F&G (NYSE: FG) swings to $244M Q1 profit with record $74.5B AUM

Q: What were F&G (FG) sales and net flows for the first quarter of 2026?

First-quarter gross sales were $3.2 billion , up from $2.9 billion a year earlier, including $2.0 billion in core sales and $1.2 billion in opportunistic sales . Net sales were $2.2 billion , broadly in line with the prior-year quarter, reflecting ongoing flow reinsurance.

Q: How is F&G (FG) returning capital to shareholders based on this filing?

During Q1 2026, F&G returned $67 million to shareholders, including $38 million in dividends and $29 million used to repurchase about 1.2 million shares at $24.14 each. The board also authorized a new $100 million three-year share repurchase program.

Q: What does the filing say about F&G (FG) investment portfolio quality?

The filing notes that 97% of fixed maturities are investment grade and credit-related impairments averaged 6 basis points over five years, with 3 basis points in Q1 2026. Management describes the portfolio as well matched to liabilities and diversified across asset types.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

F&G Annuities & Life, Inc. reported a strong turnaround for the first quarter of 2026. Net earnings attributable to common shareholders were $244 million, or $1.78 per diluted share, compared with a net loss of $25 million, or $0.20 per share, in the first quarter of 2025, largely reflecting favorable mark-to-market effects.

Adjusted net earnings, which exclude market volatility and other items, rose to $110 million, or $0.82 per share, from $91 million, or $0.72 per share, helped by asset growth, fee income from reinsurance and cost control despite alternative investment returns below long-term expectations. Assets under management before reinsurance reached a record $74.5 billion, up 11% year over year, with gross sales of $3.2 billion and net sales of $2.2 billion.

The company’s adjusted return on assets was 0.76% and adjusted return on equity excluding AOCI was 8.4%. F&G also returned $67 million to shareholders through dividends and buybacks, repurchasing about 1.2 million shares, and its board approved a new three-year share repurchase program of up to $100 million.

Positive

Strong earnings rebound: Net earnings attributable to common shareholders rose to $244 million, or $1.78 per diluted share, from a $25 million loss a year earlier, alongside higher adjusted net earnings.
Growth and scale: Assets under management before reinsurance reached a record $74.5 billion, up 11% year over year, supported by $3.2 billion in gross sales and $2.2 billion in net sales.
Ongoing capital returns: F&G returned $67 million to shareholders in the quarter and received board authorization for a new three-year share repurchase program of up to $100 million.

Negative

None.

Insights

F&G delivered a sharp earnings rebound and record AUM, while continuing capital returns.

F&G swung from a prior-year loss to $244 million in Q1 2026 net earnings attributable to common shareholders, aided by $147 million of favorable mark-to-market items. Underlying performance also improved, with adjusted net earnings rising to $110 million versus $91 million a year earlier.

Record AUM before reinsurance of $74.5 billion, up 11% year over year, was driven by gross sales of $3.2 billion and balanced core and opportunistic flows. Adjusted ROA of 0.76% and adjusted ROE excluding AOCI of 8.4% indicate solid, if not exceptional, profitability for a spread-based insurer.

Capital management remains active: the company returned $67 million to shareholders in the quarter and authorized a new $100 million repurchase program. The investment portfolio’s 97% investment-grade fixed maturities and historically low credit impairments support the balance sheet, though alternative investment income again trailed the stated long-term return target.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net earnings attributable to common shareholders: $244 million, $1.78 diluted EPS Adjusted net earnings: $110 million, $0.82 per share AUM before reinsurance: $74.5 billion +5 more

8 metrics

Net earnings attributable to common shareholders $244 million, $1.78 diluted EPS Three months ended March 31, 2026; compared to $25 million loss in Q1 2025

Adjusted net earnings $110 million, $0.82 per share Three months ended March 31, 2026; vs $91 million, $0.72 in Q1 2025

AUM before reinsurance $74.5 billion As of March 31, 2026; 11% higher than first quarter 2025

Gross and net sales $3.2 billion gross; $2.2 billion net First quarter 2026 sales of retirement and insurance products

Adjusted ROA and ROE (ex AOCI) 0.76% ROA; 8.4% ROE Adjusted returns for the first quarter of 2026

Capital returned to shareholders $67 million Q1 2026 dividends of $38M and buybacks of $29M (1.2M shares)

Book value per common share ex AOCI $46.51 As of March 31, 2026; up from $43.31 a year earlier

Investment-grade fixed maturities 97% of fixed maturities Portfolio credit quality as described in Q1 2026 results

Key Terms

adjusted net earnings, assets under management before reinsurance, adjusted return on equity (ROE) ex AOCI, pension risk transfer, +1 more

5 terms

adjusted net earnings financial

"Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $110 million, or $0.82 per share"

Adjusted net earnings are a company’s reported profit after removing one-time, unusual or non-cash items (like asset write-downs, restructuring costs or large legal settlements) so investors can see the recurring core profit. Think of it like looking at a household’s monthly budget after excluding a rare emergency expense; it helps investors judge ongoing business health and compare performance across periods without distortion from isolated events.

assets under management before reinsurance financial

"record assets under management before reinsurance of $74.5 billion as of March 31, 2026"

adjusted return on equity (ROE) ex AOCI financial

"Adjusted ROE excluding AOCI was 8.4% and adjusted ROA was 76 basis points for the first quarter"

pension risk transfer financial

"core sales from indexed annuities, indexed universal life and pension risk transfer"

A pension risk transfer is when a company pays an insurer to take over its obligation to pay retirees, effectively handing off future pension payments in exchange for a one-time fee. It matters to investors because it removes a long-term, uncertain liability from the company’s balance sheet and shifts the funding and longevity risk to the insurer, like moving a mortgage from a homeowner to a bank, which can make the company’s finances more predictable and change cash needs and valuation.

flow reinsurance financial

"net sales were $2.2 billion for the first quarter, in line with the first quarter of 2025; reflects flow reinsurance in line with capital targets"

Flow reinsurance is an ongoing arrangement where an insurer automatically transfers a portion of newly written policies or the premiums from new business to a reinsurer as they are issued. It matters to investors because it changes how much risk and potential profit the insurer keeps, helping smooth earnings, reduce capital needs, and influence growth — like sending part of every sale to a partner who agrees to share future losses and gains.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

05/06/2026 - 04:23 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 6, 2026

F&G Annuities & Life, Inc.

(Exact Name of Registrant as Specified in its Charter)

001-41490

(Commission File Number)


Delaware			85-2487422
(State or Other Jurisdiction of Incorporation)			(IRS Employer Identification No.)
801 Grand Avenue, Suite 2600 Des Moines, Iowa 50309 (Address of Principal Executive Offices) (866) 846-4660 (Registrant’s Telephone Number, Including Area Code) (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
F&G Common Stock, $0.001 par value	FG	New York Stock Exchange
7.950% Senior Notes due 2053	FGN	New York Stock Exchange
7.300% Junior Subordinated Notes due 2065	FGSN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On May 6, 2026, F&G Annuities & Life, Inc. (the “Company” or “F&G”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In addition, the Company is furnishing the quarterly financial supplement as Exhibit 99.2 to this Current Report on Form 8-K.

The following information, including the exhibits referenced in this Item 2.02, are being furnished pursuant to this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure

On May 6, 2026, the Company made available to investors a supplemental presentation for the first quarter ended March 31, 2026. A copy of the F&G investor presentation is furnished as Exhibit 99.3 to this Current Report on Form 8-K.

The following information, including the exhibit referenced in this Item 7.01, is being furnished pursuant to this Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit						Description
99.1						Press release announcing F&G’s first quarter 2026 earnings, dated May 6, 2026.
99.2						F&G first quarter 2026 Financial Supplement, dated May 6, 2026.
99.3						F&G Spring 2026 Investor Presentation, dated May 6, 2026.
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	F&G Annuities & Life, Inc.


Date: May 6, 2026	By:	/s/ Michael L. Gravelle
		Name:	Michael L. Gravelle
		Title:	Executive Vice President, General Counsel and Corporate Secretary

F&G Annuities & Life Reports First Quarter 2026 Results Des Moines, Iowa – (May 6, 2026) – F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the first quarter ended March 31, 2026. Net earnings attributable to common shareholders for the first quarter of $244 million, or $1.78 per diluted share (per share), compared with a net loss attributable to common shareholders of $25 million, or $0.20 per share, for the first quarter of 2025. Net earnings for the first quarter included $147 million of net favorable mark-to-market effects and $13 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net loss for the first quarter of 2025 included $105 million of net unfavorable mark-to-market effects and $11 million of other unfavorable items; all of which are excluded from adjusted net earnings. Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $110 million, or $0.82 per share, compared with $91 million, or $0.72 per share, for the first quarter of 2025. Adjusted net earnings include significant income and expense items, as well as investment income from alternative investments below management’s long-term expected return. Please see the “First Quarter 2026 Results” and “Non- GAAP Measures and Other Information” sections for further explanation. Company Highlights • Generated record assets under management before reinsurance: F&G achieved record assets under management before reinsurance of $74.5 billion as of March 31, 2026, an increase of 11% over the first quarter of 2025. This included retained AUM of $56.4 billion. F&G’s gross sales were $3.2 billion and net sales were $2.2 billion for the first quarter • Excellent credit performance in the investment portfolio: The investment portfolio is performing well, with 97% of fixed maturities being investment grade. It is well matched to our liability profile and diversified across asset types. Credit-related impairments have remained low and stable, averaging 6 basis points over the past five years, and 3 basis points in the first quarter • Reported adjusted return on equity (ROE) ex AOCI and adjusted return on assets (ROA) include short-term fluctuations in investment income from alternative investments: Adjusted ROE excluding AOCI was 8.4% and adjusted ROA was 76 basis points for the first quarter; adjusted ROA of 87 basis points over the last twelve months (LTM) was in line with the full year 2025 • Solid balance sheet supports both organic growth and return of capital to shareholders: During the first quarter, F&G returned $67 million of capital to shareholders through $38 million of common and preferred dividends and $29 million to repurchase 1.2 million shares of common stock. Effective March 13, 2026, the Board of Directors authorized a new three-year share repurchase program under which F&G may repurchase up to $100 million of common stock Chris Blunt, F&G’s Chief Executive Officer, commented, “The first quarter was a solid start to the year, highlighted by record assets under management before reinsurance of nearly $75 billion fueled by $3.2 billion of gross sales in the quarter, including $2 billion of core sales from indexed annuities, indexed universal life and pension risk transfer, and $1.2 billion of opportunistic funding agreements and multiyear guaranteed annuities. Our high quality, diversified investment portfolio continues to perform extremely well, including our private origination portfolio, with total credit-related impairments stable and below our pricing assumptions.”

Mr. Blunt continued, “Our diversified, self-funding capital model is supported by our annual inforce capital generation and third party capital through our reinsurance sidecar and our strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth in our core business, while consistently returning capital to shareholders through dividends and opportunistic share repurchases. During the first quarter, we returned $67 million of capital to shareholders through dividends and opportunistic share repurchases. We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth and shareholder value.” Summary Financial Results1 (In millions, except per share data) Three Months Ended March 31, 2026 March 31, 2025 Gross sales $ 3,173 $ 2,902 Net sales $ 2,245 $ 2,181 Assets under management (AUM) $ 56,436 $ 54,546 Average assets under management (AAUM) YTD $ 57,905 $ 53,877 AUM before reinsurance $ 74,454 $ 67,398 Adjusted return on assets 0.76 % 0.68 % Adjusted return on average equity (ex. AOCI) 8.4 % 9.7 % Net earnings (loss) $ 244 $ (25) Net earnings (loss) per share $ 1.78 $ (0.20) Adjusted net earnings $ 110 $ 91 Adjusted net earnings per share $ 0.82 $ 0.72 Book value per common share $ 32.75 $ 30.47 Book value per common share, excluding AOCI $ 46.51 $ 43.31 First Quarter 2026 Results Record AUM before reinsurance was $74.5 billion as of March 31, 2026, an increase of 11% over $67.4 billion at the end of the first quarter of 2025. This included AUM of $56.4 billion as of March 31, 2026, an increase of 3% over $54.5 billion at the end of the first quarter of 2025; retained AUM was reduced by $1.8 billion inforce block ceded with the F&G Life Re Ltd sale in the first quarter of 2026. A rollforward of AUM can be found in the “Non- GAAP Measures and Other Information” section of this release. Gross sales were $3.2 billion for the first quarter, compared with $2.9 billion for the first quarter of 2025; reflects continued strong demand for retirement savings products. Core sales were $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025; reflects higher core retail indexed annuity and indexed universal life and pension risk transfer sales. Opportunistic sales were $1.2 billion for the first quarter, compared with $1.1 billion for the first quarter of 2025; reflects higher funding agreements, partially offset by lower multiyear guaranteed annuities sales. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity. Net sales were $2.2 billion for the first quarter, in line with the first quarter of 2025; reflects flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities. Adjusted net earnings were $110 million, or $0.82 per share, for the first quarter, compared with $91 million, or $0.72 per share, for the first quarter of 2025. Adjusted net earnings include significant income and expense items, as well as alternative investment portfolio short-term returns that differ from long-term return expectations. 1See definition of non-GAAP measures below

• Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments. • Adjusted net earnings of $110 million, or $0.82 per share, for the first quarter of 2026 included $5 million, or $0.03 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $44 million, or $0.32 per share, below the midpoint of management’s long-term expected return of approximately 12% to 14% • Adjusted net earnings of $91 million, or $0.72 per share, for the first quarter of 2025 included $16 million, or $0.12 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $45 million, or $0.35 per share, below the midpoint of management’s long- term expected return of approximately 12% to 14% As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit. Capital and Liquidity Highlights Total F&G equity attributable to common shareholders, excluding AOCI, was $6.2 billion, or $46.51 per share, as of March 31, 2026. This reflects an increase of $2.08 per share as compared with December 31, 2025. 1Q26 Book value per common share excluding AOCI - As of December 31, 2025 $ 44.43 Effect of F&G Life Re sale (one-time item) 0.10 Subtotal, after one-time items $ 44.53 Adjusted net earnings and other 0.72 Subtotal, before capital actions & mark-to-market $ 45.25 Capital actions 0.27 Subtotal, before mark-to-market $ 45.52 Mark-to-market movement 0.99 Book value per common share excluding AOCI - As of March 31, 2026 $ 46.51 Effective March 1, 2026, we closed the sale of the F&G Life Re Ltd legal entity to Ancient Financial Holdings LP, as we no longer needed a Bermuda operation to support our reinsurance strategy. The transaction included cession of the remaining $1.8 billion inforce block and we added Ancient Re as a flow reinsurance partner. During the first quarter, F&G returned $67 million of capital to shareholders through $38 million of common and preferred dividends and $29 million to repurchase approximately 1.2 million shares of common stock at an average price of $24.14. The Company's existing stock repurchase authorization permits aggregate repurchases of up to $50 million, of which approximately $3 million remained available as of March 31, 2026. Effective March 13, 2026, the Board of Directors has authorized a new three-year share repurchase program under which F&G may repurchase up to $100 million of common stock. No shares had been repurchased under this program as of March 31, 2026. Earnings Conference Call Members of F&G’s senior management team will host a conference call with the investment community to discuss F&G’s first quarter 2026 results on Thursday, May 7, 2026, beginning at 9:00 a.m. Eastern Time. The conference call will be broadcast live over F&G’s Investor Relations website at investors.fglife.com. A replay will also be available at the same location.

About F&G F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com. Use of Non-GAAP Financial Information Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this presentation includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within. Forward-Looking Statements and Risk Factors This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in “Risk Factors” and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC). SOURCE: F&G Annuities & Life, Inc. CONTACT: Lisa Foxworthy-Parker SVP of Investor & External Relations Investor.relations@fglife.com 515.330.3307

F&G ANNUITIES & LIFE, INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) Assets March 31, 2026 December 31, 2025 Investments Fixed maturity securities available for sale, at fair value, net of allowance $ 52,361 $ 52,700 Fixed maturity securities, at fair value under fair value option 93 — Equity securities, at fair value 336 341 Derivative investments 889 1,148 Mortgage loans, net of allowance 8,459 7,891 Investments in unconsolidated affiliates 5,013 4,878 Other long-term investments 1,288 1,294 Policy loans 157 147 Short-term investments 992 1,043 Total investments $ 69,588 $ 69,442 Cash and cash equivalents 1,324 1,486 Reinsurance recoverable, net of allowance 19,975 17,545 Goodwill 2,124 2,180 Prepaid expenses and other assets 1,131 1,052 Other intangible assets, net 6,406 6,275 Market risk benefits asset 308 285 Income taxes receivable 78 83 Deferred tax asset, net 97 82 Total assets $ 101,031 $ 98,430 Liabilities and Equity Contractholder funds $ 63,474 $ 62,726 Future policy benefits 10,748 10,755 Market risk benefits liability 968 903 Accounts payable and accrued liabilities 2,367 2,701 Notes payable 2,238 2,237 Funds withheld for reinsurance liabilities 16,487 14,191 Total liabilities $ 96,282 $ 93,513 Equity Preferred stock, at par value — — Common stock, at par value — — Additional paid-in-capital 3,773 3,764 Retained earnings 2,778 2,568 Accumulated other comprehensive income (loss) ("AOCI") (1,843) (1,488) Treasury stock (69) (40) Total F&G Annuities & Life, Inc. shareholders' equity $ 4,639 $ 4,804 Non-controlling interests 110 113 Total equity $ 4,749 $ 4,917 Total liabilities and equity $ 101,031 $ 98,430

F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FIRST QUARTER INFORMATION (In millions, except per share data) (Unaudited) Three months ended March 31, 2026 March 31, 2025 Revenues Life insurance premiums and other fees $ 479 $ 489 Interest and investment income 723 666 Owned distribution revenues 17 16 Recognized gains and (losses), net (32) (263) Total revenues 1,187 908 Benefits and expenses Benefits and other changes in policy reserves 484 524 Market risk benefit losses (gains) 73 109 Depreciation and amortization 173 153 Personnel costs 60 67 Other operating expenses 33 41 Interest expense 41 40 Total benefits and expenses 864 934 Earnings (loss) before income taxes 323 (26) Income tax expense (benefit) 74 (5) Net earnings (loss) 249 (21) Less: Non-controlling interests 1 — Net earnings (loss) attributable to F&G 248 (21) Less: Preferred stock dividend 4 4 Net earnings (loss) attributable to F&G common shareholders $ 244 $ (25) Net earnings (loss) attributable to F&G common shareholders per common share Basic $ 1.83 $ (0.20) Diluted $ 1.78 $ (0.20) Weighted average common shares used in computing net earnings (loss) per common share Basic 133 126 Diluted 139 126

Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS Three months ended Twelve months ended March 31, 2026 March 31, 2025 December 31, 2025 December 31, 2024 Net earnings (loss) attributable to F&G common shareholders $ 244 $ (25) $ 248 $ 622 Non-GAAP adjustments Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets 34 15 44 (76) Change in allowance for expected credit losses (1) 22 54 32 Change in fair value of reinsurance related embedded derivatives (219) 41 139 33 Change in fair value of other derivatives and embedded derivatives 23 (49) (57) 38 Recognized (gains) losses, net (163) 29 180 27 Market related liability adjustments (37) 103 28 (214) Purchase price amortization 15 15 80 84 Transaction costs, other and non-recurring items 5 1 16 16 Non-controlling interest (2) (2) (9) (10) Income taxes adjustment $ 48 $ (30) $ (61) $ 21 Adjusted net earnings attributable to common shareholders ¹ $ 110 $ 91 $ 482 $ 546 1See definition of non-GAAP measures below Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments. • Adjusted net earnings of $110 million, or $0.82 per share, for the first quarter of 2026 included $5 million, or $0.03 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $44 million, or $0.32 per share, below the midpoint of management’s long-term expected return of approximately 12% to 14% • Adjusted net earnings of $91 million, or $0.72 per share, for the first quarter of 2025 included $16 million, or $0.12 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $45 million, or $0.35 per share, below the midpoint of management’s long-term expected return of approximately 12% to 14% • Adjusted net earnings of $482 million, or $3.64 per share, for the full year 2025 included income from $16 million, or $0.12 per share, reinsurance true-up adjustment, $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $216 million, or $1.58 per share, below the midpoint of management’s long-term expected return of approximately 12% to 14% • Adjusted net earnings of $546 million, or $4.30 per share, for the full year 2024 included expense from $30 million, or $0.23 per share, of actuarial model updates and refinements; partially offset by income from $14 million, or $0.11 per share, tax valuation allowance benefit and $6 million, or $0.05 per share, of other income items. Investment income from alternative investments was $145 million, or $1.10 per share, below the midpoint of management’s long-term expected return of approximately 12% to 14%

RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI Three months ended (In millions) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total F&G Annuities & Life, Inc. shareholders' equity 4,639 4,804 4,824 4,438 Less: Preferred stock 250 250 250 250 Total F&G equity attributable to common shareholders 4,389 4,554 4,574 4,188 Less: AOCI (1,843) (1,488) (1,376) (1,670) Total F&G equity attributable to common shareholders, excluding AOCI $ 6,232 $ 6,042 $ 5,950 $ 5,858 Common shares outstanding 134 136 135 135 Book value per common share $ 32.75 $ 33.49 $ 33.88 $ 31.02 Book value per common share, excluding AOCI $ 46.51 $ 44.43 $ 44.07 $ 43.39 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE REINSURANCE Three months ended (In millions) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 AUM at beginning of period $ 57,574 $ 56,647 $ 55,565 $ 54,546 Net new business asset flows 1,364 1,660 2,269 1,763 Net flow reinsurance to third parties (688) (733) (1,187) (744) Net inforce reinsurance to third parties (1,814) — — — Net capital transaction proceeds (disbursements) — — — — AUM at end of period¹ $ 56,436 $ 57,574 $ 56,647 $ 55,565 AAUM YTD¹ $ 57,905 $ 55,384 $ 54,870 $ 54,521 AUM before reinsurance $ 74,454 $ 73,090 $ 71,430 $ 69,161 SALES HIGHLIGHTS Three months ended March 31, 2026 March 31, 2025 Indexed annuities ("FIA/RILA") $ 1,579 $ 1,461 Indexed universal life ("IUL") 44 43 Pension risk transfer ("PRT") 317 311 Subtotal: Core sales 1,940 1,815 Fixed rate annuities ("MYGA") 183 562 Funding agreements ("FABN/FHLB") 1,050 525 Subtotal: Opportunistic sales2 1,233 1,087 Gross sales 3,173 2,902 Sales attributable to flow reinsurance to third parties3 (928) (721) Net sales 2,245 2,181 1See definition of non-GAAP measures below 2Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities 3Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar

DEFINITIONS The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Attributable to Common Shareholders Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial performance each period. ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers. ANE provides information to enhance an investor’s understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments. ANE is calculated by adjusting net earnings or loss attributable to common shareholders to eliminate: (i) Recognized gains and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; (vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and (vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge our floating rate investments. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations. Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM. Adjusted Return on Average Common Shareholder Equity, excluding AOCI Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings. Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; (ii) investments in unconsolidated affiliates at carrying value; (iii) related party loans and investments; (iv) accrued investment income; (v) the net payable/receivable for the purchase/sale of investments; and (vi) cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained. AUM before Reinsurance AUM before Reinsurance is comprised of AUM plus flow reinsured assets, including certain block reinsured assets. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets. Average Assets Under Management (AAUM) (Quarterly and YTD) AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets. Book Value per Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company.

Debt-to-Capitalization Ratio, excluding AOCI Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position. Return on Average F&G common shareholder Equity, excluding AOCI Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition. Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company. Total Equity, excluding AOCI Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non- GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity. Total F&G Equity attributable to common shareholders, excluding AOCI Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Quarterly Financial Supplement ——————————— First Quarter 2026 The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K as applicable. All dollar amounts are presented in millions except for per share amounts. Exhibit 99.2

Financial Results Financial Highlights 3 Consolidated Statements of Operations (GAAP) 4 Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings Attributable to Common Shareholders 5 Adjusted Net Earnings - Significant Income and Expense Items 6 Adjusted Return on Assets 7 Assets Under Management Rollforward and Average Assets Under Management 8 Interest and Investment Income and Yield 8 Consolidated Balance Sheets (GAAP) 9 Capitalization 10 Return on Equity Attributable to Common Shareholders 10 Investment Summary Summary of Invested Assets by Asset Class 11 Credit Quality of Fixed Maturity Securities, Asset-Backed Securities and Collateral Loan Obligations and Loan-Backed Private Originations 12 Product Summary GAAP Net Reserve Summary 13 Annuity Account Balance Rollforward 13 Annuity Liability Characteristics 14 Top 5 Reinsurers 14 Additional Information Ratings Overview 15 Shareholder Information 16 Non-GAAP Reconciliations 17 Non-GAAP Measures Definitions 20 F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 2

Financial Highlights Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ 248 $ 128 $ 118 $ 40 $ (21) $ 265 $ 639 Net earnings (loss) attributable to common shareholders 244 124 114 35 (25) 248 622 Net earnings (loss) attributable to common shareholders per diluted share ² 1.78 0.92 0.85 0.26 (0.20) 1.88 4.88 Weighted-average diluted shares outstanding (in millions) 139 139 139 134 126 132 131 RELATED NON-GAAP MEASURES ¹ Adjusted net earnings attributable to common shareholders 110 123 165 103 91 482 546 Adjusted net earnings attributable to common shareholders per diluted share ² 0.82 0.91 1.22 0.77 0.72 3.64 4.30 Adjusted weighted-average diluted shares outstanding (in millions) 139 139 139 134 132 137 131 Adjusted return on assets attributable to common shareholders 0.76 % 0.87 % 0.87 % 0.71 % 0.68 % 0.87 % 1.06 % Adjusted return on average common shareholder equity, excluding AOCI 8.4 % 8.2 % 8.8 % 8.8 % 9.7 % 8.2 % 10.3 % SELECTED CONSOLIDATED BALANCE SHEET DATA Total assets 101,031 98,430 96,137 91,816 88,007 98,430 84,931 Total liabilities 96,282 93,513 91,197 87,259 83,522 93,513 80,855 Total equity 4,749 4,917 4,940 4,557 4,485 4,917 4,076 Total equity, excluding AOCI 6,592 6,405 6,316 6,227 6,219 6,405 5,999 Common shares outstanding (in millions) 134 136 135 135 135 136 127 RELATED NON-GAAP MEASURES ¹ Total F&G equity attributable to common shareholders, excluding AOCI 6,232 6,042 5,950 5,858 5,847 6,042 5,624 Book value per common share 32.75 33.49 33.88 31.02 30.47 33.49 29.14 Book value per common share, excluding AOCI 46.51 44.43 44.07 43.39 43.31 44.43 44.28 Assets under management ("AUM") 56,436 57,574 56,647 55,565 54,546 57,574 53,817 Average assets under management ("AAUM") YTD 57,905 55,384 54,870 54,521 53,877 55,384 51,574 AUM before reinsurance 74,454 73,090 71,430 69,161 67,398 73,090 65,274 SALES ¹ Indexed annuities ("FIA/RILA") $ 1,579 $ 1,876 $ 1,665 $ 1,701 $ 1,461 $ 6,703 $ 6,729 Indexed universal life ("IUL") 44 53 41 53 43 190 166 Pension risk transfer ("PRT") 317 832 538 445 311 2,126 2,242 Subtotal: Core sales 1,940 2,761 2,244 2,199 1,815 9,019 9,137 Fixed rate annuities ("MYGA") 183 356 969 1,907 562 3,794 5,105 Funding agreements ("FABN/FHLB") 1,050 275 1,025 — 525 1,825 1,020 Subtotal: Opportunistic sales ³ 1,233 631 1,994 1,907 1,087 5,619 6,125 Gross sales 3,173 3,392 4,238 4,106 2,902 14,638 15,262 Sales attributable to flow reinsurance to third parties ⁴ (928) (1,088) (1,438) (1,362) (721) (4,609) (4,691) Net sales $ 2,245 $ 2,304 $ 2,800 $ 2,744 $ 2,181 $ 10,029 $ 10,571 ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² For time periods when preferred stock is dilutive, the weighted average number of diluted shares includes assumed issuance of common shares upon conversion of the preferred stock; additionally, the preferred stock dividends are not deducted from net earnings (loss) or adjusted net earnings (loss). ³ Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities. ⁴ Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 3

Consolidated Statements of Operations (GAAP) Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Revenues Life insurance premiums and other fees $ 479 $ 987 $ 711 $ 608 $ 489 $ 2,795 $ 2,860 Interest and investment income 723 741 748 682 666 2,837 2,719 Owned distribution revenues 17 26 24 23 16 89 81 Recognized gains and (losses), net (32) 11 211 51 (263) 10 84 Total revenues 1,187 1,765 1,694 1,364 908 5,731 5,744 Benefits and expenses Benefits and other changes in policy reserves 484 1,265 1,181 993 524 3,963 3,791 Market risk benefit losses (gains) 73 19 43 (4) 109 167 (25) Depreciation and amortization 173 174 180 158 153 665 569 Personnel costs 60 70 79 77 67 293 296 Other operating expenses 33 35 38 42 41 156 203 Interest expense 41 41 42 41 40 164 132 Total benefits and expenses 864 1,604 1,563 1,307 934 5,408 4,966 Earnings (loss) before income taxes 323 161 131 57 (26) 323 778 Income tax expense (benefit) 74 31 11 15 (5) 52 136 Net earnings (loss) 249 130 120 42 (21) 271 642 Less: Non-controlling interests 1 2 2 2 — 6 3 Net earnings (loss) attributable to F&G 248 128 118 40 (21) 265 639 Less: Preferred stock dividend 4 4 4 5 4 17 17 Net earnings (loss) attributable to F&G common shareholders $ 244 $ 124 $ 114 $ 35 $ (25) $ 248 $ 622 Net earnings (loss) attributable to F&G common shareholders per common share Basic $ 1.83 $ 0.93 $ 0.86 $ 0.26 $ (0.20) $ 1.89 $ 4.98 Diluted $ 1.78 $ 0.92 $ 0.85 $ 0.26 $ (0.20) $ 1.88 $ 4.88 Weighted average common shares used in computing net earnings (loss) per common share Basic 133 133 133 133 126 131 125 Diluted 139 139 139 134 126 132 131 F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 4

Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings Attributable to Common Shareholders ¹ ² Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Net earnings (loss) attributable to F&G $ 248 $ 128 $ 118 $ 40 $ (21) $ 265 $ 639 Non-GAAP adjustments Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for- sale securities, equity securities and other invested assets 34 7 10 12 15 44 (76) Change in allowance for expected credit losses (1) 14 (1) 19 22 54 32 Change in fair value of reinsurance related embedded derivatives (219) (23) 60 61 41 139 33 Change in fair value of other derivatives and embedded derivatives 23 6 (1) (13) (49) (57) 38 Recognized (gains) losses, net (163) 4 68 79 29 180 27 Market related liability adjustments (37) (22) (37) (16) 103 28 (214) Purchase price amortization 15 18 29 18 15 80 84 Transaction costs, other and non-recurring items 5 1 6 8 1 16 16 Non-controlling interest (2) (3) (2) (2) (2) (9) (10) Income taxes adjustment 48 1 (13) (19) (30) (61) 21 Adjusted net earnings 114 127 169 108 95 499 563 Less: Preferred stock dividend 4 4 4 5 4 17 17 Adjusted net earnings attributable to common shareholders ¹ ² $ 110 $ 123 $ 165 $ 103 $—$ 91 $ 482 $ 546 Adjusted net earnings per common share Diluted $ 0.82 $ 0.91 $ 1.22 $ 0.77 $ 0.72 $ 3.64 $ 4.30 Weighted average common shares used in computing adjusted net earnings per common share Diluted 139 139 139 134 132 137 131 ¹ Refer to "Non-GAAP Measures Definitions" in the additional information section. ² Refer to Adjusted Net Earnings - Significant Income and Expense Items on page 6. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 5

Adjusted Net Earnings - Significant Income and Expense Items ¹ ² Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings, as we believe these items provide further clarity to the financial performance of the business. Those significant income and expense items are reported after taxes. Three months ended March 31, 2026 Adjusted net earnings of $110 million for the three months ended March 31, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $44 million below the midpoint of management's long-term expected return of approximately 12% to 14%. December 31, 2025 Adjusted net earnings of $123 million for the three months ended December 31, 2025. Investment income from alternative investments was $51 million below the midpoint of management's long- term expected return of approximately 12% to 14%. September 30, 2025 Adjusted net earnings of $165 million for the three months ended September 30, 2025 included income from $10 million tax valuation allowance benefit and $4 million of actuarial reserve release. Investment income from alternative investments was $53 million below the midpoint of management's long-term expected return of approximately 12% to 14%. June 30, 2025 Adjusted net earnings of $103 million for the three months ended June 30, 2025. Investment income from alternative investments was $67 million below the midpoint of management's long-term expected return of approximately 12% to 14%. March 31, 2025 Adjusted net earnings of $91 million for the three months ended March 31, 2025 included income from a $16 million reinsurance true-up adjustment. Investment income from alternative investments was $45 million below the midpoint of management's long-term expected return of approximately 12% to 14%. Year ended December 31, 2025 Adjusted net earnings of $482 million 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 $216 million below the midpoint of management's long-term expected return of approximately 12% to 14%. December 31, 2024 Adjusted net earnings of $546 million for the year ended December 31, 2024 included expense from $30 million of actuarial model updates and refinements; partially offset by income from a $14 million tax valuation allowance and $6 million of other income items. Investment income from alternative investments was $145 million below the midpoint of management's long-term expected return of approximately 12% to 14%. ¹ Refer to Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders on page 5. ² Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 6

Adjusted Return on Assets ¹ Annualized year to date March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Adjusted interest and investment income $ 2,944 $ 2,813 $ 2,765 $ 2,674 $ 2,660 Cost of funds (1,984) (1,773) (1,724) (1,708) (1,712) Product margin 960 1,040 1,041 966 948 Flow reinsurance fee income 64 56 55 54 52 Owned distribution margin 36 47 45 42 28 Expenses (operating, interest and taxes) (604) (644) (645) (656) (648) Adjusted net earnings $ 456 $ 499 $ 496 $ 406 $ 380 Less: Preferred stock dividend 16 17 17 18 16 Adjusted net earnings attributable to common shareholders (A) $ 440 $ 482 $ 479 $ 388 $ 364 AAUM YTD (B) 57,905 55,384 54,870 54,521 53,877 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Adjusted interest and investment income 5.08 % 5.08 % 5.04 % 4.90 % 4.94 % Cost of funds (3.42) % (3.20) % (3.14) % (3.13) % (3.18) % Product margin 1.66 % 1.88 % 1.90 % 1.77 % 1.76 % Flow reinsurance fee income 0.11 % 0.10 % 0.10 % 0.10 % 0.10 % Owned distribution margin 0.06 % 0.08 % 0.08 % 0.08 % 0.05 % Expenses (operating, interest and taxes) (1.04) % (1.16) % (1.18) % (1.21) % (1.20) % Adjusted return on assets 0.79 % 0.90 % 0.90 % 0.74 % 0.71 % Less: Preferred stock dividend 0.03 % 0.03 % 0.03 % 0.03 % 0.03 % Adjusted return on assets attributable to common shareholders (A/B) 0.76 % 0.87 % 0.87 % 0.71 % 0.68 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 7

Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 AUM at beginning of period $ 57,574 $ 56,647 $ 55,565 $ 54,546 $ 53,817 $ 53,817 $ 49,103 Net new business asset flows 1,364 1,660 2,269 1,763 1,790 7,482 9,169 Net flow reinsurance to third parties (688) (733) (1,187) (744) (742) (3,406) (4,631) Net inforce reinsurance to third parties (1,814) — — — (653) (653) — Net capital transaction proceeds (disbursements) — — — — 334 334 176 AUM at end of period $ 56,436 $ 57,574 $ 56,647 $ 55,565 $ 54,546 $ 57,574 $ 53,817 AAUM YTD $ 57,905 $ 55,384 $ 54,870 $ 54,521 $ 53,877 $ 55,384 $ 51,574 AUM before reinsurance $ 74,454 $ 73,090 $ 71,430 $ 69,161 $ 67,398 $ 73,090 $ 65,274 Interest and Investment Income and Yield ¹ Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Adjusted interest and investment income ² $ 736 $ 739 $ 737 $ 672 $ 665 $ 2,813 $ 2,643 AAUM QTD 57,905 56,986 55,654 55,170 53,877 55,384 51,574 Yield on AAUM 5.08 % 5.19 % 5.29 % 4.87 % 4.94 % 5.08 % 5.12 % Less: Alternatives investment income (including short term mark-to-market) ³ ⁶ 86 82 76 45 39 242 217 Less: Variable investment income ⁴ ⁶ 8 7 24 6 19 56 59 Fixed income and other net investment income ² ⁵ ⁶ $ 642 $ 650 $ 637 $ 621 $ 607 $ 2,515 $ 2,367 AAUM QTD, excluding alternative investments 53,764 52,762 51,628 51,479 50,879 51,653 48,699 Yield on AAUM, excluding alternative investments and variable investment income ⁶ 4.77 % 4.93 % 4.93 % 4.83 % 4.77 % 4.87 % 4.86 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Reflects interest and investment income on an adjusted net earnings basis. ³ Comprised of alternative investment income, which includes mark-to-market movement that is reflected in adjusted net earnings, from certain limited partnerships and other equity interests, including limited liability corporations classified as investments in unconsolidated affiliates and certain company owned life insurance ("COLI") classified as other long-term investments. ⁴ Includes significant, non-recurring interest and investment income items, which could include call and tender income, commercial loan obligation redemption gains and other miscellaneous investment income. ⁵ Includes interest and investment income from fixed maturity securities, mortgage loans, equity securities, short-term investments, and long-term investments. ⁶ Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 8

Consolidated Balance Sheets (GAAP) Assets March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Investments Fixed maturity securities available for sale, at fair value, net of allowance $ 52,361 $ 52,700 $ 51,601 $ 50,193 $ 47,909 Fixed maturity securities, at fair value under fair value option 93 — — — — Equity securities, at fair value 336 341 352 341 354 Derivative investments 889 1,148 1,222 931 702 Mortgage loans, net of allowance 8,459 7,891 7,391 6,940 6,366 Investments in unconsolidated affiliates 5,013 4,878 4,731 4,301 4,127 Other long-term investments 1,288 1,294 1,022 998 587 Policy loans 157 147 136 125 115 Short-term investments 992 1,043 910 760 549 Total investments $ 69,588 $ 69,442 $ 67,365 $ 64,589 $ 60,709 Cash and cash equivalents 1,324 1,486 2,189 1,884 3,293 Reinsurance recoverable, net of allowance 19,975 17,545 16,843 15,777 14,746 Goodwill 2,124 2,180 2,180 2,179 2,179 Prepaid expenses and other assets 1,131 1,052 1,042 967 904 Other intangible assets, net 6,406 6,275 6,097 5,943 5,721 Market risk benefits asset 308 285 242 213 187 Income taxes receivable 78 83 67 6 — Deferred tax asset, net 97 82 112 258 268 Total assets $ 101,031 $ 98,430 $ 96,137 $ 91,816 $ 88,007 Liabilities and Equity Contractholder funds $ 63,474 $ 62,726 $ 61,798 $ 59,813 $ 57,823 Future policy benefits 10,748 10,755 10,055 9,463 9,065 Market risk benefits liability 968 903 830 711 635 Accounts payable and accrued liabilities 2,367 2,701 2,696 2,568 2,314 Income taxes payable — — — — 9 Notes payable 2,238 2,237 2,236 2,235 2,234 Funds withheld for reinsurance liabilities 16,487 14,191 13,582 12,469 11,442 Total liabilities $ 96,282 $ 93,513 $ 91,197 $ 87,259 $ 83,522 Equity Preferred stock, at par value — — — — — Common stock, at par value — — — — — Additional paid-in-capital 3,773 3,764 3,755 3,747 3,741 Retained earnings 2,778 2,568 2,478 2,394 2,389 Accumulated other comprehensive income (loss) ("AOCI") (1,843) (1,488) (1,376) (1,670) (1,734) Treasury stock (69) (40) (33) (33) (33) Total F&G Annuities & Life, Inc. shareholders' equity $ 4,639 $ 4,804 $ 4,824 $ 4,438 $ 4,363 Non-controlling interests 110 113 116 119 122 Total equity $ 4,749 $ 4,917 $ 4,940 $ 4,557 $ 4,485 Total liabilities and equity $ 101,031 $ 98,430 $ 96,137 $ 91,816 $ 88,007 F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 9

Capitalization ¹ Three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Notes payable $ 2,238 $ 2,237 $ 2,236 $ 2,235 $ 2,234 Net issuance costs (premium) 32 33 34 35 36 Notes payable (aggregate principal amount) (A) $ 2,270 $ 2,270 $ 2,270 $ 2,270 $ 2,270 Total equity 4,749 4,917 4,940 4,557 4,485 Less: AOCI (1,843) (1,488) (1,376) (1,670) (1,734) Total equity, excluding AOCI $ 6,592 $ 6,405 $ 6,316 $ 6,227 $ 6,219 Total Capitalization, excluding AOCI (B) $ 8,862 $ 8,675 $ 8,586 $ 8,497 $ 8,489 Debt-to-Capitalization, excluding AOCI (A/B) 25.6 % 26.2 % 26.4 % 26.7 % 26.7 % Return on Equity Attributable to Common Shareholders ¹ Twelve months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net earnings (loss) attributable to common shareholders - rolling four quarters (C) $ 517 $ 248 $ 447 $ 323 $ 486 Adjusted net earnings attributable to common shareholders - rolling four quarters (D) 501 482 502 493 529 Average F&G equity attributable to common shareholders - 5 point average (E) 4,364 4,226 4,134 3,901 3,722 Less: Average AOCI - 5 point average (1,622) (1,638) (1,587) (1,702) (1,745) Average F&G equity attributable to common shareholders, excluding AOCI - 5 point average (F) $ 5,986 $ 5,864 $ 5,721 $ 5,603 $ 5,467 Return on average common shareholder equity (C/E) 11.8 % 5.9 % 10.8 % 8.3 % 13.1 % Adjusted return on average common shareholder equity, excluding AOCI (D/F) 8.4 % 8.2 % 8.8 % 8.8 % 9.7 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 10

Summary of Invested Assets by Asset Class March 31, 2026 December 31, 2025 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale United States Government full faith and credit $ 437 $ 434 1 % $ 495 $ 493 1 % United States Government sponsored entities 122 121 — % 194 196 — % United States municipalities, states and territories 1,546 1,330 2 % 1,562 1,355 2 % Foreign Governments 306 265 — % 292 261 — % Corporate securities: Finance, insurance and real estate 9,863 9,295 14 % 9,699 9,309 14 % Manufacturing, construction and mining 1,485 1,343 2 % 1,496 1,386 2 % Utilities, energy and related sectors 4,283 3,800 5 % 4,098 3,681 5 % Wholesale/retail trade 4,477 4,011 6 % 4,124 3,732 5 % Services, media and other 5,927 5,059 7 % 5,916 5,142 8 % Hybrid securities 643 619 1 % 625 609 1 % Non-agency residential mortgage-backed securities 2,544 2,531 4 % 2,646 2,649 4 % Commercial mortgage-backed securities 5,135 4,953 7 % 5,298 5,155 8 % Asset-backed securities 8,021 7,811 11 % 7,982 7,842 11 % Collateral loan obligations and loan-backed private originations 10,842 10,789 16 % 10,865 10,890 16 % Total fixed maturity securities, available for sale $ 55,631 $ 52,361 76 % $ 55,292 $ 52,700 77 % Fixed maturity securities, at fair value under fair value option 92 93 — % — — — % Equity securities 419 336 1 % 414 341 1 % Limited partnerships: (includes alternative investments with a FV of $3,622 and $3,708 for 2026 and 2025, respectively, net of amounts attributable to funds withheld reinsurance agreements) ² Private equity 2,196 2,196 3 % 2,079 2,079 3 % Real assets 918 919 1 % 883 886 1 % Credit 1,638 1,638 2 % 1,643 1,643 2 % Limited partnerships 4,752 4,753 6 % 4,605 4,608 6 % Commercial mortgage loans 3,515 3,303 5 % 3,242 3,025 4 % Residential mortgage loans 4,944 4,668 7 % 4,649 4,424 6 % Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments) (includes alternative investments with a FV of $428 for 2026 and 2025) ² 2,545 2,594 4 % 2,525 2,859 4 % Short term investments 992 992 1 % 1,043 1,043 2 % Total investments ¹ $ 72,890 $ 69,100 100 % $ 71,770 $ 69,000 100 % Interest and investment income (year to date and net of amounts attributable to funds withheld reinsurance agreements): Alternative investments 2 $ 86 12 % $ 242 9 % All other non-alternative investments 637 88 % 2,595 91 % Total $ 723 100 % $ 2,837 100 % ¹ Asset duration of 4.4 years and 4.5 years vs. liability duration of 5.1 years and 5.2 years for the periods ending March 31, 2026 and December 31, 2025, respectively. ² Alternative investments primarily include certain limited partnerships and other equity interests, including limited liability corporations classified as investments in unconsolidated affiliates and certain COLI classified as other long-term investments. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 11

Credit Quality of Fixed Maturity Available For Sale ("AFS") Securities March 31, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 32,216 62 % BBB 2 17,665 34 % BB 3 1,707 3 % B 4 473 1 % CCC 5 109 — % CC and lower 6 191 — % Total $ 52,361 100 % Credit Quality of AFS Asset-Backed Securities March 31, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 5,336 68 % BBB 2 2,071 27 % BB 3 188 2 % B 4 55 1 % CCC 5 19 — % CC and lower 6 142 2 % Total $ 7,811 100 % Credit Quality of AFS Collateral Loan Obligations and Loan-Backed Private Originations March 31, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 7,368 68 % BBB 2 2,385 22 % BB 3 803 8 % B 4 207 2 % CCC 5 — — % CC and lower 6 26 — % Total $ 10,789 100 % F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 12

GAAP Net Reserve Summary 1 Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Indexed annuities $ 28,925 $ 30,966 $ 30,831 $ 30,665 $ 30,139 $ 30,966 $ 29,953 Fixed rate annuities 6,142 6,404 6,623 6,661 5,880 6,404 6,434 Single premium immediate annuity and other 1,483 1,521 1,555 1,549 1,562 1,521 1,564 Indexed universal and other life 3,380 3,304 3,203 3,053 2,899 3,304 2,812 Funding agreements 6,785 6,234 6,011 5,284 5,737 6,234 5,315 Pension risk transfer 8,192 8,125 7,375 6,785 6,373 8,125 6,066 Total product reserves $ 54,907 $ 56,554 $ 55,598 $ 53,997 $ 52,590 $ 56,554 $ 52,144 Annuity Account Balance Rollforward ² Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Annuity balances at beginning of period: $ 36,109 $ 36,174 $ 36,359 $ 35,281 $ 35,553 $ 35,553 $ 32,967 Net deposits Indexed annuities 774 1,043 778 1,298 1,070 4,189 5,828 Fixed rate annuities 52 112 377 1,075 204 1,768 1,275 Total net deposits 826 1,155 1,155 2,373 1,274 5,957 7,103 Surrenders, withdrawals, deaths, etc. Indexed annuities (1,034) (1,121) (1,106) (1,109) (968) (4,304) (4,320) Fixed rate annuities (370) (403) (494) (374) (159) (1,430) (1,141) Total surrenders, withdrawals, deaths, etc. (1,404) (1,524) (1,600) (1,483) (1,127) (5,734) (5,461) Net flows (578) (369) (445) 890 147 223 1,642 Premium and interest bonuses 29 34 31 28 26 119 98 Fixed interest credited and index credits 298 327 276 216 253 1,072 1,042 Guaranteed product rider fees (51) (57) (47) (56) (51) (211) (196) Ceded inforce reinsurance transactions (1,827) — — — (647) (647) — Account balance at end of period $ 33,980 $ 36,109 $ 36,174 $ 36,359 $ 35,281 $ 36,109 $ 35,553 ¹ Periods prior to March 31, 2026 have been recast to reflect an update to include MRB assets, inclusive of reinsured MRB assets. ² The rollforward reflects the vested account balance of our indexed annuities and fixed rate annuities, net of reinsurance. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 13

Annuity Liability Characteristics March 31, 2026 Surrender Charge Percentages: Fixed Rate Annuities Account Value Indexed Annuities Account Value No surrender charge $ 380 $ 2,046 0.0% < 2.0% 17 449 2.0% < 4.0% 142 1,802 4.0% < 6.0% 669 2,877 6.0% < 8.0% 1,848 5,307 8.0% < 10.0% 2,796 9,020 10.0% or greater — 6,627 $ 5,852 $ 28,128 March 31, 2026 Credited Rate (Including Bonus Interest) vs. Ultimate Minimum Guaranteed Rate Differential: Fixed Rate Annuities Account Value Indexed Annuities Account Value No differential $ 377 $ 1,087 0.0% - 1.0% 64 792 1.0% - 2.0% 797 659 2.0% - 3.0% 849 499 3.0% - 4.0% 529 380 4.0% - 5.0% 2,875 5 5.0% - 6.0% 361 — Allocated to index strategies — 24,706 $ 5,852 $ 28,128 Top 5 Reinsurers March 31, 2026 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable ¹ AM Best S&P Fitch Moody's Aspida ² $ 8,522 A- — — — Somerset Reinsurance Ltd. 5,607 A BBB+ — — Everlake Life Insurance Company 1,875 A — — — Ancient Re Ltd. 1,735 — — — — Wilton Reassurance Co. 1,026 A+ — A- — ¹ Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies. ² The balance includes Aspida Life Re Ltd. and Aspida Re Cayman Ltd. '-' indicates not rated F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 14

Ratings Overview A.M. Best S&P Fitch Moody's Holding Company and Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Baa3 Outlook Stable Stable Stable Senior Unsecured Notes Not Rated BBB- BBB- Baa3 Junior Subordinated Notes Not Rated BB BB Ba1 Operating Subsidiary Ratings Fidelity & Guaranty Life Insurance Company Financial Strength Rating A A- A- A3 Outlook Stable Stable Stable Stable Fidelity & Guaranty Life Insurance Company of New York Financial Strength Rating A A- A- Not Rated Outlook Stable Stable Stable F&G Cayman Re Ltd Financial Strength Rating Not Rated Not Rated A- Not Rated Outlook Stable F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 15

Shareholder Information NYSE: FG History of Quarterly Common Stock Price High Low Close 2025 First Quarter $ 47.04 $ 34.70 $ 36.05 Second Quarter 36.88 30.17 31.98 Third Quarter 35.50 30.01 31.27 Fourth Quarter 34.93 28.91 30.85 2026 First Quarter 30.84 20.57 25.32 History of Quarterly Cash Dividend to Common Shareholders Ex-Dividend Date Record Date Payable Date Amount per Share 2025 First Quarter 3/14/2025 3/17/2025 3/31/2025 $ 0.22 Second Quarter 6/13/2025 6/16/2025 6/30/2025 $ 0.22 Third Quarter 9/15/2025 9/16/2025 9/30/2025 $ 0.22 Fourth Quarter 12/16/2025 12/17/2025 12/31/2025 $ 0.25 2026 First Quarter 3/16/2026 3/17/2026 3/31/2026 $ 0.25 Corporate Headquarters FG Research Analyst Coverage FNF Research Analyst Coverage ¹ (cont.) F&G Annuities & Life, Inc. Alex Scott Geoffrey Dunn 801 Grand Avenue, Suite 2600 Barclays Capital, Inc. Dowling & Partners Des Moines, IA 50309 (212) 526-1561 (860) 676-8600 alex.scott@barclays.com dunn@dowling.com Investor Contact Lisa Foxworthy-Parker Wilma Burdis Bose George SVP, Investor and External Relations Raymond James Keefe, Bruyette & Woods Investor.relations@fglife.com (727) 761-5166 (212) 887-3843 (515) 330-3307 wilma.burdis@raymondjames.com bgeorge@kbw.com Transfer Agent FNF Research Analyst Coverage ¹ Oscar Nieves Continental Stock Transfer and Trust Company Tengwei Ma Stephens, Inc. 1 State Street, 30th Floor Barclays Capital, Inc. (501) 377-8519 New York, NY 10004 (212) 526-7965 oscar.nieves@stephens.com Phone: (212) 509-4000 terry.ma@barclayscapital.com Mark Hughes Mark DeVries Truist Securities Deutsche Bank (615) 748-4422 (212) 250-4018 mark.hughes@truist.com mark.devries@db.com ¹ Reflects research analyst coverage for parent Fidelity National Financial, Inc. (NYSE: FNF), which holds approximately 70% majority ownership stake in F&G (NYSE: FG) F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 16

Non-GAAP Reconciliations Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and investment income $ 723 $ 741 $ 748 $ 682 $ 666 $ 2,837 $ 2,719 Adjustments Recognized (gains) losses, net 10 1 (8) (5) 1 (11) (59) Transaction costs, other and non-recurring items 5 — — — — — — Reclass of dividend income to owned distribution margin (2) (3) (3) (5) (2) (13) (17) Total adjustments to arrive at adjusted interest and investment income 13 (2) (11) (10) (1) (24) (76) Adjusted interest and investment income $ 736 $ 739 $ 737 $ 672 $ 665 $ 2,813 $ 2,643 Adjusted interest and investment income - fixed income and others $ 642 $ 650 $ 637 $ 621 $ 607 $ 2,515 $ 2,367 Adjusted interest and investment income - alternatives 86 82 76 45 39 242 217 Adjusted interest and investment income - variable 8 7 24 6 19 56 59 Adjusted interest and investment income $ 736 $ 739 $ 737 $ 672 $ 665 $ 2,813 $ 2,643 Reconciliation of benefits and expenses to cost of funds US GAAP life insurance premiums and other fees $ 479 $ 987 $ 711 $ 608 $ 489 $ 2,795 $ 2,860 US GAAP recognized gains and (losses), net (32) 11 211 51 (263) 10 84 US GAAP benefits and other changes in policy reserves (484) (1,265) (1,181) (993) (524) (3,963) (3,791) US GAAP market risk benefit gains (losses) (73) (19) (43) 4 (109) (167) 25 US GAAP depreciation and amortization (173) (174) (180) (158) (153) (665) (569) US GAAP line items subtotal (283) (460) (482) (488) (560) (1,990) (1,391) Adjustments Recognized (gains) losses, net (170) 2 70 82 33 187 79 Market related liability adjustments (37) (22) (37) (16) 103 28 (214) Purchase price amortization 14 17 24 15 14 70 58 Reclass of acquisition expenses from operating expenses (3) (2) — (5) (5) (12) (19) Reclass of affiliated DAC from owned distribution margin (1) — — — — — — Reclass of fee income to flow reinsurance fee income (16) (15) (14) (14) (13) (56) (41) Total adjustments to arrive at cost of funds (213) (20) 43 62 132 217 (137) Cost of funds $ (496) $ (480) $ (439) $ (426) $ (428) $ (1,773) $ (1,528) Cost of funds - cost of crediting $ (460) $ (457) $ (443) $ (427) $ (412) $ (1,739) $ (1,487) Cost of funds - surrender charge fee income 56 57 70 69 57 253 268 Cost of funds - all other (92) (80) (66) (68) (73) (287) (309) Cost of funds $ (496) $ (480) $ (439) $ (426) $ (428) $ (1,773) $ (1,528) F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 17

Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Composition of flow reinsurance fee income Reclass of fee income from cost of funds $ 16 $ 15 $ 14 $ 14 $ 13 $ 56 $ 41 Flow reinsurance fee income $ 16 $ 15 $ 14 $ 14 $ 13 $ 56 $ 41 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution revenues $ 17 $ 26 $ 24 $ 23 $ 16 $ 89 $ 81 US GAAP non-controlling interest (1) (2) (2) (2) — (6) (3) US GAAP line items subtotal 16 24 22 21 16 83 78 Adjustments Non-controlling interest (2) (3) (2) (2) (2) (9) (10) Reclass of affiliated DAC to cost of funds 1 — — — — — — Reclass of owned distribution dividend income from interest and investment income 2 3 3 5 2 13 17 Reclass of owned distribution expenses from operating expenses (8) (11) (10) (10) (9) (40) (39) Total adjustments to arrive at owned distribution margin (7) (11) (9) (7) (9) (36) (32) Owned distribution margin $ 9 $ 13 $ 13 $ 14 $ 7 $ 47 $ 46 Reconciliation of operating expenses US GAAP personnel costs $ (60) $ (70) $ (79) $ (77) $ (67) $ (293) $ (296) US GAAP other operating expenses (33) (35) (38) (42) (41) (156) (203) US GAAP line items subtotal (93) (105) (117) (119) (108) (449) (499) Adjustments Recognized (gains) losses, net (3) 1 6 2 (5) 4 7 Purchase price amortization 1 1 5 3 1 10 26 Transaction costs, other and non-recurring items — 1 6 8 2 17 19 Reclass of acquisition expenses to cost of funds 3 2 — 5 5 12 19 Reclass of expenses to owned distribution margin 8 11 10 10 9 40 39 Total adjustments to arrive at operating expenses 9 16 27 28 12 83 110 Operating expenses $ (84) $ (89) $ (90) $ (91) $ (96) $ (366) $ (389) Reconciliation of interest expense US GAAP interest expense $ (41) $ (41) $ (42) $ (41) $ (40) $ (164) $ (132) US GAAP line items subtotal (41) (41) (42) (41) (40) (164) (132) Adjustments Transaction costs, other and non-recurring items — — — — (1) (1) (3) Total adjustments to arrive at interest expense — — — — (1) (1) (3) Interest expense $ (41) $ (41) $ (42) $ (41) $ (41) $ (165) $ (135) F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 18

Non-GAAP Reconciliations (continued) Three months ended Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense) benefit $ (74) $ (31) $ (11) $ (15) $ 5 $ (52) $ (136) Adjustments Income taxes on non-GAAP adjustments 48 1 (13) (19) (30) (61) 21 Total adjustments to arrive at adjusted income tax (expense) benefit 48 1 (13) (19) (30) (61) 21 Adjusted income tax (expense) benefit $ (26) $ (30) $ (24) $ (34) $ (25) $ (113) $ (115) Year ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Reconciliation of total investments to AUM US GAAP total investments $ 69,588 $ 69,442 $ 67,365 $ 64,589 $ 60,709 $ 69,442 $ 60,109 US GAAP cash and cash equivalents 1,324 1,486 2,189 1,884 3,293 1,486 2,264 Less: US GAAP derivative investments 889 1,148 1,222 931 702 1,148 792 US GAAP line items subtotal 70,023 69,780 68,332 65,542 63,300 69,780 61,581 Adjustments Net assets ceded pursuant to coinsurance funds withheld arrangements (16,769) (14,260) (13,531) (12,325) (11,578) (14,260) (10,836) Unrealized (gains)/losses and allowances adjustment 3,274 2,579 2,384 2,960 3,113 2,579 3,412 Owned distribution investments adjustment (298) (306) (302) (303) (297) (306) (300) Reclass from prepaid expenses and other assets ¹ 879 812 830 759 706 812 742 Reclass from accounts payable and accrued liabilities ² (673) (1,031) (1,066) (1,068) (698) (1,031) (782) Total adjustments to arrive at AUM (13,587) (12,206) (11,685) (9,977) (8,754) (12,206) (7,764) AUM 56,436 57,574 56,647 55,565 54,546 57,574 53,817 Reinsurance 18,018 15,516 14,783 13,596 12,852 15,516 11,457 AUM before reinsurance $ 74,454 $ 73,090 $ 71,430 $ 69,161 $ 67,398 $ 73,090 $ 65,274 Reconciliation of total F&G Annuities & Life, Inc. shareholders' equity to total F&G equity attributable to common shareholders, excluding AOCI Total F&G Annuities & Life, Inc. shareholders' equity $ 4,639 $ 4,804 $ 4,824 $ 4,438 $ 4,363 $ 4,804 $ 3,951 Less: Preferred stock 250 250 250 250 250 250 250 Total F&G equity attributable to common shareholders 4,389 4,554 4,574 4,188 4,113 4,554 3,701 Less: AOCI (1,843) (1,488) (1,376) (1,670) (1,734) (1,488) (1,923) Total F&G equity attributable to common shareholders, excluding AOCI $ 6,232 $ 6,042 $ 5,950 $ 5,858 $ 5,847 $ 6,042 $ 5,624 ¹ Includes accrued investment income, receivable for sale of investments and low income housing tax credit assets ² Includes derivative collateral and payable for purchase of investments F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 19

Non-GAAP Measures Definitions Non-GAAP Measures Generally Accepted Accounting Principles ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within. The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Attributable to Common Shareholders Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial performance each period. ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers. ANE provides information to enhance an investor’s understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments. ANE is calculated by adjusting net earnings or loss attributable to common shareholders to eliminate: (i) Recognized gains and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; (vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and (vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge our floating rate investments. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 20

Non-GAAP Measures Definitions (continued) Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM. Adjusted Return on Average Common Shareholder Equity, excluding AOCI Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings. Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; (ii) investments in unconsolidated affiliates at carrying value; (iii) related party loans and investments; (iv) accrued investment income; (v) the net payable/receivable for the purchase/sale of investments; and (vi) cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained. AUM before Reinsurance AUM before Reinsurance is comprised of AUM plus flow reinsured assets, including certain block reinsured assets. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 21

Non-GAAP Measures Definitions (continued) Average Assets Under Management (AAUM) (Quarterly and YTD) AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets. Book Value per Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company. Return on Average F&G common shareholder Equity, excluding AOCI Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition. Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company. Debt-to-Capitalization Ratio, excluding AOCI Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position. Total Equity, excluding AOCI Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity. Total F&G Equity attributable to common shareholders, excluding AOCI Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Yield on AAUM Yield on AAUM is calculated by dividing annualized adjusted interest and investment income by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM. F&G Annuities & Life, Inc. Financial Supplement - March 31, 2026 22

F&G Investor Update Spring 2026

Disclaimer & Forward-Looking Statements 2F&G Investor Update | Spring 2026 This presentation contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in “Risk Factors” and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC).

Non-GAAP Financial Measures 3F&G Investor Update | Spring 2026 Generally Accepted Accounting Principles in the U.S. ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP financial measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP financial measures should be considered in context with the Company’s GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.

We are executing on our strategy toward a more fee-based, higher margin, and less capital intensive business model and remain focused on delivering long-term shareholder value $110M 1Q26 Adjusted Net Earnings2 ↑ 21% vs. 1Q25 1Q26 Highlights 4F&G Investor Update | Spring 2026 1As of 3/31/2026 2Attributable to common shareholders; metrics refer to adjusted net earnings (ANE) and adjusted return on equity ex AOCI (ROE) based on reported adjusted net earnings $3.2B 1Q26 Gross Sales ↑ 10% vs. 1Q25 $2.2B 1Q26 Net Sales In line with 1Q25 $56.4B Assets Under Management (AUM)1 ↑ 3% vs. 1Q25 $74.5B AUM before reinsurance1 ↑ 11% vs. 1Q25 $67M 1Q26 Capital Return to Shareholders ↑ 123% vs. 1Q25 $6.2B Total F&G Equity ex AOCI1, 2 ↑ 7% vs. 1Q25 8.4% 1Q26 Adjusted ROE2 ↓ 130 bps vs. 1Q25

First Quarter Financial Trends 5F&G Investor Update | Spring 2026 Other Considerations – Full Year Other Considerations – Quarterly Financial Trends – As Reported ($M) – except per share and percentages Full Year Quarterly 2024 2025 1Q25 1Q26 Gross sales $15,262 $14,638 $2,902 $3,173 Net sales $10,571 $10,029 $2,181 $2,245 Assets under management (AUM) $53,817 $57,574 $54,546 $56,436 AUM before reinsurance $65,274 $73,090 $67,398 $74,454 Adjusted return on assets (ROA)1 1.06% 0.87% 0.68% 0.76% Adjusted return on equity (ROE)1 10.3% 8.2% 9.7% 8.4% Net earnings (loss)1 $622 $248 ($25) $244 Net earnings (loss) per diluted share1 $4.88 $1.88 ($0.20) $1.78 Adjusted net earnings (ANE)1 $546 $482 $91 $110 Adjusted net earnings per diluted share1 $4.30 $3.64 $0.72 $0.82 Adjusted weighted average diluted shares 131 137 132 139 ANE ($M) and Per Share 1Q25 1Q26 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 45 $0.35 44 $0.32 Significant (income) expense items (16) ($0.12) 5 $0.03 ANE ($M) and Per Share 2024 2025 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 145 $1.10 216 $1.58 Significant (income) expense items 10 $0.07 (30) ($0.22) 1Attributable to common shareholders

F&G Is At A Highly Attractive Valuation Progression of F&G Transaction Prices & Market Capitalization We launched share repurchases in 1Q26, deploying $29 million to repurchase 1.2 million shares of common stock at an average price of $24.14 • FNF completed the distribution of ~12% of F&G common stock to FNF shareholders on December 31, 2025, increasing F&G’s public float from ~18% to ~30% after the distribution • During 1Q26, macro headlines have contributed to a material sell-off of life and annuity sector stocks from speculation around broader market liquidity risk, private credit risk, software exposure and delayed timing of alternative investments realizations • Our launch of share repurchases during the quarter reflect our confidence in the long-term prospects for the business as well as our strong capital position 1CF Corporation (CF Corp) was founded by Chinh Chu and William Foley as a U.S.-listed special purpose acquisition company (SPAC) 2Attributable to common shareholders F&G Investor Update | Spring 2026 6 $1.8B $2.7B $2.4B $4.2B $3.8B $6.2B Nov 30, 2017 Jun 1, 2020 Dec 1, 2022 Dec 31, 2025 Apr 30, 2026 Mar 31, 2026 Purchase price by CF Corp1 Purchase price by FNF F&G market cap at partial spinoff F&G market cap F&G GAAP Equity ex AOCI2 F&G market cap at partial spinoff

We Have Generated Sustainable Returns 7F&G Investor Update | Spring 2026 1Calculated as F&G equity attributable to common shareholders ex AOCI divided by common shares outstanding; effect of LDTI, actuarial system conversion and sale of F&G Life Re reflected in 1x items Book Value Per Share (BVPS) ex AOCI1 Cumulative period from YE 2020 to QE 1Q26 $27.40 $42.90 $46.51 18.54 (3.04) 3.61 YE 2020 Net Earnings Capital Actions BVPS Before MTM MTM & 1x Items QE 1Q26 Strong earnings generation combined with balanced capital allocation since 2020 acquisition by FNF have been driving steady BVPS growth, before mark-to-market (MTM) movements which are unrealized and point in time +70% BVPS Growth

We Are Driving Toward Our Investor Day Targets • Spread-based earnings • Driven by asset growth • Margin expansion through investment margin & scale benefit Retained Sales • Fee-based earnings • Lower marginal cost of capital • Enhances cash flow • Accretive to return on equity • Reinsurance sidecar Flow Reinsurance • Fee-based earnings • Lower marginal cost of capital • Accretive to return on equity • Solidifies relationships with key partners F&G is transitioning its business toward a more fee based, higher margin and less capital intensive business with strong cash flow generation and ROE expansion in future years Grow AUM by 50% Increase adjusted ROE ex AOCI and significant items to 13 to 14%1 Expand adjusted ROA ex significant items to 1.33% to 1.55%1; expect to maintain a corridor around the lower end of the range Expand our P/E multiple to 7-8x We continue to make strong progress toward the medium term financial targets laid out at our 2023 Investor Day: F&G Investor Update | Spring 2026 8 12023 Investor Day targets assumed alternatives investments investment income based on management’s long-term expected return of approximately 10% over the medium-term Middle Market Life & Owned Distribution

F&G Snapshot 9F&G Investor Update | Spring 2026 Retail Annuities • Fixed indexed annuity (FIA) • Registered index-linked annuities (RILA) • Multi-year guaranteed annuity (MYGA) Pension Risk Transfer (PRT) Life Insurance • Indexed universal life (IUL) Funding Agreements • Funding agreement backed notes (FABN) • Federal Home Loan Bank (FHLB) • Founded in 1959 as a life insurance company • Listed on the New York Stock Exchange (NYSE: FG) eff. 12/1/2022 • Fidelity National Financial (NYSE: FNF) retains ~70% ownership • Headquartered in Des Moines, IA; over 1,100 employees • Ranking as a Top Workplaces company for 7 consecutive years Retail Channels • Independent insurance agents (IMOs) • Broker Dealers • Banks Institutional Markets • Pension risk transfer • Funding agreements Our Product Lines Five Distinct Distribution Channels / Markets Background Financial Strength Ratings A Stable A.M. Best A- Stable S&P Global A- Stable Fitch Ratings A3 Stable Moody’s

A Compelling Investment Case For F&G 10F&G Investor Update | Spring 2026 v Proven Track Record: Steady Earnings Growth & Capital Flexibility F&G has successfully executed on our diversified growth strategy, maintained a strong capital position and made significant progress toward our 2023 Investor Day targets. We are positioned for steady long-term earnings growth through disciplined pricing, significant scale benefit and an increasing mix of more stable, predictable and less capital intensive fee- based sources of earnings v Targeting Large, Growing Markets For Continued AUM Growth F&G’s ecosystem has evolved and is built on our expanding relationships with key long-term distribution partners, a differentiated asset management approach powered by Blackstone’s best-in-class asset origination with a proven track record and complemented by other asset managers, and strategic relationships with reinsurers that provide efficient access to substantial external capital F&G is a nationwide leader strategically positioned within large, growing markets, benefiting from powerful demographic trends that are fueling sustainable demand for guaranteed income solutions. Our disciplined focus on our core products – including indexed annuities, middle market life insurance and pension risk transfer – will continue to drive AUM growth with attractive and stable liabilities Evolved Ecosystem Spans Distribution, Investments & Reinsurers Strategic Shift To Fee-Based, Less Capital Intensive For Enhanced Returns F&G is rapidly transforming into a more fee-based, higher margin and less capital intensive business. Increased earnings contributions from fee-based flow reinsurance, middle market life insurance and owned distribution strategies, coupled with disciplined growth in our spread-based products, is set to generate higher returns and valuation over time

We Have A Clean & Profitable Inforce Book 11F&G Investor Update | Spring 2026 Our inforce liabilities are surrender charge protected and our asset and liability cash flows are well matched; our inforce book does not contain problematic legacy business • Our liability profile drives our investment strategy • Retail fixed annuities are 93% surrender protected1 • Non-surrenderable liabilities include funding agreements, pension risk transfer and immediate annuities • New business and inforce are actively managed to maintain pricing targets • Asset and liability cash flows are well matched 1As of 3/31/2026 GAAP Net Reserves1 53% Indexed Annuities 15% Pension Risk Transfer 12% Funding Agreements 11% Fixed Rate Annuities 6% Life 3% Immediate Annuities $55B Retail Fixed Annuity Metrics QE 1Q26 Weighted average time remaining in surrender charge period 5.4 Years % Surrender protected 93% Average remaining surrender charge (% of account value) 7% % Subject to market value adjustment (MVA) 81% Distance to guaranteed minimum crediting rates 226 bps

We Compete In Very Large Markets 12F&G Investor Update | Spring 2026 The U.S. retirement and middle markets are growing and we are both well established and well positioned in our retail channels and institutional markets to grow our AUM 14Q25 Quarterly Retirement Market Data, Investment Company Institute. 2Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of 2/1/2026. 3FY2025 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA. 4U.S. Single Premium Pension Risk Transfer Product Sales Jump 132% in the Fourth Quarter of 2025, Source LIMRA, 3/18/2026. 5Legal & General Pension Risk Transfer Monitor, 4Q25 PRT Market Outlook. 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of 12/31/2025 Indexed annuities provide alternative with upside potential and limited downside risk Consumers increasingly rely on personal savings for retirement income Transaction volume likely to continue5 Untapped demand for permanent life insurance, especially in the Middle Market Mutual Fund 401(k) Assets1 U.S. Consumer Savings2 Retail Life & Annuities3 Pension Risk Transfer4 Funding Agreements6 $5.8T $932B $342B $479B $280B

58 63 71 76 78 80 82 2022 2025 2030 2035 2040 2045 2050 Secular Tailwinds Driving Industry Demand 13F&G Investor Update | Spring 2026 We continue to see sustainable demand for our retail fixed annuity products given current environment • U.S. consumers are holding $3 trillion in retail money market fund assets; as money market rates decline, they are expected to lock in higher interest rates through attractive solutions like fixed annuities • We serve a growing retirement population, with more than 11,000 Americans turning 65 every day and a projected 30% increase in people aged 65-100 over the next 25 years • Attractive demographics support growing demand for our products, as both retirees and advisors turn to fixed annuities as an alternative to the traditional 60/40 investment portfolio 1Source: Investment Company Institute (ICI); periods prior to 2024 reflect “total” all money market funds 2Source: U.S. Census Bureau, Population Division; Projected Population by Age Group and Sex for the United States, Main Series: 2022-2100 (Released Nov 2023) U.S. Money Market Fund Assets ($Trillions)1 Projected U.S. Population: Ages 65-100 (Millions)2 Number of people aged 65-100 is projected to increase 30% over the next 25 years 4.1 4.7 4.7 2.7 3.1 3.14.3 4.7 4.7 5.9 6.8 7.8 7.8 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 QE 1Q26 Combined Institutional only Retail only

2019 2020 2021 2022 2023 2024 2025 1Q26 LTM FNF and F&G Merger (June 2020) $26.4B $28.6B $37.3B $46.4B $55.9B $65.3B $73.1B $74.5B Our Strong Sales Are Driving Record AUM 14F&G Investor Update | Spring 2026 1CAGR reflects 2019 to 1Q26 LTM AUM and Annual Gross Sales by Retail Channel and Institutional Market ($B) Funding Agreements Indexed Annuities Fixed Rate Annuities (MYGA) Indexed Universal Life Pension Risk Transfer $11.3B $9.6B $4.5B $3.9B $13.2B $15.3B $14.6B AUM before flow reinsurance +18% CAGR1 Gross Sales +24% CAGR1 $14.9B

Our Owned Distribution Track Record 15F&G Investor Update | Spring 2026 Our owned distribution strategy is contributing to margin expansion and is a capital light, diversified source of fee-based earnings Portfolio is performing well and creating value • Owned distribution margin driven by seasonality, timing of dividends, mix of business & affiliated vs. unaffiliated sales • Owned distribution margin of $9M in 1Q26 (ANE) • Adjusted ROA contribution of 6 bps in 1Q26 (ANE) • GAAP reporting items to note: • Owned distribution margin reflects dividend income from minority-owned interests, plus percent share of margin for majority-owned interests • Affiliated revenue from F&G products sold by owned distribution is reflected in our product margin1, not the owned distribution margin Life Network Marketing IMO Traditional Annuity IMO “B2B” Annuity IMO Life Brokerage IMO ~$700M Cumulative investment 1Amount of affiliated revenue from F&G products sold by owned distribution and reflected in product margin (not the owned distribution margin): $8M in 1Q26

49.1 53.8 57.6 54.5 56.4 6.8 11.5 15.5 12.9 18.0 55.9 65.3 73.1 67.4 74.5 2023 2024 2025 1Q25 1Q26 Cumulative net reinsurance to third parties Retained AUM 6.8 9.2 9.0 1.8 2.0 6.4 6.1 5.6 1.1 1.2 13.2 15.3 14.6 2.9 3.2 2023 2024 2025 1Q25 1Q26 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 335 546 482 91 110 2023 2024 2025 1Q25 1Q26 Net Sales 9.2 10.6 10.0 2.2 2.2 Disciplined Focus In Current Environment Gross Sales ($B) AUM Before Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) F&G Investor Update | Spring 2026 16 2025 VPY: 12% AAUM 46.0 51.6 55.4 53.9 57.9 +10% VPY2025 VPY: (5%) +11% VPY See Appendix for details of significant items impacting ANE

Strong Gross Sales With Pricing Discipline Gross Sales ($B) Gross sales reflect continued pricing discipline & capital allocation to highest return opportunities • 1Q26 Gross sales of $3.2B, ↑ 10% vs. 1Q25 • Core sales of $2.0B, ↑ 11% vs. 1Q25 reflecting solid start to the year for indexed annuity, IUL and PRT sales • Opportunistic sales of $1.2B, ↑ 9% vs. 1Q25, split between funding agreements and MYGA; sales vary depending on economics and market opportunity • Net sales reflect flow reinsurance at varying ceded amounts in line with capital targets for MYGA and FIA • AUM before reinsurance of $74.5B, ↑ 11% vs. 1Q25 • Retained AUM of $56.4B reduced by $1.8B ceded inforce block with F&G Life Re sale in 1Q26 Net Sales 9.2 10.6 10.0 2.2 2.7 2.8 2.3 2.2 Ending AUM 49.1 53.8 57.6 54.5 55.6 56.6 57.6 56.4 AUM before reinsurance 55.9 65.3 73.1 67.4 69.2 71.4 73.1 74.5 6.8 9.2 9.0 1.8 2.2 2.2 2.8 2.0 6.4 6.1 5.6 1.1 1.9 2.0 0.6 1.2 13.2 15.3 14.6 2.9 4.1 4.2 3.4 3.2 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 1Q26 VPY: 10% F&G Investor Update | Spring 2026 17

335 546 482 91 103 165 123 110 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Net earnings (loss) (58) 622 248 (25) 35 114 124 244 Op Exp (bps)1 63 60 50 58 56 52 50 48 ANE per share $2.68 $4.30 $3.64 $0.72 $0.77 $1.22 $0.91 $0.82 Adj. ROA2 0.73% 1.06% 0.87% 0.68% 0.71% 0.87% 0.87% 0.76% Adj. ROE2 6.5% 10.3% 8.2% 9.7% 8.8% 8.8% 8.2% 8.4% Core Earnings Power Remains Attractive 18F&G Investor Update | Spring 2026 Common Adjusted Net Earnings (ANE) ($M) 1Op Exp (bps): Reflects LTM operating expense to AUM before reinsurance (bps) 2Attributable to common shareholders; metrics refer to return on assets (ROA) and adjusted return on equity ex AOCI (ROE) based on reported adjusted net earnings F&G expects steady and growing adjusted net earnings over time, excluding significant items • As reported, ANE in 1Q26 vs. 1Q25 reflects lower than expected level of alternative investments income and significant items, as well as: • asset growth, • growing fees from accretive flow reinsurance, • steady owned distribution margin, and • operating expense discipline driving scale benefit • Maintained 10 bps reduction in operating expense ratio1; 48 bps in 1Q26 vs. 58 bps in 1Q25 • Adj. ROA2 of 0.76% and Adj. ROE2 of 8.4% in 1Q26 reflect lower than expected level of alternative investments income and significant items • See Appendix for details of significant items impacting ANE, Adj. ROA and Adj. ROE

Gaining Traction in Fee-Based Strategies 19F&G Investor Update | Spring 2026 2025 2028 Target ~85% ~15% Spread-based Fee-based ~75% ~25% F&G is quickly evolving toward a more fee-based, higher margin, and less capital intensive business model • We estimate our fee-based flow reinsurance fee income and owned distribution margin, together with steadily growing IUL product fees, contributed approximately 15% of F&G’s adjusted net earnings excluding significant items for full year 2025 • We expect to grow our share of fee-based earnings to approximately 25% by year-end 2028 as we continue to execute on our strategy ~95% ~5% 2022 Adjusted Net Earnings1 – Pro Forma Mix 1Attributable to common shareholders; pro forma prepared as of 12/31/2025 and assumes alternatives investments investment income based on management’s long-term expected return of approximately 10% over the medium-term

Our Stable and Strong Capital Profile 20F&G Investor Update | Spring 2026 1Excluding accumulated other comprehensive income (ex AOCI) Total Capitalization ex AOCI1 ($M) 5,093 5,749 6,155 6,342 250 250 250 1,760 2,195 2,270 2,270 6,853 8,194 8,675 8,862 YE 2023 YE 2024 YE 2025 QE 1Q26 Debt Preferred Stock Total Equity ex. AOCI Adj. Debt to Capital % 25.7% 26.8% 26.2% 25.6% Strong F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% • Balance sheet expected to naturally delever as a result of growth in total equity, excluding AOCI

F&G Investor Update | Spring 2026 Book Value Per Share Growth – 1Q26 21 BVPS ex. AOCI1 – 12/31/2025 to 3/31/2026 1Attributable to common shareholders and excluding accumulated other comprehensive income (ex AOCI) 2Outstanding shares of 135,610,292 as of 12/31/2025 and 134,328,083 as of 3/31/2026 QE 1Q26 BVPS ex AOCI of $46.51; ↑ $2.08, or ↑ 5%, over QE 4Q25 • $0.10 per share increase from 1x gain on sale of F&G Life Re Ltd • $0.72 per share increase due to underlying business performance • $0.27 per share increase for return of capital, including $29M of share repurchases • $0.99 per share increase due to mark-to-market movements which are unrealized and point in time $44.43 $44.53 $45.25 $45.52 $46.51 0.10 - 0.72 0.27 0.99 QE 4Q25 1x Item Post 1Q26 1x Item ANE & Other QE 1Q26 Before MTM & Return of Capital Return of Capital QE 1Q26 Before MTM MTM Movements QE 1Q26 F&G Equity ex. AOCI1 ($M) 6,042 14 6,056 97 6,153 (54) 6,099 133 6,232 Shares O/S2 (M) 136 136 (2) 134 134

Capital Targets 22F&G Investor Update | Spring 2026 Sources of Capital Capital Allocation F&G’s business is built around a diversified and self funding capital model, with multiple sources of capital and capital allocation priorities that support continued growth and return of capital to shareholders Our Capital Allocation Priorities Reinsurance sidecar Statutory excess capital Inforce capital generation Flow reinsurance Excess debt Capacity Reinvest in the business Common & preferred dividend Opportunistic share repurchase Opportunistic M&A (owned distribution) • Maintain efficient capital structure • Target debt-to-capital excluding AOCI of 25% • RBC target range approximately 400% in a normal environment1 • Maintain solvency and capital targets in line with ratings 1Reflects company action level risk-based capital for primary insurance operating subsidiary Interest Expense

Our Capitalization Supports Growth & Dividend 23F&G Investor Update | Spring 2026 F&G is quickly evolving toward a more fee based, higher margin and less capital intensive business with strong cash flow generation in future years • F&G has flexibility to adjust retained sales level, as a “lever” to support net cash from operations with sustained asset growth • F&G has returned $67M of capital to shareholders in 1Q26 through $38M common and preferred dividends and $29M of share repurchases • F&G’s board of directors authorized a new three-year $100M share repurchase program as announced on March 13, 2026 1Reflects company action level risk-based capital for primary insurance operating subsidiary Investing for Growth Reinvest in the Business Capital and other investments to support AUM growth and maintain adequate capital buffer Net Cash from Operations Return to Shareholders Common Dividend Payout Upon board approval, common dividend with potential targeted increases over time Opportunistic Share Repurchase Efficient means of returning cash to shareholders when shares trade at discount to intrinsic value Opportunistic M&A Expand value of Owned Distribution through additional investments in existing holdings or selectively adding new strategic partners

SECTION 24F&G Investor Update | Spring 2026 Investments

Our High Quality & Well Diversified Portfolio1 25F&G Investor Update | Spring 2026 Investment Portfolio by Asset Class Investment Portfolio by NAIC Designation 1GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance), Alts LP NAV as of 12/31/2025 2Other consists of ICOLI, FHLB stock, LIHTC, options and private origination equity tranches 3Cash includes treasuries Portfolio conservatively positioned & well-matched to liability profile • Fixed income is 97% investment grade • Modest average credit-related impairments of 6 bps over the last 5 years (2021-2025), below our pricing assumption • Net floating rate exposure $2.4B or ~4% Software exposure across the portfolio is < 5% • Most positions are protected by high switching costs, large competitive moats, regulatory barriers and/or embedded in workflows that are difficult to disrupt Real estate exposures are high quality, with moderate leverage and diversified across property types • Modest office exposure at only 1.7% of the total portfolio • Alternative LPs comprise 5% of total portfolio, with less than 1% of Alternative LPs portfolio in office 26% Corporates 21% Private Origination 21% Public Structured Securities 13% Mortgage Loans 7% Alts/Equity 4% Other 2% Municipal 2% Pfd/Hybrid 2% EMD 1% Cash 1% Gov't & Treasury $53B 61% NAIC 1 24% NAIC 2 7% Alts/Equity 4% Other² 2% NAIC 3 1% Cash³ 1% NAIC 4/5/6 $53B

41% CLOs 33% CMBS 11% ABS 15% RMBS 67% Residential 16% Multifamily 7% Industrial 4% Office 4% Retail 1% Student Housing 1% Other⁴ 58% Corporate Lending 16% Infrastructure 11% Real Estate 9% Consumer Lending 4% Commercial 2% Other $11B Our Investment Portfolio Key Attributes1,2 Investment Rationale • Core fixed income: Focus remains on high grade public securities with strong risk adjusted returns • Private origination: Private origination exposes the portfolio to a wide spectrum of collateral types creating diversification in the portfolio • Public structured: Provides access to well diversified, high-quality assets across CLOs, CMBS and ABS • Mortgage loans: Superior loss-adjusted performance relative to similar rated corporates Core Fixed Income3 (excludes Public Structured, Private Origination and Mortgage Loans shown below) 1GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) 2Excludes $4B of LP and equities and $2B of cash and other (e.g. FHLB stock, call options) 3Fixed Income includes Corporates, Municipal, Pfd/hybrid, EMD and Gov’t & Treasury asset classes as shown on page 25 4Other consists of data center, hotel, self storage and mixed use properties Private Origination 77% Corporates 7% EMD 7% Municipal 6% Pfd/Hybrid 3% Gov't & Treasury $18B $11B Public Structured 26F&G Investor Update | Spring 2026 Mortgage Loans $7B

Portfolio Spotlight: Private Origination 27F&G Investor Update | Spring 2026 Private origination is a key component of our investment strategy • Provides enhanced yield while limiting additional credit risk • Offers diversification and strong covenant protection • Our private origination portfolio is approximately $11B, or 21%, of our total portfolio and is high quality and diversified • Focused on investment grade, directly originated assets backed by diversified pool of physical and financial collateral • Includes corporate & commercial lending, consumer loans, real estate and other real asset exposures • Below investment grade private origination middle market exposure is small and manageable 1Middle market lending is a portion of corporate lending, within our private origination portfolio 21% 79% Private Origination Non-Private Origination $53B Total Portfolio 58% Corporate Lending 16% Infrastructure 11% Real Estate 9% Consumer Lending 4% Commercial 2% Other Private Origination $11B 89% 11% Investment Grade Non-Investment Grade $4.8B Private Origination – Middle Market Lending1 $0.5B Private Origination – Middle Market Lending1 (Non-IG)

As of 12/31/2025 Ratings Data on Positions Held Collateral Characteristics Asset Type Amount Invested ($B) % Total Portfolio Investment Grade Below Investment Grade Upgrades Downgrades Credit Losses Subordination Nonaccruals First Lien LTV Ratio EBITDA ($M) Middle market lending 4.8 9% 89% 11% 0% 0% 0% 14% 0.1% 98% 42% 205 Corporate private placements 0.4 1% 100% 0% 4% 7% 0% NA 0.0% 100% 40% 1,500 BDC lending 0.4 1% 100% 0% 8% 0% 0% 54% 0.4% 92% 40% 235 Private credit fund financing 0.4 1% 100% 0% 0% 0% 0% 45% NA 94% 55% 200 Total Corporate Lending 6.0 12% 91% 9% 0.8% 0.5% 0% 18% 98% Private Origination – Corporate Lending 28 Our $11B private origination portfolio is comprised of $6B, or 58%, in corporate lending • Private origination corporate lending of $6.0B is 12% of the total retained portfolio, including middle market lending of $4.8B, or 9%, of the total retained portfolio • 89% of our middle market lending is investment grade • Our upgrade-to-downgrade ratio is positive • Near 0% credit losses and small percentage of collateral on nonaccrual • Low loan-to-value ratios and strong structural subordination • We are lending to companies having strong quality and size, with average annual EBITDA of ~$200M F&G Investor Update | Spring 2026 Note: NA reflects not applicable 58% Corporate Lending 16% Infrastructure 11% Real Estate 9% Consumer Lending 4% Commercial 2% Other Private Origination $11B Private Origination – Corporate Lending

Private Origination – Ratings Perspective F&G Investor Update | Spring 2026 Our private origination portfolio is well diversified and high quality; in line with total portfolio Approximately 90% of the private origination debt portfolio is investment grade, and included within the 97% investment grade for our total retained fixed income portfolio We primarily use the top five nationally recognized statistical rating organizations (Moody’s, S&P, Fitch, Kroll and DBRS) • Nearly 90% of the private origination debt portfolio and 94% of the rated assets in our total retained fixed income portfolio are rated by at least one of the top five rating agencies • 64% of our total retained fixed income portfolio is dual rated by two rating agencies, with at least one being one of the Big 3 (Moody’s, S&P and Fitch) Egan Jones ratings are de minimis at less than 1% of our total retained portfolio Private letter ratings account for approximately 18% of our total retained portfolio and undergo the same analytical rigor as public ratings 29

37% Multifamily 16% Office 15% Industrial 9% Hotel 6% Net Lease 5% Data Center 4% Retail 2% Mixed Use 1% Self-Storage 5% Other 9% Net Asset Value Lending 9% Home Improvement 8% Liquified Natural Gas 8% Data Centers 7% Communication Infrastructure 7% Residential Solar 6% Manufactured Housing 5% Lender Finance 4% Aviation 4% Whole Business 33% All Other (< Top 10) Portfolio Spotlight: Structured Credit 30 Investment Rationale • Collateralized loan obligation (CLO) portfolio well diversified across industry, issuer and manager; focus on investment grade with ample par subordination • Commercial mortgage-backed securities (CMBS) allows for visibility into credit performance, built-in appreciation and contractual amortization which reduces risk exposure; target more stable property types, such as multi-family, to maintain a defensive portfolio • Asset Backed Securities (ABS) focus on high quality, directly originated specialty finance assets diversified by collateral type CMBS by Property Type CLO Top 10 Industries ABS Top 10 Collateral Type1 Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) 1Reflects ABS held in Public Structured and Private Origination categories on page 26 $4B F&G Investor Update | Spring 2026 13% Healthcare & Pharmaceuticals 12% High Tech 10% Banking, Finance, Insurance & Real Estate 9% Services: Business 5% Hotels, Gaming & Leisure 5% Capital Equipment 4% Construction & Building 4% Beverage, Food & Tobacco 3% Aerospace & Defense 3% Chemicals, Plastics & Rubber 32% Other (< Top 10) $6B $5B

Portfolio Spotlight: CLO 31 Highly diversified portfolio with ample par subordination • Blackstone’s broad & deep understanding of the asset class, and ability to perform loan level underwriting, distinguishes F&G’s portfolio from its peers F&G CLO Portfolio Composition – % Fair Value Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) 1Reflects the weighted average par subordination of the CLO portfolio 15% 21% 27% 36% <1% AAA AA A BBB BB and Below Investment Grade Par Subordination 40% 26% 19% 13% 9% Credit Quality 99% investment grade Structural Protection 21% par subordination1 Capital Efficiency 1.4 Average NAIC rating Market Value $5B CLO exposure F&G Investor Update | Spring 2026

Our CLO Portfolio Characteristics 32 Portfolio focused on high quality CLO securities backed by highly diversified pool of loans Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) IndustriesCompaniesCLO Managers 89 CLO managers 2,272 Companies 33 Industries 5.5% 4.6% 4.3% 3.8% 3.3% 3.3% 2.9% 2.8% 2.8% 2.7% 64.0% 0.0% 20.0% 40.0% 60.0% 80.0% Manager 1 Manager 2 Manager 3 Manager 4 Manager 5 Manager 6 Manager 7 Manager 8 Manager 9 Manager 10 Other 70% 0.6% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 96.2% 0.0% 0.5% 1.0% 1.5% 2.0% Issuer 1 Issuer 2 Issuer 3 Issuer 4 Issuer 5 Issuer 6 Issuer 7 Issuer 8 Issuer 9 Issuer 10 Other 100.0% 12.5% 12.5% 10.1% 9.3% 5.0% 4.6% 4.3% 4.1% 3.3% 3.3% 31.0% 0.0% 5.0% 10.0% 15.0% 20.0% Industry 1 Industry 2 Industry 3 Industry 4 Industry 5 Industry 6 Industry 7 Industry 8 Industry 9 Industry 10 Other 40.0% F&G Investor Update | Spring 2026

U.S. CLO Impairment Frontier 33 CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 8.7% (that would have to occur every year) assuming a 61% average long- term loan recovery rate U.S. CLO Impairment Frontier (First-Loss Scenarios among CLO tranches) Note: Reflects Blackstone’s views and beliefs as of March 31, 2026. Source: US J.P. Morgan as of March 31, 2026 for average recovery rate and annual loan default rate; CLO impairment frontiers generated from Intex model and include key assumptions as follows: Interest rates based on current Intex curve, annual prepayment rate of 20%, Recovery lag = 12 months, CLO redeemed at AAA payoff date in standard CLO run, reinvestment price = 99.75, reinvestment rate = 3 month SOFR + 325bps, no reinvestment post Reinvestment Period. Please note: the historical data point shown is calculated using annual default and recovery rates from J.P. Morgan Leveraged Loan Index and represents the average default rates and weighted average recovery rates from 1998-2026 for the long- term average time period. Average recovery rate is representative of first-lien loans as of March 31, 2026 0% 5% 10% 15% 20% 30%40%50%60%70% A n n u a l D e fa u lt R a te Average Senior Loan Recovery Rate A BBB BB Long-Term Average Annual Default Rate F&G Investor Update | Spring 2026

Portfolio Spotlight: Real Estate Debt1 34 Blackstone Real Estate Debt Strategies (BREDS) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) 1Reflects real estate debt held in Public Structured and Mortgage Loans categories on page 26 37% RML 29% CMBS 17% CML 12% RMBS 5% Other $13B Duration 3.7 years Quality 1.2 Average NAIC rating Market Value $13B Real estate portfolio Weighted Average Life 5.7 years F&G Investor Update | Spring 2026

Portfolio Spotlight: CMBS & RMBS 35 Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) By Asset Type By Property Type By NAIC Rating F&G Investor Update | Spring 2026 30% RMBS 38% SASB 15% CRE CLOs 9% Conduit (Below A) 4% Conduit (A or above) 4% Agency $6B 37% Multifamily 16% Office 15% Industrial 9% Hotel 8% Other 6% Net Lease 5% Data Center 4% Retail $6B 86% NAIC 1 9% NAIC 2 2% NAIC 3 3% NAIC 4/5/6 $6B

Portfolio Spotlight: CMBS 36 Prudent asset selection has led to more multifamily exposure and less retail vs. Conduit CMBS market averages Portfolio Construction Comparison1 Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) 1BAML Conduit Data as of 3/31/2026 37% 4% 15% 23% Multifamily Retail F&G Post-Crisis Conduit CMBS Credit Quality 86% Investment grade (NRSRO) Quality 1.3 Average NAIC rating Market Value $4B CMBS portfolio Weighted Average Life 3.0 years F&G Investor Update | Spring 2026

Portfolio Spotlight: CMLs 37 Investment Rationale • Our Commercial Mortgage Loan (CML) portfolio is low risk, low leveraged and well diversified • All first mortgage loans, with average loan-to-value of ~60% • 325 holdings, with average loan size of $7M • <0.5% of CML portfolio loans have a DSCR <1x By State By Loan-To-Value % By Underlying Property Type Note: GAAP Fair Values as of 3/31/2026 (net of 3rd party reinsurance) ¹Other consists of data center, hotel, mixed-use and self storage properties 48% LTV 60% to 70% 34% LTV 50% to 60% 13% LTV < 50% 5% LTV > 70% $2B $2B 48% Multifamily 21% Industrial 12% Retail 11% Office 4% Student Housing 4% Other¹ F&G Investor Update | Spring 2026 20% CA 14% FL 6% NY 6% TX 5% NJ 4% GA 4% CT 41% Other $2B

Alternative LPs & Other Equity Interests – By Sector1 73% Private Equity 24% Real Assets 3% Credit $4B Portfolio Spotlight: Alternative LPs & Equities F&G Investor Update | Spring 2026 Our alternative investments portfolio is $4B, or 7% of the total retained portfolio; this includes ~$3B of limited partnerships and ~$1B of other equity interests • Effective 1/1/2026, we updated our definition of alternative assets to reclassify approximately $6B of debt like assets into our fixed income portfolio • As a result of this updated definition, we revised our long- term expected return assumption from 10% to a range of 12% to 14% for the remaining LP and equities portfolio • Many of these alternative investments are still in the earlier phases of their value creation cycle, so we are not yet fully realizing the long-term expected returns 1Sector chart reflects net asset value of LPs (NAV) as of 3/31/2026 Alternative LPs – Historical Performance 11% 9% 37% 4% 4% 9% 7% 6% 4% 7% 11% 11% 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Average = 12% 38

Blackstone Related Important Disclosures 39 This document (together with any attachments, appendices, and related materials, the “Materials”) is provided for informational due diligence purposes only and is not, and may not be relied on in any manner as legal, tax, investment, accounting or other advice or as an offer to sell, or a solicitation of an offer to buy, any security or instrument in or to participate in any account, program, trading strategy with any Blackstone fund, account or other investment vehicle (each a “Client”) managed or advised by Blackstone Inc. or its affiliates (“Blackstone”), nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. None of Blackstone, its funds, nor any of their affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of a Client or any other entity, transaction, or investment. All information is as of the date on the cover, unless otherwise indicated and may change materially in the future. Past Performance and Estimates / Targets. In considering any investment performance information contained in the Materials, please bear in mind that past or estimated performance is not necessarily indicative of future results and there can be no assurance that Blackstone or a Client will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met. Any estimates and/or targets used herein are indicative of Blackstone’s analysis regarding outcome potentials and are not guarantees of future performance. They are presented solely to provide you with insight into the portfolio's anticipated risk and reward characteristics. They are based on Blackstone’s current view of future events and financial performance of potential investments and various estimations and “base case” assumptions (including about events that have not occurred) made at the time the estimates/targets are developed. While Blackstone believes that these assumptions are reasonable under the circumstances, there is no assurance that the results will be obtained, and unpredictable general economic conditions and other factors may cause actual results to vary materially from the estimates/targets. Any variations could be adverse to the actual results. Additional information regarding any estimations/targets, and relevant assumptions, is available upon request. Blackstone Proprietary Data. Certain information and data provided herein is based on Blackstone proprietary knowledge and data. Portfolio companies may provide proprietary market data to Blackstone, including about local market supply and demand conditions, current market rents and operating expenses, capital expenditures, and valuations for multiple assets. Such proprietary market data is used by Blackstone to evaluate market trends as well as to underwrite potential and existing investments. While Blackstone currently believes that such information is reliable for purposes used herein, it is subject to change, and reflects Blackstone’s opinion as to whether the amount, nature and quality of the data is sufficient for the applicable conclusion, and no representations are made as to the accuracy or completeness thereof. Third-Party Information. Certain information contained in the Materials has been obtained from sources outside Blackstone, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information. Forward-Looking Statements. Certain information contained in the Materials constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10‐K for the most recent fiscal year ended December 31 of that year and any such updated factors included in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Materials and in the filings. Blackstone undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise. F&G Investor Update | Spring 2026

APPENDIX Appendix – Finance

2020 2021 2022 2023 2024 2025 We Are Achieving Higher Ratings Over Time 41F&G Investor Update | Spring 2026 Upgraded to ‘A-’ FNF Merger Completed F&G Partial Spinoff $2.4B Market Cap Launched Flow Reinsurance Launched Owned Distribution F&G Partial Spinoff $4.2B Market Cap Upgraded to ‘A-’ Upgraded to ‘Baa1’ Upgraded to ‘A3’ Upgraded to ‘A’ Launched Bank & Broker Dealer Channels Launched Institutional Markets (PRT & FABN) F&G has received multiple ratings upgrades over time, reflecting our upward trajectory • Scaling business to generate profitable growth • Diversifying sources of earnings • Actively positioning our high quality and diversified investment portfolio • Maintaining strong capitalization and financial flexibility • Conservatively managing to the most stringent capital requirements of our regulators & rating agencies, including our offshore entities Upgraded long-term issuer rating Note: Reflects financial strength rating of primary operating subsidiaries F&G’s Recent History Launched Reinsurance Sidecar

Non-GAAP Measure Reconciliations 42F&G Investor Update | Spring 2026 1Attributable to common shareholders; metrics refer to return on assets (ROA) and adjusted return on equity ex AOCI (ROE) based on reported adjusted net earnings 2Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments 3Total impacts from alternative investment income relative to long-term return expectations and significant items ($M) Year ended Three months ended 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Net earnings (loss) ($58) $622 $248 ($25) $35 $114 $124 $244 Recognized (gains) losses, net 214 27 180 29 79 68 4 (163) Market related liability adjustments 258 (214) 28 103 (16) (37) (22) (37) Purchase price amortization 22 84 80 15 18 29 18 15 Transaction costs, other and non-recurring items 3 16 16 1 8 6 1 5 Non-controlling interest - (10) (9) (2) (2) (2) (3) (2) Income taxes adjustment (104) 21 (61) (30) (19) (13) 1 48 Adjusted net earnings (ANE)1 $335 $546 $482 $91 $103 $165 $123 $110 Adjusted return on assets (ROA)1 0.73% 1.06% 0.87% 0.68% 0.71% 0.87% 0.87% 0.76% Adjusted return on equity (ROE)1 6.5% 10.3% 8.2% 9.7% 8.8% 8.8% 8.2% 8.4% Other Considerations Investment income from alternative investments (above) below long-term return expectations2 153 145 216 45 67 53 51 44 Significant (income) expense items 56 10 (30) (16) - (14) - 5 Impact of other considerations to Adj. ROA3 0.45% 0.30% 0.34% 0.21% 0.35% 0.33% 0.34% 0.34% Impact of other considerations to Adj. ROE3 4.0% 2.9% 3.2% 2.4% 2.9% 2.8% 3.2% 3.4%

ANE – Significant Items1 43F&G Investor Update | Spring 2026 1Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments ($ in millions) Three months ended March 31, 2026 Adjusted net earnings of $110 million for the three months ended March 31, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $44 million below the midpoint of management's long-term expected return of approximately 12 to 14%. December 31, 2025 Adjusted net earnings of $123 million for the three months ended December 31, 2025. Investment income from alternative investments was $51 million below the midpoint of management's longterm expected return of approximately 12 to 14%. September 30, 2025 Adjusted net earnings of $165 million for the three months ended September 30, 2025 included income from $10 million tax valuation allowance benefit and $4 million of actuarial reserve release. Investment income from alternative investments was $53 million below the midpoint of management's long-term expected return of approximately 12 to 14%. June 30, 2025 Adjusted net earnings of $103 million for the three months ended June 30, 2025. Investment income from alternative investments was $67 million below the midpoint of management's long- term expected return of approximately 12 to 14%. March 31, 2025 Adjusted net earnings of $91 million for the three months ended March 31, 2025 included income from a $16 million reinsurance true-up adjustment. Investment income from alternative investments was $45 million below the midpoint of management's long-term expected return of approximately 12 to 14%.

ANE – Significant Items1 44F&G Investor Update | Spring 2026 1Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments ($ in millions) Year ended December 31, 2025 Adjusted net earnings of $482 million 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 $216 million below the midpoint of management’s long-term expected return of approximately 12 to 14%. December 31, 2024 Adjusted net earnings of $546 million for the year ended December 31, 2024 included expenses from $30 million of actuarial model updates and refinements; partially offset by income from a $14 million of tax valuation allowance and $6 million of other income items. Investment income from alternative investments was $145 million below the midpoint of management’s long- term expected return of approximately 12 to 14%.

Non-GAAP Financial Measures and Definitions 45F&G Investor Update | Spring 2026 The following represents the definitions of non-GAAP financial measures used by F&G Adjusted Net Earnings attributable to common shareholders Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure we use to evaluate financial performance each period. ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers. ANE provides information to enhance an investor’s understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments. ANE is calculated by adjusting net earnings or loss attributable to common shareholders to eliminate: (i) Recognized gains and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items;

Non-GAAP Financial Measures and Definitions 46F&G Investor Update | Spring 2026 The following represents the definitions of non-GAAP financial measures used by F&G Adjusted Net Earnings attributable to common shareholders (continued) (v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; (vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and (vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge our floating rate investments. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations. Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Non-GAAP Financial Measures and Definitions 47F&G Investor Update | Spring 2026 Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM. Adjusted Return on Average Common Shareholder Equity, excluding AOCI Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings. Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Non-GAAP Financial Measures and Definitions 48F&G Investor Update | Spring 2026 Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; (ii) investments in unconsolidated affiliates at carrying value; (iii) related party loans and investments; (iv) accrued investment income; (v) the net payable/receivable for the purchase/sale of investments; and (vi) cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained. AUM before Reinsurance AUM before Reinsurance is comprised of AUM plus flow reinsured assets, including certain block reinsured assets. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets. Average Assets Under Management (AAUM) (Quarterly and YTD) AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.

Non-GAAP Financial Measures and Definitions 49F&G Investor Update | Spring 2026 Book Value per Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company. Debt-to-Capital Ratio, excluding AOCI Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position. Return on Average F&G common shareholder Equity, excluding AOCI Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.

Non-GAAP Financial Measures and Definitions 50F&G Investor Update | Spring 2026 Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company. Total Equity, excluding AOCI Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity. Total F&G Equity attributable to common shareholders, excluding AOCI Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Yield on AAUM Yield on AAUM is calculated by dividing annualized net investment income on an adjusted net earnings basis by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM.

Source: View Original Filing on SEC EDGAR

FAQ

How did F&G (FG) perform financially in the first quarter of 2026?

F&G reported net earnings attributable to common shareholders of $244 million, or $1.78 per diluted share, versus a $25 million loss a year earlier. Adjusted net earnings rose to $110 million, or $0.82 per share, reflecting asset growth and disciplined expense management.

What were F&G (FG) adjusted results and profitability metrics for Q1 2026?

Adjusted net earnings attributable to common shareholders were $110 million, or $0.82 per share, up from $91 million, or $0.72 per share. Adjusted return on assets was 0.76% and adjusted return on equity excluding AOCI was 8.4%, indicating solid underlying profitability.

How much did F&G (FG) grow its assets under management in Q1 2026?

F&G achieved record assets under management before reinsurance of $74.5 billion as of March 31, 2026, an 11% increase over the first quarter of 2025. Retained AUM was $56.4 billion, supported by strong gross and net sales across core and opportunistic products.

What were F&G (FG) sales and net flows for the first quarter of 2026?

First-quarter gross sales were $3.2 billion, up from $2.9 billion a year earlier, including $2.0 billion in core sales and $1.2 billion in opportunistic sales. Net sales were $2.2 billion, broadly in line with the prior-year quarter, reflecting ongoing flow reinsurance.

How is F&G (FG) returning capital to shareholders based on this filing?

During Q1 2026, F&G returned $67 million to shareholders, including $38 million in dividends and $29 million used to repurchase about 1.2 million shares at $24.14 each. The board also authorized a new $100 million three-year share repurchase program.

What does the filing say about F&G (FG) investment portfolio quality?

The filing notes that 97% of fixed maturities are investment grade and credit-related impairments averaged 6 basis points over five years, with 3 basis points in Q1 2026. Management describes the portfolio as well matched to liabilities and diversified across asset types.

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F&G (NYSE: FG) swings to $244M Q1 profit with record $74.5B AUM

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FAQ

How did F&G (FG) perform financially in the first quarter of 2026?

What were F&G (FG) adjusted results and profitability metrics for Q1 2026?

How much did F&G (FG) grow its assets under management in Q1 2026?

What were F&G (FG) sales and net flows for the first quarter of 2026?

How is F&G (FG) returning capital to shareholders based on this filing?

What does the filing say about F&G (FG) investment portfolio quality?

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F&G (NYSE: FG) swings to $244M Q1 profit with record $74.5B AUM

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Insurance sector equity analyst positive

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FAQ

How did F&G (FG) perform financially in the first quarter of 2026?

What were F&G (FG) adjusted results and profitability metrics for Q1 2026?

How much did F&G (FG) grow its assets under management in Q1 2026?

What were F&G (FG) sales and net flows for the first quarter of 2026?

How is F&G (FG) returning capital to shareholders based on this filing?

What does the filing say about F&G (FG) investment portfolio quality?

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