The company has aggressively scaled its balance sheet, with total liabilities increasing 61.6% since 2023Q4 to reach $96.3 billion in 2026Q1, supported by an equity base that expanded to $4.6 billion.
| Total Assets | 101.03B | 98.43B | 85.04B | 62.72B | 50.11B | 45.12B |
| Asset Growth % | 115.75% | 15.75% | 35.59% | 25.16% | 11.06% | - |
| Total Investment Assets | 4M | 57.58B | 49.88B | 6.3B | 4.92B | 4.13B |
| Long-Term Investments | 83.49B | 4.88B | 3.56B | 4.48B | 3.24B | 3.65B |
| Short-Term Investments | 52.36B | 52.7B | 46.32B | 1.83B | 1.68B | 479M |
| Total Current Assets | 53.69B | 1.49B | 48.58B | 3.88B | 3.03B | 2.06B |
| Cash & Equivalents | 1.32B | 1.49B | 2.26B | 1.56B | 960M | 1.53B |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 496M | 386M | 53M |
| Goodwill & Intangibles | 33.38B | 8.46B | 7.75B | 5.96B | 1.75B | 1.76B |
| Goodwill | 2.12B | 2.18B | 2.18B | 1.75B | 1.75B | 1.76B |
| Intangible Assets | 6.41B | 6.28B | 5.57B | 4.21B | 0 | 0 |
| PP&E (Net) | 0 | 285M | 0 | 49.7B | 39.51B | 21M |
| Other Assets | 0 | 83.24B | 0 | -3.16B | 1.09B | 663M |
| Total Liabilities | 96.28B | 93.51B | 80.96B | 59.62B | 47.7B | 40.63B |
| Total Debt | 2.24B | 2.24B | 2.17B | 1.76B | 1.13B | 991M |
| Net Debt | 914M | 751M | -93M | 202M | 167M | -542M |
| Long-Term Debt | 2.24B | 2.24B | 1.87B | 1.03B | 567M | 977M |
| Short-Term Debt | 0 | 0 | 302M | 729M | 547M | 0 |
| Total Current Liabilities | 0 | 0 | 5M | 43.33B | 37.79B | 33.64B |
| Accounts Payable | 0 | 0 | 0 | 49.09B | 40.96B | 35.6B |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | -297M | -6.49B | -3.71B | -1.96B |
| Deferred Taxes | 0 | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 0 | 91.28B | 78.79B | 13.5B | 8.27B | 5.95B |
| Total Equity | 4.75B | 4.92B | 4.08B | 3.1B | 2.4B | 4.49B |
| Equity Growth % | 80.66% | 20.63% | 31.36% | 29.02% | -46.38% | - |
| Shareholders Equity | 4.64B | 4.8B | 3.95B | 3.1B | 2.4B | 4.49B |
| Minority Interest | 110M | 113M | 125M | 0 | 0 | 0 |
| Retained Earnings | 2.78B | 2.57B | 2.44B | 1.93B | 2.06B | 1B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.84B | -1.49B | -1.92B | -1.99B | -2.82B | 734M |
| Return on Equity (ROE) | 11.06% | 5.89% | 17.33% | -2.11% | 18.43% | 27.65% |
| Return on Assets (ROA) | 0.55% | 0.29% | 0.84% | -0.1% | 1.33% | 2.75% |
| Equity / Assets | 4.7% | 5% | 4.79% | 4.95% | 4.8% | 9.94% |
| Debt / Equity | 0.47x | 0.45x | 0.53x | 0.57x | 0.47x | 0.22x |
| Book Value per Share | 34.17 | 37.25 | 31.11 | 25.02 | 20.91 | 42.71 |
| Tangible BV per Share | -27.20 | -26.80 | -28.05 | -23.01 | 5.70 | 25.99 |
Alternative asset credit exposure
As reported in recent financial statements, F&G's total assets grew from $62.7 billion in 2023Q4 to $101.0 billion by 2026Q1, reflecting a significant scaling of the balance sheet that appears driven by aggressive growth in institutional pension risk transfer and retail annuity business lines.
The consistent upward trajectory in total assets suggests that the company is successfully leveraging its distribution partnerships to capture market share. Investors should monitor whether this rapid expansion in liabilities, which rose to $96.3 billion, maintains sufficient capital buffers to support long-term solvency requirements.
Based on the provided balance sheet data, equity has expanded from $3.1 billion in 2023Q4 to $4.6 billion in 2026Q1, indicating that the company is successfully retaining earnings to support its growing liability profile and maintain statutory capital adequacy during this period of rapid expansion.
While the absolute growth in equity is positive, the ratio of equity to total assets remains relatively thin, which is characteristic of spread-based life insurers. This capital structure warrants close observation to ensure that the company retains sufficient flexibility to absorb potential credit volatility within its Blackstone-managed investment portfolio.
According to quarterly filings, total liabilities have increased by approximately 61.6% since 2023Q4, reaching $96.3 billion in 2026Q1, which aligns with the company's strategic focus on scaling its annuity and pension risk transfer business segments to capture long-term investment spreads.
The parallel growth of assets and liabilities suggests that the company is effectively matching its inflows with long-term obligations. However, the sheer scale of these reserves implies that any shift in interest rate assumptions or mortality experience could have a material impact on the company's future capital requirements.
As indicated by the company's reliance on Blackstone for investment management, the balance sheet is heavily exposed to private credit and structured assets, which may present liquidity challenges if credit markets experience significant stress or if policyholder surrender rates accelerate beyond current management expectations.
The reliance on alternative credit strategies provides a yield advantage but introduces a layer of complexity regarding the valuation and liquidity of the underlying assets. Investors should remain cautious, as the lack of transparency in the specific composition of these assets may obscure the true risk profile during periods of market dislocation.
Quick answers to the most common questions about buying FGN stock.
As of 2025, F&G Annuities & Life, Inc. (FGN) had total assets of $98.43B including $1.49B in current assets.
F&G Annuities & Life, Inc. (FGN) carries total debt of $2.24B, offset by $1.49B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
F&G Annuities & Life, Inc. (FGN) has total shareholders' equity (book value) of $4.80B ($37.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.