| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 1.7K | 24.2% | 17.3% |
| Total Income | 1.7K | 24.2% | 17.3% |
| Expenditure | 1.6K | 19.6% | 6.1% |
| PBT | — | ||
| Net Profit | 118.00 | 195.0% | 2066.7% |
| OPM | — | ||
| NPM | 6.97% | 4.03pp | 7.38pp |
| EPS | 0.86 | 230.8% | 1175.0% |
F&G Annuities & Life Reports Third Quarter 2025 Results
04 May 2026 · 4 May, 7:41 am
Summary
F&G Annuities & Life reported strong third quarter 2025 results, with record assets under management before flow reinsurance reaching $71.4 billion, a 14% increase year-over-year. Net earnings for the quarter were $114 million, a significant improvement from the net loss of $10 million in the same quarter of the previous year. Adjusted net earnings also increased to $165 million, or $1.22 per share. Gross sales grew by 8% to $4.2 billion, and net sales reached $2.8 billion. The company also launched a new reinsurance sidecar with approximately $1 billion in anticipated capital commitments.
Key Highlights
- 1
F&G achieved record assets under management before flow reinsurance of $71.4 billion at the end of the third quarter, an increase of 14% over the third quarter of 2024.
- 2
Net earnings for the third quarter were $114 million, or $0.85 per diluted share, compared to a net loss of $10 million, or $0.08 per share, for the third quarter of 2024.
- 3
Adjusted net earnings for the third quarter were $165 million, or $1.22 per share, compared to $156 million, or $1.22 per share, for the third quarter of 2024.
- 4
Gross sales were $4.2 billion for the third quarter, an increase of 8% over the third quarter of 2024.
- 5
Net sales were $2.8 billion for the third quarter, compared to $2.4 billion in the third quarter of 2024.
- 6
F&G returned $33 million of capital to shareholders from common and preferred dividends in the third quarter.
- 7
The company successfully launched a new reinsurance sidecar with approximately $1 billion in anticipated capital commitments, effective August 1, 2025.
Management Comments
Chris Blunt
We delivered outstanding third quarter results highlighted by record assets under management before flow reinsurance of $71 billion fueled by one of our best sales quarters in history, the launch of our new reinsurance sidecar, and strong performance across our business through the third quarter as we execute on our strategy and make continued progress towards our 2023 Investor Day targets. Our business continues to benefit from increased scale and disciplined expense management, as our ratio of operating expense to AUM before flow reinsurance has improved to 52 basis points, down 10 basis points from the third quarter of 2024, with further improvement expected by the end of the year. Our high quality investment portfolio is performing well and credit related impairments remain below our pricing assumption. F&G is becoming a more fee based, higher margin and capital light business as we leverage our position as one of the industry’s largest sellers of annuities and life insurance.”
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