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Data-driven stock valuation

F&G Annuities & Life Inc. (FG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of F&G Annuities & Life Inc. stock $26.31, price $23.38, upside +12.5%, quality 43 out of 100. Rating: undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

FG F&G Annuities & Life Inc. logo Broad data Nov 8, 2026

F&G Annuities & Life Inc.

FG · US
Speculative

The stock costs 11% less than our calculation considers fair.

Fair value $26.31 · Undervalued (11%)
4.3% dividend yield · Sustainable
Positive coverage
Broad data
Costs just 7.7 times its yearly profit.
Quality 43/100
Mixed Growth (revenue YoY +5.7 %/yr in USD)
Thin margins · 6.9% net margin (TTM)
Mixed vs. peers (6/13)
Narrow moat 32/100 · thin data

Risks from the AI analysis

🚩Alternative investment income below assumptions
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$45.85 $13.53 Fair Value $26.31 Nov 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

47‑month range $13.53 – $45.85 · fair‑value band $19.73 – $29.42 · the $23.38 price screens below the $26.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.

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Company profile

F&G Annuities & Life, Inc., together with its subsidiaries, provides annuity and life insurance products in the United States.

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It offers fixed indexed annuities registered index-linked annuities, pension risk transfer and indexed universal life, and multi-year guarantee annuities; immediate annuities; indexed universal life insurance; pension risk transfer solutions; and institutional funding agreements.

The company distributes its products through independent agents, banks, and broker-dealers to retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa.

F&G Annuities & Life, Inc. operates as a subsidiary of Fidelity National Financial, Inc.

Stock analysis

F&G Annuities & Life Inc. (FG) currently trades at $23.38, while our model-based Fair Value estimate is $26.31, implying the stock looks roughly 11% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of $27.84 per share, and 2 of the 4 models we run sit above the $23.38 price.

Bear case: the Dividend Discount group reads lowest at $15.16, and 2 of the 4 models stay below the price. Data coverage for this calculation is high.

Scenario range: $19.73 (bear) to $29.42 (bull), the price of $23.38 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

F&G Annuities & Life Inc. reported revenue of $5.7B in FY2025 versus $3.4B in FY2021, a compound +14.1%/yr. Reported net income was $265M in FY2025, compounding −32.0%/yr from FY2021.

Key figures

Market cap $3.0B Mid · P/E ratio 7.7 · P/S ratio 0.50 · EPS (TTM) $3.03 · Dividend yield 4.3% · Net margin 6.9% · Return on equity 9.2% · Return on assets (EBIT) 1.2% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 30% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 13%, FG screens cheaper than that median.

Fair Value models

Bear $19.73 Fair Value $26.31 Bull $29.42
Price $23.38 · Upside +12.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.74 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $27.51 $27.84 $29.42 76
Gordon GGM $8.55 $16.00 $22.80 67
DDM Multi-Stage $8.55 $14.32 $17.02 67
All 4 models by family
Dividend Discount
Gordon GGM $8.55 $16.00 $22.80 67
DDM Multi-Stage $8.55 $14.32 $17.02 67
Multiples
P/E Multiple $19.73 $26.31 $32.89 63
Economic Profit
Residual Income $27.51 $27.84 $29.42 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 43/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 17
How much profit the company makes from its sales and capital
Quality Growth 37
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 5
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 41
How calm the share price moves, does not count
Price momentum 17
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 21
Distance to the 52-week high, does not count
New shares 81
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

  • BuyChristopher O BluntChief Executive Officer, Director3× since Nov 19, 2025: 20,000 shares, avg. $25.36$507,100Mar 13, 2026
  • BuyCelina J. Wang DokaDirector4,760 shares at $20.98$99,865Mar 13, 2026
  • Plan buyConor MurphyCEO and President231 shares at $21.68$5,015Sep 30, 2026

Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−35.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−39.5%
Dividend (yield on the price)4.3%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 6%

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Recent news

News mood ⓘNews mood, the average tone of recent news (93 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.
Note from the team Oct 11, 2026
AI conclusion: Growth in the annuity and life insurance book via strong retail sales and rising assets under management contrasts with low returns on equity and assets plus thin evidence of durable advantages.
Main risk: Shortfalls in alternative investment income risk pressuring earnings if core product spreads and sales momentum cannot absorb them.
F&G has grown its annuity and life insurance book with strong retail sales and rising assets under management. A recent filing however shows third-quarter alternative investment income running well below the long-term return assumption that underpins earnings. Will the core product spreads and sales momentum absorb these investment shortfalls or will they pressure results into year-end?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Life · 77 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside +12.5% · Above median
Profitability
Return on equity (12 months) 9.2% · Below median
Return on assets 0.3% · Bottom 25%
Net margin (12 months) 6.9% · Below median
Operating margin (12 months) −3.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 4.2% · Below median
Dividend yield (12 months) 4.3% · Above median
Balance sheet
Debt / equity 0.47× · Above median

Valuation Multiplesvs Insurance - Life median · lower = cheaper

P/E (12 months) 7.7× · Cheaper than median
P/B 0.63× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 0.50× · Cheapest 25%
Price / free cash flow (fiscal year) 0.7× · Cheapest 25%
EV/EBITDA 4.9× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)50 · sector 7
FUTURE (revenue growth)21 · sector 37
PAST (return on equity)37 · sector 48
HEALTH (low debt)–
DIVIDEND (yield)86 · sector 55

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Ping An Insurance (Group) Company 601318 ¥54.50 ¥66.91 +23% vs FG
China Life Insurance Company 601628 ¥35.51 ¥40.47 +14% vs FG
Life Insurance Corporation LICI ₹394.00 ₹299.42 −24% vs FG
Cathay Financial Holding 2882 106.00 TWD 71.53 TWD −33% vs FG
Manulife Financial Corporation MFC $43.24 $26.70 −38% vs FG
Fubon Financial Holding 2881 155.50 TWD 86.48 TWD −44% vs FG
Aflac Incorporated AFL $124.06 $67.30 −46% vs FG
AIA Group 1299 HK$78.45 HK$41.63 −47% vs FG
MetLife, Inc MET $98.27 $48.73 −50% vs FG
Great-West Lifeco Inc GWO C$90.17 C$41.90 −54% vs FG

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F&G Annuities & Life Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "F&G Annuities & Life Inc. Fair Value". https://www.fairvalue-calculator.com/stock/FG

Frequently asked questions

Is F&G Annuities & Life Inc. (FG) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $26.31 versus a price of $23.38, about +13% upside (undervalued).
What is the fair value of FG?
Our model-based fair value for F&G Annuities & Life Inc. is $26.31 (as of Nov 8, 2026), built from audited fundamentals. The current price: $23.38.
What is the quality score of FG?
F&G Annuities & Life Inc. has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for F&G Annuities & Life Inc. (FG)?
Our model-based price target is the fair value of $26.31 (as of Nov 8, 2026) from 4 valuation models. Cautious scenario $19.73, optimistic scenario $29.42. It is a calculation from audited fundamentals, not an analyst target.
What is the F&G Annuities & Life Inc. stock forecast for 2026?
Our models put fair value at $26.31, about +13% upside versus a price of $23.38 (undervalued). Cautious scenario $19.73, optimistic scenario $29.42. The calculation is refreshed regularly with new filings.
What is the revenue of F&G Annuities & Life Inc. (FG)?
F&G Annuities & Life Inc. reported trailing-twelve-month revenue of about $6.1B (latest available figure, as of Nov 8, 2026).
Does F&G Annuities & Life Inc. pay a dividend?
F&G Annuities & Life Inc. currently shows a dividend yield of 4.28% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of F&G Annuities & Life Inc. (FG) and when is the ex-dividend date?
F&G Annuities & Life Inc. pays a dividend of $1.00 per share a year, a dividend yield of 4.3%. The last ex-dividend date was Sep 16, 2026. The payout ratio is 72.1% of earnings (on adjusted earnings, reported 33.0%). Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of F&G Annuities & Life Inc. (FG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For F&G Annuities & Life Inc. it is $26.31 per share (as of Nov 8, 2026), against a price of $23.38. It is the blended result of 4 valuation models in 3 families (Dividend Discount, Multiples, Economic Profit).
Is F&G Annuities & Life Inc. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, FG trades below its calculated fair value: price $23.38, fair value $26.31, a gap of about +13% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FG?
No. The price is what the market pays today ($23.38); the fair value is what the company's own numbers justify ($26.31). For F&G Annuities & Life Inc. the two are $2.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is F&G Annuities & Life Inc. worth?
The market values F&G Annuities & Life Inc. at about $3.0B (market capitalisation, as of Nov 8, 2026). Per share that is $23.38; our models calculate a fair value of $26.31 per share.
What do the bullish and bearish scenarios say about FG?
Our models span a range for F&G Annuities & Life Inc.: cautious scenario $19.73, base $26.31, optimistic $29.42 per share (as of Nov 8, 2026, price $23.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FG?
F&G Annuities & Life Inc. trades at a price-to-earnings ratio of 7.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $26.31 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 25.4 (reported for FY2025: 11.6). Other multiples: P/B 0.6, P/S 0.5, EV/EBITDA 4.9.
How solid is the balance sheet of F&G Annuities & Life Inc. (FG)?
Balance-sheet figures for F&G Annuities & Life Inc. (as of Nov 8, 2026): return on equity 9.2%, debt of 0.47 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is FG from its 52-week high?
F&G Annuities & Life Inc. trades at $23.38, about 30% below its 52-week high of $33.63 and 24% above the low of $18.90 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $26.31 is for.
Which stocks are comparable to F&G Annuities & Life Inc.?
From the same area (Financial Services) we also value Ping An Insurance (Group) Company, China Life Insurance Company, AIA Group, Manulife Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is F&G Annuities & Life Inc. stock attractive at the current price?
The data as of Nov 8, 2026: price $23.38, calculated fair value $26.31 (+13%), Quality Score 43/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FG calculated?
We run F&G Annuities & Life Inc. through 4 models from 3 families: Dividend Discount, Multiples, Economic Profit. Every model gets the same audited fundamentals; the fair value of $26.31 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. F&G Annuities & Life Inc. currently trades 11% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of F&G Annuities & Life Inc. (FG)?
The closing price on Nov 6, 2026 was $23.38. Our model-based fair value is $26.31, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with F&G Annuities & Life Inc. right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.

Key figures of F&G Annuities & Life Inc.

How large is the market capitalisation of F&G Annuities & Life Inc. (FG)?
The market capitalisation of F&G Annuities & Life Inc. is $3.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of F&G Annuities & Life Inc. (FG)?
The price-to-sales ratio of F&G Annuities & Life Inc. is 0.50 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of F&G Annuities & Life Inc. (FG)?
Earnings per share at F&G Annuities & Life Inc. are $3.03 (price ÷ EPS = P/E 7.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of F&G Annuities & Life Inc. (FG)?
The dividend yield of F&G Annuities & Life Inc. is 4.3% (payout 72.1%, on adjusted earnings, reported 33.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of F&G Annuities & Life Inc. (FG)?
The net margin of F&G Annuities & Life Inc. is 6.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of F&G Annuities & Life Inc. (FG)?
The return on equity (ROE) of F&G Annuities & Life Inc. is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of F&G Annuities & Life Inc. (FG)?
On an EBIT basis the return on assets of F&G Annuities & Life Inc. is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of F&G Annuities & Life Inc. (FG)?
The operating margin of F&G Annuities & Life Inc. is −3.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at F&G Annuities & Life Inc. (FG)?
Revenue at F&G Annuities & Life Inc. is growing +4.2% versus a year earlier (3y avg +36.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at F&G Annuities & Life Inc. (FG)?
Earnings per share at F&G Annuities & Life Inc. are growing −64.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does F&G Annuities & Life Inc. (FG) generate?
The free cash flow of F&G Annuities & Life Inc. is $4.7B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does F&G Annuities & Life Inc. (FG) carry?
The net debt of F&G Annuities & Life Inc. is $751M (fiscal year 2025, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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