F&G Annuities & Life, Inc. · NYSE:FG
F&G Annuities & Life — Investor Presentation (November 2026)
49 slides from F&G Annuities & Life's investor presentation, November 2026
Slide 1: F&G Investor Update Fall 2026
F&G Investor Update Fall 2026
Slide 2: Disclaimer & Forward-Looking Statements
Disclaimer & Forward-Looking Statements This presentation contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Generally Accepted Accounting Principles in the U.S. ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and i
Slide 4: Executing To Deliver Shareholder Value
Executing To Deliver Shareholder Value Strong 3Q26 performance; continued momentum heading into year-end $76.2B $56.2B $6.7B $232M AUM before Assets Under Total F&G YTD 3Q26 Capital Return reinsurance1 Management (AUM)1 Equity ex AOCI1, 2 to Shareholders ↑ 7% vs. 3Q25 ↓ 1% vs. 3Q25 ↑ 13% vs. 3Q25 ↑
Slide 5: Third Quarter Financial Trends
Third Quarter Financial Trends Financial Trends – As Reported Other Considerations – Quarterly ANE ($M) and Per Share 3Q25 3Q26 ($M) – except per share and percentages Quarterly Year-to-Date Per Per ($M) ($M) share share YTD YTD 3Q25 3Q26 3Q25 3Q26 Investment income from alternative investments 53 $
Slide 6: F&G Is At A Highly Attractive Valuation
F&G Is At A Highly Attractive Valuation Progression of F&G Transaction Prices & Market Capitalization $6.7B $4.2B F&G $2.7B F&G $2.8B $2.4B GAAP Equity $1.8B market cap at ex AOCI2 Purchase F&G F&G Purchase price partial spinoff price by FNF market cap at market cap by CF Corp1 partial spinoff Nov 3
Slide 7: We Have Generated Sustainable Returns
We Have Generated Sustainable Returns Strong earnings generation combined with balanced capital allocation since 2020 acquisition by FNF have been driving steady BVPS growth, before mark-to-market (MTM) movements which are unrealized and point in time Book Value Per Share (BVPS) ex AOCI1 Cumulative
Slide 8: F&G Snapshot
F&G Snapshot Our Product Lines Five Distinct Distribution Channels / Markets Retail Annuities Retail Channels • Fixed indexed annuity (FIA) • Independent insurance agents (IMOs) • Registered index-linked annuities (RILA) • Broker Dealers • Multi-year guaranteed annuity (MYGA) • Banks Pension Risk Tr
Slide 9: A Compelling Investment Case For F&G
A Compelling Investment Case For F&G Targeting Large, Growing Markets Evolved Ecosystem Spans v For Continued AUM Growth Distribution, Investments & Reinsurers F&G is a nationwide leader strategically positioned within large, F&G’s ecosystem has evolved and is built on our expanding growing markets,
Slide 10: We Have A Clean & Profitable Inforce Book
We Have A Clean & Profitable Inforce Book Our inforce liabilities are surrender charge protected and our asset and liability cash flows are well matched; our inforce book does not contain problematic legacy business • Our liability profile drives our investment strategy • Retail fixed annuities are
Slide 11: We Compete In Very Large Markets
We Compete In Very Large Markets The U.S. retirement and middle markets are growing and we are both well established and well positioned in our retail channels and institutional markets to grow our AUM Mutual Fund 401(k) Assets1 $6.2T Indexed annuities provide alternative with upside potential and l
Slide 12: Secular Tailwinds Driving Industry Demand
Secular Tailwinds Driving Industry Demand Projected U.S. Population: Ages 65-100 (Millions)1 We continue to see sustainable demand for our retail fixed annuity products given current environment Number of people aged 65-100 is projected to increase 30% over the next 25 years • We serve a growing ret
Slide 13: Strong Core Sales Are Driving Record AUM
Strong Core Sales Are Driving Record AUM AUM is driven by growth in our core products (indexed annuities, IUL and PRT), as we have de-emphasized opportunistic MYGA sales due to returns below our threshold AUM and Annual Gross Sales by Retail Channel and Institutional Market ($B) FNF and F&G Merger A
Slide 14: Our Owned Distribution Track Record
Our Owned Distribution Track Record Our owned distribution strategy is a capital light, diversified source of fee-based earnings; we have launched a process to explore strategic alternatives for Peak Altitude Portfolio is performing well and creating value Life Network Life • Owned distribution marg
Slide 15: Disciplined Focus In Current Environment
Disciplined Focus In Current Environment AUM Before Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) Cumulative net reinsurance to third parties Retained AUM 546 482 414 359 73.1 76.2 71.4 76.2 291 65.3 15.5 20.0 14.8 20.0 11.5 53.8 57.6 56.2 56.6 56.2 2024 2025 3Q26 YTD YTD LTM 3Q26 3Q26 20
Slide 16: AUM Growth Aligned With Disciplined Sales
AUM Growth Aligned With Disciplined Sales AUM Before Reinsurance1 ($B) Gross AUM growth aligned with disciplined sales and capital allocation to highest return opportunities Cumulative net reinsurance to third parties Retained AUM • AUM before reinsurance of $76.2B, ↑ 7% vs. 3Q25 3Q26 VPY: 7% • Reta
Slide 17: Higher Quality Core Earnings Remain Attractive
Higher Quality Core Earnings Remain Attractive Common Adjusted Net Earnings (ANE) ($M) • 3Q26 Reported ANE of $96M vs. $85M in 2Q26 in line with our expectation and reflecting: • higher core margin, 546 • steady fee-based flow reinsurance fee income, owned 482 414 distribution margin and IUL product
Slide 18: Gaining Traction in Fee-Based Strategies
Gaining Traction in Fee-Based Strategies Adjusted Net Earnings1 – Pro Forma Mix F&G is quickly evolving toward a more fee-based, higher margin, and less capital intensive business model 2022 2025 2028 Target • We estimate our fee-based flow reinsurance fee income and owned distribution margin, toget
Slide 19: Our Stable and Strong Capital Profile
Our Stable and Strong Capital Profile Total Capitalization ex AOCI1 ($M) Strong F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% Debt Preferred stock • Balance sheet expected to naturally delever as a result of Total equity ex. AOCI growth in total equity, excludin
Slide 20: Book Value Per Share Growth – YTD 3Q26
Book Value Per Share Growth – YTD 3Q26 BVPS ex. AOCI1 – 12/31/2025 to 9/30/2026 QE 3Q26 BVPS ex AOCI of $51.37 ↑ $6.94, or ↑ 16%, over QE 4Q25 4.89 $51.37 • $0.05 per share from 1x gain on F&G Life Re (Bermuda) sale 1.90 $46.38 0.10 $46.48 • $1.90 per share from underlying 0.05 $44.48 business perfo
Slide 21: Our Capital Allocation Priorities
Our Capital Allocation Priorities F&G’s business is built around a diversified and self funding capital model, with multiple sources of capital and capital allocation priorities that support continued growth and return of capital to shareholders Sources of Capital Capital Allocation Capital Targets
Slide 22: Our Capitalization Supports Growth & Dividend
Our Capitalization Supports Growth & Dividend F&G is quickly evolving toward a more fee based, higher margin and less capital intensive business with strong cash flow generation in future years • F&G has flexibility to adjust retained sales level, as a “lever” to support net cash from operations wit
Slide 23: Investments
Investments SECTION F&G Investor Update | Fall 2026 23
Slide 24: F&G's Differentiated Investment Approach
F&G’s Differentiated Investment Approach F&G Blackstone Investment Idea Generation & Strategy & Risk Portfolio Security Selection Our Independent Governance Advantage Our Strategic Partnership with Blackstone We have clean governance with no conflict of interest Our partnership has delivered a high
Slide 25: Our High Quality & Well Diversified Portfolio
Our High Quality & Well Diversified Portfolio1 Portfolio conservatively positioned & well-matched to Investment Portfolio by Asset Class liability profile • Fixed income is 97% investment grade 30% Core fixed income • Credit-related impairments averaging 6 bps over the last 5 24% Private origination
Slide 26: Our Investment Portfolio Key Attributes
Our Investment Portfolio Key Attributes1 Core Fixed Income Private Origination Focus on investment grade public securities with strong adjusted returns Provides access to wide spectrum of collateral types for diversification 30% Finance, insurance and real estate 51% Corporate lending 23% Services,
Slide 27: Portfolio Spotlight: Private Origination
Portfolio Spotlight: Private Origination Total Portfolio Private Origination Private Origination – Private Origination – Middle Middle Market Lending1 Market Lending1 (Non-IG) 24% 10% $53B $13B $6B $0.6B 76% 90% Private origination 51% Corporate lending 17% Infrastructure Investment grade Non-privat
Slide 28: Private Origination – Corporate Lending
Private Origination – Corporate Lending1 At QE 2Q26, our private origination portfolio was comprised of $6B or 56% in corporate lending Private Origination • Private origination corporate lending of $6B, or 12% of the total retained portfolio, includes middle market (QE 2Q26) lending of $5.2B, or 10
Slide 29: Private Origination – Ratings Perspective
Private Origination – Ratings Perspective Our private origination portfolio is well diversified and high quality; in line with total portfolio Approximately 90% of the private origination debt portfolio is investment grade, and included within the 97% investment grade for our total retained fixed in
Slide 30: Portfolio Spotlight: Public Structured Securities
Portfolio Spotlight: Public Structured Securities CLO Top 10 Industries CMBS by Property Type 13% Healthcare & pharmaceuticals 31% Multifamily 13% High tech 18% Office 10% Banking, finance, insurance & real estate 17% Industrial 9% Services: business 9% Hotel 5% Hotels, gaming & leisure 6% Data cent
Slide 31: Portfolio Spotlight: CLO
Portfolio Spotlight: CLO Highly diversified portfolio with ample par subordination • Blackstone’s broad & deep understanding of the asset class, and ability to perform loan level underwriting, distinguishes F&G’s portfolio from its peers F&G CLO Portfolio Composition – % Fair Value Market Value Cred
Slide 32: Our CLO Portfolio Characteristics
Our CLO Portfolio Characteristics Portfolio focused on high quality CLO securities backed by highly diversified pool of loans CLO Managers Companies Industries Manager 1 7% Issuer 1 0.6% Industry 1 13% Manager 2 4% Issuer 2 0.4% Industry 2 13% Manager 3 4% Issuer 3 0.4% Industry 3 10% Manager 4 4% I
Slide 33: U.S. CLO Impairment Frontier
U.S. CLO Impairment Frontier CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 8.7% (that would have to occur every year) assuming a 61% average long- term loan recovery rate U.S. CLO Impairment Frontier (First-Loss Scenarios a
Slide 34: Portfolio Spotlight: Real Estate Debt
Portfolio Spotlight: Real Estate Debt1 Blackstone Real Estate Debt Strategies (BREDS) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Market Value Duration $14B 3.6 38% RML Real estate portfolio years 21% CMBS $14B 17% CML 13% Private origination
Slide 35: Portfolio Spotlight: CMBS & RMBS
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating $4B $4B $4B 40% SASB 57% Multifamily 83% NAIC 1 32% RMBS 13% Office 11% NAIC 2 11% CRE CLOs 3% NAIC 3 12% Industrial 9% Conduit (below A) 3% NAIC 4/5/6 4% Conduit (A or above) 6% Hotel 4% Agency 4% Retail 4% Data center 4
Slide 36: Portfolio Spotlight: CMBS
Portfolio Spotlight: CMBS Prudent asset selection has led to more multifamily exposure and less retail vs. Conduit CMBS market averages Portfolio Construction Comparison1 Market Value Credit Quality 31% $3B 86% CMBS portfolio Investment grade (NRSRO) 22% 16% Weighted Average Life Quality 5% 2.8 1.4
Slide 37: Portfolio Spotlight: CMLs
Portfolio Spotlight: CMLs By State By Loan-To-Value % 21% CA 15% FL 47% LTV 60% to 70% 6% TX 36% LTV 50% to 60% $2B 4% NJ $2B 16% LTV < 50% 4% GA 1% LTV > 70% 4% NY 4% MD 42% Other By Underlying Property Type Investment Rationale 49% Multifamily 20% Industrial • Our Commercial Mortgage Loan (CML) po
Slide 38: Spotlight: Alternative Investments Portfolio
Spotlight: Alternative Investments Portfolio Alternative LPs & Other Equity Interests – By Sector • Our alternative investments portfolio is highly diversified across 150 underlying funds • Our portfolio composition has evolved over time toward higher returning private equity strategies vs. private
Slide 39: Blackstone Related Important Disclosures
Blackstone Related Important Disclosures This document (together with any attachments, appendices, and related materials, the “Materials”) is provided for informational due diligence purposes only and is not, and may not be relied on in any manner as legal, tax, investment, accounting or other advic
Slide 40: Appendix – Finance
Appendix – Finance APPENDIX F&G Investor Update | Fall 2026 40
Slide 41: F&G's Recent Ratings History
F&G’s Recent Ratings History F&G has received multiple ratings upgrades over time, reflecting our upward trajectory A- • 2020 – Upgraded to ‘A-’ A3 • 2026 – Affirmed A3 with • Scaling business to generate profitable growth • Diversifying sources of earnings negative outlook • Actively positioning ou
Slide 42: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations Year ended Three months ended Nine months ended ($M) 2024 2025 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 3Q26 Net earnings (loss) $622 $248 $114 $124 $244 ($81) $736 $124 $899 Recognized (gains) losses, net 27 180 68 4 (163) 190 (176) 176 (149) Market related liability adjustmen
Slide 43: ANE – Significant Items
ANE – Significant Items1 ($ in millions) Three months ended September 30, 2026 Adjusted net earnings of $96 million for the three months ended September 30, 2026. Investment income from alternative investments was $60 million below management's long- term expected return. June 30, 2026 Adjusted net
Slide 44: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions The following represents the definitions of non-GAAP financial measures used by F&G Adjusted Net Earnings attributable to common shareholders Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure we use to evaluate
Slide 45: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions The following represents the definitions of non-GAAP financial measures used by F&G Adjusted Net Earnings attributable to common shareholders (continued) (v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any
Slide 46: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Re
Slide 47: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distr
Slide 48: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Book Value per Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be
Slide 49: Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Measures and Definitions Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the
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