F&G Annuities & Life Q3 adjusted earnings fall to $96M
The quarter paired record AUM before reinsurance with lower adjusted net earnings and net sales year over year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
F&G Annuities & Life, Inc. (FG) reported third-quarter 2026 net earnings attributable to common shareholders of $736 million, or $5.48 per diluted share, versus $114 million, or $0.85 per diluted share, in the year-earlier quarter. The result included $648 million of net favorable mark-to-market effects, which are excluded from adjusted net earnings. Adjusted net earnings were $96 million, or $0.74 per share, compared with $165 million, or $1.22.
AUM before reinsurance reached $76.2 billion as of September 30, 2026, up 7% year over year, including retained AUM of $56.2 billion. Gross sales were $3.0 billion and net sales were $1.405 billion, versus $4.238 billion and $2.8 billion a year earlier. Core retail sales were a record $2.1 billion; opportunistic sales were $643 million, down from $1.994 billion.
F&G returned $37 million to shareholders through common and preferred dividends in the quarter; first-nine-month capital returns totaled $232 million, including $112 million of dividends and $120 million of share repurchases. Common equity excluding AOCI was $6.7 billion, or $51.37 per share, as of September 30, up $712 million from June 30. F&G attributed the increase to $652 million of favorable market-related liability adjustments, including a $297 million actuarial reserve release.
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAUM before reinsurance reached a record $76.2 billion, up 7% year over year.
Negative
- Moderate pointAdjusted net earnings fell to $96 million from $165 million year over year.
- Moderate pointNet sales were $1.405 billion, versus $2.8 billion in the year-earlier quarter.
Filing Explained
This 8-K furnishes F&G’s third-quarter results; its sales measure is not GAAP revenue: annuity, IUL, funding-agreement and non-life-contingent pension-risk-transfer sales are recorded as contractholder-fund deposits, while life-contingent pension-risk-transfer sales are premiums.
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, or exhibit attachments filed with this report.
Key Figures
Net earnings attributable to common shareholders: $736 million
Adjusted net earnings attributable to common shareholders: $96 million
Gross sales: $3.0 billion
+4 more
7 metrics
Net earnings attributable to common shareholders
$736 million
Third quarter 2026; $114 million in the year-earlier quarter; includes $648 million of net favorable mark-to-market effects
Adjusted net earnings attributable to common shareholders
$96 million
Third quarter 2026; compared with $165 million in the year-earlier quarter
Gross sales
$3.0 billion
Third quarter 2026; compared with $4.238 billion in the year-earlier quarter
Net sales
$1.405 billion
Third quarter 2026; compared with $2.8 billion in the year-earlier quarter
AUM before reinsurance
$76.2 billion
As of September 30, 2026; up 7% year over year
Core retail sales
$2.1 billion
Third quarter 2026; record
Capital returned to shareholders
$37 million
Third quarter 2026, through common and preferred dividends
Key Terms
Adjusted net earnings attributable to common shareholders, AUM before reinsurance, Accumulated other comprehensive income (AOCI), Flow reinsurance, +1 more
5 terms
AUM before reinsurance financial
"assets under management before reinsurance"
Accumulated other comprehensive income (AOCI) financial
"excluding AOCI"
Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.
Flow reinsurance financial
"flow reinsurance to third parties"
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.
Earnings Snapshot
Net earnings attributable to common shareholders: $736 million
Third quarter ended September 30, 2026
Net earnings attributable to common shareholders
$736 million
Compared with $114 million in the year-earlier quarter
Adjusted net earnings attributable to common shareholders
$96 million
Compared with $165 million in the year-earlier quarter
Gross sales
$3.0 billion
Compared with $4.238 billion in the year-earlier quarter
Net sales
$1.405 billion
Compared with $2.8 billion in the year-earlier quarter
AUM before reinsurance
$76.2 billion
Up 7% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did FG earn in the third quarter of 2026?
FG reported net earnings attributable to common shareholders of $736 million, or $5.48 per diluted share, versus $114 million, or $0.85 per diluted share, a year earlier. The quarter included $648 million of net favorable mark-to-market effects, which are excluded from adjusted net earnings; adjusted net earnings were $96 million, or $0.74 per share.
What were FG's third-quarter 2026 sales?
Gross sales were $3.0 billion, including $2.357 billion of core sales and $643 million of opportunistic sales. Net sales were $1.405 billion. Sales attributable to flow reinsurance to third parties were $1.595 billion.
How far below expected return was FG's alternative-investment income?
F&G reported alternative-investment income of $60 million, or $0.46 per share, below management's current long-term expected return of approximately 12%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 2026
(Exact Name of Registrant as Specified in its Charter)
(Commission File Number)
(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) | ||||
(Address of Principal Executive Offices) ( (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 | ||||||
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 November 5, 2026, F&G Annuities & Life, Inc. (the “Company” or “F&G”) issued a press release announcing its financial results for the third quarter ended September 30, 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 November 5, 2026, the Company made available to investors a supplemental presentation for the third quarter ended September 30, 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 third quarter 2026 earnings, dated November 5, 2026. | |||||||
99.2 | F&G third quarter 2026 Financial Supplement, dated November 5, 2026. | |||||||
99.3 | F&G Fall 2026 Investor Presentation, dated November 5, 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: November 5, 2026 | By: | /s/ Michael L. Gravelle | |||||||||
Name: | Michael L. Gravelle | ||||||||||
Title: | Executive Vice President, General Counsel and Corporate Secretary | ||||||||||
F&G Annuities & Life Reports Third Quarter 2026 Results Des Moines, Iowa – (November 5, 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 third quarter ended September 30, 2026. Net earnings attributable to common shareholders for the third quarter were $736 million, or $5.48 per diluted share (per share), compared to net earnings of $114 million, or $0.85 per share, for the third quarter of 2025. Net earnings for the third quarter included $648 million of net favorable mark-to-market effects and $8 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net earnings for the third quarter of 2025 included $25 million of net unfavorable mark-to-market effects and $26 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 third quarter were $96 million, or $0.74 per share, compared with $165 million, or $1.22 per share, for the third quarter of 2025. Adjusted net earnings include alternative investment portfolio short-term returns that differ from long-term return expectations, as well as other significant income and expense items. Please see the “Third Quarter 2026 Results” and “Non-GAAP Measures and Other Information” sections for further explanation. Company Highlights • Record assets under management before reinsurance driven by record core retail sales: F&G achieved assets under management before reinsurance of $76.2 billion as of September 30, 2026, an increase of 7% over the third quarter of 2025. This included retained AUM of $56.2 billion. F&G’s gross sales were $3.0 billion, including record core retail sales of $2.1 billion; net sales were $1.4 billion for the third quarter • Continued excellent credit performance in our high quality asset portfolio: The retained 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 continuing below pricing assumptions through the first nine months of 2026 • Substantial growth in common equity and book value per common share, excluding AOCI: Total F&G equity attributable to common shareholders, excluding AOCI, was $6.7 billion, or $51.37 per share, as of September 30, 2026. This reflects an increase of $712 million, or $5.44 per share, as compared with June 30, 2026, primarily driven by $652 million of favorable market related liability adjustments, including $297 million of actuarial reserve release following the annual assumption review • Solid balance sheet supports both organic growth and return of capital to shareholders: F&G returned $37 million of capital to shareholders from common and preferred dividends in the third quarter. This brought the first nine months of 2026 capital returned to shareholders to $232 million, through $112 million of dividends and $120 million of share repurchases Conor Murphy, F&G’s Chief Executive Officer and President, commented, “F&G continued to build momentum in the third quarter, with record core retail sales driving assets under management before reinsurance to a record $76.2 billion. Importantly, we are generating this growth while maintaining our disciplined approach to pricing and profitability, prioritizing business that meets our return targets and allocating capital to the most attractive opportunities. Our diversified distribution platform and growing core retail franchise provide us with significant opportunities to continue scaling the business while maintaining our focus on profitability and returns.”
Mr. Murphy continued, “We also continue to make meaningful progress toward a more fee-based, higher margin and less capital intensive business while growing our core spread-based franchise. Our strong inforce book provides a stable foundation of earnings and capital generation, while our strategic reinsurance relationships and owned distribution platform provide additional sources of fee-based earnings and financial flexibility. Together, these capabilities give us multiple avenues to grow earnings and improve returns as we continue to scale the business.” Summary Financial Results 1 (In millions, except per share data) Three months ended Nine months ended September 30, 2026 September 30, 2025 2026 2025 AUM before reinsurance $ 76,232 $ 71,430 $ 76,232 $ 71,430 Assets under management (AUM) $ 56,212 $ 56,647 $ 56,212 $ 56,647 Gross sales $ 3,000 $ 4,238 $ 8,892 $ 11,246 Net sales $ 1,405 $ 2,800 $ 5,114 $ 7,725 Net earnings $ 736 $ 114 $ 899 $ 124 Net earnings per share $ 5.48 $ 0.85 $ 6.66 $ 0.94 Adjusted net earnings $ 96 $ 165 $ 291 $ 359 Adjusted net earnings per share $ 0.74 $ 1.22 $ 2.20 $ 2.72 Adjusted return on average equity, excluding AOCI 6.7 % 8.8 % 6.7 % 8.8 % Adjusted return on assets 0.69 % 0.87 % 0.69 % 0.87 % Book value per common share $ 31.48 $ 33.88 $ 31.48 $ 33.88 Book value per common share, excluding AOCI $ 51.37 $ 44.07 $ 51.37 $ 44.07 Third Quarter 2026 Results Record AUM before reinsurance was $76.2 billion as of September 30, 2026, an increase of 7% over $71.4 billion at the end of the third quarter of 2025. This included retained AUM of $56.2 billion as of September 30, 2026. A rollforward of AUM can be found in the “Non-GAAP Measures and Other Information” section of this release. Gross sales were $3.0 billion for the third quarter, comprised of $2.3 billion core sales and nearly $700 million opportunistic sales, compared with $4.2 billion for the third quarter of 2025, comprised of $2.2 billion core sales and a record $2.0 billion opportunistic sales; reflects our commitment to manage growth for the long-term. Core sales were $2.3 billion for the third quarter; reflects a record $2.1 billion of core retail (indexed annuities and indexed universal life) sales and steady momentum with $200 million of core institutional (pension risk transfer) sales. Opportunistic sales were nearly $700 million for the third quarter, primarily comprised of funding agreements, compared to a record $2.0 billion in the third quarter of 2025, split between multiyear guaranteed annuities and funding agreements. Over the past year, we have de-emphasized multiyear guaranteed annuities sales due to returns below our threshold, as we maintain pricing discipline and prioritize capital allocation to the highest return opportunities. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity. Net sales were $1.4 billion for the third quarter, compared with $2.8 billion for the third quarter of 2025; reflects flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities. Adjusted net earnings were $96 million, or $0.74 per share, for the third quarter, compared with $165 million, or $1.22 per share, for the third quarter of 2025. Adjusted net earnings include alternative investment portfolio short- term returns that differ from long-term return expectations. 1 See definition of non-GAAP measures below
• Adjusted net earnings were $96 million, or $0.74 per share, for the third quarter of 2026. Investment income from alternative investments was $60 million, or $0.46 per share, below management’s current long- term expected return of approximately 12% • Adjusted net earnings of $165 million, or $1.22 per share, for the third quarter of 2025 included income from $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 $53 million, or $0.38 per share, below management’s long-term expected return • As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect consistent core spread as the business maintained disciplined pricing. Total product margin was reduced after reflecting the F&G Life Re (Bermuda) sale, as well as lower surrender charge fee income and higher other liability costs that include increased amortization expense, as expected. These items were partially offset by steady fees from accretive flow reinsurance and owned distribution margin, and disciplined expense management which continued to drive scale benefit Capital and Liquidity Highlights Total F&G equity attributable to common shareholders, excluding AOCI, was $6.7 billion, or $51.37 per share, as of September 30, 2026. This reflects an increase of $712 million, or $5.44 per share, as compared with June 30, 2026, driven by $652 million of favorable market related liability adjustments, including $297 million of actuarial reserve release following the annual assumption review. Book value per common share, excluding AOCI, reflects an increase of $6.94 per share, for the first nine months ended September 30, 2026 as shown below. Book value per common share excluding AOCI - As of December 31, 2025 $44.43 Effect of F&G Life Re (Bermuda) sale (one-time item) 0.05 Subtotal, after one-time items $44.48 Adjusted net earnings and other 1.90 Subtotal, before capital actions & mark-to-market $46.38 Capital actions 0.10 Subtotal, before mark-to-market $46.48 Mark-to-market movement 4.89 Book value per common share excluding AOCI - As of September 30, 2026 $51.37 During the third quarter, F&G returned $37 million of capital to shareholders from common and preferred dividends. This brought the first nine months of 2026 capital returned to shareholders to $232 million, through $112 million of dividends and $120 million of share repurchases.
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 third quarter 2026 results on Friday, November 6, 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 September 30, 2026 December 31, 2025 Investments Fixed maturity securities available for sale, at fair value, net of allowance $ 50,712 $ 52,700 Fixed maturity securities, at fair value under fair value option 78 — Equity securities, at fair value 271 341 Derivative investments 1,126 1,148 Mortgage loans, net of allowance 10,246 7,891 Investments in unconsolidated affiliates 5,150 4,878 Other long-term investments 1,366 1,294 Policy loans 186 147 Short-term investments 724 1,043 Total investments $ 69,859 $ 69,442 Cash and cash equivalents 1,560 1,486 Reinsurance recoverable, net of allowance 21,938 17,545 Goodwill 2,129 2,180 Prepaid expenses and other assets 1,105 1,052 Other intangible assets, net 6,707 6,275 Market risk benefits asset 343 285 Income taxes receivable 45 83 Deferred tax asset, net 124 82 Total assets $ 103,810 $ 98,430 Liabilities and Equity Contractholder funds $ 65,069 $ 62,726 Future policy benefits 10,241 10,755 Market risk benefits liability 906 903 Accounts payable and accrued liabilities 3,059 2,701 Notes payable 2,240 2,237 Funds withheld for reinsurance liabilities 17,837 14,191 Total liabilities $ 99,352 $ 93,513 Equity Preferred stock, at par value — — Common stock, at par value — — Additional paid-in-capital 3,774 3,764 Retained earnings 3,368 2,568 Accumulated other comprehensive income (loss) ("AOCI") (2,605) (1,488) Treasury stock (163) (40) Total F&G Annuities & Life, Inc. shareholders' equity $ 4,374 $ 4,804 Non-controlling interests 84 113 Total equity $ 4,458 $ 4,917 Total liabilities and equity $ 103,810 $ 98,430
F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS THIRD QUARTER INFORMATION (In millions, except per share data) (Unaudited) Three months ended Nine months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Revenues Life insurance premiums and other fees $ 330 $ 711 $ 1,203 $ 1,808 Interest and investment income 698 748 2,139 2,096 Owned distribution revenues 20 24 56 63 Recognized gains and (losses), net 83 211 341 (1) Total revenues 1,131 1,694 3,739 3,966 Benefits and expenses Benefits and other changes in policy reserves 26 1,181 1,659 2,698 Market risk benefit losses (gains) (167) 43 (62) 148 Depreciation and amortization 191 180 539 491 Personnel costs 73 79 210 223 Other operating expenses 30 38 104 121 Interest expense 42 42 124 123 Total benefits and expenses 195 1,563 2,574 3,804 Earnings (loss) before income taxes 936 131 1,165 162 Income tax expense (benefit) 195 11 250 21 Net earnings (loss) 741 120 915 141 Less: Non-controlling interests 1 2 3 4 Net earnings (loss) attributable to F&G 740 118 912 137 Less: Preferred stock dividend 4 4 13 13 Net earnings (loss) attributable to F&G common shareholders $ 736 $ 114 $ 899 $ 124 Net earnings (loss) attributable to F&G common shareholders per common share Basic $ 5.71 $ 0.86 $ 6.86 $ 0.95 Diluted $ 5.48 $ 0.85 $ 6.66 $ 0.94 Weighted average common shares used in computing net earnings (loss) per common share Basic 129 133 131 131 Diluted 135 139 137 132
Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS Three months ended September 30, September 30, 2026 2025 Nine months ended September 30, September 30, 2026 2025 Net earnings (loss) attributable to F&G common shareholders $ 736 $ 114 $ 899 $ 124 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 93 10 264 37 Change in allowance for expected credit losses 11 (1) 2 40 Change in fair value of reinsurance related embedded derivatives (522) 60 (711) 162 Change in fair value of other derivatives and embedded derivatives 242 (1) 296 (63) Recognized (gains) losses, net (176) 68 (149) 176 Market related liability adjustments 2 (652) (37) (699) 50 Purchase price amortization 13 29 43 62 Transaction costs, other and non-recurring items (2) 6 17 15 Non-controlling interest (1) (2) (5) (6) Deferred tax asset valuation allowance 7 — 9 — Income taxes adjustment 171 (13) 176 (62) Adjusted net earnings attributable to common shareholders ¹ $ 96 $ 165 $ 291 $ 359 1 See definition of non-GAAP measures below 2 Includes annual actuarial assumption updates and other refinements of ($297) for the three and nine months ended September 30, 2026 • Adjusted net earnings were $96 million, or $0.74 per share, for the third quarter of 2026. Investment income from alternative investments was $60 million, or $0.46 per share, below management’s current long-term expected return of approximately 12% • Adjusted net earnings of $165 million, or $1.22 per share, for the third quarter of 2025 included income from $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 $53 million, or $0.38 per share, below management’s long-term expected return • Adjusted net earnings of $291 million, or $2.20 per share, for the first nine months ended September 30, 2026 included expense from $5 million, or $0.04 per share, from investment and other income true-up adjustments. Investment income from alternative investments was $153 million, or $1.16 per share, below management’s long-term expected return • Adjusted net earnings of $359 million, or $2.72 per share, for the first nine months ended September 30, 2025 included income from a $16 million, or $0.12 per share, reinsurance true-up adjustment, $10 million, or $0.07 per share, tax valuation allowance benefit, $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $165 million, or $1.20 per share, below management’s long-term expected return
RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI (In millions) Three months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Total F&G Annuities & Life, Inc. shareholders' equity 4,374 4,609 4,639 4,804 Less: Preferred stock 250 250 250 250 Total F&G equity attributable to common shareholders 4,124 4,359 4,389 4,554 Less: AOCI (2,605) (1,658) (1,843) (1,488) Total F&G equity attributable to common shareholders, excluding AOCI $ 6,729 $ 6,017 $ 6,232 $ 6,042 Common shares outstanding 131 131 134 136 Book value per common share $ 31.48 $ 33.27 $ 32.75 $ 33.49 Book value per common share, excluding AOCI $ 51.37 $ 45.93 $ 46.51 $ 44.43 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE REINSURANCE (In millions) Three months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 AUM at beginning of period $ 55,868 $ 56,436 $ 57,574 $ 56,647 Net new business asset flows 1,545 233 1,364 1,660 Net flow reinsurance to third parties (1,201) (801) (688) (733) Net inforce reinsurance to third parties — — (1,814) — AUM at end of period¹ $ 56,212 $ 55,868 $ 56,436 $ 57,574 AAUM YTD¹ $ 56,586 $ 56,939 $ 57,905 $ 55,384 AUM before reinsurance $ 76,232 $ 74,687 $ 74,454 $ 73,090 SALES HIGHLIGHTS Three months ended Nine months ended (In millions) September 30, September 30, September 30, September 30, 2026 2025 2026 2025 Indexed annuities ("FIA/RILA") $ 2,143 $ 1,665 $ 5,466 $ 4,827 Indexed universal life ("IUL") 42 41 128 137 Pension risk transfer ("PRT") 172 538 721 1,294 Subtotal: Core sales 2,357 2,244 6,315 6,258 Fixed rate annuities ("MYGA") 73 969 357 3,438 Funding agreements ("FABN/FHLB") 570 1,025 2,220 1,550 Subtotal: Opportunistic sales2 643 1,994 2,577 4,988 Gross sales 3,000 4,238 8,892 11,246 Sales attributable to flow reinsurance to third parties3 (1,595) (1,438) (3,778) (3,521) Net sales 1,405 2,800 5,114 7,725 1 See definition of non-GAAP measures below 2 Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity 3 Sales 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, non-recurring 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 actuarial assumption updates and other refinements on the change in fair value of embedded derivatives and market risk benefits; 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 items 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; (vii) Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances; and (viii) 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 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 ——————————— Third 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 Core Fixed Income, Public Structured and Private Origination Securities 12 Product Summary GAAP Net Reserve Summary 14 Annuity Account Balance Rollforward 14 Annuity Liability Characteristics 15 Top 5 Reinsurers 15 Additional Information Ratings Overview 16 Shareholder Information 17 Non-GAAP Reconciliations 18 Non-GAAP Measures Definitions 21 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 2
Financial Highlights Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ 740 $ (76) $ 248 $ 128 $ 118 $ 912 $ 137 Net earnings (loss) attributable to common shareholders 736 (81) 244 124 114 899 124 Net earnings (loss) attributable to common shareholders per diluted share ² 5.48 (0.62) 1.78 0.92 0.85 6.66 0.94 Weighted-average diluted shares outstanding (in millions) 135 130 139 139 139 137 132 RELATED NON-GAAP MEASURES ¹ Adjusted net earnings attributable to common shareholders 96 85 110 123 165 291 359 Adjusted net earnings attributable to common shareholders per diluted share ² 0.74 0.65 0.82 0.91 1.22 2.20 2.72 Adjusted weighted-average diluted shares outstanding (in millions) 130 130 139 139 139 132 137 Adjusted return on assets attributable to common shareholders 0.69 % 0.68 % 0.76 % 0.87 % 0.87 % 0.69 % 0.87 % Adjusted return on average common shareholder equity, excluding AOCI 6.7 % 8.0 % 8.4 % 8.2 % 8.8 % 6.7 % 8.8 % SELECTED CONSOLIDATED BALANCE SHEET DATA Total assets 103,810 103,592 101,031 98,430 96,137 103,810 96,137 Total liabilities 99,352 98,898 96,282 93,513 91,197 99,352 91,197 Total equity 4,458 4,694 4,749 4,917 4,940 4,458 4,940 Total equity, excluding AOCI 7,063 6,352 6,592 6,405 6,316 7,063 6,316 Common shares outstanding (in millions) 131 131 134 136 135 131 135 RELATED NON-GAAP MEASURES ¹ Total F&G equity attributable to common shareholders, excluding AOCI 6,729 6,017 6,232 6,042 5,950 6,729 5,950 Book value per common share 31.48 33.27 32.75 33.49 33.88 31.48 33.88 Book value per common share, excluding AOCI 51.37 45.93 46.51 44.43 44.07 51.37 44.07 Assets under management ("AUM") 56,212 55,868 56,436 57,574 56,647 56,212 56,647 Average assets under management ("AAUM") YTD 56,586 56,939 57,905 55,384 54,870 56,586 54,870 AUM before reinsurance 76,232 74,687 74,454 73,090 71,430 76,232 71,430 SALES ¹ Indexed annuities ("FIA/RILA") $ 2,143 $ 1,744 $ 1,579 $ 1,876 $ 1,665 $ 5,466 $ 4,827 Indexed universal life ("IUL") 42 42 44 53 41 128 137 Pension risk transfer ("PRT") 172 232 317 832 538 721 1,294 Subtotal: Core sales 2,357 2,018 1,940 2,761 2,244 6,315 6,258 Fixed rate annuities ("MYGA") 73 101 183 356 969 357 3,438 Funding agreements ("FABN/FHLB") 570 600 1,050 275 1,025 2,220 1,550 Subtotal: Opportunistic sales ³ 643 701 1,233 631 1,994 2,577 4,988 Gross sales 3,000 2,719 3,173 3,392 4,238 8,892 11,246 Sales attributable to flow reinsurance to third parties ⁴ (1,595) (1,255) (928) (1,088) (1,438) (3,778) (3,521) Net sales $ 1,405 $ 1,464 $ 2,245 $ 2,304 $ 2,800 $ 5,114 $ 7,725 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 - September 30, 2026 3
Consolidated Statements of Operations (GAAP) Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Revenues Life insurance premiums and other fees $ 330 $ 394 $ 479 $ 987 $ 711 $ 1,203 $ 1,808 Interest and investment income 698 718 723 741 748 2,139 2,096 Owned distribution revenues 20 19 17 26 24 56 63 Recognized gains and (losses), net 83 290 (32) 11 211 341 (1) Total revenues 1,131 1,421 1,187 1,765 1,694 3,739 3,966 Benefits and expenses Benefits and other changes in policy reserves 26 1,149 484 1,265 1,181 1,659 2,698 Market risk benefit losses (gains) (167) 32 73 19 43 (62) 148 Depreciation and amortization 191 175 173 174 180 539 491 Personnel costs 73 77 60 70 79 210 223 Other operating expenses 30 41 33 35 38 104 121 Interest expense 42 41 41 41 42 124 123 Total benefits and expenses 195 1,515 864 1,604 1,563 2,574 3,804 Earnings (loss) before income taxes 936 (94) 323 161 131 1,165 162 Income tax expense (benefit) 195 (19) 74 31 11 250 21 Net earnings (loss) 741 (75) 249 130 120 915 141 Less: Non-controlling interests 1 1 1 2 2 3 4 Net earnings (loss) attributable to F&G 740 (76) 248 128 118 912 137 Less: Preferred stock dividend 4 5 4 4 4 13 13 Net earnings (loss) attributable to F&G common shareholders $ 736 $ (81) $ 244 $ 124 $ 114 $ 899 $ 124 Net earnings (loss) attributable to F&G common shareholders per common share Basic $ 5.71 $ (0.62) $ 1.83 $ 0.93 $ 0.86 $ 6.86 $ 0.95 Diluted $ 5.48 $ (0.62) $ 1.78 $ 0.92 $ 0.85 $ 6.66 $ 0.94 Weighted average common shares used in computing net earnings (loss) per common share Basic 129 130 133 133 133 131 131 Diluted 135 130 139 139 139 137 132 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 4
Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings Attributable to Common Shareholders ¹ ² Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Net earnings (loss) attributable to F&G $ 740 $ (76) $ 248 $ 128 $ 118 $ 912 $ 137 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 93 137 34 7 10 264 37 Change in allowance for expected credit losses 11 (8) (1) 14 (1) 2 40 Change in fair value of reinsurance related embedded derivatives (522) 30 (219) (23) 60 (711) 162 Change in fair value of other derivatives and embedded derivatives 242 31 23 6 (1) 296 (63) Recognized (gains) losses, net (176) 190 (163) 4 68 (149) 176 Market related liability adjustments ³ (652) (10) (37) (22) (37) (699) 50 Purchase price amortization 13 15 15 18 29 43 62 Transaction costs, other and non-recurring items (2) 14 5 1 6 17 15 Non-controlling interest (1) (2) (2) (3) (2) (5) (6) Deferred tax asset valuation allowance 7 2 — — — 9 — Income taxes adjustment 171 (43) 48 1 (13) 176 (62) Adjusted net earnings 100 90 114 127 169 304 372 Less: Preferred stock dividend 4 5 4 4 4 13 13 Adjusted net earnings attributable to common shareholders ¹ ² $ 96 $ 85 $ 110 $ 123 $ 165 $ 291 $ 359 Adjusted net earnings per common share Diluted $ 0.74 $ 0.65 $ 0.82 $ 0.91 $ 1.22 $ 2.20 $ 2.72 Weighted average common shares used in computing adjusted net earnings per common share Diluted 130 130 139 139 139 132 137 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. ³ Includes annual actuarial assumption updates and other refinements of ($297) for the three and nine months ended September 30, 2026. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 5
Adjusted Net Earnings - Significant Income and Expense Items ¹ ² ³ 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 September 30, 2026 Adjusted net earnings of $96 million for the three months ended September 30, 2026. Investment income from alternative investments was $60 million below management's long-term expected return. June 30, 2026 Adjusted net earnings of $85 million for the three months ended June 30, 2026. Investment income from alternative investments was $49 million below management's long-term expected return. 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 management's long-term expected return. 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 management's long-term expected return. 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 management's long-term expected return. Nine months ended September 30, 2026 Adjusted net earnings of $291 million for the nine months ended September 30, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $153 million below management's long-term expected return. September 30, 2025 Adjusted net earnings of $359 million for the nine months ended September 30, 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 $165 million below management's long-term expected return. 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. ³ Management's current long-term expected return is approximately 12%. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 6
Adjusted Return on Assets ¹ Annualized year to date September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Adjusted interest and investment income $ 2,861 $ 2,884 $ 2,944 $ 2,813 $ 2,765 Cost of funds (1,968) (1,980) (1,984) (1,773) (1,724) Product margin 893 904 960 1,040 1,041 Flow reinsurance fee income 67 66 64 56 55 Owned distribution margin 41 40 36 47 45 Expenses (operating, interest and taxes) (596) (602) (604) (644) (645) Adjusted net earnings $ 405 $ 408 $ 456 $ 499 $ 496 Less: Preferred stock dividend 17 18 16 17 17 Adjusted net earnings attributable to common shareholders (A) $ 388 $ 390 $ 440 $ 482 $ 479 AAUM YTD (B) 56,586 56,939 57,905 55,384 54,870 September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Adjusted interest and investment income 5.06 % 5.07 % 5.08 % 5.08 % 5.04 % Cost of funds (3.48) % (3.48) % (3.42) % (3.20) % (3.14) % Product margin 1.58 % 1.59 % 1.66 % 1.88 % 1.90 % Flow reinsurance fee income 0.12 % 0.12 % 0.11 % 0.10 % 0.10 % Owned distribution margin 0.07 % 0.07 % 0.06 % 0.08 % 0.08 % Expenses (operating, interest and taxes) (1.05) % (1.07) % (1.04) % (1.16) % (1.18) % Adjusted return on assets 0.72 % 0.71 % 0.79 % 0.90 % 0.90 % Less: Preferred stock dividend 0.03 % 0.03 % 0.03 % 0.03 % 0.03 % Adjusted return on assets attributable to common shareholders (A/B) 0.69 % 0.68 % 0.76 % 0.87 % 0.87 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 7
Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 AUM at beginning of period $ 55,868 $ 56,436 $ 57,574 $ 56,647 $ 55,565 $ 57,574 $ 53,817 Net new business asset flows 1,545 233 1,364 1,660 2,269 3,142 5,822 Net flow reinsurance to third parties (1,201) (801) (688) (733) (1,187) (2,690) (2,673) Net inforce reinsurance to third parties — — (1,814) — — (1,814) (653) Net capital transaction proceeds (disbursements) — — — — — — 334 AUM at end of period $ 56,212 $ 55,868 $ 56,436 $ 57,574 $ 56,647 $ 56,212 $ 56,647 AAUM YTD $ 56,586 $ 56,939 $ 57,905 $ 55,384 $ 54,870 $ 56,586 $ 54,870 AUM before reinsurance $ 76,232 $ 74,687 $ 74,454 $ 73,090 $ 71,430 $ 76,232 $ 71,430 Interest and Investment Income and Yield ¹ Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Adjusted interest and investment income ² $ 704 $ 706 $ 736 $ 739 $ 737 $ 2,146 $ 2,074 AAUM QTD 55,935 56,083 57,905 56,986 55,654 56,586 54,870 Yield on AAUM 5.04 % 5.04 % 5.08 % 5.19 % 5.29 % 5.06 % 5.04 % Less: Alternatives investment income (including short term mark-to- market) ³ ⁶ 49 59 86 82 76 194 160 Less: Variable investment income ⁴ ⁶ 10 7 8 7 24 25 49 Fixed income and other net investment income ² ⁵ ⁶ $ 645 $ 640 $ 642 $ 650 $ 637 $ 1,927 $ 1,865 AAUM QTD, excluding alternative investments 51,892 52,135 53,764 52,762 51,628 52,524 51,296 Yield on AAUM, excluding alternative investments and variable investment income ⁶ 4.98 % 4.91 % 4.77 % 4.93 % 4.93 % 4.89 % 4.85 % 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 - September 30, 2026 8
Consolidated Balance Sheets (GAAP) Assets September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Investments Fixed maturity securities available for sale, at fair value, net of allowance $ 50,712 $ 52,228 $ 52,361 $ 52,700 $ 51,601 Fixed maturity securities, at fair value under fair value option 78 94 93 — — Equity securities, at fair value 271 293 336 341 352 Derivative investments 1,126 1,305 889 1,148 1,222 Mortgage loans, net of allowance 10,246 9,265 8,459 7,891 7,391 Investments in unconsolidated affiliates ¹ 5,150 5,065 5,013 4,878 4,731 Other long-term investments 1,366 1,315 1,288 1,294 1,022 Policy loans 186 171 157 147 136 Short-term investments 724 545 992 1,043 910 Total investments $ 69,859 $ 70,281 $ 69,588 $ 69,442 $ 67,365 Cash and cash equivalents 1,560 2,103 1,324 1,486 2,189 Reinsurance recoverable, net of allowance 21,938 20,876 19,975 17,545 16,843 Goodwill 2,129 2,124 2,124 2,180 2,180 Prepaid expenses and other assets 1,105 1,142 1,131 1,052 1,042 Other intangible assets, net 6,707 6,536 6,406 6,275 6,097 Market risk benefits asset 343 364 308 285 242 Income taxes receivable 45 81 78 83 67 Deferred tax asset, net 124 85 97 82 112 Total assets $ 103,810 $ 103,592 $ 101,031 $ 98,430 $ 96,137 Liabilities and Equity Contractholder funds $ 65,069 $ 64,398 $ 63,474 $ 62,726 $ 61,798 Future policy benefits 10,241 10,856 10,748 10,755 10,055 Market risk benefits liability 906 1,102 968 903 830 Accounts payable and accrued liabilities 3,059 2,846 2,367 2,701 2,696 Notes payable 2,240 2,239 2,238 2,237 2,236 Funds withheld for reinsurance liabilities 17,837 17,457 16,487 14,191 13,582 Total liabilities $ 99,352 $ 98,898 $ 96,282 $ 93,513 $ 91,197 Equity Preferred stock, at par value — — — — — Common stock, at par value — — — — — Additional paid-in-capital 3,774 3,765 3,773 3,764 3,755 Retained earnings 3,368 2,665 2,778 2,568 2,478 Accumulated other comprehensive income (loss) ("AOCI") (2,605) (1,658) (1,843) (1,488) (1,376) Treasury stock (163) (163) (69) (40) (33) Total F&G Annuities & Life, Inc. shareholders' equity $ 4,374 $ 4,609 $ 4,639 $ 4,804 $ 4,824 Non-controlling interests 84 85 110 113 116 Total equity $ 4,458 $ 4,694 $ 4,749 $ 4,917 $ 4,940 Total liabilities and equity $ 103,810 $ 103,592 $ 101,031 $ 98,430 $ 96,137 ¹ We account for our investments in unconsolidated affiliates using the equity method or by electing the fair value option. These investments are primarily comprised of limited partnerships and other equity investments, including limited liability companies. These unconsolidated affiliates are generally not indicative of investments originated by an entity under common control with F&G. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 9
Capitalization ¹ Three months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Notes payable $ 2,240 $ 2,239 $ 2,238 $ 2,237 $ 2,236 Net issuance costs (premium) 30 31 32 33 34 Notes payable (aggregate principal amount) (A) $ 2,270 $ 2,270 $ 2,270 $ 2,270 $ 2,270 Total equity 4,458 4,694 4,749 4,917 4,940 Less: AOCI (2,605) (1,658) (1,843) (1,488) (1,376) Total equity, excluding AOCI $ 7,063 $ 6,352 $ 6,592 $ 6,405 $ 6,316 Total Capitalization, excluding AOCI (B) $ 9,333 $ 8,622 $ 8,862 $ 8,675 $ 8,586 Debt-to-Capitalization, excluding AOCI (A/B) 24.3 % 26.3 % 25.6 % 26.2 % 26.4 % Return on Equity Attributable to Common Shareholders ¹ Twelve months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net earnings (loss) attributable to common shareholders - rolling four quarters (C) $ 1,023 $ 401 $ 517 $ 248 $ 447 Adjusted net earnings attributable to common shareholders - rolling four quarters (D) 414 483 501 482 502 Average F&G equity attributable to common shareholders - 5 point average (E) 4,400 4,413 4,364 4,226 4,134 Less: Average AOCI - 5 point average (1,794) (1,607) (1,622) (1,638) (1,587) Average F&G equity attributable to common shareholders, excluding AOCI - 5 point average (F) $ 6,194 $ 6,020 $ 5,986 $ 5,864 $ 5,721 Return on average common shareholder equity (C/E) 23.3 % 9.1 % 11.8 % 5.9 % 10.8 % Adjusted return on average common shareholder equity, excluding AOCI (D/F) 6.7 % 8.0 % 8.4 % 8.2 % 8.8 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 10
Summary of Invested Assets by Asset Class ¹ ² September 30, 2026 December 31, 2025 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Core fixed income securities Government related United States municipalities, states and territories $ 1,375 $ 1,084 2 % $ 1,469 $ 1,267 2 % United States government and sponsored entities 270 245 1 % 520 514 1 % Foreign governments 191 149 — % 233 206 — % Subtotal, government related $ 1,836 $ 1,478 3 % $ 2,222 $ 1,987 3 % Public corporate securities Finance, insurance and real estate 5,548 4,795 9 % 6,860 6,436 12 % Services, media and other 4,664 3,584 7 % 4,647 3,909 7 % Wholesale and retail trade 3,060 2,480 5 % 3,130 2,741 5 % Utilities, energy and related sectors 3,221 2,632 5 % 2,825 2,417 4 % Manufacturing, construction and mining 939 771 1 % 1,145 1,029 2 % Subtotal, public corporate $ 17,432 $ 14,262 27 % $ 18,607 $ 16,532 30 % Total core fixed income securities $ 19,268 $ 15,740 30 % $ 20,829 $ 18,519 33 % Public structured securities Collateral loan obligations ("CLO") 3,571 3,564 7 % 4,765 4,794 9 % Commercial mortgage-backed securities ("CMBS") 2,969 2,808 5 % 3,950 3,833 7 % Residential mortgage-backed securities ("RMBS") 1,559 1,476 3 % 1,724 1,717 3 % Asset-backed securities ("ABS") 1,093 1,037 2 % 1,294 1,276 2 % Total public structured securities $ 9,192 $ 8,885 17 % $ 11,733 $ 11,620 21 % Private origination Corporate lending 6,316 6,349 12 % 6,596 6,608 12 % Infrastructure 2,240 2,192 4 % 1,756 1,734 3 % Real estate 1,888 1,716 3 % 1,251 1,163 2 % Consumer financing 1,078 1,001 2 % 1,260 1,206 2 % Commercial financing 577 522 1 % 512 483 1 % Other 741 750 2 % 243 250 — % Total private origination $ 12,840 $ 12,530 24 % $ 11,618 $ 11,444 20 % Mortgage loans Commercial mortgage loans ("CML") 2,620 2,364 4 % 2,500 2,308 4 % Residential mortgage loans ("RML") 5,660 5,188 10 % 4,377 4,158 8 % Total mortgage loans $ 8,280 $ 7,552 14 % $ 6,877 $ 6,466 12 % Other securities Cash and cash equivalents and short-term investments 1,683 1,683 3 % 1,828 1,828 3 % Other securities ³ 2,530 2,365 5 % 2,100 2,366 4 % Total other securities $ 4,213 $ 4,048 8 % $ 3,928 $ 4,194 7 % Fixed income and other securities $ 53,793 $ 48,755 93 % $ 54,985 $ 52,243 93 % Alternative investments Limited partnerships 2,872 2,888 5 % 2,922 2,935 5 % Other alternative equity interests 1,199 1,199 2 % 1,201 1,201 2 % Total alternative investments $ 4,071 $ 4,087 7 % $ 4,123 $ 4,136 7 % Total investments, retained 57,864 52,842 100 % 59,108 56,379 100 % FWH investments ⁴ 18,545 17,723 14,145 14,107 Total investments $ 76,409 $ 70,565 $ 73,253 $ 70,486 ¹ Asset duration of 4.5 years and 4.5 years vs. liability duration of 4.8 years and 5.2 years for the periods ending September 30, 2026 and December 31, 2025, respectively. ² Effective 2Q 2026, our presentation of the summary of invested assets has been recast to align with the investor presentations. Prior periods are presented on a comparable basis. ³ Reflects owned distribution investments, other equity interests, derivatives and certain company owned life insurance (COLI). ⁴ Includes assets which represent funds withheld backing reserves as part of coinsurance with funds withheld reinsurance arrangements on a US GAAP basis, that exclude Kubera. In contrast, Kubera is considered a funds withheld reinsurance arrangement on a US Statutory reporting basis. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 11
Interest and Investment Income September 30, 2026 December 31, 2025 Interest and investment income (year to date and net of amounts attributable to funds withheld reinsurance agreements): Interest and investment income - fixed income and other 1,920 90 % 2,539 89 % Interest and investment income - alternatives 194 9 % 242 9 % Interest and investment income - variable 25 1 % 56 2 % Total US GAAP interest and investment income ¹ $ 2,139 100 % $ 2,837 100 % ¹ Refer to "Non-GAAP Reconciliations" in the additional information section for further information. Credit Quality of Core Fixed Income Securities ² September 30, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 9,107 58 % BBB 2 6,254 40 % BB 3 281 2 % B 4 98 — % CCC 5 — — % CC and lower 6 — — % Total $ 15,740 100 % Credit Quality of Public Structured Securities - CLO ² September 30, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 2,193 62 % BBB 2 1,366 38 % BB 3 — — % B 4 — — % CCC 5 — — % CC and lower 6 5 — % Total $ 3,564 100 % ² Net of amounts attributable to funds withheld reinsurance agreements. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 12
Credit Quality of Public Structured Securities - CMBS & RMBS ² September 30, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 3,573 83 % BBB 2 470 11 % BB 3 120 3 % B 4 58 1 % CCC 5 34 1 % CC and lower 6 29 1 % Total $ 4,284 100 % Credit Quality of Public Structured Securities - ABS ² September 30, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 654 63 % BBB 2 379 37 % BB 3 4 — % B 4 — — % CCC 5 — — % CC and lower 6 — — % Total $ 1,037 100 % Credit Quality of Private Origination ² September 30, 2026 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 8,048 64 % BBB 2 3,442 28 % BB 3 612 5 % B 4 356 3 % CCC 5 10 — % CC and lower 6 62 — % Total $ 12,530 100 % ² Net of amounts attributable to funds withheld reinsurance agreements. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 13
GAAP Net Reserve Summary 1 Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Indexed annuities $ 28,415 $ 29,178 $ 28,925 $ 30,966 $ 30,831 $ 28,415 $ 30,831 Fixed rate annuities 5,784 5,972 6,142 6,404 6,623 5,784 6,623 Single premium immediate annuity and other 1,371 1,468 1,483 1,521 1,555 1,371 1,555 Indexed universal and other life 3,628 3,544 3,380 3,304 3,203 3,628 3,203 Funding agreements 6,845 6,627 6,785 6,234 6,011 6,845 6,011 Pension risk transfer 7,892 8,327 8,192 8,125 7,375 7,892 7,375 Total product reserves $ 53,935 $ 55,116 $ 54,907 $ 56,554 $ 55,598 $ 53,935 $ 55,598 Annuity Account Balance Rollforward ² Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Annuity balances at beginning of period: $ 33,649 $ 33,980 $ 36,109 $ 36,174 $ 36,359 $ 36,109 $ 35,553 Net deposits Indexed annuities 620 581 774 1,043 778 1,975 3,146 Fixed rate annuities 11 28 52 112 377 91 1,656 Total net deposits 631 609 826 1,155 1,155 2,066 4,802 Surrenders, withdrawals, deaths, etc. Indexed annuities (998) (1,024) (1,034) (1,121) (1,106) (3,056) (3,183) Fixed rate annuities (225) (303) (370) (403) (494) (898) (1,027) Total surrenders, withdrawals, deaths, etc. (1,223) (1,327) (1,404) (1,524) (1,600) (3,954) (4,210) Net flows (592) (718) (578) (369) (445) (1,888) 592 Premium and interest bonuses 32 33 29 34 31 94 85 Fixed interest credited and index credits 336 408 298 327 276 1,042 745 Guaranteed product rider fees (43) (54) (51) (57) (47) (148) (154) Ceded inforce reinsurance transactions — — (1,827) — — (1,827) (647) Account balance at end of period $ 33,382 $ 33,649 $ 33,980 $ 36,109 $ 36,174 $ 33,382 $ 36,174 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 - September 30, 2026 14
Annuity Liability Characteristics September 30, 2026 Surrender Charge Percentages: Fixed Rate Annuities Account Value Indexed Annuities Account Value No surrender charge $ 357 $ 2,167 0.0% < 2.0% 26 499 2.0% < 4.0% 94 1,800 4.0% < 6.0% 807 3,205 6.0% < 8.0% 2,154 5,372 8.0% < 10.0% 2,051 8,315 10.0% or greater — 6,535 $ 5,489 $ 27,893 September 30, 2026 Credited Rate (Including Bonus Interest) vs. Ultimate Minimum Guaranteed Rate Differential: Fixed Rate Annuities Account Value Indexed Annuities Account Value No differential $ 374 $ 1,055 0.0% - 1.0% 55 694 1.0% - 2.0% 510 673 2.0% - 3.0% 761 585 3.0% - 4.0% 517 234 4.0% - 5.0% 2,906 1 5.0% - 6.0% 366 — Allocated to index strategies — 24,651 $ 5,489 $ 27,893 Top 5 Reinsurers September 30, 2026 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable ¹ A.M. Best S&P Fitch Moody's Aspida ² $ 8,249 A- — — — Somerset Reinsurance Ltd. 6,445 A BBB+ — — Everlake Life Insurance Company 1,879 A — — — Fort Greene Reinsurance SPC Limited 1,861 — — — — Ancient Re Ltd. 1,642 — — — — 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 - September 30, 2026 15
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 Negative 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 Negative 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 - September 30, 2026 16
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 Second Quarter 29.47 24.03 26.59 Third Quarter 32.38 21.61 21.68 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 Second Quarter 6/15/2026 6/16/2026 6/30/2026 $ 0.25 Third Quarter 9/15/2026 9/16/2026 9/30/2026 $ 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 Truist Securities (615) 748-4422 mark.hughes@truist.com ¹ Reflects research analyst coverage for parent Fidelity National Financial, Inc. (NYSE: FNF), which holds approximately 72% majority ownership stake in F&G (NYSE: FG). F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 17
Non-GAAP Reconciliations Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and investment income $ 698 $ 718 $ 723 $ 741 $ 748 $ 2,139 $ 2,096 Adjustments Recognized (gains) losses, net 9 (2) 10 1 (8) 17 (12) Transaction costs, other and non-recurring items (1) (7) 5 — — (3) — Reclass of dividend income to owned distribution margin (2) (3) (2) (3) (3) (7) (10) Total adjustments to arrive at adjusted interest and investment income 6 (12) 13 (2) (11) 7 (22) Adjusted interest and investment income $ 704 $ 706 $ 736 $ 739 $ 737 $ 2,146 $ 2,074 Adjusted interest and investment income - fixed income and others $ 645 $ 640 $ 642 $ 650 $ 637 $ 1,927 $ 1,865 Adjusted interest and investment income - alternatives 49 59 86 82 76 194 160 Adjusted interest and investment income - variable 10 7 8 7 24 25 49 Adjusted interest and investment income $ 704 $ 706 $ 736 $ 739 $ 737 $ 2,146 $ 2,074 Reconciliation of benefits and expenses to cost of funds US GAAP life insurance premiums and other fees $ 330 $ 394 $ 479 $ 987 $ 711 $ 1,203 $ 1,808 US GAAP recognized gains and (losses), net 83 290 (32) 11 211 341 (1) US GAAP benefits and other changes in policy reserves (26) (1,149) (484) (1,265) (1,181) (1,659) (2,698) US GAAP market risk benefit gains (losses) 167 (32) (73) (19) (43) 62 (148) US GAAP depreciation and amortization (191) (175) (173) (174) (180) (539) (491) US GAAP line items subtotal 363 (672) (283) (460) (482) (592) (1,530) Adjustments Recognized (gains) losses, net (184) 182 (170) 2 70 (172) 185 Market related liability adjustments ¹ (652) (10) (37) (22) (37) (699) 50 Purchase price amortization 12 14 14 17 24 40 53 Transaction costs, other and non-recurring items 1 20 — — — 21 — Reclass of acquisition expenses from operating expenses (8) (9) (3) (2) — (20) (10) Reclass of affiliated DAC from owned distribution margin (1) (2) (1) — — (4) — Reclass of fee income to flow reinsurance fee income (17) (17) (16) (15) (14) (50) (41) Total adjustments to arrive at cost of funds (849) 178 (213) (20) 43 (884) 237 Cost of funds $ (486) $ (494) $ (496) $ (480) $ (439) $ (1,476) $ (1,293) Cost of funds - cost of crediting $ (465) $ (458) $ (460) $ (457) $ (443) $ (1,383) $ (1,282) Cost of funds - surrender charge fee income 62 58 56 57 70 176 196 Cost of funds - all other (83) (94) (92) (80) (66) (269) (207) Cost of funds $ (486) $ (494) $ (496) $ (480) $ (439) $ (1,476) $ (1,293) ¹ Includes annual actuarial assumption updates and other refinements of ($297) for the three and nine months ended September 30, 2026 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 18
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Composition of flow reinsurance fee income Reclass of fee income from cost of funds $ 17 $ 17 $ 16 $ 15 $ 14 $ 50 $ 41 Flow reinsurance fee income $ 17 $ 17 $ 16 $ 15 $ 14 $ 50 $ 41 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution revenues $ 20 $ 19 $ 17 $ 26 $ 24 $ 56 $ 63 US GAAP non-controlling interest (1) (1) (1) (2) (2) (3) (4) US GAAP line items subtotal 19 18 16 24 22 53 59 Adjustments Non-controlling interest (1) (2) (2) (3) (2) (5) (6) Reclass of affiliated DAC to cost of funds 1 2 1 — — 4 — Reclass of owned distribution dividend income from interest and investment income 2 3 2 3 3 7 10 Reclass of owned distribution expenses from operating expenses (10) (10) (8) (11) (10) (28) (29) Total adjustments to arrive at owned distribution margin (8) (7) (7) (11) (9) (22) (25) Owned distribution margin $ 11 $ 11 $ 9 $ 13 $ 13 $ 31 $ 34 Reconciliation of operating expenses US GAAP personnel costs $ (73) $ (77) $ (60) $ (70) $ (79) $ (210) $ (223) US GAAP other operating expenses (30) (41) (33) (35) (38) (104) (121) US GAAP line items subtotal (103) (118) (93) (105) (117) (314) (344) Adjustments Recognized (gains) losses, net (1) 10 (3) 1 6 6 3 Purchase price amortization 1 1 1 1 5 3 9 Transaction costs, other and non-recurring items (2) 1 — 1 6 (1) 16 Reclass of acquisition expenses to cost of funds 8 9 3 2 — 20 10 Reclass of expenses to owned distribution margin 10 10 8 11 10 28 29 Total adjustments to arrive at operating expenses 16 31 9 16 27 56 67 Operating expenses $ (87) $ (87) $ (84) $ (89) $ (90) $ (258) $ (277) Reconciliation of interest expense US GAAP interest expense $ (42) $ (41) $ (41) $ (41) $ (42) $ (124) $ (123) US GAAP line items subtotal (42) (41) (41) (41) (42) (124) (123) Adjustments Transaction costs, other and non-recurring items — — — — — — (1) Total adjustments to arrive at interest expense — — — — — — (1) Interest expense $ (42) $ (41) $ (41) $ (41) $ (42) $ (124) $ (124) F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 19
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense) benefit $ (195) $ 19 $ (74) $ (31) $ (11) $ (250) $ (21) Adjustments Deferred tax asset valuation allowance 7 2 — — — 9 — Income taxes on non-GAAP adjustments 171 (43) 48 1 (13) 176 (62) Total adjustments to arrive at adjusted income tax (expense) benefit 178 (41) 48 1 (13) 185 (62) Adjusted income tax (expense) benefit $ (17) $ (22) $ (26) $ (30) $ (24) $ (65) $ (83) Nine months ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Reconciliation of total investments to AUM US GAAP total investments $ 69,859 $ 70,281 $ 69,588 $ 69,442 $ 67,365 $ 69,859 $ 67,365 US GAAP cash and cash equivalents 1,560 2,103 1,324 1,486 2,189 1,560 2,189 Less: US GAAP derivative investments 1,126 1,305 889 1,148 1,222 1,126 1,222 US GAAP line items subtotal 70,293 71,079 70,023 69,780 68,332 70,293 68,332 Adjustments Net assets ceded pursuant to coinsurance funds withheld arrangements (18,483) (17,583) (16,769) (14,260) (13,531) (18,483) (13,531) Unrealized (gains)/losses and allowances adjustment 4,816 2,969 3,274 2,579 2,384 4,816 2,384 Owned distribution investments adjustment (267) (278) (298) (306) (302) (267) (302) Reclass from prepaid expenses and other assets ¹ 819 760 879 812 830 819 830 Reclass from accounts payable and accrued liabilities ² (966) (1,079) (673) (1,031) (1,066) (966) (1,066) Total adjustments to arrive at AUM (14,081) (15,211) (13,587) (12,206) (11,685) (14,081) (11,685) AUM 56,212 55,868 56,436 57,574 56,647 56,212 56,647 Reinsurance 20,020 18,819 18,018 15,516 14,783 20,020 14,783 AUM before reinsurance $ 76,232 $ 74,687 $ 74,454 $ 73,090 $ 71,430 $ 76,232 $ 71,430 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 $ 4,374 $ 4,609 $ 4,639 $ 4,804 $ 4,824 $ 4,374 $ 4,824 Less: Preferred stock 250 250 250 250 250 250 250 Total F&G equity attributable to common shareholders 4,124 4,359 4,389 4,554 4,574 4,124 4,574 Less: AOCI (2,605) (1,658) (1,843) (1,488) (1,376) (2,605) (1,376) Total F&G equity attributable to common shareholders, excluding AOCI $ 6,729 $ 6,017 $ 6,232 $ 6,042 $ 5,950 $ 6,729 $ 5,950 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 - September 30, 2026 20
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, non-recurring 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 actuarial assumption updates and other refinements on the change in fair value of embedded derivatives and market risk benefits; 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 items 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; (vii) Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances; and (viii) 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2026 21
Non-GAAP Measures Definitions (continued) 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 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 - September 30, 2026 22
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 - September 30, 2026 23
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88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Disclaimer & Forward-Looking Statements 2F&G Investor Update | Fall 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).
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures 3F&G Investor Update | Fall 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.
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Strong 3Q26 performance; continued momentum heading into year-end $291M YTD 3Q26 Adjusted Net Earnings2 ↓ 19% vs. YTD 3Q25 Includes effect of 1Q26 F&G Life Re sale Executing To Deliver Shareholder Value 4F&G Investor Update | Fall 2026 1As of 9/30/2026 2Attributable to common shareholders $3.0B 3Q26 Gross Sales: Total ↑ 11% vs. 2Q26 $1.4B 3Q26 Net Sales ↓ 7% vs. 2Q26 Aligned w/ capital targets $56.2B Assets Under Management (AUM)1 ↓ 1% vs. 3Q25 $76.2B AUM before reinsurance1 ↑ 7% vs. 3Q25 $232M YTD 3Q26 Capital Return to Shareholders ↑ 137% vs. YTD 3Q25 $6.7B Total F&G Equity ex AOCI1, 2 ↑ 13% vs. 3Q25 $2.1B 3Q26 Gross Sales: Core Retail ↑ 17% vs. 2Q26 All-time record $96 3Q26 Adjusted Net Earnings2 ↑ 13% vs. 2Q26
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Third Quarter Financial Trends 5F&G Investor Update | Fall 2026 Other Considerations – Year-to-Date Other Considerations – Quarterly Financial Trends – As Reported ($M) – except per share and percentages Quarterly Year-to-Date 3Q25 3Q26 YTD 3Q25 YTD 3Q26 AUM before reinsurance $71,430 $76,232 $71,430 $76,232 Assets under management (AUM) $56,647 $56,212 $56,647 $56,212 Gross sales $4,238 $3,000 $11,246 $8,892 Net sales $2,800 $1,405 $7,725 $5,114 Net earnings1 $114 $736 $124 $899 Net earnings per diluted share1 $0.85 $5.48 $0.94 $6.66 Adjusted net earnings (ANE)1 $165 $96 $359 $291 Adjusted net earnings per diluted share1 $1.22 $0.74 $2.72 $2.20 Adjusted weighted average diluted shares 139 130 137 132 Adjusted return on equity (ROE)1 8.8% 6.7% 8.8% 6.7% Adjusted return on assets (ROA)1 0.87% 0.69% 0.87% 0.69% Book value per share ex AOCI1 $44.07 $51.37 $44.07 $51.37 ANE ($M) and Per Share 3Q25 3Q26 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 53 $0.38 60 $0.46 Significant (income) expense items (14) ($0.10) - $0.00 ANE ($M) and Per Share YTD 3Q25 YTD 3Q26 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 165 $1.20 153 $1.16 Significant (income) expense items (30) ($0.22) 5 $0.04 1Attributable to common shareholders
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color F&G Is At A Highly Attractive Valuation Progression of F&G Transaction Prices & Market Capitalization F&G’s strong dividend payout and our launch of share repurchases during the first half of 2026 reflect our confidence in the long-term prospects for the business as well as our strong capital position • 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 • Book value per share ex AOCI has grown to $51.37, ↑ 87% since the 2020 acquisition and reported GAAP equity ex AOCI of $6.7B at QE 3Q26 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 | Fall 2026 6 $1.8B $2.7B $2.4B $4.2B $2.8B $6.7B Nov 30, 2017 Jun 1, 2020 Dec 1, 2022 Dec 31, 2025 Sep 30, 2026 Sep 30, 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
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color We Have Generated Sustainable Returns 7F&G Investor Update | Fall 2026 1Calculated as F&G equity attributable to common shareholders ex AOCI divided by common shares outstanding; effect of LDTI, actuarial system conversion, F&G Life Re sale and actuarial reserve releases following the 3Q26 annual assumption review are reflected in 1x items Book Value Per Share (BVPS) ex AOCI1 Cumulative period from YE 2020 to QE 3Q26 $27.40 $43.91 $51.37 19.69 (3.18) 7.46 YE 2020 Net Earnings Capital Actions BVPS Before MTM MTM & 1x Items QE 3Q26 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 +87% BVPS Growth
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color F&G Snapshot 8F&G Investor Update | Fall 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 ~72% ownership • Headquartered in Des Moines, IA; over 1,100 employees 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 Outlook A.M. Best A- Stable Outlook S&P Global A- Stable Outlook Fitch Ratings A3 Negative Outlook Moody’s
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color A Compelling Investment Case For F&G 9F&G Investor Update | Fall 2026 v Proven Track Record: Steady Earnings Growth & Capital Flexibility F&G has successfully executed on our diversified growth strategy and maintained a strong capital position. 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 spread-based products, is set to generate higher returns and valuation over time
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color We Have A Clean & Profitable Inforce Book 10F&G Investor Update | Fall 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 92% 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 9/30/2026 GAAP Net Reserves1 52% Indexed annuities 15% Pension risk transfer 13% Funding agreements 11% Fixed rate annuities 7% Life 2% Immediate annuities $54B Retail Fixed Annuity Metrics QE 3Q26 Weighted average time remaining in surrender charge period 5.2 Years % Surrender protected 92% Average remaining surrender charge (% of account value) 7% % Subject to market value adjustment (MVA) 82% Distance to guaranteed minimum crediting rates 229 bps
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color We Compete In Very Large Markets 11F&G Investor Update | Fall 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 12Q26 Quarterly Retirement Market Data, Investment Company Institute, 2Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of 8/1/2026, 3FY2025 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA, 4U.S. pension risk transfer single premium assets per LIMRA as of 6/30/2026, 5Banner Life William Penn, Pension Risk Transfer Monitor, 2Q26, 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of 6/30/2026 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 $6.2T $990B $340B $479B $302B
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 58 63 71 76 78 80 82 2022 2025 2030 2035 2040 2045 2050 Secular Tailwinds Driving Industry Demand 12F&G Investor Update | Fall 2026 We continue to see sustainable demand for our retail fixed annuity products given current environment • 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 • U.S. consumers are holding $3 trillion in retail money market fund assets; once money market rates decline, they are expected to lock in higher interest rates through attractive solutions like fixed annuities 1Source: U.S. Census Bureau, Population Division; Projected Population by Age Group and Sex for the United States, Main Series: 2022-2100 (Released Nov 2023) 2Source: Investment Company Institute (ICI); periods prior to 2024 reflect “total” all money market funds U.S. Money Market Fund Assets ($Trillions)2 Projected U.S. Population: Ages 65-100 (Millions)1 Number of people aged 65-100 is projected to increase 30% over the next 25 years 4.1 4.7 4.8 2.7 3.1 3.1 4.3 4.7 4.7 5.9 6.8 7.8 7.9 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 QE 3Q26 Combined Institutional only Retail only
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 2019 2020 2021 2022 2023 2024 2025 3Q26 LTM FNF and F&G Merger (June 2020) $26.4B $28.6B $37.3B $46.4B $55.9B $65.3B $73.1B $76.2B Strong Core Sales Are Driving Record AUM 13F&G Investor Update | Fall 2026 1CAGR reflects 2019 to 3Q26 LTM AUM and Annual Gross Sales by Retail Channel and Institutional Market ($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 reinsurance +17% CAGR1 Gross Sales +19% CAGR1 $12.3B AUM is driven by growth in our core products (indexed annuities, IUL and PRT), as we have de-emphasized opportunistic MYGA sales due to returns below our threshold
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Our Owned Distribution Track Record 14F&G Investor Update | Fall 2026 Our owned distribution strategy is a capital light, diversified source of fee-based earnings; we have launched a process to explore strategic alternatives for Peak Altitude 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 $31M YTD 3Q26, including $11M in 3Q26 (ANE) • Adjusted ROA contribution of 7 bps in 3Q26 (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): $25M YTD 3Q26, including $8M in 3Q26
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 9.2 9.0 9.1 6.2 6.3 6.1 5.6 3.2 5.0 2.6 15.3 14.6 12.3 11.2 8.9 2024 2025 3Q26 LTM YTD 3Q25 YTD 3Q26 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 53.8 57.6 56.2 56.6 56.2 11.5 15.5 20.0 14.8 20.0 65.3 73.1 76.2 71.4 76.2 2024 2025 3Q26 LTM YTD 3Q26 YTD 3Q26 Cumulative net reinsurance to third parties Retained AUM 546 482 414 359 291 2024 2025 3Q26 LTM YTD 3Q25 YTD 3Q26 Net Sales 10.6 10.0 7.4 7.7 5.1 Disciplined Focus In Current Environment Gross Sales ($B) AUM Before Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) F&G Investor Update | Fall 2026 15 AAUM 51.6 55.4 56.7 54.9 56.6 See Appendix for details of significant items impacting ANE • YTD 3Q26 vs. YTD 3Q25 reflects: • Effects of F&G Life Re (Bermuda) sale in 1Q26, • Lower surrender charge fee income and higher other liability costs, as expected, partially offset by • Steady fee-based earnings and disciplined expense management
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color AUM Growth Aligned With Disciplined Sales F&G Investor Update | Fall 2026 1Retained AUM reduced by $1.8B with F&G Life Re sale in 1Q26 and $0.8B FABN maturity in 2Q26 2Opportunistic sales vary depending on economics and market opportunity Core retail 6.9 6.9 7.6 1.7 2.0 1.7 1.8 2.1 Core institutional 2.3 2.1 1.5 0.5 0.8 0.3 0.2 0.2 Opportunistic2 6.1 5.6 3.2 2.0 0.6 1.2 0.7 0.7 Gross Sales 15.3 14.6 12.3 4.2 3.4 3.2 2.7 3.0 Net Sales 10.6 10.0 7.4 2.8 2.3 2.2 1.5 1.4 16 53.8 57.6 56.2 56.6 57.6 56.4 55.9 56.2 11.5 15.5 20.0 14.8 15.5 18.1 18.8 20.0 65.3 73.1 76.2 71.4 73.1 74.5 74.7 76.2 2024 2025 3Q26 LTM 3Q25 4Q25 1Q26 2Q26 3Q26 Cumulative net reinsurance to third parties Retained AUM AUM Before Reinsurance1 ($B) 2025 VPY: 12% 3Q26 VPY: 7% 3Q26 VPQ: 2% Gross AUM growth aligned with disciplined sales and capital allocation to highest return opportunities • AUM before reinsurance of $76.2B, ↑ 7% vs. 3Q25 • Retained AUM1 of $56.2B, ↓ (1%) vs. 3Q25 • Gross sales of $3.0B in 3Q26 comprised of $2.3B core sales and $0.7B opportunistic sales • Record core retail sales (indexed annuities and IUL) of $2.1B in 3Q26, ↑ 24% vs. 3Q25 and ↑ 17% vs. 2Q26 • Core institutional sales (PRT) of $0.2B in 3Q26, as compared to $0.5B in 3Q25 and $0.2B in 2Q26 • Opportunistic sales of $0.7B in 3Q26 comprised of $0.6B funding agreements and $0.1B MYGA sales de- emphasized due to returns currently below our threshold • Gross sales ex MYGA (de-emphasized) of $8.5B in YTD 3Q26, ↑ 9% vs. $7.8B in YTD 3Q25 • Net sales of $1.4B in 3Q26 reflect flow reinsurance at varying ceded amounts in line with capital targets
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 546 482 414 165 123 110 85 96 2024 2025 3Q26 LTM 3Q25 4Q25 1Q26 2Q26 3Q26 Net earnings (loss) 622 248 1,023 114 124 244 (81) 736 Op Exp (bps)1 60 50 46 52 50 48 47 46 ANE per share $4.30 $3.64 NM $1.22 $0.91 $0.82 $0.65 $0.74 Adj. ROA2 1.06% 0.87% 0.73% 0.87% 0.87% 0.76% 0.68% 0.69% Adj. ROE2 10.3% 8.2% 6.7% 8.8% 8.2% 8.4% 8.0% 6.7% Higher Quality Core Earnings Remain Attractive 17F&G Investor Update | Fall 2026 Common Adjusted Net Earnings (ANE) ($M) Note: Last twelve months (LTM). Not meaningful (NM) 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 • 3Q26 Reported ANE of $96M vs. $85M in 2Q26 in line with our expectation and reflecting: • higher core margin, • steady fee-based flow reinsurance fee income, owned distribution margin and IUL product fees, and • operating expense discipline driving scale benefit; • partially offset by lower alternatives investment income (5% annualized return in 3Q26 vs. 6% in 2Q26) • Achieved cumulative 14 bps reduction in operating expense ratio1; 46 bps at QE 3Q26 vs. 60 bps at YE 2024 • 3Q26 QTD Adj. ROA ex significant items of 0.69% • 3Q26 Adj. ROE lower at ~7%; reflects higher equity (denominator) driven by market related liability movement which is excluded from adjusted net earnings • See Appendix for details of significant items impacting ANE, Adj. ROA and Adj. ROE
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Gaining Traction in Fee-Based Strategies 18F&G Investor Update | Fall 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 alternative investments investment income based on management’s current long-term expected return of approximately 12%
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Our Stable and Strong Capital Profile 19F&G Investor Update | Fall 2026 1Excluding accumulated other comprehensive income (ex AOCI) Total Capitalization ex AOCI1 ($M) 5,093 5,749 6,155 6,813 250 250 250 1,760 2,195 2,270 2,270 6,853 8,194 8,675 9,333 YE 2023 YE 2024 YE 2025 QE 3Q26 Debt Preferred stock Total equity ex. AOCI Adj. Debt to Capital % 25.7% 26.8% 26.2% 24.3% 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
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color F&G Investor Update | Fall 2026 Book Value Per Share Growth – YTD 3Q26 20 BVPS ex. AOCI1 – 12/31/2025 to 9/30/2026 1Attributable to common shareholders and excluding accumulated other comprehensive income (ex AOCI) 2Outstanding shares of 135,610,292 as of 12/31/2025 and 130,950,360 as of 9/30/2026 QE 3Q26 BVPS ex AOCI of $51.37 ↑ $6.94, or ↑ 16%, over QE 4Q25 • $0.05 per share from 1x gain on F&G Life Re (Bermuda) sale • $1.90 per share from underlying business performance • $0.10 per share due to return of capital, including dividends and share repurchases • $4.89 per share due to mark-to- market movements which are unrealized and point in time, as well as actuarial reserve releases following the annual assumption review in 3Q26 $44.43 $44.48 $46.38 $46.48 $51.37 0.05 1.90 0.10 4.89 QE 4Q25 1x Item Post 1Q26 1x Item ANE & Other QE 3Q26 Before MTM & Return of Capital Return of Capital QE 3Q26 Before MTM MTM Movements QE 3Q26 F&G Equity ex. AOCI1 ($M) 6,042 7 6,049 248 6,297 (209) 6,088 641 6,729 Shares O/S2 (M) 136 (5) 131 131
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Capital Targets 21F&G Investor Update | Fall 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&A2 (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 2Reflects normal course prior to process to explore strategic alternatives for Peak Altitude Interest Expense
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Our Capitalization Supports Growth & Dividend 22F&G Investor Update | Fall 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 • YTD 3Q26 F&G returned $232M of capital to shareholders, through $112M of dividends (common & preferred) and $120M of share repurchase 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&A1 Expand value of Owned Distribution through additional investments in existing holdings or selectively adding new strategic partners 1Reflects normal course prior to process to explore strategic alternatives for Peak Altitude
SECTION 88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 23F&G Investor Update | Fall 2026 Investments
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color F&G’s Differentiated Investment Approach 24 We have clean governance with no conflict of interest • F&G’s CIO and CRO Offices set strategic asset allocation & risk limits • F&G’s Investment Committee reviews & approves all major decisions • F&G’s robust internal risk assessment process ensures suitability for our insurance company balance sheet • Blackstone is solely F&G’s asset management partner; it does not own nor is it involved in governance of the insurance company • Blackstone is responsible for idea generation and security selection • Investment strategy is driven by F&G’s liability profile & risk appetite F&G Blackstone Strategy & Risk Idea Generation & Security Selection Investment Portfolio Our Independent Governance Advantage Our partnership has delivered a high quality, well diversified asset portfolio that is well positioned for varying macro environments • 9 year strategic partnership since 2017 • Blackstone is not an affiliate of F&G • Blackstone owns 0% equity stake in F&G • F&G owns 0% equity stake in Blackstone • F&G’s credit exposure to Blackstone portfolio companies is modest, at only 2% of the retained portfolio1 • F&G has flexibility to add new asset managers to augment origination and through flow reinsurance Our Strategic Partnership with Blackstone 1As of 6/30/2026; semi-annual update frequency F&G Investor Update | Fall 2026
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 30% Core fixed income 24% Private origination 17% Public structured securities 14% Mortgage loans 8% Cash²/Other³ 7% Alts/equity Our High Quality & Well Diversified Portfolio1 25F&G Investor Update | Fall 2026 1GAAP Fair Values as of 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH), Alts LP NAV as of 6/30/2026 2Cash includes cash, cash equivalents and short-term investments 3Reflects owned distribution investments, other equity interests, derivatives and certain company owned life insurance (COLI) Portfolio conservatively positioned & well-matched to liability profile • Fixed income is 97% investment grade • Credit-related impairments averaging 6 bps over the last 5 years and below our pricing assumption YTD • Net floating rate exposure of $0.2B or ~0.4% 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 1.8% of the total portfolio • Alternative LPs comprise 5% of total portfolio, with less than 1% of Alternative LPs portfolio in office $53B 57% NAIC 1 25% NAIC 2 8% Cash²/Other³ 7% Alts/equity 2% NAIC 3 1% NAIC 4/5/6 $53B Investment Portfolio by Asset Class Investment Portfolio by NAIC Designation
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 40% CLOs 31% CMBS 17% RMBS 12% ABS 67% Residential 16% Multifamily 7% Industrial 4% Office 4% Retail 1% Student housing 1% Other² $9B Our Investment Portfolio Key Attributes1 Core Fixed Income 1GAAP Fair Values as of 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 2Other consists of data center, hotel, self storage and mixed-use properties Private Origination 30% Finance, insurance and real estate 23% Services, media and other 17% Utilities, energy and related sectors 16% Wholesale/retail trade 9% Government related 5% Manufacturing, construction and mining $16B $13B Public Structured Securities 26F&G Investor Update | Fall 2026 Mortgage Loans $8B Focus on investment grade public securities with strong adjusted returns Provides access to wide spectrum of collateral types for diversification Well diversified, high quality assets across CLOs, MBS and ABS Superior loss-adjusted performance vs. similar rated corporate credit 51% Corporate lending 17% Infrastructure 14% Real estate 8% Consumer lending 6% Other 4% Commercial financing
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Portfolio Spotlight: Private Origination 27F&G Investor Update | Fall 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 $13B, or 24%, 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 Note: GAAP Fair Values as of 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 1Middle market lending is a portion of corporate lending, within our private origination portfolio 24% 76% Private origination Non-private origination $53B Total Portfolio 51% Corporate lending 17% Infrastructure 14% Real estate 8% Consumer lending 6% Other 4% Commercial Private Origination $13B 90% 10% Investment grade Non-investment grade $6B Private Origination – Middle Market Lending1 $0.6B Private Origination – Middle Market Lending1 (Non-IG)
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color As of 6/30/2026 Ratings Data on Positions Held Collateral Characteristics Asset Type Amount Invested ($B) % Total Portfolio Investment Grade Below Investment Grade Upgrades Downgrades Credit Losses Subordination Nonaccruals First Lien LTV Ratio EBITDA ($M) Middle market lending 5.2 10% 89% 11% 0.3% 0% 0% 12% 1.0% 99% 42% 205 Corporate private placements 0.5 1% 92% 8% 0% 0% 0% NA 0.0% 100% 39% 1,115 BDC lending 0.3 <1% 100% 0% 10% 0% 0% 51% 0.7% 95% 42% 190 Private credit fund financing 0.3 <1% 100% 0% 13% 0% 0% 46% NA 96% 55% 200 Total Corporate Lending 6.3 12% 90% 10% 1% 0% 0% 15% 99% Private Origination – Corporate Lending1 28 At QE 2Q26, our private origination portfolio was comprised of $6B or 56% in corporate lending • Private origination corporate lending of $6B, or 12% of the total retained portfolio, includes middle market lending of $5.2B, or 10%, 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 | Fall 2026 Note: NA reflects not applicable 1As of 6/30/2026; semi-annual update frequency 56% Corporate lending 17% Infrastructure 13% Real estate 9% Consumer lending 3% Commercial 2% Other Private Origination (QE 2Q26) $12B Private Origination – Corporate Lending
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Private Origination – Ratings Perspective F&G Investor Update | Fall 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 95% of the rated assets in our total retained fixed income portfolio are rated by at least one of the top five rating agencies • 65% 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 19% of our total retained portfolio and undergo the same analytical rigor as public ratings 29
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 29% Whole business 15% Residential Solar 14% Student loans 9% Data centers 6% Structured settlements 6% Aviation 4% Life settlements 4% Regulatory receivables 2% Net asset value lending 1% Commercial mortgages 10% All other (< top 10) Portfolio Spotlight: Public Structured Securities 30 CMBS by Property TypeCLO Top 10 Industries ABS Top 10 Collateral Type Note: GAAP Fair Values as of 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 31% Multifamily 18% Office 17% Industrial 9% Hotel 6% Data center 5% Retail 5% Net lease 2% Mixed use 1% Self-storage 6% Other $3B F&G Investor Update | Fall 2026 $1B 13% Healthcare & pharmaceuticals 13% High tech 10% Banking, finance, insurance & real estate 9% Services: business 5% Hotels, gaming & leisure 5% Beverage, food & tobacco 4% Capital equipment 4% Construction & building 3% Chemicals, plastics & rubber 3% Services: consumer 31% Other (< top 10) $4B RMBS Top 10 Geographies 36% CA 11% FL 8% NY 6% TX 4% NJ 2% GA 2% WA 2% AZ 2% CO 2% PA 25% Other (< top 10) $1B
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 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 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 1Reflects the weighted average par subordination of the public CLO portfolio 7% 20% 32% 41% 0% AAA AA A BBB BB and Below Investment Grade Par Subordination 42% 27% 20% 12% 0% Credit Quality 100% investment grade Structural Protection 19% par subordination1 Capital Efficiency 1.4 Average NAIC rating Market Value $4B CLO exposure F&G Investor Update | Fall 2026
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Our CLO Portfolio Characteristics 32 Portfolio focused on high quality CLO securities backed by highly diversified pool of loans IndustriesCompaniesCLO Managers 89 CLO managers 2,272 Companies 33 Industries 7% 4% 4% 4% 3% 3% 3% 3% 3% 3% 63% 0% 20% 40% 60% 80% 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% 0.4% 0.4% 0.3% 0.3% 96.0% 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% 13% 13% 10% 9% 5% 5% 4% 4% 3% 3% 31% 0% 5% 10% 15% 20% Industry 1 Industry 2 Industry 3 Industry 4 Industry 5 Industry 6 Industry 7 Industry 8 Industry 9 Industry 10 Other 40% F&G Investor Update | Fall 2026
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 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 September 30, 2026. Source: US J.P. Morgan as of September 30, 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 2001-2026 for the long-term average time period. Average recovery rate is representative of first-lien loans as of September 30, 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 | Fall 2026
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 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 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 1Reflects real estate debt held in Public Structured, Private Origination and Mortgage Loans categories on page 27 and 28 38% RML 21% CMBS 17% CML 13% Private origination 11% RMBS $14B Duration 3.6 years Quality 1.3 Average NAIC rating Market Value $14B Real estate portfolio Weighted Average Life 6.0 years F&G Investor Update | Fall 2026
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Portfolio Spotlight: CMBS & RMBS 35 Note: GAAP Fair Values as of 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) By Asset Type By Property Type By NAIC Rating F&G Investor Update | Fall 2026 40% SASB 32% RMBS 11% CRE CLOs 9% Conduit (below A) 4% Conduit (A or above) 4% Agency $4B 57% Multifamily 13% Office 12% Industrial 6% Hotel 4% Retail 4% Data center 4% Net lease $4B 83% NAIC 1 11% NAIC 2 3% NAIC 3 3% NAIC 4/5/6 $4B
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 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 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 1BAML Conduit Data as of 9/30/2026 31% 5% 16% 22% Multifamily Retail F&G Post-Crisis Conduit CMBS Credit Quality 86% Investment grade (NRSRO) Quality 1.4 Average NAIC rating Market Value $3B CMBS portfolio Weighted Average Life 2.8 years F&G Investor Update | Fall 2026
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 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% • 336 holdings, with average loan size of $9M • <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 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) ¹Other consists of data center, hotel, self storage and mixed use properties 47% LTV 60% to 70% 36% LTV 50% to 60% 16% LTV < 50% 1% LTV > 70% $2B $2B 49% Multifamily 20% Industrial 13% Office 12% Retail 3% Student housing 3% Other¹ F&G Investor Update | Fall 2026 21% CA 15% FL 6% TX 4% NJ 4% GA 4% NY 4% MD 42% Other $2B
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Spotlight: Alternative Investments Portfolio F&G Investor Update | Fall 2026 • Our alternative investments portfolio is highly diversified across 150 underlying funds • Our portfolio composition has evolved over time toward higher returning private equity strategies vs. private credit, which may support higher long-term potential returns than in prior periods • Alternative LPs funds historically generate a meaningful portion of their value creation during later stages of the fund life cycle • Nearly 85% of our Alternative LPs portfolio is ‘Early to Mid’ stage, providing potential for higher returns as the portfolio matures consistent with historical performance patterns • Since inception, our Alternative LPs portfolio has generated distributions to paid-in capital (DPI) of 0.60x, reflecting return of over 60% of the capital invested Note: GAAP Fair Values as of 9/30/2026 (net of funds withheld investments on US GAAP basis, that exclude Kubera FWH) 1Benchmark data for private equity funds sourced from Cambridge Associates for vintages from 1993 through 2011; vintages after 2011 were excluded as those funds have not yet completed a typical 15-year lifecycle Alternative LPs & Other Equity Interests – By Sector 56% LP private equity 11% LP real assets 3% LP credit 30% Other equity interests $4B Alternative LPs – By Vintage 73% Mid stage (6-10 years) 15% Late stage (11-15 years) 12% Early stage (< 5 years) $3B LP Private Equity Fund Life Cycle Historical Returns1 First 5 years (early stage) ~6% First 10 years (early + mid stage) ~10% First 15 years (lifetime) ~15% 38
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color 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 | Fall 2026
APPENDIX 88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Appendix – Finance F&G Investor Update | Fall 2026 40
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color • 2026 – Affirmed A3 with negative outlook • 2024 – Upgraded long- term issuer rating • 2023 – Upgraded to ‘A3’ • 2020 – Upgraded to ‘Baa1’ 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 • Our rating outlook is Stable by all rating agencies, except Moody’s which changed outlook in October 2026 • Moody’s outlook considers their view of FNF’s reduced ownership stake in F&G at year-end 2025 and evolution of F&G’s standalone profile (with &/or without one notch of support from parent FNF) • Regardless of our current ratings, we continue to manage the business to an ‘A’ level F&G’s Recent Ratings History 41 Note: Reflects financial strength rating of primary operating subsidiaries 1No notching reflected for FNF parent by Fitch and AM Best A3 A- A FG standalone credit quality1 FG standalone credit quality1 F&G Investor Update | Fall 2026 • 2020 – Upgraded to ‘A-’ • 2022 – Affirmed ‘A-’ as standalone rating • 2020 – Upgraded to ‘A-’ • 2024 – Upgraded to ‘A’ A-
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Measure Reconciliations 42F&G Investor Update | Fall 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 ($M) Year ended Three months ended Nine months ended 2024 2025 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 3Q26 Net earnings (loss) $622 $248 $114 $124 $244 ($81) $736 $124 $899 Recognized (gains) losses, net 27 180 68 4 (163) 190 (176) 176 (149) Market related liability adjustments (214) 28 (37) (22) (37) (10) (652) 50 (699) Purchase price amortization 84 80 29 18 15 15 13 62 43 Transaction costs, other and non-recurring items 16 16 6 1 5 14 (2) 15 17 Non-controlling interest (10) (9) (2) (3) (2) (2) (1) (6) (5) Deferred tax asset valuation allowance - - - - - 2 7 - 9 Income taxes adjustment 21 (61) (13) 1 48 (43) 171 (62) 176 Adjusted net earnings (ANE) $546 $482 $165 $123 $110 $85 $96 $359 $291 Adjusted return on assets (ROA)1 1.06% 0.87% 0.87% 0.87% 0.76% 0.68% 0.69% 0.87% 0.69% Adjusted return on equity (ROE)1 10.3% 8.2% 8.8% 8.2% 8.4% 8.0% 6.7% 8.8% 6.7% Other Considerations Investment income from alternative investments (above) below long-term return expectations 145 216 53 51 44 49 60 165 153 Significant (income) expense items 10 (30) (14) - 5 - - (30) 5 Impact of other considerations to Adj. ROA1 0.30% 0.34% 0.33% 0.34% 0.34% 0.35% 0.37% 0.33% 0.37% Impact of other considerations to Adj. ROE1 2.9% 3.2% 2.8% 3.2% 3.4% 3.1% 3.4% 2.8% 3.4%
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color ANE – Significant Items1 43F&G Investor Update | Fall 2026 1Management’s current long-term expected return is approximately 12% ($ in millions) Three months ended September 30, 2026 Adjusted net earnings of $96 million for the three months ended September 30, 2026. Investment income from alternative investments was $60 million below management's long- term expected return. June 30, 2026 Adjusted net earnings of $85 million for the three months ended June 30, 2026. Investment income from alternative investments was $49 million below management's long-term expected return. 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 management's long-term expected return. 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 management's long- term expected return. 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 management's long-term expected return. Nine months ended September 30, 2026 Adjusted net earnings of $291 million for the nine months ended September 30, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $153 million below management's long-term expected return. September 30, 2025 Adjusted net earnings of $359 million for the nine months ended September 30, 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 $165 million below management's long-term expected return.
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures and Definitions 44F&G Investor Update | Fall 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, non-recurring 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 actuarial assumption updates and other refinements on the change in fair value of embedded derivatives and market risk benefits; 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;
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures and Definitions 45F&G Investor Update | Fall 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 items 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; (vii) Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances; 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.
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures and Definitions 46F&G Investor Update | Fall 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.
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures and Definitions 47F&G Investor Update | Fall 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.
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures and Definitions 48F&G Investor Update | Fall 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.
88 / 44 / 131 254 / 193 / 13 0 / 60 / 113132 / 189 / 0 255 / 152 / 0 130 / 70 / 175 87 / 88 / 90 Primary colors Secondary colors Default text color Non-GAAP Financial Measures and Definitions 49F&G Investor Update | Fall 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.