F&G Annuities & Life Posts $244M Q1 Profit, AUM Hits $74.5B
F&G Annuities & Life swung to Q1 2026 net earnings of $244M versus a $25M prior-year loss, and adjusted net earnings rose to $110M. Record assets under management before reinsurance reached $74.5B, up 11%, fueled by $3.2B gross and $2.2B net sales, with $67M returned via dividends and buybacks.
1. Q1 2026 Financial Turnaround
Net earnings attributable to common shareholders were $244 million ($1.78 per diluted share) in Q1 2026, compared with a net loss of $25 million ($0.20 per share) in Q1 2025. Adjusted net earnings rose to $110 million ($0.82 per share), up from $91 million ($0.72 per share) a year earlier.
2. Record AUM and Sales Growth
Assets under management before reinsurance reached a record $74.5 billion at March 31, 2026, an 11% increase year-over-year. The quarter included $3.2 billion of gross sales and $2.2 billion of net sales, comprising $2.0 billion of core indexed annuities, indexed universal life and pension risk transfer, plus $1.2 billion of opportunistic funding agreements and multiyear guaranteed annuities.
3. Portfolio Quality and Returns
The investment portfolio remains 97% investment grade and well matched to liability profiles, with credit-related impairments averaging 3 basis points in the quarter. Adjusted return on equity excluding AOCI was 8.4% and adjusted return on assets was 0.76% for Q1, aligning with full-year 2025 levels.
4. Capital Return and Repurchase Authorization
During Q1, F&G returned $67 million of capital through $38 million of common and preferred dividends and $29 million of share repurchases. On March 13, 2026, the board authorized a new three-year share repurchase program of up to $100 million.