans is set forth as follows: [COMPLETE: beneficial ownership table for directors, named executive officers and greater than five percent holders, and equity compensation plan information table]. The information required by Item 13 regarding certain relationships and related transactions and director independence is set forth as follows: [COMPLETE: related person transactions, policies for review and approval of related person transactions, and director independence determinations under applicable listing standards]. The information required by Item 14 regarding principal accountant fees and services is set forth as follows: [COMPLETE: name and location of the independent registered public accounting firm, audit fees, audit-related fees, tax fees and all other fees for fiscal years 2025 and 2024, and the audit committee pre-approval policies and procedures].