F&G Annuities & Life

What F&G Annuities & Life does

F&G Annuities & Life, Inc. is a U.S. provider of annuity and life insurance products founded in 1959, headquartered in Des Moines, Iowa, and publicly traded on the NYSE under ticker FG. The company offers a full suite of retirement and protection products, including fixed indexed annuities (FIAs), multi-year guaranteed annuities (MYGAs), registered indexed-linked annuities (RILAs), indexed universal life (IUL) insurance, term and whole life policies, and pension risk transfer (PRT) group annuities for institutional plan sponsors. Products are built on index crediting strategies that link returns to market indices such as the S&P 500 while protecting against market downside, with optional volatility control features and living benefits riders (chronic, terminal, and critical illness access to death benefits).

The company serves two principal segments: retail annuity and life customers (over 1,000,000 policyholders) seeking retirement income and family financial protection, and institutional plan sponsors transferring defined benefit pension obligations through PRT transactions. Distribution is anchored by 82,000+ licensed insurance agents and financial advisors, supplemented by independent marketing organizations, bank and broker-dealer relationships including Raymond James, and a new February 2026 partnership with Voya Financial's wealth management platform.

F&G's revenue model relies on the spread between investment portfolio returns and interest credited to policyholders, supplemented by recurring life insurance premiums, surrender charges, and an accelerating fee-based earnings stream (15% of adjusted net earnings in 2025, up from 5% in 2022, targeting 25% by 2028). Investment portfolio management is executed in partnership with Blackstone Insurance Solutions, supporting the disciplined asset-liability matching required for long-duration insurance liabilities. As of Q1 2026, F&G reported approximately $75 billion in AUM, $3.2 billion in quarterly gross sales (up 10% year-over-year), $6.2 billion in total equity excluding AOCI (Q4 2025), and strong financial strength ratings (A from AM Best, A- from S&P, A from Fitch, A3 from Moody's). Parent Fidelity National Financial retains an approximately 70% equity stake following a December 2025 distribution that increased F&G's public float from 18% to 30%.

Name

F&G Annuities & Life

Legal name

Fidelity & Guaranty Life Insurance Company

Website

https://fglife.com

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

F&G Annuities & Life is a U.S. annuity and life insurance provider offering fixed indexed annuities, multi-year guaranteed annuities, indexed universal life, and pension risk transfer solutions through 82,000+ licensed agents to over 1,000,000 retail and institutional policyholders nationwide.

Ownership category

akta.pro rank

Headquarters

HQ city

Des Moines

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Annuity Premiums: F&G collects premiums from fixed indexed annuities, multi-year guaranteed annuities, and registered indexed-linked annuities. Policyholders pay premiums or make contributions during the accumulation phase, with the company investing these funds and generating returns through its investment portfolio. Revenue is generated through the spread between investment returns and credited interest to policyholders, supplemented by surrender charges for early withdrawals.
2. Life Insurance Premiums: F&G collects recurring premiums for indexed universal life (IUL), whole life, and term life insurance policies. The company also earns fee income from cash value accumulation features and living benefits riders attached to life insurance policies.
3. Fee-Based Earnings: F&G is strategically shifting toward a more fee-based, higher-margin business model. Fee-based earnings contributed approximately 15% of adjusted net earnings in 2025, up from roughly 5% in 2022, with a target of reaching 25% fee-based earnings by year-end 2028. This includes fee income from certain institutional products and alternative investment management arrangements.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

F&G Annuities & Life sells fixed indexed annuities (FIAs), multi-year guaranteed annuities (MYGAs), registered indexed-linked annuities (RILAs), indexed universal life (IUL), term and whole life insurance to individual consumers, and group annuity / pension risk transfer (PRT) contracts plus funding agreements to institutional plan sponsors. Products credit interest via market-linked index strategies with downside protection and are issued by Fidelity & Guaranty Life Insurance Company and its New York-domiciled subsidiary.

Product overview

F&G Annuities & Life offers a comprehensive portfolio of annuity and life insurance products. The core product lineup includes Fixed Indexed Annuities (FIAs), Multi-Year Guaranteed Annuities (MYGAs), and Registered Indexed-linked Annuities (RILAs) for retirement savings and income. Life insurance offerings include term life, whole life, and indexed universal life (IUL) policies. For institutional clients, F&G provides group annuity products through pension risk transfer (PRT) transactions and funding agreements. These products work together to address retirement planning, income protection, and wealth transfer needs across retail and institutional segments.

Differentiator

Problem solved

Functional benefit

Products and services

• Fixed Indexed Annuities (FIAs) Annuities that credit interest based on the performance of a market index (e.g., S&P 500) with floors protecting against market losses, allowing individual policyholders to participate indirectly in market gains without downside risk. Sold through licensed financial advisors and insurance agents to retail customers seeking retirement accumulation with downside protection.
• Multi-Year Guaranteed Annuities (MYGAs) Annuities that offer a guaranteed fixed interest rate over a specified multi-year period, providing predictable returns and principal protection. Marketed to conservative retail customers planning for retirement income or principal-preservation goals.
• Registered Indexed-Linked Annuities (RILAs) Securities-registered annuities that link returns to market indices while providing downside protections such as buffers or floors, combining growth potential with risk management features. Sold through licensed advisors to retail customers seeking upside participation with controlled downside.
• Life Insurance (Indexed Universal Life, Whole Life, Term Life) Individual life insurance products providing death benefit protection and cash value accumulation, including indexed universal life (IUL) with index-linked cash value growth and flexible premiums, whole life with permanent coverage, and term life for temporary protection needs. Sold through licensed agents to individual policyholders and families.
• Group Annuities / Pension Risk Transfer (PRT) Institutional group annuity contracts under which F&G assumes defined benefit pension obligations from corporate or public plan sponsors and takes responsibility for paying plan participants, including certificate holder support through a dedicated PRT Service Center. Sold by F&G's institutional sales team to plan sponsors.
• Funding Agreements Institutional investment contracts offering guaranteed returns to institutional investors, typically used for capital preservation and steady income. Issued by F&G's insurance subsidiaries to institutional counterparties.

Quantifiable outcome

• AUM grew to nearly $75 billion in Q1 2026, an 11% year-over-year increase
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core, major and minor.

• Voya FinancialcoreChannel Partner/ Reseller/ Distributor · 25 February 2026F&G Annuities & Life partnered with Voya Financial in February 2026 to offer F&G's annuity products through Voya's wealth management platform. This collaboration aims to expand access to retirement and income protection solutions for American clients, combining F&G's annuity products with Voya's distribution capabilities and wealth management platform reach.
• Ancient FinancialmajorStrategic or Co-development Partner · 24 February 2026F&G agreed to divest its Bermuda-based life and annuity reinsurance subsidiary, F&G Life Re Ltd., to newly formed Ancient Financial for approximately $300 million in net proceeds. The deal was expected to close on March 1, 2026. Upon closing, F&G Life Re will be renamed Ancient Re Ltd. F&G and Ancient Financial will also enter a forward-flow reinsurance agreement, with Erich Schram (formerly head of Blackstone's Insurance Portfolios) and Alexander Klabin (hedge fund veteran) leading Ancient Financial.
• Blackstone Insurance SolutionscoreStrategic or Co-development Partner · 14 January 2021F&G maintains a strategic partnership with Blackstone Insurance Solutions for the oversight and management of its investment portfolios. David Martin and Leena Punjabi, F&G's Co-Chief Investment Officers, work in partnership with Blackstone's experienced asset management team to execute a disciplined, long-term investment strategy. F&G and Blackstone continue to source and underwrite assets seeking compelling returns without significantly increasing risk. This partnership is described as a critical differentiator for F&G in a low-rate, low-spread environment.
• SHYFT Collective and PigottminorImplementation/ SI/ Consulting Partner · 14 January 2021In preparation for its headquarters relocation to 801 Grand in Des Moines, F&G partnered with SHYFT Collective (workspace design) and Pigott (furniture and workspace solutions) to create a functional, scalable workspace across approximately 83,000 square feet.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Corebridge Financial: Corebridge Financial (the Life & Retirement business spun off from AIG) is one of the largest U.S. providers of fixed annuities, indexed annuities, and group retirement products. It is a directly comparable peer with overlapping FIA/MYGA/RILA products, pension risk transfer capabilities, and a similarly large advisor distribution footprint.
• Brighthouse Financial: Brighthouse Financial is a U.S. annuity and life insurance carrier specializing in fixed, indexed, and variable annuities as well as life insurance. Its product mix, retail distribution model, and focus on retirement income protection closely mirror F&G's core FIA/MYGA/RILA and IUL franchise.
• Jackson Financial: Jackson Financial is a leading U.S. retail annuity provider with a deep indexed and variable annuity book and a large advisor-distributed platform. Its product set (RILAs, fixed annuities, life insurance) and customer base (retirement-focused) directly overlap with F&G's offerings.
• Equitable Holdings: Equitable Holdings offers a broad range of variable, fixed, and indexed annuities along with life insurance and retirement plan services. Its diversified annuity/retirement business and dual retail and institutional channels make it a strong functional peer to F&G's FIA/RILA and PRT businesses.
• American Equity Investment Life / Resolution Life: American Equity was historically one of the largest U.S. fixed indexed annuity writers before being acquired by Resolution Life. Its pure-play FIA focus, indexed-crediting expertise, and retail annuity distribution model directly parallel F&G's product-led strategy.
• Athene Holding: Athene (an Apollo subsidiary) is a leading U.S. issuer of fixed, indexed, and registered indexed-linked annuities, with a major pension risk transfer franchise. Its scale in spread-based retirement products and institutional channel is directly comparable to F&G's institutional and retail annuities.
• Global Atlantic Financial Group: Global Atlantic (a KKR subsidiary) provides individual annuities (fixed, indexed, variable), life insurance, and pension risk transfer solutions. Its balanced retail and institutional book and focus on spread-based retirement products make it a close functional peer to F&G.
• Lincoln National: Lincoln Financial Group offers fixed, indexed, and variable annuities plus universal life and indexed universal life insurance, with both retail and group retirement channels. Its broad annuity and life product suite overlaps significantly with F&G's retail and institutional offerings.

Emerging players

• Voya Financial: Voya Financial is a retirement, investment, and employee benefits company with a growing fixed and indexed annuity franchise and a wealth management distribution platform. It is comparable as both a product peer (annuities, retirement income) and a distribution partner (now distributing F&G's products through its platform).

Broad incumbents

• Prudential Financial: Prudential is a large, diversified financial services firm with major U.S. retirement, individual life, and pension risk transfer businesses. Its Individual Retirement Strategies and Group Insurance divisions offer similar FIA/RILA/annuity and life products, but at materially larger scale and with broader capabilities beyond F&G's specialty focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fg_life
• YouTubeyoutube.com/user/MyFGLife
• Facebookfacebook.com/FidelityandGuarantyLife
• LinkedInlinkedin.com/company/fidelity-&-guaranty-life?trk=hb_tab_compy_id_2188830
• Instagraminstagram.com/fglife_team

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds7 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about F&G Annuities & Life