Net earnings attributable to common shareholders fell to $124 million ($0.92 per diluted share) in the fourth quarter of 2025, compared with $323 million ($2.50 per share) in the prior-year period. Full-year net earnings declined to $248 million ($1.88 per share) versus $622 million ($4.88 per share) in 2024, with adjusted net earnings also down to $123 million ($0.91/share) in Q4 and $482 million ($3.64/share) for the full year.

Assets under management before flow reinsurance reached a record $73.1 billion as of December 31, 2025, marking a 12% increase over year-end 2024, with retained AUM of $57.6 billion. Gross sales for 2025 totaled $14.6 billion, including $3.4 billion in the fourth quarter, driven by indexed annuities, indexed universal life and pension risk transfer products.

The investment portfolio remains well matched to liabilities, with 97% of fixed maturities rated investment grade and average credit-related impairments of six basis points over five years. Estimated risk-based capital ratio for the primary operating subsidiary stood at approximately 430%, above the 400% target, while adjusted return on assets was 0.87% and adjusted return on equity ex AOCI was 8.2% in Q4.

F&G returned $137 million of capital through common and preferred dividends in 2025, including $38 million in Q4. The company is on track to complete the sale of its Bermuda subsidiary, F&G Life Re Ltd, in Q1 2026, reflecting a shift in reinsurance strategy and full recapture of inforce block assets.