The company has aggressively scaled its balance sheet to $101.0 billion in total assets as of 2026Q1, though the thin equity base of $4.6 billion relative to these assets warrants caution regarding long-term capital buffer adequacy.
| Total Assets | 101.03B | 98.43B | 85.04B | 70.2B | 54.63B | 48.73B | 39.76B | 36.71B | 30.95B | 29.92B | 692M |
| Asset Growth % | 61.77% | 15.75% | 21.14% | 28.51% | 12.1% | 22.57% | 8.29% | 18.64% | 3.42% | 4224.14% | - |
| Total Investment Assets | 4M | 57.58B | 49.88B | 52.29B | 41.39B | 64.19B | 31.2B | 0 | 0 | 0 | 0 |
| Long-Term Investments | 116.89B | 4.88B | 3.56B | 45.55B | 36.05B | 33.86B | 28.17B | 0 | 0 | 0 | 0 |
| Short-Term Investments | 52.36B | 52.7B | 46.32B | 41.87B | 32.77B | 30.34B | 25.95B | 0 | 0 | 0 | 0 |
| Total Current Assets | 53.69B | 1.49B | 48.58B | 0 | 0 | 35.53B | 0 | 969M | 571M | 1.22B | 1.02M |
| Cash & Equivalents | 1.32B | 1.49B | 2.26B | 1.56B | 960M | 1.53B | 889M | 969M | 571M | 1.22B | 1.02M |
| Receivables | 50.32B | 17.63B | 13.37B | 8.99B | 5.45B | 3.66B | 3.18B | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | -70.33B | -13.37B | -53.35B | -40.12B | -1M | -30.45B | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 33.38B | 8.46B | 7.75B | 5.96B | 5.18B | 3.99B | 3.67B | 1.92B | 1.83B | 1.32B | 0 |
| Goodwill | 2.12B | 2.18B | 2.18B | 1.75B | 1.75B | 1.76B | 1.76B | 467M | 467M | 467M | 0 |
| Intangible Assets | 6.41B | 6.28B | 5.57B | 4.21B | 3.43B | 2.23B | 1.92B | 1.46B | 1.36B | 853M | 0 |
| PP&E (Net) | 0 | 285M | 0 | 0 | 21M | 21M | 19M | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 83.24B | 0 | -51.5B | -41.25B | 0 | -31.86B | 33.82B | 28.55B | 27.39B | 690.98M |
| Total Liabilities | 96.28B | 93.51B | 80.96B | 67.1B | 52.22B | 44.24B | 35.68B | 33.95B | 30.03B | 27.94B | 70K |
| Total Debt | 2.24B | 2.24B | 2.18B | 1.76B | 1.13B | 991M | 603M | 542M | 541M | 412M | 0 |
| Net Debt | 914M | 751M | -83M | 202M | 167M | -542M | -286M | -427M | -30M | -803M | -1.02M |
| Long-Term Debt | 2.24B | 2.24B | 2.17B | 1.75B | 1.11B | 977M | 589M | 542M | 541M | 412M | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 11.79B | 0 | 0 | 220M | 0 | 129M | 81M | 43M | 70K |
| Accounts Payable | 0 | 247M | 207M | 378M | 231M | 220M | 206M | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | -349M | 11.07B | -1.05B | -794M | -248M | -572M | 129M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 91.28B | 66.99B | -1.76B | -1.33B | -1.05B | -605M | 33.28B | 29.4B | 27.48B | 0 |
| Total Equity | 4.75B | 4.92B | 4.08B | 3.1B | 2.4B | 4.49B | 4.07B | 2.76B | 919M | 1.99B | 5M |
| Equity Growth % | 57.21% | 20.63% | 31.36% | 29.02% | -46.38% | 10.09% | 47.61% | 200.33% | -53.73% | 39619.98% | - |
| Shareholders Equity | 4.64B | 4.8B | 3.95B | 3.1B | 2.4B | 4.49B | 4.07B | 2.76B | 919M | 1.99B | 5M |
| Minority Interest | 110M | 113M | 125M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 2.78B | 2.57B | 2.44B | 1.93B | 2.06B | 1B | 136M | 300M | -167M | -149M | -280.22K |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.99K |
| Accumulated OCI | -1.84B | -1.49B | -1.92B | -1.99B | -2.82B | 734M | 1.2B | 481M | -937M | 75M | 0 |
| Return on Equity (ROE) | 11.15% | 5.89% | 17.8% | -2.11% | 18.43% | 28.98% | -5.21% | 22.4% | -1.1% | -112.1% | -6.73% |
| Return on Assets (ROA) | 0.55% | 0.29% | 0.82% | -0.09% | 1.23% | 2.8% | -0.47% | 1.22% | -0.05% | -7.29% | -0.05% |
| Equity / Assets | 4.7% | 5% | 4.79% | 4.42% | 4.4% | 9.2% | 10.25% | 7.52% | 2.97% | 6.64% | 0.72% |
| Debt / Equity | 0.47x | 0.45x | 0.54x | 0.57x | 0.47x | 0.22x | 0.15x | 0.20x | 0.59x | 0.21x | - |
| Book Value per Share | 34.17 | 37.25 | 31.11 | 25.02 | 20.91 | 42.71 | 27.16 | 12.94 | 4.25 | 9.26 | 0.27 |
| Tangible BV per Share | -27.20 | -26.80 | -28.05 | -23.01 | -24.11 | 4.71 | 2.67 | 3.93 | -4.20 | 3.11 | 0.27 |
Asset-Liability Mismatch Exposure
As reported in recent financial statements, F&G's total assets expanded from $64.3 billion in 2024Q1 to $101.0 billion by 2026Q1, representing a significant growth trajectory that underscores the company's aggressive pursuit of market share in the institutional funding and annuity sectors.
The rapid expansion of the asset base relative to the more modest growth in equity suggests that the company is leveraging its balance sheet to scale its spread-based business model. Investors should monitor whether this pace of growth can be sustained without compromising the underlying capital adequacy ratios.
Based on historical data, claims and loss reserves have exhibited extreme quarterly variance, peaking at $1.6 billion in 2023Q4 before settling at $484 million in 2026Q1, which indicates that the company's liability profile is highly sensitive to both market-driven policyholder behavior and institutional contract maturities.
The significant fluctuations in reserve levels suggest that F&G's liability management is subject to substantial volatility, likely driven by the nature of its fixed indexed annuity products. This instability warrants further investigation into the adequacy of current reserve assumptions during periods of heightened market stress.
According to the provided balance sheet figures, equity grew from $3.1 billion in 2023Q4 to $4.6 billion in 2026Q1, yet the ratio of equity to total assets remains thin, suggesting that the company's capital buffer is being utilized to support its rapid institutional expansion.
The relatively low equity-to-asset ratio implies that F&G operates with limited margin for error, relying heavily on its parent company for potential capital support. This capital structure appears designed for high-velocity growth rather than conservative balance sheet preservation.
Analysis of the company's reported figures suggests that the reliance on Blackstone-managed assets to back long-tail annuity liabilities may create a duration mismatch, as evidenced by the extreme volatility in combined ratios and the disconnect between GAAP earnings and actual cash generation capacity.
The potential for a duration mismatch between the investment portfolio and policyholder obligations may expose the firm to significant interest rate risk. Investors should monitor whether the current yield advantage provided by private credit assets is sufficient to offset the liquidity risks inherent in these complex insurance liabilities.
Quick answers to the most common questions about buying FG stock.
As of 2025, F&G Annuities & Life, Inc. (FG) had total assets of $98.43B including $1.49B in current assets.
F&G Annuities & Life, Inc. (FG) carries total debt of $2.24B, offset by $54.19B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
F&G Annuities & Life, Inc. (FG) has total shareholders' equity (book value) of $4.80B ($37.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.