Business Description

Overview Founded in 1959, F&G is a leading provider of insurance solutions serving retail annuity and life customers as well as institutional clients. Our mission is to help people turn their aspirations into reality. As of December 31, 2025, F&G has approximately 778,000 policyholders who count on the safety and protection of our fixed annuity and life insurance products. We also serve approximately 145,000 plan participants who will receive their pension payments from F&G through our pension risk transfer solutions. Through our insurance subsidiaries, including Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) and Fidelity & Guaranty Life Insurance Company of New York (“FGL NY Insurance”), we market a broad portfolio of annuities, including fixed indexed annuities (“FIAs”), registered index-linked annuities (“RILAs”), (together referred to as “indexed annuities”), multi-year guarantee annuities (“MYGAs”) as well as pension risk transfer (“PRT”) solutions, indexed universal life (“IUL”) insurance and institutional funding agreements. On June 1, 2020, F&G was acquired by Fidelity National Financial, Inc. (“FNF”). We have benefited from financial strength ratings upgrades since the acquisition; S&P and Fitch upgraded to A- in June 2020, Moody’s upgraded to A3 in July 2023, and A.M. Best upgraded to A in January 2024. These upgrades are valued by our distribution partners and positioned us to quickly expand our business in our existing channels and gain access to new markets. Gross sales increased from $4.5 billion for the full year 2020 to $14.6 billion in 2025. With our success in expanding distribution under FNF’s ownership, we have grown assets under management (“AUM”) from $26.5 billion at the time of acquisition to $57.6 billion as of December 31, 2025. We now operate in and source significant premiums from three distinct retail channels and two institutional markets versus a single channel prior to the acquisition by FNF in June 2020. For a discussion of the five distinct channels, see “ We Play in Large and Growing Markets” and “ Our Retail Distribution Channels” within this section of the Annual Report on Form 10-K. We believe the strength of our balance sheet provides confidence to our policyholders and business partners and positions us for continued growth. Our investment portfolio is diversified, well positioned and high quality. As of December 31, 2025, 96% of our fixed maturity securities were rated under criteria of the NAIC as NAIC 1 or NAIC 2, the two highest credit rating designations of the NAIC. These assets are managed against what we believe to be prudently underwritten liabilities. We have inforce liabilities of $56.8 billion at December 31, 2025, with a liability duration of approximately 5 years, well matched to our assets. For the year ended December 31, 2025, net earnings attributable to F&G totaled $265 million, we produced adjusted net earnings attributable to F&G common shareholders of $482 million, and we had an adjusted return on assets attributable to F&G common shareholders (“ROA”) of 87 basis points. Adjusted net earnings attributable to F&G common shareholders for the year ended December 31, 2025 included income from a $16 million reinsurance true-up adjustment, $10 million tax valuation allowance benefit, and $4 million of actuarial reserve release. Investment income from alternative investments was $278 million below management’s long-term expected return of approximately 10%. We are uniquely positioned in the industry with a profitabl e and growing $56.8 billio n inforce block. We generate spread-based earnings from fixed annuities and pension risk transfer and we have multiple sources of fee-based earnings with the reinsurance sidecar vehicle launched in August 2025 alongside our flow reinsurance, middle market life insurance and well performing owned distribution portfolio. As our business grows, we are becoming a more fee-based, higher margin and capital light business, leveraging our position as one of the industry’s largest sellers of annuities and life insurance. We are balancing this with continuing to grow our spread-based business, prioritizing pricing discipline and allocating capital to the highest return opportunities. As of December 31, 2025 , we had $4.8 billion of total F&G equity and $6.0 billion of total F&G common shareholders’ equity excluding accumulated other comprehensive income (loss) (“AOCI”). FGL Insurance’s estimated U.S.…