F&G Annuities & Life, Inc. (NYSE: FGSN)

F&G Annuities & Life, Inc. is a leading provider of insurance solutions serving retail annuity and life customers as well as institutional clients. The company markets a broad portfolio of annuities, including fixed indexed annuities, registered index-linked annuities, multi-year guarantee annuities, pension risk transfer solutions, indexed universal life insurance and institutional funding agreements through its insurance subsidiaries. F&G operates in the insurance industry with a focus on fixed annuity and life insurance products, pension risk transfer, and funding agreement offerings.

F&G generates revenue through spread-based earnings from fixed annuities and pension risk transfer solutions, as well as fee-based earnings from reinsurance sidecar vehicles, flow reinsurance strategies, middle market life insurance, and its owned distribution portfolio. The company earns income from premiums collected on annuity and life insurance products, investment spreads on assets supporting liabilities, and fees from reinsurance and distribution activities. Its customer base includes retail individuals seeking retirement and savings solutions, institutional clients purchasing funding agreements and pension risk transfer, and plan participants receiving pension payments through its PRT business.

The company operates through the following segments: Annuities, Life Insurance, Pension Risk Transfer, and Funding Agreements.

• The Annuities segment includes fixed indexed annuities, registered index-linked annuities, and multi-year guarantee annuities, offering tax-deferred growth with principal protection or index-linked returns, supported by hedging strategies using options and futures on equity indices such as the S&P 500 Index.

• The Life Insurance segment provides indexed universal life insurance policies, offering death benefits and cash value accumulation credited based on market index performance or fixed rates, with a focus on the underserved middle market through diverse distribution channels.

• The Pension Risk Transfer segment offers group annuity contracts to discharge pension plan liabilities, providing guaranteed lifetime income to plan participants through buy-out transactions that transfer investment, mortality, and administrative risk from sponsors to F&G.

• The Funding Agreements segment involves accepting funds for future payments through agreements with the Federal Home Loan Bank and issuing Funding Agreement Backed Notes to institutional investors, generating spread income by investing upfront premiums prior to making maturity and interest payments.

F&G holds a strong position in the insurance industry as one of the largest sellers of annuities and life insurance, leveraging scale, diversified distribution channels, and strategic partnerships with Blackstone for asset management and reinsurance vehicles for capital efficiency. The company benefits from long-standing distributor relationships, a disciplined investment approach, and a growing mix of fee-based, less capital-intensive earnings sources, supporting its competitive advantage in high-growth retirement and middle markets.

F&G serves approximately 778,000 policyholders relying on fixed annuity and life insurance products, 145,000 plan participants receiving pension payments through pension risk transfer solutions, and institutional clients in the funding agreement and PRT markets. The company distributes through independent agents, banks, broker-dealers, Network Marketing Groups, and owned distribution partners, reaching diverse cultural communities and underserved demographics across the United States.