F&G Annuities & Life (FG)
Market Price (12/20/2025): $31.09 | Market Cap: $4.1 BilSector: Financials | Industry: Life & Health Insurance
F&G Annuities & Life (FG)
Market Price (12/20/2025): $31.09Market Cap: $4.1 BilSector: FinancialsIndustry: Life & Health Insurance
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 116% | Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -5.2% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -675% | Key risksFG key risks include [1] the underperformance of its alternative investments, Show more. | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 92%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 92%, CFO LTM is 4.8 Bil, FCF LTM is 4.8 Bil | ||
| Low stock price volatilityVol 12M is 40% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Private Equity, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 116% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -675% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 92%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 92%, CFO LTM is 4.8 Bil, FCF LTM is 4.8 Bil |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Private Equity, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -5.2% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9% |
| Key risksFG key risks include [1] the underperformance of its alternative investments, Show more. |
Valuation, Metrics & Events
FG Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
1. Weaker-than-expected returns from alternative investments.
The company's alternative investment returns consistently fell short of management's long-term target of approximately 10% during the period, notably at ~7% in Q3 2025. This underperformance contributed to investor worries and pressured earnings.
2. Lingering concerns from Q2 2025 earnings miss.
Although reported just before the specified period on August 6, 2025, F&G's second-quarter net earnings significantly declined to $35 million, or $0.26 per diluted share, compared to $198 million in Q2 2024. This significant earnings per share shortfall (43.8% below expectations) created skepticism about the company's ability to achieve its targeted return on equity and likely continued to weigh on investor sentiment into the third and fourth quarters.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FG Return | -21% | 0% | 138% | 137% | -8% | -18% | 235% |
| Peers Return | � | � | � | 20% | 36% | 25% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| FG Win Rate | 25% | 0% | 8% | 75% | 42% | 42% | |
| Peers Win Rate | � | � | 37% | 58% | 58% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| FG Max Drawdown | -27% | 0% | 0% | -25% | -23% | -29% | |
| Peers Max Drawdown | � | � | � | -24% | -7% | -12% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CRBG, EQH, LNC, BHF, JXN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | FG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -41.8% | -25.4% |
| % Gain to Breakeven | 71.9% | 34.1% |
| Time to Breakeven | 83 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -36.2% | -33.9% |
| % Gain to Breakeven | 56.8% | 51.3% |
| Time to Breakeven | 908 days | 148 days |
| 2018 Correction | ||
| % Loss | -49.3% | -19.8% |
| % Gain to Breakeven | 97.2% | 24.7% |
| Time to Breakeven | 409 days | 120 days |
Compare to OSG, MFC, AFL, MET, PRU
In The Past
F&G Annuities & Life's stock fell -41.8% during the 2022 Inflation Shock from a high on 11/23/2022. A -41.8% loss requires a 71.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to FG. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for F&G Annuities & Life
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.12 |
| Mkt Cap | 7.9 |
| Rev LTM | 8,955 |
| Op Inc LTM | - |
| FCF LTM | 1,406 |
| FCF 3Y Avg | 1,410 |
| CFO LTM | 1,444 |
| CFO 3Y Avg | 1,474 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.2% |
| Rev Chg 3Y Avg | 11.2% |
| Rev Chg Q | -1.8% |
| QoQ Delta Rev Chg LTM | -1.0% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 9.7% |
| CFO/Rev 3Y Avg | 9.6% |
| FCF/Rev LTM | 9.3% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.9 |
| P/S | 0.8 |
| P/EBIT | 5.6 |
| P/E | 6.4 |
| P/CFO | 5.8 |
| Total Yield | 10.9% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 9.8% |
| D/E | 0.6 |
| Net D/E | -4.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.4% |
| 3M Rtn | 1.4% |
| 6M Rtn | 5.1% |
| 12M Rtn | 19.2% |
| 3Y Rtn | 85.3% |
| 1M Excs Rtn | 7.5% |
| 3M Excs Rtn | -1.7% |
| 6M Excs Rtn | -9.1% |
| 12M Excs Rtn | 1.6% |
| 3Y Excs Rtn | 1.3% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 3.1% | 10.4% | 11.8% |
| 8/6/2025 | 2.9% | 6.9% | 4.1% |
| 5/7/2025 | -14.5% | -14.3% | -7.5% |
| 2/20/2025 | -8.7% | -5.6% | -20.8% |
| 11/6/2024 | -4.6% | -3.5% | -1.4% |
| 8/5/2024 | 3.6% | 1.6% | 12.5% |
| 5/8/2024 | -1.2% | 1.1% | -3.6% |
| 2/21/2024 | -9.9% | -14.0% | -7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 4 |
| # Negative | 7 | 6 | 7 |
| Median Positive | 3.0% | 6.4% | 12.2% |
| Median Negative | -8.7% | -6.4% | -7.1% |
| Max Positive | 3.6% | 10.4% | 19.3% |
| Max Negative | -17.3% | -14.3% | -20.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 5082025 | 10-Q 3/31/2025 |
| 12312024 | 2282025 | 10-K 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5102024 | 10-Q 3/31/2024 |
| 12312023 | 2292024 | 10-K 12/31/2023 |
| 9302023 | 11082023 | 10-Q 9/30/2023 |
| 6302023 | 8092023 | 10-Q 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 2272023 | 10-K 12/31/2022 |
| 12312021 | 11102022 | 10-12B/A 12/31/2021 |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Life & Health Insurance Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |