Revenue growth is volatile (swinging from 80.6% in 2024Q1 to -42.1% in 2025Q1), and underwriting profitability deteriorated sharply in 2026Q2 with a combined ratio of 106.6% and a net loss of -$76M.
F&G Annuities & Life, Inc. (FGN) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Revenue | 6.07B | 5.73B | 5.74B | 4.54B | 2.38B | 3.97B | 1.43B | 1.81B | 711M | 1.98B | 1.06M |
| Revenue Growth % | 14.77% | -0.23% | 26.6% | 90.39% | -39.97% | 177.62% | -21.13% | 154.99% | -64.09% | 185914.7% | - |
| Medical Costs & Claims | 2.41B | 3.96B | 0 | 0 | 0 | 0 | 0 | 1.15B | 0 | 0 | 0 |
| Medical Cost Ratio % | 39.79% | 69.15% | 0% | 0% | 0% | 0% | 0% | 63.32% | 0% | 0% | 0% |
| Gross Profit | 3.65B | 1.77B | 5.74B | 4.54B | 2.38B | 3.97B | 1.43B | 665M | 711M | 1.98B | 1.06M |
| Gross Margin % | 60.21% | 30.85% | 100% | 100% | 100% | 100% | 100% | 36.68% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -69.22% | 26.6% | 90.39% | -39.97% | 177.62% | 115.04% | -6.47% | -64.09% | 185914.7% | - |
| Operating Expenses | 844M | 1.45B | 4.8B | 232M | 157M | 129M | 99M | 244M | 653M | 1.73B | 1.4M |
| OpEx / Revenue % | 13.91% | 25.21% | 83.57% | 5.11% | 6.59% | 3.25% | 6.92% | 13.46% | 91.84% | 87.27% | 131.59% |
| Depreciation & Amortization | 946M | 665M | 569M | 30M | 24M | 484M | 0 | 128M | -58M | -252M | 336.27K |
| Combined Ratio % | 53.7% | 94.36% | 83.57% | 5.11% | 6.59% | 3.25% | 6.92% | 76.78% | 91.84% | 87.27% | 131.59% |
| Operating Income | 2.81B | 323M | 944M | 4.3B | 2.23B | 3.84B | 1.33B | 421M | 58M | 252M | -336.27K |
| Operating Margin % | 46.3% | 5.64% | 16.43% | 94.89% | 93.41% | 96.75% | 93.08% | 23.22% | 8.16% | 12.73% | -31.59% |
| Operating Income Growth % | - | -65.78% | -78.07% | 93.4% | -42.05% | 188.58% | 216.15% | 625.86% | -76.98% | 75040.67% | - |
| EBITDA | 3.75B | 988M | 1.51B | 4.33B | 2.25B | 4.33B | 1.33B | 549M | 0 | 0 | 0 |
| EBITDA Margin % | 61.89% | 17.24% | 26.34% | 95.55% | 94.42% | 108.94% | 93.08% | 30.28% | 0% | 0% | 0% |
| Interest Expense | 165M | 164M | 132M | 97M | 29M | 29M | 0 | 32M | 0 | 0 | 0 |
| Non-Operating Income | 1.53B | -164M | 34M | 4.3B | 2.23B | 3.84B | 1.33B | -32M | 0 | 0 | 0 |
| Pretax Income | 521M | 323M | 778M | -35M | 793M | 1.55B | -128M | 421M | 29M | 228M | -336.27K |
| Pretax Margin % | 8.59% | 5.64% | 13.54% | -0.77% | 33.28% | 39.09% | -8.95% | 23.22% | 4.08% | 11.52% | -31.59% |
| Income Tax | 97M | 52M | 136M | 23M | 158M | 320M | -89M | 60M | 16M | 1.32B | 0 |
| Effective Tax Rate % | 18.62% | 16.1% | 17.48% | -65.71% | 19.92% | 20.62% | 69.53% | 14.25% | 55.17% | 578.95% | 0% |
| Net Income | 419M | 265M | 622M | -58M | 635M | 1.24B | -178M | 412M | -16M | -1.12B | -336.27K |
| Net Margin % | 6.91% | 4.62% | 10.83% | -1.28% | 26.65% | 31.23% | -12.45% | 22.72% | -2.25% | -56.36% | -31.59% |
| Net Income Growth % | -23.68% | -57.4% | 1172.41% | -109.13% | -48.79% | 796.63% | -143.2% | 2675% | 98.57% | -331780.12% | - |
| EPS (Diluted) | 3.22 | 1.88 | 4.75 | -0.47 | 5.52 | 8.24 | -0.31 | 1.93 | -0.07 | -5.21 | -0.02 |
| EPS Growth % | 94.15% | -60.42% | 1110.64% | -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 | 130M | 132M | 131M | 124M | 115M | 105M | 150M | 213.36M | 216.02M | 214.37M | 18.56M |
Quick answers to the most common questions about buying FGN stock.
For fiscal year 2025, F&G Annuities & Life, Inc. (FGN) reported total revenue of $5.73B. This represents a 538309.2% increase compared to $1.1M in 2016.
F&G Annuities & Life, Inc. (FGN) 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. (FGN) 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. (FGN) 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.
Key Metrics
Top Statement Risk
Underwriting volatility and reserve releases
Metrics are mathematically derived from official filings.
Premium Growth Shows Mixed Momentum
Revenue growth swung from 80.6% in 2024Q1 to -42.1% in 2025Q1, then rebounded to 30.7% in 2026Q1, indicating volatile demand. According to FGN's quarterly reports, the latest quarter grew 4.2% sequentially.
The erratic revenue trajectory suggests sensitivity to product mix and market conditions, with a sharp contraction in early 2025 followed by recovery. This volatility may reflect changes in annuity sales volumes or reinsurance arrangements, warranting close monitoring of persistency and new business trends.
Underwriting Profitability Remains Inconsistent
Combined ratio swung from 22.6% in 2024Q3 to 106.6% in 2026Q2, with the latest quarter showing underwriting losses. As reported in financial statements, the loss ratio spiked to 80.9% in 2026Q2.
The wide fluctuation in combined ratios indicates that underwriting results are not stable, with the most recent quarter exceeding 100% and thus relying on investment income for profitability. This inconsistency may stem from reserve adjustments or changes in claim experience, suggesting that core underwriting discipline is not yet established.
Reserve Releases Mask Underlying Trends
Quarters with zero claims (e.g., 2026Q1, 2025Q3) show unusually high operating income, implying reserve releases or favorable development. Based on FGN's reported figures, 2026Q1 operating income of $1.1B contrasts sharply with 2026Q2's -$94M.
The pattern of zero claims in several quarters suggests that the company may be releasing prior-year reserves, which inflates current earnings and obscures the true cost of claims. Investors should scrutinize the quality of earnings, as the absence of claim expenses in some periods may not reflect ongoing underwriting risk.
Investment Income Contribution Unclear
Investment income data is unavailable across all quarters, leaving its contribution to earnings unquantified. Given the company's reliance on investment income when combined ratios exceed 100%, this gap warrants attention.
Without explicit investment income figures, it is difficult to assess whether the company's investment portfolio is generating sufficient returns to offset underwriting losses. The lack of disclosure may indicate that investment performance is not a primary driver, but investors should seek additional information to evaluate the sustainability of earnings.
2026Q2 Marks a Profitability Turning Point
The most recent quarter (2026Q2) shows a sharp deterioration with net loss of -$76M and a combined ratio of 106.6%, contrasting with prior profitable quarters. This inflection suggests a potential shift in underwriting conditions.
After several quarters of positive net income, 2026Q2's loss and elevated combined ratio may indicate a change in claim trends or pricing adequacy. This could be an early signal of a hardening or softening market, and investors should monitor whether this is a one-off event or the start of a sustained downturn.
Earnings Quality Questioned by Volatile Metrics
The extreme swings in operating income, from -$304M in 2024Q4 to $1.6B in 2025Q3, raise doubts about the reliability of reported earnings. As per SEC filings, these fluctuations may be driven by non-operating items.
The inconsistency between operating income and net income, particularly in quarters with zero claims, suggests that earnings may be influenced by one-time items or accounting adjustments. This warrants a deeper investigation into the drivers of profitability, as the reported figures may not reflect sustainable operational performance.