F&G Annuities & Life, Inc. (FG) Stock

F&G Annuities & Life, Inc. (FG) is a Financials stock trading at $23.10 (as of 2026-08-24), with a market capitalization of $3.06B and a trailing P/E of 5.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

F&G Annuities & Life, Inc. provides fixed annuities and life insurance products. It serves retail annuity and life customers as well as institutional clients, and is headquartered in Des Moines, Iowa; the company was founded in 1959 and is a subsidiary of Fidelity National Financial, Inc.

Understand F&G Annuities & Life, Inc.: how it makes money

F&G Annuities & Life sells fixed annuities and life insurance to retail annuity and life customers, as well as institutional clients, with performance reflected in net new business asset flows and assets under management metrics, and revenue lines including items such as Owned Distribution Revenues.

The profit engine is scale and retention: net new business asset flows and retained assets under management drive the asset base, while operating expense ratios to assets under management capture how efficiently that scale is managed.

Business quality (Mixed): The available dataset has clear operating KPIs tied to new business, retained assets, and expense ratios, but it does not provide enough official segment revenue structure to map to the reported total revenue, and it does not include gross or operating margin figures.

Valuation: At 7× earnings, FG trades 45% below the Insurance average (13×). Note: one-time items can distort reported P/E.

Bull case

Net New Business Asset Flows: The latest values show Net New Business Asset Flows of 1.66 USD_B (and Net New Business Asset Inflows of 1.9 USD_B), indicating new business activity reflected in the operating metrics.
Retention: Retained Assets Under Management is shown at 56.0 USD_B, and Net Sales Retained as Percentage of Gross Sales is 67.0 percent, which points to a retained portion of activity rather than only gross production.

Bear case

Asset base variability shown by overlapping AUM definitions: The dataset includes multiple AUM measures, including Assets Under Management (AUM) of 57.57 USD_B and Ending Assets Under Management of 47.44 USD_B, which suggests the reported period includes a meaningful change depending on the AUM definition used.
Cost pressure risk relative to AUM: Operating expense ratio to assets under management is shown (for example, 0.48 percent before reinsurance), so deterioration in expense efficiency versus AUM would be a direct operating headwind.

Valuation — source: SEC EDGAR (first-party)
Price	$23.10
Market Cap	$3.06B
P/E Ratio	5.7
Price / Book	0.64
Price / Sales	0.51
DCF Value (model)	$21.04
DCF Upside vs Price	-8.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$5.73B
Net Margin	4.6%
Revenue Growth (YoY)	30.7%
EPS Growth (YoY)	-1015.0%

Valuation vs Sector & Industry
Stock P/E	5.7
Sector P/E (Financials)	15.2
Industry P/E (Insurance)	13.1
vs Sector	-62.3%
vs Industry	-56.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Fidelity National Financial, Inc. ($2.40B)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Insurance
CEO	Christopher Owsley Blunt
Employees	1,300
Country	US
IPO Date	2022-11-22

Related Companies (Insurance; 8 comparable insurers)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.