F&G Annuities & Life, Inc. (FG) Stock Price & How to Invest

F&G Annuities & Life sells retirement and life products through independent agents, banks and broker-dealers, with fixed indexed annuities (FIA) and multi-year guaranteed annuities as the core, plus indexed universal life. Alongside that retail book it runs institutional channels that can be dialled up or down: pension risk transfer, where it takes over a corporate pension plan's obligations, and funding agreements issued to institutional buyers. The economics are simple in outline. F&G takes in premium, credits the policyholder a rate tied to a guarantee or an index, and invests the money in a portfolio weighted to investment-grade corporate and structured credit with an allocation to private and alternative assets. The difference between the asset yield and the crediting cost, less expenses, is the margin. Assets under management before reinsurance reached ~$74.7 billion in Q2 2026, up ~8% year over year, with retained AUM of ~$55.9 billion after ceding flow business to third-party reinsurers.

The investment picture turns on two things that pull in different directions. Volume has held up: Q2 2026 gross sales were ~$2.7 billion and core retail sales ~$1.8 billion, described by management as one of the strongest retail quarters on record, against an industry FIA market that contracted. Reported profit is noisier. Q2 2026 produced a GAAP net loss attributable to common shareholders of ~$81 million (~$0.62 per diluted share) because of ~$144 million of unfavourable mark-to-market effects, while adjusted net earnings were ~$85 million (~$0.65 per share), down from ~$0.77 a year earlier. Adjusted return on equity excluding AOCI ran at ~8.0%. That combination, growing assets and mid-single-digit to high-single-digit returns on a mark-sensitive balance sheet, is why the shares change hands well below stated book. Fidelity National Financial retains roughly 73% of the equity after distributing another ~12% to its own shareholders at the end of 2025, so FG is a controlled company with a modest public float.

GAAP results are dominated by mark-to-market movements on derivatives and embedded derivatives, so a headline loss can sit next to positive adjusted earnings, as it did in Q2 2026. The asset side carries credit and liquidity risk, including structured and privately originated holdings whose marks are less observable than public bonds, and a genuine credit cycle would test both earnings and book value. Rate moves cut in two directions: lower rates compress spreads on new money, while sharply higher rates raise the odds that policyholders surrender past their surrender-charge period and move elsewhere. Fidelity National Financial's roughly 73% stake makes FG a controlled company, so minority holders have limited say on related-party transactions, a point already litigated once over FNF's $250 million investment (dismissed in Delaware in May 2025). Financial-strength ratings, reinsurance counterparty exposure and regulatory attention to alternative-asset-affiliated insurers and offshore reinsurance are all live variables for a business that ultimately sells a promise.

We give no verdict on F&G Annuities & Life, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Retail annuity demand from an ageing saver base. Fixed indexed and multi-year guaranteed annuities sell when savers want principal protection with some upside and when guaranteed rates look competitive against CDs and money-market funds.

The case against. GAAP results are dominated by mark-to-market movements on derivatives and embedded derivatives, so a headline loss can sit next to positive adjusted earnings, as it did in Q2 2026.

Read the full bull and bear case on FG, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see F&G Annuities & Life, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$6.07B
• Market cap: ~$3.59B (share price ~$27.42)
• Q2 2026 adjusted net earnings: ~$85M (~$0.65 per share)
• Q2 2026 GAAP result: net loss of ~$81M (~$0.62 per diluted share)
• Book value per share ex-AOCI: ~$45.93
• AUM before reinsurance: ~$74.7B (retained ~$55.9B)

At ~$27.42 the shares trade at roughly 0.6x book value per share excluding AOCI of ~$45.93, a discount that is common across annuity writers whose reported book swings with rates and credit marks. Adjusted return on equity excluding AOCI was ~8.0% in Q2 2026, which frames the discount: a business earning high single digits on equity does not typically clear book value, and the gap narrows only if returns improve or the market grows more confident in the asset marks. Revenue on an insurance income statement blends premiums, net investment income and derivative gains, so the ~$6.07 billion trailing figure moves for reasons unrelated to how much business was written.

Other names that sit close to FG: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get FG exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so FG sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where FG fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

FG is a spread-based annuity writer whose reported earnings swing on accounting marks while the underlying business compounds assets, so the case rests on the durability of the investment portfolio and on what a controlled, sub-book valuation implies.

Whether FG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FG a buy or a sell?, and where the stock could go from here in the FG stock forecast.

For income investors, whether FG pays a dividend and how the payout looks is covered in does FG pay a dividend? And to weigh FG against a peer, read the full side-by-side comparisons: FG vs KKR and FG vs BN.