DEF: F&G Annuities & Life 2026 Proxy Statement

F&G Annuities & Life, Inc. announces its 2026 Annual Meeting of Shareholders to be held virtually on June 24, 2026.

Summary

• The 2026 Annual Meeting of Shareholders will be held virtually on June 24, 2026, at 11:00 a.m. Central Time.
• Shareholders will vote on the election of three Class I directors, a non-binding advisory vote on executive compensation, and the ratification of Ernst & Young LLP as the independent auditor for 2026.
• F&G reported record assets under management (AUM) of $73.1 billion as of December 31, 2025, a 12% increase over 2024.
• The company returned $137 million to shareholders through dividends in 2025.
• The primary operating subsidiary maintained a strong solvency position with an estimated risk-based capital (RBC) ratio of approximately 430%.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a stable, well-governed filing reflecting a company with strong capital buffers and consistent growth in assets under management, though tempered by the controlled company structure.

Positives

• Record assets under management (AUM) reached $73.1 billion as of December 31, 2025.
• Strong credit performance with 96% of fixed maturity securities rated as investment grade (NAIC 1 or 2).
• Robust solvency with an estimated RBC ratio of 430%, exceeding the 400% target.
• Successful expansion of business channels, operating in three retail and two institutional markets.
• Consistent return of capital to shareholders, totaling $137 million in 2025.

Negatives

• Net earnings attributable to common shareholders decreased to $248 million in 2025 from $622 million in 2024.
• The company is a controlled company, with Fidelity National Financial (FNF) owning approximately 71% of outstanding common stock, limiting the influence of minority shareholders.
• The company faces ongoing interest rate volatility which impacts the valuation of annuity products and derivatives.

Risks

• Exposure to interest rate volatility and market-related liability adjustments.
• Dependence on information technology and cybersecurity threats.
• Potential for credit-related impairments in the investment portfolio.
• Risks associated with climate change as a subset of investment risks.
• Regulatory and legal compliance risks inherent in the insurance industry.

Future Outlook

The company intends to continue executing its strategy toward a more fee-based, higher margin, and less capital-intensive business model, while maintaining focus on organic growth and capital return to shareholders.

Management Comments

• The board is proud to have a dynamic, effective, and highly-qualified board of directors with the right mix of skills, experiences, and backgrounds.
• The company believes the strength of its balance sheet provides confidence to policyholders and business partners and positions it for continued growth.

Industry Context

StockSavvy.ai notes that F&G continues to leverage its relationship with Fidelity National Financial (FNF) to drive growth in the annuity and life insurance sector, a trend common among insurance companies seeking scale through institutional backing and diversified distribution channels.

Comparison to Industry Standards

• F&G's RBC ratio of 430% remains comfortably above the industry-standard target of 400%.
• The company's investment portfolio quality (96% investment grade) is consistent with top-tier life and annuity insurers.
• The use of non-GAAP 'Adjusted Net Earnings' is standard practice in the life insurance industry to normalize for market-driven volatility in derivatives and embedded liabilities.

Management Changes

Corporate Governance

Legal Proceedings

• None disclosed in the filing.

Related Party Transactions

• Ongoing corporate services and tax sharing agreements with Fidelity National Financial (FNF).
• Participation fees paid to MVB Management, an affiliate of Executive Chairman William P. Foley, II, in connection with investment management agreements.

Stakeholder Impact

• Shareholders are invited to vote on key governance and compensation matters.
• Employees benefit from ongoing training and development programs.
• Policyholders are supported by the company's strong solvency and capital position.

Next Steps

• Hold the 2026 Annual Meeting of Shareholders on June 24, 2026.
• Execute the election of Class I directors.
• Continue the transition toward a fee-based, less capital-intensive business model.

Key Dates

Recommendation

The filing reflects a stable, well-capitalized company with a clear strategic direction. While growth in AUM is positive, the controlled company status and the nature of the proxy (routine governance) suggest a hold position for investors awaiting further operational performance updates.

Keywords

F&G Annuities & Life, Proxy Statement, Insurance, Annuities, Corporate Governance, Executive Compensation, Assets Under Management, Fidelity National Financial