Fundamentals snapshot
FG · NYQ · Financial Services · Insurance - Life
Current price
$21.68
52-week range
$18.75 - $35.33
Market cap
$2.84B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $375.00M. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
F&G Annuities & Life sells insurance and investment products like annuities (a type of savings plan that pays out income over time) and life insurance to individuals and businesses. Their main income comes from the premiums people pay for these products, and this matters because it shows how many people are trusting F&G with their financial future.
F&G Annuities & Life, Inc. was founded in 1959 and has a long history in the insurance and financial services industry. It began by offering individual life insurance and annuity products. Over the decades, the company has undergone several ownership changes, including being a subsidiary of United States Fidelity and Guaranty Company (USF&G) and later Old Mutual. In 2020, F&G became a subsidiary of Fidelity National Financial, Inc. (FNF), which currently holds approximately 70% ownership. This evolution has shaped F&G into a company focused on providing a range of annuity and life insurance solutions to meet diverse financial needs.
F&G Annuities & Life provides financial products designed to help people save for retirement and protect their loved ones. Think of it like offering different types of savings accounts that grow over time and can provide a steady income later in life, or life insurance policies that pay out money to a family if someone passes away. They offer these products to individual customers, as well as to larger institutions like pension funds.
Annuities are financial products that can provide a stream of income, often used for retirement planning. F&G offers several types, including fixed indexed annuities (FIAs), which offer potential growth tied to market indexes while protecting your initial investment (principal protection). They also offer multi-year guarantee annuities (MYGAs), which provide a fixed interest rate for a set number of years, and immediate annuities, which start paying out income right away. These products are designed for individuals looking for predictable income or a way to grow their savings with some level of market participation and protection.
F&G offers life insurance policies that provide a financial benefit to beneficiaries upon the death of the insured person. This can help families cover expenses, replace lost income, or provide a legacy. One type they offer is indexed universal life insurance (IUL), which combines a death benefit with a cash value component that can grow based on market index performance, offering potential for both protection and accumulation.
Beyond individual customers, F&G also works with institutional clients, such as corporate pension plans. They offer pension risk transfer (PRT) solutions, which essentially allow companies to transfer the responsibility of paying out their pension obligations to F&G. Additionally, they provide institutional funding agreements, which are like loans from institutions to F&G that help fund the company's operations and investments.
F&G is focusing on shifting its product mix towards higher-margin offerings like fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs). This strategy aims to create a more capital-light business model, meaning the company needs to hold less of its own money in reserve for these products. They are also forming strategic partnerships, such as one with Blackstone, to secure growth capital and manage liabilities more efficiently. This approach is intended to enhance profitability and allow for greater flexibility in responding to market conditions.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $375.0M - more cash than debt. Interest coverage 3.0x.
F&G Annuities & Life, Inc.'s profit covers its interest bill about 3.0 times over.
Total debt $2.29B Interest coverage 2.97x This is the baseline the peer rows are being compared against.
Total debt $11.80B Interest coverage 4.12x +39% vs FG Carries about 1.4x more debt cushion than FG.
Total debt $2.28B Interest coverage 5.12x +73% vs FG Carries about 1.7x more debt cushion than FG.
Total debt $4.81B Interest coverage 2.27x -24% vs FG Carries about 1.3x less debt cushion than FG.
Total debt $7.24B Interest coverage 6.89x +132% vs FG Carries about 2.3x more debt cushion than FG.
What you should know
The numbers
Tap any ? icon to learn what it means.
Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know