F&G Annuities & Life, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
FG$25.00-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule II—Financial Information of Registrant
Schedule II
SUPPLEMENTAL CONDENSED BALANCE SHEETS
| (In millions) | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Investments in consolidated subsidiaries | $6,630 | $5,545 |
| Fixed maturity securities, available for sale | 237 | — |
| Mortgage loans, net of allowance for credit losses of $3 and $3 at December 31, 2025 and 2024, respectively | 90 | 84 |
| Short term-investments | 40 | — |
| Cash and cash equivalents | 43 | 202 |
| Prepaid expenses and other assets | 8 | 11 |
| Income taxes receivable | 33 | 22 |
| Total assets | $7,081 | $5,864 |
| Liabilities and Equity | ||
| Accounts payable and other liabilities | $30 | $37 |
| Intercompany payables | 9 | 6 |
| Deferred tax liability, net | 1 | — |
| Notes payable | 2,237 | 1,870 |
| Total liabilities | 2,277 | 1,913 |
| Equity: | ||
| Preferred stock $0.001 par value; authorized 25,000,000 shares as of December 31, 2025 and 2024; outstanding and issued 5,000,000 shares as of December 31, 2025 and 2024 | — | — |
| F&G common stock, $0.001 par value; authorized 500,000,000 shares as of December 31, 2025 and 2024; outstanding of 135,610,292 and 126,792,844 as of December 31, 2025 and 2024, respectively, and issued of 137,056,106 and 127,952,143 as of December 31, 2025 and 2024, respectively | — | — |
| Additional paid-in-capital | 3,764 | 3,464 |
| Retained earnings | 2,568 | 2,440 |
| Accumulated other comprehensive income (loss) | (1,488) | (1,923) |
| Treasury stock, at cost (1,445,814 shares and 1,159,299 shares as of December 31, 2025 and2024, respectively) | (40) | (30) |
| Total equity | 4,804 | 3,951 |
| Total liabilities and equity | $7,081 | $5,864 |
Schedule II (continued)
SUPPLEMENTAL CONDENSED INCOME STATEMENTS
| (In millions) | Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Life insurance premiums and other fees | $— | $2 | $3 |
| Interest and investment income | 21 | 18 | 16 |
| Total revenues | 21 | 20 | 19 |
| Expenses: | |||
| Other operating expenses | 11 | 7 | 5 |
| Interest expense | 149 | 118 | 75 |
| Total expenses | 160 | 125 | 80 |
| Earnings (loss) before income tax expense and equity in earnings of subsidiaries | (139) | (105) | (61) |
| Income tax benefit | (41) | (21) | (13) |
| Earnings (loss) before equity in earnings of subsidiaries | (98) | (84) | (48) |
| Equity in earnings (loss) of subsidiaries | 363 | 723 | (10) |
| Net earnings (loss) | 265 | 639 | (58) |
| Less: Preferred stock dividend | 17 | 17 | — |
| Net earnings (loss) attributable to F&G common shareholders | $248 | $622 | $(58) |
Schedule II (continued)
SUPPLEMENTAL CONDENSED CASH FLOW STATEMENTS
| (In millions) | Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net earnings (loss) | $265 | $639 | $(58) |
| Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operating activities: | |||
| Equity in (earnings) loss of subsidiaries | (363) | (723) | 10 |
| (Gain) loss on sales of investments | — | 2 | — |
| Stock-based compensation cost | 31 | 29 | 23 |
| Net change in income taxes | (10) | (9) | 47 |
| Net change in other assets and other liabilities | (65) | (65) | (28) |
| Net cash used in operating activities | (142) | (127) | (6) |
| Cash Flows from Investing Activities: | |||
| Proceeds from sales, calls and maturities of investments | 11 | 28 | 2 |
| Purchases of investment securities | (388) | — | — |
| Net proceeds from sales, maturities, and purchases of short-term investment securities | 110 | — | — |
| Net cash (used in) provided by investing activities | (267) | 28 | 2 |
| Cash Flows from Financing Activities: | |||
| Borrowings | 375 | 1,050 | 845 |
| Debt issuance costs | (11) | (20) | (12) |
| Capital contributions | (295) | (493) | (589) |
| Net revolving credit facility (repayments) borrowings | — | (365) | (185) |
| Dividends paid | (137) | (121) | (77) |
| Dividends from subsidiaries | 59 | — | — |
| Purchases of treasury stock | (10) | (12) | (18) |
| Issuance of preferred stock | — | 250 | — |
| Issuance of common stock | 269 | — | — |
| Net cash provided by (used in) financing activities | 250 | 289 | (36) |
| Net (decrease) increase in cash and cash equivalents | (159) | 190 | (40) |
| Cash and cash equivalents at beginning of period | 202 | 12 | 52 |
| Cash and cash equivalents at end of period | $43 | $202 | $12 |
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