F&G Annuities & Life, Inc. (FG)
NYSEFinancialsInsurance - LifeSnapshot 2026-09-04
$25.04+0.68%
Close 2026-09-04 · 1-day change
NYSEFinancialsInsurance - LifeSnapshot 2026-09-04
Broken: Primary pillar broken — EPS growth to at least $3.66 in FY26 and $5.18 in FY27: FY26 EPS guidance $1.49 vs $3.66 target.
F&G is shifting to a fee-based, higher margin business. Earnings per share are expected to rise from $0.82 in 2026 to $5.18 in 2027. The company is cheap with a price-to-earnings ratio of 7.74, below peers at 12.77. Recent M&A activity may support growth.
Revenue is expected to decline sharply by about 32% next year. The transition to a fee-based model is slow with revenue down from $1.765B to $1.187B recently. Profit growth may not materialize as expected.
The market prices in a 32% revenue decline and a 22% discount to fair value around $37. Our view is more optimistic on earnings recovery and business model transition.
Breaks if: Assets under management decline or liabilities become unstable in 2026
Breaks if: EPS falls below $3.66 in FY26 or below $5.18 in FY27
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround story with a focus on growing assets and transitioning to a higher-margin business model. The current thesis state is insufficient due to recent earnings misses, creating uncertainty around management's execution and future performance.
The market currently prices FG as cheap compared to its peers, with a notable expectations gap. This suggests that investors may not be fully accounting for the risks associated with recent performance and the potential for further earnings misses.
Fundamentals are likely to show mixed results as management focuses on growing assets under management and transitioning to fee-based earnings. However, the near-term risk of missing earnings remains elevated, given the company's recent history of misses.
The thesis hinges on the performance of sector bellwethers like MET, AFL, and PRU, which could influence FG's momentum. Additionally, management's ability to maintain disciplined capital allocation and successfully transition to higher-margin business will be critical.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. The latest earnings miss has negatively impacted the outlook. There are no new supportive factors to counterbalance this change.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: Revenue falls below $1.19B in 2026-Q1
Shift business mix toward fee-based, higher margin, and less capital intensive earnings streams to enhance long-term shareholder value.
Stated as a priority in 2 of last 2 quarters. Management highlights a strategic shift toward fee-based, higher margin, and less capital intensive earnings streams. While no specific financial metrics quantify this transition yet, the company reports steady adjusted net earnings and growing assets under management, indicating progress consistent with this strategic focus.
“We see meaningful opportunities to further scale our fee-based, higher margin and less capital intensive earnings streams.”
“We are rapidly transforming into a more fee-based, higher margin and less capital intensive business.”
Breaks if: No progress or abandonment of strategic alternatives for Peak Altitude in 2026
In the next 1 to 3 years, FG's performance will depend on sector trends and management execution amid ongoing risks. Not investment advice.