Revenue growth remains highly cyclical, fluctuating between a 43.6% contraction in 2025Q1 and a 39.0% expansion in 2026Q1, while the combined ratio demonstrates significant instability ranging from 72.0% to 124.2%.
| Revenue | 5.86B | 5.73B | 5.42B | 4.27B | 2.24B | 3.38B | 1.43B | 1.81B | 711M | 1.98B | 1.06M |
| Revenue Growth % | 23.09% | 5.72% | 26.93% | 90.75% | -33.86% | 136.71% | -21.13% | 154.99% | -64.09% | 185914.7% | - |
| Medical Costs & Claims | 3.92B | 3.96B | 3.79B | 3.55B | 1.13B | 1.93B | 0 | 1.15B | 0 | 0 | 0 |
| Medical Cost Ratio % | 66.96% | 69.15% | 69.93% | 83.19% | 50.29% | 57.08% | 0% | 63.32% | 0% | 0% | 0% |
| Gross Profit | 1.94B | 1.77B | 1.63B | 718M | 1.11B | 1.45B | 1.43B | 665M | 711M | 1.98B | 1.06M |
| Gross Margin % | 33.04% | 30.85% | 30.07% | 16.81% | 49.71% | 42.92% | 100% | 36.68% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 8.47% | 127.02% | -35.49% | -23.4% | 1.61% | 115.04% | -6.47% | -64.09% | 185914.7% | - |
| Operating Expenses | 1.26B | 1.45B | 852M | 753M | 320M | -99M | 99M | 244M | 653M | 1.73B | 1.4M |
| OpEx / Revenue % | 21.57% | 25.21% | 15.72% | 17.63% | 14.29% | -2.92% | 6.92% | 13.46% | 91.84% | 87.27% | 131.59% |
| Depreciation & Amortization | 512M | 665M | 569M | 412M | 324M | 271M | 0 | 128M | -58M | -252M | 336.27K |
| Combined Ratio % | 88.53% | 94.36% | 85.65% | 100.82% | 64.58% | 54.15% | 6.92% | 76.78% | 91.84% | 87.27% | 131.59% |
| Operating Income | 672M | 323M | 778M | -35M | 793M | 1.55B | 1.33B | 421M | 58M | 252M | -336.27K |
| Operating Margin % | 11.47% | 5.64% | 14.35% | -0.82% | 35.42% | 45.85% | 93.08% | 23.22% | 8.16% | 12.73% | -31.59% |
| Operating Income Growth % | - | -58.48% | 2322.86% | -104.41% | -48.9% | 16.6% | 216.15% | 625.86% | -76.98% | 75040.67% | - |
| EBITDA | 1.23B | 988M | 1.35B | 377M | 1.12B | 1.82B | 1.33B | 549M | 0 | 0 | 0 |
| EBITDA Margin % | 20.91% | 17.24% | 24.85% | 8.83% | 49.89% | 53.86% | 93.08% | 30.28% | 0% | 0% | 0% |
| Interest Expense | 165M | 164M | 132M | 97M | 29M | 29M | 0 | 32M | 0 | 0 | 0 |
| Non-Operating Income | -165M | -164M | -132M | -97M | -29M | -29M | 1.33B | -32M | 0 | 0 | 0 |
| Pretax Income | 672M | 323M | 778M | -35M | 793M | 1.55B | -128M | 421M | 29M | 228M | -336.27K |
| Pretax Margin % | 11.47% | 5.64% | 14.35% | -0.82% | 35.42% | 45.85% | -8.95% | 23.22% | 4.08% | 11.52% | -31.59% |
| Income Tax | 131M | 52M | 136M | 23M | 158M | 320M | -89M | 60M | 16M | 1.32B | 0 |
| Effective Tax Rate % | 19.49% | 16.1% | 17.48% | -65.71% | 19.92% | 20.62% | 69.53% | 14.25% | 55.17% | 578.95% | 0% |
| Net Income | 534M | 265M | 639M | -58M | 635M | 1.24B | -178M | 412M | -16M | -1.12B | -336.27K |
| Net Margin % | 9.11% | 4.62% | 11.79% | -1.36% | 28.36% | 36.63% | -12.45% | 22.72% | -2.25% | -56.36% | -31.59% |
| Net Income Growth % | 6.16% | -58.53% | 1201.72% | -109.13% | -48.79% | 796.63% | -143.2% | 2675% | 98.57% | -331780.12% | - |
| EPS (Diluted) | 3.84 | 1.88 | 4.88 | -0.47 | 5.52 | 8.24 | -0.31 | 1.93 | -0.07 | -5.21 | -0.02 |
| EPS Growth % | 0.28% | -61.48% | 1138.3% | -108.51% | -33.01% | 2758.06% | -116.06% | 2704.59% | 98.58% | -28684.53% | - |
| EPS (Basic) | - | 1.89 | 4.98 | -0.47 | 5.52 | 8.24 | -0.31 | 1.92 | -0.07 | -5.28 | -0.02 |
| Diluted Shares Outstanding | 139M | 132M | 131M | 124M | 115M | 105M | 150M | 213.36M | 216.02M | 214.37M | 18.56M |
Volatility in underwriting margins
As reported in recent financial statements, F&G's revenue trajectory remains highly volatile, with quarterly growth rates fluctuating from a 43.6% contraction in 2025Q1 to a 39.0% expansion in 2026Q1, reflecting the inherent sensitivity of annuity sales to shifting interest rate environments and institutional funding demand.
The wide variance in top-line performance suggests that F&G's reliance on institutional funding agreements and PRT transactions introduces significant lumpiness into revenue recognition. Investors should monitor whether this growth is sustainable or if it merely reflects opportunistic capital deployment that may not repeat in subsequent periods.
Based on the provided income statement data, the combined ratio has demonstrated extreme instability, ranging from a profitable 72.0% in 2024Q4 to a loss-making 124.2% in 2023Q4, indicating that underwriting margins are currently susceptible to significant quarterly shocks and potential reserve adjustments.
The frequent oscillation between underwriting profit and loss suggests that the company's pricing models may be struggling to keep pace with market volatility or that the cost of hedging equity-linked options is creating unpredictable expense spikes. This lack of margin consistency warrants further investigation into the underlying drivers of the loss ratio, which reached as high as 105.2% in late 2023.
According to the company's historical income statement data, the 2023Q4 period served as a major inflection point where a 124.2% combined ratio triggered a $299 million net loss, highlighting the severe impact of market dislocations on the firm's core annuity underwriting and hedging operations.
This period appears to have been a stress test for the company's risk management framework, as subsequent quarters have shown a concerted effort to stabilize the combined ratio. However, the continued fluctuation in operating income suggests that the firm remains vulnerable to similar tail-risk events that could rapidly erode capital buffers.
Analysis of the reported figures suggests that GAAP net income is heavily influenced by non-cash derivative mark-to-market swings, as evidenced by the sharp EPS reversal from $2.50 in 2024Q4 to a loss of $0.20 in 2025Q1, which may mask the true underlying profitability of the insurance platform.
The disconnect between operating income and net income warrants caution, as investors should monitor whether the company's hedging strategy is effectively mitigating risk or merely deferring volatility. The reliance on complex accounting adjustments for DAC unlocking and derivative valuations makes it difficult to ascertain the true run-rate of the business without further granular disclosure.
Quick answers to the most common questions about buying FG stock.
For fiscal year 2025, F&G Annuities & Life, Inc. (FG) reported total revenue of $5.73B. This represents a 538309.2% increase compared to $1.1M in 2016.
F&G Annuities & Life, Inc. (FG) is profitable, generating $265.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
F&G Annuities & Life, Inc. (FG) reported an operating income of $323.0M, resulting in an operating profit margin of 5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
F&G Annuities & Life, Inc. (FG) generated $1.77B in gross profit for the year, representing a gross profit margin of 30.8%. This demonstrates the company's core pricing power and production efficiency.