F&G Annuities & Life Reports Second Quarter 2026 Results
F&G Annuities & Life (NYSE: FG) reported Q2 2026 results for the quarter ended June 30, 2026. It posted a net loss attributable to common shareholders of $81 million, or $0.62 per diluted share, versus net earnings of $35 million in Q2 2025. Adjusted net earnings were $85 million, or $0.65 per share, down from $103 million, or $0.77 per share. AUM before reinsurance rose to $74.7B, up 8% YoY, and the company returned $128M of capital via dividends and buybacks.
How this was made
The 30-second read
Why it matters
Traders can reassess near-term expectations for earnings quality (adjusted vs reported), capital return pace, and whether AUM growth is translating into sustainable spread earnings.
Market read
Q2 2026 includes record AUM growth and stable credit metrics, but adjusted EPS declined and reported earnings swung negative due to mark-to-market effects.
What to watch
The release highlights mark-to-market effects and product mix changes (lower multiyear guaranteed annuities, higher funding agreements), which could signal shifting economics and risk appetite rather than purely improving fundamentals.
Background
F&G is a US annuities and life insurer reporting quarterly results, including AUM, sales mix, and adjusted earnings that exclude mark-to-market items.
Ticker impact
F&G reported Q2 2026 results with adjusted net earnings of $85M ($0.65/share) and record AUM of $74.7B before reinsurance.
Near-term trading likely hinges on whether investors focus on adjusted earnings and AUM momentum versus the large reported net loss from mark-to-market.
The release provides multiple decision-relevant datapoints: adjusted EPS down to $0.65 from $0.77, record AUM up 8%, and credit impairments averaging 6 bps with 97% investment-grade fixed maturities. The large reported net loss is explicitly attributed to mark-to-market effects excluded from adjusted results.
Market effects
Reinforces that fixed-index annuity and life insurers can show stable credit performance and AUM growth even when reported earnings are pressured by mark-to-market volatility.
Limited, company-specific impact for US life and annuity peers.
Low; primarily US insurance balance-sheet and asset-liability management signals.
Counterpoint
Investors may discount the adjusted earnings improvement narrative because adjusted EPS fell year over year and opportunistic sales declined.
Key entities
- companyF&G Annuities & Life, Inc.
Subject of the earnings release, reporting Q2 2026 adjusted net earnings, AUM, sales, credit performance, and capital returns.
- personConor Murphy
CEO and President quoted on AUM momentum, credit performance, and capital allocation.
