F&G Annuities & Life, Inc. (FG)

NYSEFinancialsInsurance - LifeSnapshot 2026-10-23

$20.66-3.68%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge F&G Annuities & Life, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	1.54B
EPS	—	0.77
Annual ending 2026-12-31
Revenue	—	6.01B
EPS	—	2.91
Annual ending 2027-12-31
Revenue	—	6.34B
EPS	—	4.63

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Assets under management grow with stable liabilities	A supporting condition in F&G Annuities & Life, Inc.'s published investment case. The stated target is sustain growth in assets under management in 2026.	Intact	Assets under management decline or liabilities become unstable in 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Newly stated in 2026-Q2. Management expresses confidence in growing assets under management, supported by record AUM before reinsurance of $74.7 billion. However, net sales declined year-over-year, indicating mixed progress. The priority is stated with positive framing but limited short-term delivery. Delivery assessment Oct 24, 2026
EPS growth to at least $3.66 in FY26 and $5.18 in FY27	A primary condition in F&G Annuities & Life, Inc.'s published investment case. The stated target is >=3.66 USD per share FY26, >=5.18 USD per share FY27.	Broken	EPS falls below $3.66 in FY26 or below $5.18 in FY27	Diluted EPS: $-0.62 per share FY2026-Q2; GAAP. Published target: >=3.66 USD per share FY26, >=5.18 USD per share FY27. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026-0.62 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 8935e3a1-18dd-4b0d-9a55-d08fd3051466. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue stabilizes near $1.19B reflecting fee-based business shift	F&G is shifting to a fee-based, higher margin business.	Intact	Revenue falls below $1.19B in 2026-Q1	Revenue: $1.421B FY2026-Q2; GAAP. Published target: >=1.19 USD billion in 2026-Q1. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 20261,421,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 8935e3a1-18dd-4b0d-9a55-d08fd3051466. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Newly stated in 2026-Q2. Management highlights a strategic shift toward fee-based, higher margin, and less capital intensive earnings streams to support long-term growth. Financials show adjusted net earnings of $85 million in 2026-Q2, down from $103 million in 2025-Q2, reflecting short-term challenges but consistent core spread business. The trajectory is a strategic focus with limited short-term financial delivery. Delivery assessment Oct 24, 2026
Progress in exploring strategic alternatives for Peak Altitude	A supporting condition in F&G Annuities & Life, Inc.'s published investment case. The stated target is formal process initiated and progressing in 2026.	Intact	No progress or abandonment of strategic alternatives for Peak Altitude in 2026	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Newly stated in 2026-Q2. Management announced a formal process to explore strategic alternatives for Peak Altitude to grow the business and maximize value. No financial metrics are yet available to assess delivery. The priority is a recent strategic initiative with no measurable financial outcomes yet. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	2 / 1
2026-07-25	Unavailable	Unavailable	2 / 1
2026-07-26	Unavailable	Unavailable	1 / 1
2026-07-27	Unavailable	Unavailable	2 / 1
2026-07-28	Unavailable	Unavailable	1 / 1
2026-07-29	Unavailable	Unavailable	2 / 1
2026-07-30	Unavailable	Unavailable	1 / 1
2026-07-31	Unavailable	Unavailable	1 / 1
2026-08-01	Unavailable	Unavailable	1 / 1
2026-08-02	Unavailable	Unavailable	2 / 1
2026-08-03	Unavailable	Unavailable	2 / 1
2026-08-04	Unavailable	Unavailable	2 / 1
2026-08-05	Unavailable	Unavailable	1 / 1
2026-08-06	Unavailable	Unavailable	1 / 1
2026-08-07	Unavailable	Unavailable	1 / 1
2026-08-08	Unavailable	Unavailable	2 / 1
2026-08-09	Unavailable	Unavailable	2 / 1
2026-08-10	Unavailable	Unavailable	2 / 1
2026-08-11	Unavailable	Unavailable	1 / 1
2026-08-12	Unavailable	Unavailable	1 / 1
2026-08-13	Unavailable	Unavailable	1 / 1
2026-08-14	Unavailable	Unavailable	1 / 1
2026-08-15	Unavailable	Unavailable	1 / 1
2026-08-16	Unavailable	Unavailable	1 / 1
2026-08-17	Unavailable	Unavailable	1 / 1
2026-08-18	Unavailable	Unavailable	1 / 1
2026-08-19	Unavailable	Unavailable	1 / 1
2026-08-20	Unavailable	Unavailable	1 / 1
2026-08-21	Unavailable	Unavailable	1 / 1
2026-08-22	Unavailable	Unavailable	1 / 1
2026-08-23	Unavailable	Unavailable	1 / 1
2026-08-24	Unavailable	Unavailable	1 / 1
2026-08-25	Unavailable	Unavailable	1 / 1
2026-08-26	Unavailable	Unavailable	1 / 1
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2026-08-28	Unavailable	Unavailable	1 / 1
2026-08-29	Unavailable	Unavailable	1 / 1
2026-08-30	Unavailable	Unavailable	1 / 1
2026-08-31	Unavailable	Unavailable	1 / 1
2026-09-01	Unavailable	Unavailable	1 / 1
2026-09-02	Unavailable	Unavailable	1 / 1
2026-09-03	Unavailable	Unavailable	1 / 1
2026-09-04	Unavailable	Unavailable	1 / 1
2026-09-05	Unavailable	Unavailable	1 / 1
2026-09-06	Unavailable	Unavailable	1 / 1
2026-09-07	Unavailable	Unavailable	1 / 1
2026-09-08	Unavailable	Unavailable	1 / 1
2026-09-09	Unavailable	Unavailable	1 / 1
2026-09-10	Unavailable	Unavailable	1 / 1
2026-09-11	Unavailable	Unavailable	1 / 1
2026-09-12	Unavailable	Unavailable	1 / 1
2026-09-13	Unavailable	Unavailable	1 / 1
2026-09-14	Unavailable	Unavailable	1 / 1
2026-09-15	Unavailable	Unavailable	1 / 1
2026-09-16	Unavailable	Unavailable	1 / 1
2026-09-17	Unavailable	Unavailable	1 / 1
2026-09-18	Unavailable	Unavailable	1 / 1
2026-09-19	Unavailable	Unavailable	1 / 1
2026-09-20	Unavailable	Unavailable	1 / 1
2026-09-21	Unavailable	Unavailable	1 / 1
2026-09-22	Unavailable	Unavailable	1 / 1
2026-09-23	Unavailable	Unavailable	1 / 1
2026-09-24	Unavailable	Unavailable	1 / 1
2026-09-25	Unavailable	Unavailable	1 / 1
2026-09-26	Unavailable	Unavailable	1 / 1
2026-09-27	Unavailable	Unavailable	1 / 1
2026-09-28	Unavailable	Unavailable	1 / 1
2026-09-29	Unavailable	Unavailable	1 / 1
2026-09-30	Unavailable	Unavailable	1 / 1
2026-10-01	Unavailable	Unavailable	1 / 1
2026-10-02	Unavailable	Unavailable	1 / 1
2026-10-03	Unavailable	Unavailable	1 / 1
2026-10-04	Unavailable	Unavailable	1 / 1
2026-10-05	Unavailable	Unavailable	1 / 1
2026-10-06	Unavailable	Unavailable	1 / 1
2026-10-07	Unavailable	Unavailable	1 / 1
2026-10-08	Unavailable	Unavailable	1 / 1
2026-10-09	Unavailable	Unavailable	1 / 1
2026-10-10	Unavailable	Unavailable	1 / 1
2026-10-11	Unavailable	Unavailable	1 / 1
2026-10-12	Unavailable	Unavailable	1 / 1
2026-10-13	Unavailable	Unavailable	1 / 1
2026-10-14	Unavailable	Unavailable	1 / 1
2026-10-15	Unavailable	Unavailable	1 / 1
2026-10-16	Unavailable	Unavailable	1 / 1
2026-10-17	Unavailable	Unavailable	1 / 1
2026-10-18	Unavailable	Unavailable	1 / 1
2026-10-19	Unavailable	Unavailable	1 / 1
2026-10-20	Unavailable	Unavailable	1 / 1
2026-10-21	Unavailable	Unavailable	1 / 1
2026-10-22	Unavailable	Unavailable	1 / 1
2026-10-23	Unavailable	Unavailable	1 / 1
2026-10-24	Unavailable	Unavailable	1 / 1

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	0	2	0
2026-06-01	0	2	0
2026-07-01	0	2	0
2026-08-01	0	2	0
2026-09-01	0	2	0
2026-10-01	0	2	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 0 Buy / Strong Buy · 2 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BarclaysOct 7

$24.00New observation · no comparable prior

$0$13.20$26.40

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Assets under management grow with stable liabilitiesDirect metric needs a verified mapping
EPS growth to at least $3.66 in FY26 and $5.18 in FY27Published status: Broken
Revenue stabilizes near $1.19B reflecting fee-based business shiftRevenue: $1.421B
Progress in exploring strategic alternatives for Peak AltitudeQualitative condition

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.7%Typical daily move · historical

Downside history

-44.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

F&G Annuities & Life, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

FG is a financial company with a long-term thesis tied to asset growth and a move toward higher-margin, less capital-intensive business. Its earnings quality is rated robust, but the current thesis state is insufficient to assess because there is not enough recent financial history.

What's priced into F&G Annuities & Life, Inc.

FG is described as cheap versus peers, while the valuation model also indicates a 44% premium versus peers, a mixed signal that limits confidence in the comparison. The expectations gap is slightly negative, and priced-in fragility is low, so the evidence does not point to unusually fragile expectations.

What the fundamentals likely do

Near term, consecutive earnings misses make the next report a key test; the estimated miss probability is 46%. Over the multi-year view, assets under management grew 8% year over year, but net sales declined, while the shift toward fee-based earnings has limited short-term delivery. Management returned capital to shareholders, and the signal recently moved from mixed to mildly favorable.

What F&G Annuities & Life, Inc. hinges on

A guidance cut on the next call would be a meaningful negative, while continued earnings misses remain a near-term risk. Lower interest rates could weigh on the financial sector, whereas strong results and higher guidance from MET, AFL, and PRU could support sector momentum. Over the multi-year view, the key question is whether asset growth and the fee-based transition can translate into stronger earnings.