Insurance solutions provider F&G Annuities & Life (NYSE: FG) reported revenue ahead of Wall Street’s expectations in Q4 CY2025, with sales up 10.8% year on year to $1.77 billion. Its non-GAAP profit of $0.91 per share was 24.4% below analysts’ consensus estimates.
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F&G Annuities & Life (FG) Q4 CY2025 Highlights:
- Net Premiums Earned: $987 million vs analyst estimates of $705 million (26.6% year-on-year decline, 40% beat)
- Revenue: $1.77 billion vs analyst estimates of $1.55 billion (10.8% year-on-year growth, 14.1% beat)
- Pre-tax Profit: $161 million (9.1% margin)
- Adjusted EPS: $0.91 vs analyst expectations of $1.20 (24.4% miss)
- Book Value per Share: $33.49 vs analyst estimates of $47.05 (7.5% year-on-year growth, 28.8% miss)
- Market Capitalization: $3.88 billion
Chris Blunt, F&G's Chief Executive Officer, commented, "We delivered a strong finish to an outstanding year, highlighted by record assets under management before flow reinsurance of $73 billion fueled by $14.6 billion of gross sales in full year 2025, including $9 billion of gross sales in our core products – indexed annuities, indexed universal life and pension risk transfer. Our high quality, diversified investment portfolio continues to perform extremely well with credit-related impairments remaining stable and below our expectations."
Company Overview
Founded in 1959 and serving approximately 677,000 policyholders who rely on its financial protection products, F&G Annuities & Life (NYSE: FG) provides fixed annuities, life insurance, and pension risk transfer solutions to retail and institutional clients.
Revenue Growth
Insurance companies generate revenue three ways. The first is the core insurance business itself, represented in the income statement as premiums earned. The second source is investment income from investing the “float” (premiums collected but not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from policy administration, annuities, and other value-added services. Over the last four years, F&G Annuities & Life grew its revenue at a solid 9.7% compounded annual growth rate. Its growth surpassed the average insurance company and shows its offerings resonate with customers, a great starting point for our analysis.
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.We at StockStory place the most emphasis on long-term growth, but within financials, a stretched historical view may miss recent interest rate changes, market returns, and industry trends. F&G Annuities & Life’s annualized revenue growth of 12.4% over the last two years is above its four-year trend, suggesting its demand was strong and recently accelerated. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, F&G Annuities & Life reported year-on-year revenue growth of 10.8%, and its $1.77 billion of revenue exceeded Wall Street’s estimates by 14.1%.
Net premiums earned made up 49.3% of the company’s total revenue during the last five years, meaning F&G Annuities & Life’s growth drivers strike a balance between insurance and non-insurance activities.
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.Net premiums earned commands greater market attention due to its reliability and consistency, whereas investment and fee income are often seen as more volatile revenue streams that fluctuate with market conditions.
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Book Value Per Share (BVPS)
Insurance companies are balance sheet businesses, collecting premiums upfront and paying out claims over time. The float–premiums collected but not yet paid out–are invested, creating an asset base supported by a liability structure. Book value per share (BVPS) captures this dynamic by measuring these assets (investment portfolio, cash, reinsurance recoverables) less liabilities (claim reserves, debt, future policy benefits). BVPS is essentially the residual value for shareholders.
We therefore consider BVPS very important to track for insurers and a metric that sheds light on business quality because it reflects long-term capital growth and is harder to manipulate than more commonly-used metrics like EPS.
F&G Annuities & Life’s BVPS declined at a 5.9% annual clip over the last four years. However, BVPS growth has accelerated recently, growing by 16.8% annually over the last two years from $24.56 to $33.49 per share.
Over the next 12 months, Consensus estimates call for F&G Annuities & Life’s BVPS to grow by 54.9% to $47.05, elite growth rate.
Key Takeaways from F&G Annuities & Life’s Q4 Results
We were impressed by how significantly F&G Annuities & Life blew past analysts’ net premiums earned expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. On the other hand, its EPS missed and its book value per share fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $27.69 immediately following the results.
Is F&G Annuities & Life an attractive investment opportunity right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
