Fundamentals snapshot
FG · NYQ · Financial Services · Insurance - Life
Current price
$22.49
52-week range
$20.57 - $35.33
Market cap
$2.94B
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 financial products that help people save for retirement and protect their families. The company makes money by collecting regular payments from customers and investing that cash, aiming to earn more from its investments than it pays out in future benefits. This business model is important because as more people plan for retirement, the demand for their annuity products (contracts that provide a steady income stream later in life) could grow.
Founded in 1959 as Fidelity & Guaranty Life Insurance Company, the firm initially focused on traditional life insurance and annuity products. After a series of ownership changes involving companies like USF&G, Old Mutual, and Harbinger Group, it rebranded as F&G in 2019 to create a more distinct identity. A major turning point came in 2020 when it became a subsidiary of Fidelity National Financial (FNF), a large, unrelated company. This led to its re-emergence as a publicly-traded company on the NYSE under the ticker FG in late 2022.
F&G sells insurance products designed to help people plan for retirement and manage their financial future. Think of it as making a promise: a customer pays the company money over time (called a premium), and in exchange, F&G provides a contract that guarantees a stream of income later in life or a payout to loved ones. They offer different types of these contracts, known as annuities and life insurance, which are sold through a national network of independent financial professionals, banks, and broker-dealers (firms that buy and sell securities).
This is the company's largest business, focused on selling products to individuals through a network of independent agents, banks, and other financial advisors. The main products are annuities, which are contracts that provide a guaranteed income stream for retirement. They offer different kinds, like fixed indexed annuities that have growth potential tied to a market index (like the S&P 500) but protect the customer's principal from market losses. This segment also includes life insurance products that provide a financial payout upon a person's death.
This part of the business serves other companies and large organizations rather than individuals. A key offering is the Pension Risk Transfer (PRT). This is where F&G takes over a company's pension plan obligations, agreeing to make the guaranteed retirement payments to that company's former employees. They also issue funding agreements, which are essentially contracts where an institution gives F&G a large sum of money in exchange for a guaranteed return over a set period.
F&G's leadership is focused on shifting the company towards a business model that is "less capital intensive," meaning it requires less upfront cash to operate and grow. They are doing this by expanding into areas like reinsurance (insurance for insurance companies) and growing their own distribution network, which gives them more control over how their products are sold. The goal is to create more stable, fee-based earnings and generate stronger long-term growth for investors. The company is also exploring strategic options for its owned distribution business, called Peak Altitude, to unlock more value for shareholders.
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 $4.55B 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
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Valuation
Profitability
Health
Growth
Cash flow
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What you should know