F&G Annuities & Life

Insurance - Life · Financial Services

Price

$22.57

-0.07 (-0.31%)

Market Cap

$2.99B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+25.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 105.0M (2021) → 132.0M (2025)

Winston Score History

The full picture

F&G Annuities & Life sells insurance and retirement savings products to everyday Americans. Its main products are annuities — contracts where customers pay money upfront and receive regular payments later in retirement — along with life insurance policies. The company targets middle-income individuals planning for retirement and is majority-owned by Fidelity National Financial, one of the largest title insurance companies in the United States.

F&G makes money by collecting premiums and deposits from customers, investing that money, and earning a spread between investment returns and what it owes policyholders. It operates almost entirely in the United States and distributes products through independent agents and banks, giving it broad reach without a large direct sales force. The aging U.S. population is a tailwind, as demand for retirement income products tends to grow as more Americans approach retirement age, but rising interest rate volatility and credit risk in its investment portfolio remain key risks to profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-338.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$72.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

F&G Annuities & Life is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.1%

Thin — 19.1% gross margin

Profit after running costs

Operating Margin

-6.6%

Losing money on operations — -6.6%

Return on the money invested

ROCE

7.6%

Weak — 7.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.8%

Fast-growing sales (+19.8% YoY)

Profit growth

EPS YoY

+17.2%

Earnings growing fast (+17.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

1124%

Turns 1124% of profit into real cash

Spare cash per sale

FCF Margin

78.5%

Converts sales into free cash efficiently (78.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

3.16x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.5x

Attractive valuation — P/E 7.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.5

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

4.43%

Healthy income — 4.43% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+13.6%

Dividend growing fast (13.6% YoY)

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