F&G Annuities & Life, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
FG$25.00-2.2%Stored close · as of Nov 10, 2026
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Item 1. Condensed Consolidated Financial Statements:
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except share data)
| September 30,2025 | December 31,2024 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Investments: | ||
| Fixed maturity securities available for sale, at fair value, at September 30, 2025 and December 31, 2024, at an amortized cost of $54,005 and $49,729, respectively, net of allowance for credit losses of $96 and $62, respectively | $51,601 | $46,317 |
| Preferred securities, at fair value | 248 | 270 |
| Equity securities, at fair value | 104 | 145 |
| Derivative investments | 1,222 | 792 |
| Mortgage loans, net of allowance for credit losses of $77 and $70, at September 30, 2025 and December 31, 2024, respectively | 7,391 | 5,926 |
| Investments in unconsolidated affiliates (certain investments at fair value of $270 and $272, at September 30, 2025 and December 31, 2024, respectively) | 4,731 | 3,565 |
| Other long-term investments | 1,022 | 580 |
| Policy loans | 136 | 104 |
| Short-term investments | 910 | 2,410 |
| Total investments | 67,365 | 60,109 |
| Cash and cash equivalents | 2,189 | 2,264 |
| Reinsurance recoverable, net of allowance for credit losses of $18 and $20, at September 30, 2025 and December 31, 2024, respectively | 16,843 | 13,369 |
| Goodwill | 2,180 | 2,179 |
| Prepaid expenses and other assets (certain assets held at fair value of $18 and $11, at September 30, 2025 and December 31, 2024, respectively) | 1,042 | 950 |
| Other intangible assets, net | 6,097 | 5,572 |
| Market risk benefits asset | 242 | 189 |
| Income taxes receivable | 67 | — |
| Deferred tax asset, net | 112 | 299 |
| Total assets | $96,137 | $84,931 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Contractholder funds | $61,798 | $56,404 |
| Future policy benefits | 10,055 | 8,749 |
| Market risk benefits liability | 830 | 549 |
| Accounts payable and accrued liabilities | 2,696 | 2,219 |
| Income taxes payable | — | 5 |
| Notes payable | 2,236 | 2,171 |
| Funds withheld for reinsurance liabilities | 13,582 | 10,758 |
| Total liabilities | 91,197 | 80,855 |
| Equity: | ||
| Preferred stock $0.001 par value; authorized 25,000,000 shares and outstanding and issued 5,000,000 shares as of September 30, 2025 and December 31, 2024 | — | — |
| Common stock, $0.001 par value; authorized 500,000,000 shares as of September 30, 2025 and December 31, 2024; outstanding of 134,625,415 and 126,792,844, respectively; and issued of 135,835,404 and 127,952,143, respectively | — | — |
| Additional paid-in-capital | 3,755 | 3,464 |
| Retained earnings | 2,478 | 2,440 |
| Accumulated other comprehensive (loss) income ("AOCI") | (1,376) | (1,923) |
| Treasury stock, at cost (1,209,989 and 1,159,299 shares, as of September 30, 2025 and December 31, 2024, respectively) | (33) | (30) |
| Total F&G Annuities & Life, Inc. shareholders' equity | 4,824 | 3,951 |
| Non-controlling interests | 116 | 125 |
| Total equity | 4,940 | 4,076 |
| Total liabilities and equity | $96,137 | $84,931 |
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