0001934850false00019348502023-06-302023-06-3000019348502023-04-202023-04-20

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 7, 2023
F&G Annuities & Life, Inc. 
(Exact Name of Registrant as Specified in its Charter)
001-41490
(Commission File Number)
Delaware85-2487422
(State or Other Jurisdiction of 
Incorporation)		(IRS Employer Identification Number)
801 Grand Avenue, Suite 2600
Des Moines, Iowa 50309
(Addresses of Principal Executive Offices)
(515) 330-3340
(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 ClassTrading SymbolName of Each Exchange on Which Registered
F&G Common Stock, $0.001 par valueFGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐



Item 2.02 Results of Operations and Financial Condition
On November 7, 2023, F&G Annuities & Life, Inc. (the “Company”, “F&G”) issued an earnings release announcing its financial results for the third quarter ended September 30, 2023. A copy of the F&G earnings release is attached 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 7, 2023, the Company made available to investors a supplemental presentation for the third quarter ended September 30, 2023. A copy of the F&G investor presentation is attached 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 No.Description
99.1
99.2
99.3
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURES
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 7, 2023
By:/s/ Jodi Ahlman
Name: Jodi Ahlman
Title: General Counsel & Secretary


F&G Annuities & Life Reports Third Quarter 2023 Results Des Moines, Iowa – (November 7, 2023) – 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, 2023. Net earnings for the third quarter of $306 million, or $2.45 per diluted share (per share), compared to net earnings of $187 million, or $1.50 per share, for the third quarter 2022. Net earnings for the third quarter of 2023 include $191 million of net favorable mark-to-market effects and $5 million of other unfavorable items; all of which are excluded from adjusted net earnings. Adjusted net earnings for the third quarter of $120 million, or $0.96 per share, compared to adjusted net loss for the third quarter 2022 of $12 million, or $0.10 per share. Adjusted net earnings (loss) include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations. As compared to the prior year, adjusted net earnings reflect asset growth, product margin expansion and earnings from accretive flow reinsurance. In addition, the third quarter of 2023 includes short term investment income from alternative investments, whereas the third quarter of 2022 included short term investment losses from alternative investments. Please see “Earnings Results” and “Non-GAAP Measures and Other Information” for further explanation. Third Quarter Highlights • Steady Sales: Gross sales of $2.8 billion and net sales of $2.3 billion for the third quarter, as compared to $2.9 billion and $2.2 billion, respectively, in the third quarter of 2022. Reflects lower retail channel sales offset by higher institutional market sales. In addition, F&G has increased flow reinsurance to 90% of MYGA sales in September of 2023 • Record assets under management: Ending assets under management (AUM) were $47.4 billion as of September 30, 2023, an increase of 13% from $42.0 billion in the third quarter 2022, driven by new business flows, stable inforce retention and net debt proceeds over the past twelve months. AUM before flow reinsurance was $52.9 billion as of September 30, 2023. The investment portfolio is performing well, as expected, with minimal credit-related impairments in the third quarter • Return of capital to shareholders: During the third quarter, F&G returned approximately $27 million of capital to shareholders, including $25 million of common stock dividends and $2 million from share repurchases Chris Blunt, President and Chief Executive Officer, said, “We delivered strong third quarter results highlighted by record assets under management and sequential growth in adjusted net earnings, adjusted return on assets and adjusted return on equity excluding AOCI, all excluding significant items, while driving a 6% increase in our book value per share excluding AOCI to $43.30. Our results demonstrate the momentum in our business and we remain on track to deliver full year gross sales of $12 to $13 billion, having achieved total gross sales of $9.1 billion thus far in 2023.” Mr. Blunt continued, “Our client focus can be seen in our #1 ranking by J.D. Power for highest customer satisfaction among annuity providers in their 2023 U.S. Individual Annuity Study. Our top ranking reflects our team’s commitment to delivering best-in-class service to our policyholders, agents and advisors.”

 
Summary Financial Results1 (In millions, except per share data) Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 2023 2022 Total gross sales $ 2,781 $ 2,873 $ 9,070 $ 8,535 Net sales $ 2,268 $ 2,213 $ 6,689 $ 7,095 Assets under management (AUM) $ 47,437 $ 41,988 $ 47,437 $ 41,988 Average assets under management (AAUM) YTD $ 45,541 $ 39,246 $ 45,541 $ 39,246 AUM before flow reinsurance $ 52,910 $ 44,017 $ 52,910 $ 44,017 Adjusted return on assets 0.76 % 0.76 % 0.76 % 0.76 % Net earnings (loss) $ 306 $ 187 $ 241 $ 811 Net earnings (loss) per diluted share $ 2.45 $ 1.50 $ 1.93 $ 7.24 Adjusted net earnings (loss) $ 120 $ (12) $ 260 $ 223 Adjusted net earnings (loss) per diluted share $ 0.96 $ (0.10) $ 2.08 $ 1.99 Weighted average diluted shares 125 125 125 112 Common shares outstanding 125 125 125 125 Book value per share $ 18.98 $ 19.14 $ 18.98 $ 19.14 Book value per share excluding AOCI $ 43.30 $ 43.37 $ 43.30 $ 43.37 Sales Results Total gross sales were $2.8 billion in the third quarter, a decrease of 3% from $2.9 billion in the third quarter 2022, driven by lower retail channel sales offset by higher institutional market sales, which we expect to be lumpier and more opportunistic than our retail channels. Profitable retail channel sales were $1.9 billion for the third quarter, a 17% decrease from $2.3 billion in the third quarter of 2022. Coming off record sales in the first half of the year, retail sales were intentionally lower in the third quarter as we finalized our reinsurance agreements and enhanced product features to position us to finish strong in 2023 and create momentum for 2024. Institutional market sales were $0.9 billion in the third quarter, comprised of $0.5 billion pension risk transfer and $0.4 billion funding agreements, compared to $0.6 billion in the third quarter of 2022, comprised solely of pension risk transfer. Net sales retained were $2.3 billion in the third quarter, compared to $2.2 billion in third quarter 2022. In addition, F&G has increased flow reinsurance to 90 percent of MYGA sales in September of 2023. As a reminder, F&G utilizes flow reinsurance which provides a lower capital requirement on ceded new business, while allocating capital to the highest returning retained business. This enhances cash flow, provides fee-based earnings and is accretive to F&G’s returns. Assets under management (AUM) were $47.4 billion as of September 30, 2023, an increase of 13% from $42.0 billion as of September 30, 2022, driven by net new business flows, stable inforce retention and net debt proceeds over the past twelve months. AUM before flow reinsurance was $52.9 billion as of September 30, 2023. A rollforward of AUM can be found in the Non-GAAP Measures section of this release. 1See definition of non-GAAP measures below

 
Earnings Results Adjusted net earnings for the third quarter of $120 million, or $0.96 per share, compared to adjusted net loss for the third quarter 2022 of $12 million, or $0.10 per share. The increase was primarily due to higher alternative investment income. Adjusted net earnings (loss) include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations. • Adjusted net earnings for the third quarter of 2023 included $114 million, or $0.91 per share, of investment income from alternative investments. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $142 million, or $1.13 per share. • Adjusted net loss for the third quarter of 2022 included $11 million, or $0.09 per share, of investment loss from alternative investments and $11 million, or $0.09 per share, of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million, or $0.85 per share. As compared to the prior year, adjusted net earnings reflect asset growth, product margin expansion and earnings from accretive flow reinsurance. In addition, the third quarter of 2023 includes short term investment income from alternative investments, whereas the third quarter of 2022 included short term investment losses from alternative investments. Capital and Liquidity Highlights GAAP book value excluding AOCI was $5.4 billion or $43.30 per share, based on 125 million common shares outstanding as of September 30, 2023. This reflects an increase of $2.60 or 6% during the quarter, including $0.97 increase in adjusted net earnings, $0.22 decrease from capital deployment actions and $1.85 per share net increase for mark-to-market movements and other during the quarter. Book value per share excluding AOCI as of June 30, 2023 $ 40.70 Adjusted net earnings 0.97 Book value per share excluding AOCI, before capital actions & mark-to-market $ 41.67 Return of capital to shareholders (dividend and share repurchases) (0.22) Book value per share excluding AOCI, before mark-to-market $ 41.45 Mark-to-market movement and other 1.85 Book value per share excluding AOCI as of September 30, 2023 $ 43.30 The debt-to-capitalization ratio, excluding AOCI, was 22% as of September 30, 2023, below our long-term target of 25%. F&G repurchased approximately 82,000 shares for $1.9 million, at an average price of $23.77 per share, in the third quarter. Capacity remaining under the existing share repurchase authorization was $6.7 million at September 30, 2023. F&G paid a quarterly dividend of $0.20 per common share during the third quarter of 2023. Conference Call We will host a call with investors and analysts to discuss F&G’s third quarter 2023 results on Wednesday, November 8, 2023, beginning at 9:00 a.m. Eastern Time. A live webcast of the conference call will be available on the F&G Investor Relations website at fglife.com. The conference call replay will be available via webcast through the F&G Investor Relations website at fglife.com. The telephone replay will be available from 1:00 p.m. Eastern Time on November 8, 2023, through November 22, 2023, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13735025. 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 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; 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) September 30, 2023 December 31, 2022 Assets: Investments: Fixed maturity securities available for sale, at fair value, (amortized cost of $41,884), net of allowance for credit losses of $38 at September 30, 2023 $ 36,871 $ 31,218 Preferred securities, at fair value 605 722 Equity securities, at fair value 116 101 Derivative investments 420 244 Mortgage loans, net of allowance for credit losses of $64 at September 30, 2023 5,174 4,554 Investments in unconsolidated affiliates (certain investments at fair value of $272 at September 30, 2023) 2,920 2,455 Other long-term investments 594 537 Short-term investments 168 1,556 Total investments $ 46,868 $ 41,387 Cash and cash equivalents 1,742 960 Reinsurance recoverable, net of allowance for credit losses of $10 at September 30, 2023 7,462 5,417 Goodwill 1,749 1,749 Prepaid expenses and other assets 1,076 941 Other intangible assets, net 4,005 3,429 Market risk benefits asset 118 117 Income taxes receivable 27 28 Deferred tax asset, net 576 600 Total assets $ 63,623 $ 54,628 Liabilities and Equity: Contractholder funds $ 46,011 $ 40,843 Future policy benefits 5,823 5,021 Market risk benefits liability 278 282 Accounts payable and accrued liabilities 1,452 1,260 Notes payable 1,569 1,114 Funds withheld for reinsurance liabilities 6,118 3,703 Total liabilities $ 61,251 $ 52,223 Equity: F&G common stock $0.001 par value; authorized 500,000,000 shares as of September 30, 2023; outstanding and issued shares of 125,496,745 and 126,374,176 as of September 30, 2023, respectively — — Additional paid-in-capital 3,178 3,162 Retained earnings 2,252 2,061 Accumulated other comprehensive (loss) income ("AOCI") (3,040) (2,818) Treasury stock, at cost (877,431 shares as of September 30, 2023) (18) — Total equity $ 2,372 $ 2,405 Total liabilities and equity $ 63,623 $ 54,628

 
F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS THIRD QUARTER AND YTD INFORMATION (In millions, except per share data) (Unaudited) Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Revenues: Life insurance premiums and other fees $ 582 $ 702 $ 1,523 $ 1,369 Interest and investment income 578 340 1,622 1,216 Recognized gains and (losses), net (309) (140) (257) (863) Total revenues 851 902 2,888 1,722 Benefits and expenses: Benefits and other changes in policy reserves 292 570 1,921 396 Market risk benefit (gains) losses (49) (68) (20) (187) Other operating expenses 38 28 107 77 Depreciation and amortization 108 82 302 238 Personnel costs 58 46 167 110 Interest expense 24 6 71 23 Total benefits and expenses 471 664 2,548 657 Earnings (loss) before income taxes 380 238 340 1,065 Income tax expense (benefit) 74 51 99 254 Net earnings (loss) $ 306 $ 187 $ 241 $ 811 Net earnings (loss) per common share: Basic $ 2.47 $ 1.50 $ 1.94 $ 7.24 Diluted $ 2.45 $ 1.50 $ 1.93 $ 7.24 Weighted average common shares used in computing net earnings (loss) per common share: Basic 124 125 124 112 Diluted 125 125 125 112

 
Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Net earnings (loss) $ 306 $ 187 $ 241 $ 811 Non-GAAP adjustments(1): Recognized (gains) losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets 14 70 89 336 Change in allowance for expected credit losses 5 6 33 13 Change in fair value of reinsurance related embedded derivatives (36) (94) (34) (357) Change in fair value of other derivatives and embedded derivatives 13 (7) 12 (11) Recognized (gains) losses, net (4) (25) 100 (19) Market related liability adjustments (237) (237) (95) (751) Purchase price amortization 5 5 16 16 Transaction costs and other non-recurring items 1 4 3 8 Income taxes on non-GAAP adjustments 49 54 (5) 158 Adjusted net earnings (loss)(1) $ 120 $ (12) $ 260 $ 223 1See definition of non-GAAP measures below • Adjusted net earnings of $120 million, or $0.96 per share, for the third quarter of 2023 included $114 million, or $0.91 per share, of investment income from alternative investments. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $142 million, or $1.13 per share. • Adjusted net loss of $12 million, or $0.10 per share, for the third quarter of 2022 included $11 million, or $0.09 per share, of investment loss from alternative investments and $11 million, or $0.09 per share, of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million, or $0.85 per share. • Adjusted net earnings of $260 million, or $2.08 per share, for the nine months ended September 30, 2023 included $295 million, or $2.36 per share, of investment income from alternative investments and $5 million, or $0.04 per share, of bond prepay income, partially offset by $37 million, or $0.30 per share, tax valuation allowance expense. Alternative investments investment income based on management’s long- term expected return of approximately 10% was $411 million, or $3.29 per share. • Adjusted net earnings of $223 million, or $1.99 per share, for the nine months ended September 30, 2022 included $161 million, or $1.44 per share, of investment income from alternative investments, $66 million, or $0.59 per share, gain from actuarial assumption updates, $24 million, or $0.21 per share, income of CLO redemption gains and other investment income, partially offset by $38 million, or $0.34 per share, tax valuation allowance expense and $11 million, or $0.10 per share, of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $306 million, or $2.73 per share.

 
RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI As of September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Total Equity 2,372 2,518 2,485 2,405 Less: AOCI (3,040) (2,610) (2,548) (2,818) Total Equity excluding AOCI(1) $ 5,412 $ 5,128 $ 5,033 $ 5,223 Common shares outstanding 125 126 126 126 Book value per common share $ 18.98 $ 19.98 $ 19.72 $ 19.09 Book value per common share, excluding AOCI $ 43.30 $ 40.70 $ 39.94 $ 41.45 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE FLOW REINSURANCE Three months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 AUM at beginning of period (a) $ 46,260 $ 45,422 $ 43,568 $ 41,988 Net new business asset flows 1,707 1,925 2,387 1,868 Net flow reinsurance to third parties (530) (1,087) (992) (835) Debt issuance (repayment) proceeds, net — — 459 547 AUM at end of period(1) $ 47,437 $ 46,260 $ 45,422 $ 43,568 AAUM(1) - YTD $ 45,541 $ 44,948 $ 44,393 $ 40,069 AUM before flow reinsurance(1) $ 52,910 $ 51,203 $ 49,278 $ 46,432 SALES HIGHLIGHTS Three months ended Nine months ended (In millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Total annuity sales $ 1,858 $ 2,217 $ 6,870 $ 5,853 Indexed universal life sales 38 36 117 92 Funding agreements (FABN/FHLB) 415 — 871 1,443 Pension risk transfer 470 620 1,212 1,147 Gross sales(1) $ 2,781 $ 2,873 $ 9,070 $ 8,535 Sales attributable to flow reinsurance to third parties (513) (660) (2,381) (1,440) Net Sales(1) $ 2,268 $ 2,213 $ 6,689 $ 7,095 1See definition of non-GAAP measures below

 
DEFINITIONS The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) to eliminate: (i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; and (vi) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. 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 per Diluted Share Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the 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 Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, 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 Equity excluding AOCI Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity 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 (loss).

 
Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance qualifying for risk transfer in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates 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 Flow Reinsurance AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow 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 Share excluding AOCI Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) 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 Equity excluding AOCI Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity 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 and the total aggregate principal amount of debt and 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 to help assess the capital position of the Company.

 
Total Debt-to-Capitalization excluding AOCI Debt-to-capital ratio excluding AOCI 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.

 
Exhibit 99.2 F&G Annuities & Life, Inc. ("F&G" or "the Company") (NYSE: FG) Financial Supplement September 30, 2023 (Year Ended December 31) 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. We adopted Accounting Standards Update ("ASU") 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12") using the full retrospective transition method effective January 1, 2023, with a transition date of January 1, 2021. The 2022 financial information contained herein has been adjusted for our full retrospective adoption of this update. All dollar amounts are presented in millions except for per share amounts. Non-GAAP Financial 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. 1

 
Page A. Financial Highlights Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Adjusted Net Earnings (Loss) Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Adjusted Net Earnings (Loss) - Significant Income and Expense Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted Return on Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Assets Under Management Rollforward and Average Assets Under Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Interest and Investment Income and Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Reconciliation of Return on Equity (ROE) to Adjusted ROE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Ratings Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 B. Product Summary GAAP Net Reserve Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Annuity Account Balance Rollforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Annuity Liability Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 C. Investment Summary Summary of Invested Assets by Asset Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Credit Quality of Fixed Maturity Securities, Credit Quality of Asset-Backed Securities and Credit Quality of CLO Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 D. Counterparty Risk Top 5 Reinsurers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 E. Shareholder Information Common Stock Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Quarterly Cash Dividend History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Research Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 F. Non-GAAP Financial Measures Definitions 20 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 2

 
Consolidated Financial Highlights Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Select Income Statement Data: Net earnings (loss) $ 306 $ 130 $ (195) $ (176) $ 187 $ 241 $ 811 Adjusted net earnings (loss) (a) 120 79 61 130 (12) 260 223 Per Share Metrics: Net earnings (loss) per diluted share $ 2.45 $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 1.93 $ 7.24 Adjusted net earnings (loss) per diluted share (a) 0.96 0.63 0.49 1.04 (0.10) 2.08 1.99 Book value per share 18.98 19.98 19.72 19.09 19.14 18.98 19.14 Book value per share, excluding AOCI (a) 43.30 40.70 39.94 41.45 43.37 43.30 43.37 Weighted-average diluted shares outstanding (in millions) 125 125 125 125 125 125 112 Common shares outstanding (in millions) 125 126 126 126 125 125 125 Select Metrics: Return on average equity 2.7 % (2.1) % 7.1 % 19.0 % 23.7 % 2.7 % 23.7 % Return on average equity, excluding AOCI (a) 1.2 % (1.0) % 4.0 % 12.9 % 19.7 % 1.2 % 19.7 % Adjusted return on average equity, excluding AOCI (a) 7.4 % 5.0 % 6.6 % 7.2 % 8.5 % 7.4 % 8.5 % Assets under management ("AUM") (a) $ 47,437 $ 46,260 $ 45,422 $ 43,568 $ 41,988 $ 47,437 $ 41,988 Average assets under management ("AAUM") YTD (a) 45,541 44,948 44,393 40,069 39,246 45,541 39,246 AUM before flow reinsurance (a) 52,910 51,203 49,278 46,432 44,017 52,910 44,017 Adjusted return on assets (a) 0.76 % 0.62 % 0.55 % 0.88 % 0.76 % 0.76 % 0.76 % Sales (a) Fixed indexed annuities ("FIA") $ 1,122 $ 1,224 $ 1,211 $ 1,365 $ 1,109 $ 3,557 $ 3,185 Fixed rate annuities ("MYGA") 736 1,064 1,513 1,076 1,108 3,313 2,668 Total annuity 1,858 2,288 2,724 2,441 2,217 6,870 5,853 Indexed universal life ("IUL") 38 42 37 35 36 117 92 Funding agreements ("FABN/FHLB") 415 200 256 — — 871 1,443 Pension risk transfer ("PRT") 470 478 264 243 620 1,212 1,147 Gross Sales 2,781 3,008 3,281 2,719 2,873 9,070 8,535 Sales attributable to flow reinsurance to third parties (513) (796) (1,072) (808) (660) (2,381) (1,440) Net Sales $ 2,268 $ 2,212 $ 2,209 $ 1,911 $ 2,213 $ 6,689 $ 7,095 (a) Refer to "Non-GAAP Financial Measures Definitions" F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 3

 
Consolidated Balance Sheets Assets: September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Investments: Fixed maturity securities available for sale, at fair value, (amortized cost of $41,884), net of allowance for credit losses of $38 at September 30, 2023 $ 36,871 $ 36,182 $ 34,197 $ 31,218 $ 29,359 Preferred securities, at fair value 605 647 691 722 812 Equity securities, at fair value 116 109 106 101 110 Derivative investments 420 648 432 244 108 Mortgage loans, net of allowance for credit losses of $64 at September 30, 2023 5,174 5,076 4,984 4,554 4,533 Investments in unconsolidated affiliates (certain investments at fair value of $272 at September 30, 2023) 2,920 2,803 2,669 2,455 2,814 Other long-term investments 594 566 565 537 512 Short-term investments 168 347 776 1,556 42 Total investments $ 46,868 $ 46,378 $ 44,420 $ 41,387 $ 38,290 Cash and cash equivalents 1,742 1,688 1,584 960 1,384 Reinsurance recoverable, net of allowance for credit losses of $10 at September 30, 2023 7,462 7,076 6,361 5,417 4,619 Goodwill 1,749 1,749 1,749 1,749 1,749 Prepaid expenses and other assets 1,076 1,168 948 941 874 Other intangible assets, net 4,005 3,851 3,677 3,429 3,268 Market risk benefits asset 118 118 106 117 121 Income taxes receivable 27 13 25 28 49 Deferred tax asset, net 576 546 544 600 516 Total assets $ 63,623 $ 62,587 $ 59,414 $ 54,628 $ 50,870 Liabilities and Equity: Contractholder funds $ 46,011 $ 45,070 $ 43,379 $ 40,843 $ 38,789 Future policy benefits 5,823 5,715 5,371 5,021 4,691 Market risk benefits liability 278 313 324 282 242 Accounts payable and accrued liabilities 1,452 1,719 1,453 1,260 1,284 Notes payable 1,569 1,571 1,572 1,114 571 Funds withheld for reinsurance liabilities 6,118 5,681 4,830 3,703 2,900 Total liabilities $ 61,251 $ 60,069 $ 56,929 $ 52,223 $ 48,477 Equity: F&G common stock $0.001 par value; authorized 500,000,000 shares as of September 30, 2023; outstanding and issued shares of 125,496,745 and 126,374,176 as of September 30, 2023, respectively — — — — — Additional paid-in-capital 3,178 3,173 3,167 3,162 3,159 Retained earnings 2,252 1,971 1,866 2,061 2,262 Accumulated other comprehensive (loss) income ("AOCI") (3,040) (2,610) (2,548) (2,818) (3,028) Treasury stock, at cost (877,431 shares as of September 30, 2023) (18) (16) — — — Total equity $ 2,372 $ 2,518 $ 2,485 $ 2,405 $ 2,393 Total liabilities and equity $ 63,623 $ 62,587 $ — $ 59,414 $ 54,628 $ 50,870 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 4

 
Consolidated Statements of Operations Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Revenues: Life insurance premiums and other fees $ 582 $ 576 $ 365 $ 335 $ 702 $ 1,523 $ 1,369 Interest and investment income 578 525 519 439 340 1,622 1,216 Recognized gains and (losses), net (309) 67 (15) (147) (140) (257) (863) Total revenues 851 1,168 869 627 902 2,888 1,722 Benefits and expenses: Benefits and other changes in policy reserves 292 817 812 730 570 1,921 396 Market risk benefit (gains) losses (49) (30) 59 5 (68) (20) (187) Depreciation and amortization 108 104 90 86 82 302 238 Personnel costs 58 56 53 47 46 167 110 Other operating expenses 38 33 36 25 28 107 77 Interest expense 24 25 22 6 6 71 23 Total benefits and expenses 471 1,005 1,072 899 664 2,548 657 Earnings (loss) before income taxes 380 163 (203) (272) 238 340 1,065 Income tax expense (benefit) 74 33 (8) (96) 51 99 254 Net earnings (loss) $ 306 $ 130 $ (195) 0 $ (176) $ 187 $ 241 $ 811 Net earnings (loss) per common share: Basic $ 2.47 $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 1.94 $ 7.24 Diluted $ 2.45 $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 1.93 $ 7.24 Weighted average common shares used in computing net earnings (loss) per common share: Basic 124 125 125 125 125 124 112 Diluted 125 125 125 125 125 125 112 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 5

 
Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) (a) (b) The table below provides a comparison of adjusted net earnings (loss) by quarter and for the nine months ended September 30, 2023 and 2022 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Net earnings (loss) $ 306 $ 130 $ (195) $ (176) $ 187 $ 241 $ 811 Non-GAAP adjustments (a): Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets 14 27 48 110 70 89 336 Change in allowance for expected credit losses 5 20 8 11 6 33 13 Change in fair value of reinsurance related embedded derivatives (36) (17) 19 5 (94) (34) (357) Change in fair value of other derivatives and embedded derivatives 13 — (1) 10 (7) 12 (11) Recognized (gains) losses, net (4) 30 74 136 (25) 100 (19) Market related liability adjustments (237) (102) 244 217 (237) (95) (751) Purchase price amortization 5 6 5 5 5 16 16 Transaction costs and other non-recurring items 1 — 2 2 4 3 8 Income taxes on non-GAAP adjustments 49 15 (69) (54) 54 (5) 158 Adjusted net earnings (loss) (a) (b) $ 120 $ 79 $ 61 $ 130 $ — $ (12) $ 260 $ 223 (a) Refer to "Non-GAAP Financial Measures Definitions." (b) Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 9. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 6

 
Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share (a) (b) The table below provides a comparison of adjusted net earnings (loss) per diluted share by quarter and for the nine months ended September 30, 2023 and 2022 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Net earnings (loss) per diluted share $ 2.45 $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 1.93 $ 7.24 Non-GAAP adjustments (a): Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets $ 0.11 $ 0.22 $ 0.38 $ 0.88 $ 0.56 $ 0.71 $ 3.00 Change in allowance for expected credit losses 0.04 0.16 0.06 0.09 0.05 0.26 0.12 Change in fair value of reinsurance related embedded derivatives (0.29) (0.14) 0.15 0.04 (0.75) (0.27) (3.19) Change in fair value of other derivatives and embedded derivatives 0.10 — (0.01) 0.08 (0.06) 0.10 (0.10) Recognized (gains) losses, net (0.04) 0.24 0.58 1.09 (0.20) 0.80 (0.17) Market related liability adjustments (1.89) (0.82) 1.96 1.73 (1.90) (0.76) (6.70) Purchase price amortization 0.04 0.05 0.04 0.04 0.04 0.13 0.14 Transaction costs and other non-recurring items 0.01 — 0.02 0.02 0.03 0.02 0.07 Income taxes on non-GAAP adjustments 0.39 0.12 (0.55) (0.43) 0.43 (0.04) 1.41 Adjusted net earnings (loss) per diluted share (a) (b) $ 0.96 $ 0.63 $ 0.49 $ 1.04 $ (0.10) $ 2.08 $ 1.99 (a) Refer to "Non-GAAP Financial Measures Definitions." (b) Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 9. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 7

 
Adjusted Net Earnings (Loss) Statement (a) (b) The table below provides a comparison of adjusted net earnings (loss) by quarter and for the nine months ended September 30, 2023 and 2022 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Revenues: Life insurance premiums and other fees $ 582 $ 576 $ 365 $ 335 $ 704 $ 1,523 $ 1,369 Interest and investment income (c) 576 521 520 439 340 1,617 1,216 Recognized gains and losses, net (d) — — — — — — — Total revenues 1,158 1,097 885 774 1,044 3,140 2,585 Benefits and expenses: Benefits and other changes in policy reserves (e) 759 768 545 510 872 2,072 1,830 Market risk benefit (gains) losses (f) 32 24 23 20 20 79 (3) Depreciation and amortization (g) 103 99 85 81 91 287 236 Personnel costs 58 51 53 47 46 162 110 Other operating expenses (h) 37 33 35 22 24 105 70 Interest expense 24 25 22 6 6 71 23 Total benefits and expenses 1,013 1,000 763 686 1,059 2,776 2,266 Pre-tax earnings 145 97 122 88 (15) 364 319 Income tax expense (benefit) 25 18 61 (42) (3) 104 96 Adjusted net earnings (loss) (a) (b) $ 120 $ 79 $ 61 $ 130 $ (12) $ 260 $ 223 Adjusted net earnings (loss) per common share (a): Basic $ 0.97 $ 0.63 $ 0.49 $ 1.04 $ (0.10) $ 2.10 $ 1.99 Diluted $ 0.96 $ 0.63 $ 0.49 $ 1.04 $ (0.10) $ 2.08 $ 1.99 Weighted average common shares used in computing adjusted net earnings per common share: Basic 124 125 125 125 125 124 112 Diluted 125 125 125 125 125 125 112 (a) Refer to "Non-GAAP Financial Measures Definitions." (b) Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 9. (c) Refer to Interest and Investment Income and Yield on page 11. (d) Recognized gains and losses (net) have been adjusted to remove the effect of recognized (gains) losses including changes in allowance for expected credit losses and OTTI; changes in fair values of indexed product related derivatives and embedded derivatives, net of hedging costs; and the changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards. (e) Benefits and other changes in policy reserves has been adjusted to remove the effects of the changes in fair values of indexed product embedded derivatives, changes in allowance for expected credit losses on reinsurance recoverables, the fair value impacts of assumed reinsurance and changes in the deferral/amortization of initial liability losses on PRT. (f) Market risk benefit (gains) losses has been adjusted to remove the changes in the fair value of market risk benefits by deferring current period fair value changes and amortizing the amount deferred over the life of the market risk benefit. (g) Depreciation and amortization has been adjusted to remove the impact of purchase price amortization. (h) Other operating expenses have been adjusted to remove the effects of transaction costs. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 8

 
Adjusted Net Earnings (Loss) - Significant Income and Expense Items (a) 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 ($ and shares in table in millions). Significant Income and Expense Items Reflected in Adjusted Net Earnings Alternatives Long-term Expected Return Not Reflected in Adjusted Net Earnings Weighted Average Diluted Shares Outstanding Three months ended September 30, 2023 Adjusted net earnings of $120 million for the three months ended September 30, 2023 included $114 million of investment income from alternative investments. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $142 million. $114 $142 125 June 30, 2023 Adjusted net earnings of $79 million for the three months ended June 30, 2023 included $82 million of investment income from alternative investments and $5 million of bond prepay income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $137 million. $87 $137 125 March 31, 2023 Adjusted net earnings of $61 million for the three months ended March 31, 2023 included $99 million of investment income from alternative investments, offset by $37 million tax valuation allowance. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $132 million. $62 $132 125 December 31, 2022 Adjusted net earnings of $130 million for the three months ended December 31, 2022 included $41 million of investment income from alternative investments and $58 million one-time tax benefit from carryback of capital losses. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $113 million. $99 $113 125 September 30, 2022 Adjusted net loss of $12 million for the three months ended September 30, 2022 included $11 million of investment loss from alternative investments and $11 million of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million. $(22) $106 125 Nine months ended September 30, 2023 Adjusted net earnings of $260 million for the nine months ended September 30, 2023 included $295 million of investment income from alternative investments and $5 million of bond prepay income, offset by $37 million tax valuation allowance. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $411 million. $263 $411 125 September 30, 2022 Adjusted net earnings of $223 million for the nine months ended September 30, 2022 included $161 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, $13 million of other net income and expense items, partially offset by $38 million tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $306 million. $202 $306 112 (a) Refer to Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) on page 6, Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share on page 7 and Adjusted Net Earnings (Loss) Statement on page 8. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 9

 
Adjusted Return on Assets Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Interest and investment income $ 576 $ 521 $ 520 $ 439 $ 340 $ 1,617 $ 1,216 Cost of funds (319) (316) (297) (273) (277) (932) (675) Product margin 257 205 223 166 63 685 541 Expenses (operating, interest & taxes) (137) (126) (162) (36) (75) (425) (318) Adjusted net earnings (loss) (a) $ 120 $ 79 $ 61 $ 130 $ (12) $ 260 $ 223 Annualized year to date Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Portfolio earned yield (b) (c) 4.73 % 4.63 % 4.69 % 4.13 % 4.13 % 4.73 % 4.13 % Cost of funds (b) (2.73) % (2.73) % (2.68) % (2.37) % (2.29) % (2.73) % (2.29) % Product margin (b) 2.00 % 1.90 % 2.01 % 1.76 % 1.84 % 2.00 % 1.84 % Expenses (operating, interest & taxes) (b) (1.24) % (1.28) % (1.46) % (0.88) % (1.08) % (1.24) % (1.08) % Adjusted return on assets (a) (b) 0.76 % 0.62 % 0.55 % 0.88 % 0.76 % 0.76 % 0.76 % AAUM YTD (a) $ 45,541 $ 44,948 $ 44,393 $ 40,069 $ 39,246 $ 45,541 $ 39,246 (a) Refer to "Non-GAAP Financial Measures Definitions" (b) Calculated by dividing applicable annualized year-to-date amount by year-to-date AAUM. (c) Yield on AAUM reflects significant income and expense items, such as alternative investment mark-to-market, gains on CLO redemptions and bond prepay income. See page 9 for further discussion of these items. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 10

 
Assets Under Management Rollforward and Average Assets Under Management Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 AUM at beginning of period (a) $ 46,260 $ 45,422 $ 43,568 $ 41,988 $ 40,322 $ 43,568 $ 36,494 Net new business asset flows 1,707 1,925 2,387 1,868 2,177 6,019 6,671 Net flow reinsurance to third parties (530) (1,087) (992) (835) (511) (2,609) (1,177) Debt issuance (repayment) proceeds, net — — 459 547 — 459 — AUM at end of period (a) $ 47,437 $ 46,260 $ 45,422 $ 43,568 $ 41,988 $ 47,437 $ 41,988 AAUM YTD (a) $ 45,541 $ 44,948 $ 44,393 $ 40,069 $ 39,246 $ 45,541 $ 39,246 AUM before flow reinsurance (a) $ 52,910 $ 51,203 $ 49,278 $ 46,432 $ 44,017 $ 52,910 $ 44,017 (a) Refer to "Non-GAAP Financial Measures Definitions" Interest and Investment Income and Yield Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Interest and investment income (b) $ 576 $ 521 $ 519 $ 439 $ 340 $ 1,616 $ 1,216 AAUM QTD (a) 46,758 45,622 44,393 42,605 41,081 45,541 39,246 Yield on AAUM (a) 4.93 % 4.57 % 4.68 % 4.12 % 3.31 % 4.73 % 4.13 % Less: Alternative investment income (c) 129 89 110 45 (24) 328 184 Less: Variable investment income (d) — 6 — — — 6 30 Fixed income and other net investment income (b)(e) $ 447 $ 426 $ 409 $ 394 $ 364 $ 1,282 $ 1,002 AAUM QTD, excluding alternative investments 39,651 38,844 37,810 36,055 35,250 38,721 33,891 Yield on AAUM, excluding alternative investments and variable investment income 4.51 % 4.39 % 4.33 % 4.37 % 4.13 % 4.41 % 3.94 % (a) Refer to" Non-GAAP Financial Measures Definitions". (b) Reflects interest and investment income on an adjusted net earnings basis. (c) Comprised of alternative investment income, which includes mark-to-market movement that is reflected in adjusted net earnings, from limited partnerships and limited liability corporations classified as investments in unconsolidated affiliates and non-direct lending and direct lending securitizations classified as fixed maturity securities. (d) 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. (e) Includes interest and investment income from fixed maturity securities (excluding certain asset backed securities considered alternative investments), mortgage loans, equity securities, short-term investments, and long-term investments. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 11

 
Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI Three months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Capitalization: Notes payable (aggregate principal amount) $ 1,565 $ 1,565 $ 1,565 $ 1,100 $ 550 Total Equity 2,372 2,518 2,485 2,405 2,393 Total Capitalization 3,937 4,083 4,050 3,505 2,943 Less: AOCI (3,040) (2,610) (2,548) (2,818) (3,028) Total Capitalization excluding AOCI (a) $ 6,977 $ 6,693 $ 6,598 $ 6,323 $ 5,971 Reconciliation of Total Equity to Total Equity excluding AOCI: Total Equity 2,372 2,518 2,485 2,405 2,393 Less: AOCI (3,040) (2,610) (2,548) (2,818) (3,028) Total Equity excluding AOCI (a) $ 5,412 $ 5,128 $ 5,033 $ 5,223 $ 5,421 Debt-to-Capital Ratio: Total Debt to Capitalization, excluding AOCI (a) 22.4 % 23.4 % 23.7 % 17.4 % 9.2 % (a) Refer to "Non-GAAP Financial Measures Definitions." Reconciliation of Return on Equity (ROE) to Adjusted ROE Twelve months ended Reconciliation of the Twelve Month Rolling ROE to Adjusted ROE September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Return on average equity (a) 2.7 % (2.1) % 7.1 % 19.0 % 23.7 % AOCI (1.5) % 1.1 % (3.1) % (6.1) % (4.0) % Return on average equity, excluding AOCI (a)(b) 1.2 % (1.0) % 4.0 % 12.9 % 19.7 % Aggregate adjustments to arrive at adjusted net earnings (c) 6.2 % 6.0 % 2.6 % (5.7) % (11.2) % Adjusted return on average equity, excluding AOCI (a)(b) 7.4 % 5.0 % 6.6 % 7.2 % 8.5 % (a) Return on average equity, return on average equity, excluding AOCI and adjusted return on average equity, excluding AOCI include the effect of LDTI implementation and alternative investment income that differs from management's long term expectations for all periods presented and cash dividends and repurchases during the nine months ended September 30, 2023. (b) Refer to "Non-GAAP Financial Measures Definitions." (c) Refer to "Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss)" on page 6 for further details on individual adjustments. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 12

 
Ratings Overview A.M. Best S&P Fitch Moody's Holding Company & Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Ba1 Outlook Stable Stable Stable Senior Unsecured Notes (2028 maturity) Not Rated BBB- BBB- Not Rated CF Bermuda Holdings Limited Issuer Credit / Default Rating Not Rated BBB- BBB Baa3 Outlook Stable Stable Stable Fidelity & Guaranty Life Holdings, Inc. Issuer Credit / Default Rating BBB- BBB- BBB Not Rated Outlook Positive Stable Stable Senior Unsecured Notes (2025 maturity) (a) BBB- BBB BBB Baa2 Outlook Positive Stable Operating Subsidiary Ratings Fidelity & Guaranty Life Insurance Company Financial Strength Rating A- A- A- A3 Outlook Positive Stable Stable Stable Fidelity & Guaranty Life Insurance Company of New York Financial Strength Rating A- A- A- Not Rated Outlook Positive Stable Stable F&G Life Re Ltd Financial Strength Rating Not Rated A- A- A3 Outlook Stable Stable Stable F&G Cayman Re Ltd Financial Strength Rating Not Rated Not Rated A- Not Rated Outlook Stable (a) Explicitly guaranteed by parent Fidelity National Financial, Inc. upon acquisition of F&G on June 1, 2020 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 13

 
GAAP Net Reserve Summary Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Fixed indexed annuities $ 26,642 $ 26,501 $ 25,749 $ 24,688 $ 23,473 $ 26,642 $ 23,473 Fixed rate annuities 6,028 6,053 5,955 5,637 5,607 6,028 5,607 Single premium immediate annuity and other 1,598 1,694 1,768 1,711 1,705 1,598 1,705 Indexed universal and other life 2,253 2,139 2,027 1,926 1,824 2,253 1,824 Funding agreements 4,969 4,756 4,751 4,595 4,604 4,969 4,604 Pension risk transfer 3,160 2,879 2,463 2,172 1,890 3,160 1,890 Total product reserves $ 44,650 $ 44,022 $ 42,713 $ 40,729 $ 39,103 $ 44,650 $ 39,103 Annuity Account Balance Rollforward (a) Three months ended Nine months ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 Annuity balances at beginning of period: $ 32,003 $ 31,312 $ 30,403 $ 29,514 $ 28,478 $ 30,403 $ 26,673 Net deposits 1,353 1,499 1,638 1,661 1,598 4,490 4,344 Surrenders, withdrawals, deaths, etc. Fixed index annuities (639) (606) (501) (528) (429) (1,746) (1,302) Fixed rate annuities (289) (274) (271) (278) (171) (834) (433) Total surrenders, withdrawals, deaths, etc. (928) (880) (772) (806) (600) (2,580) (1,735) Net flows 425 619 866 855 998 1,910 2,609 Premium and interest bonuses 20 22 21 23 19 63 62 Fixed interest credited and index credits 136 96 64 57 58 296 291 Guaranteed product rider fees (43) (46) (42) (46) (39) (131) (121) Account balance at end of period $ 32,541 $ 32,003 $ 31,312 $ 30,403 $ 29,514 $ 32,541 $ 29,514 (a) The rollforward reflects the vested account balance of our fixed index annuities and fixed rate annuities, net of reinsurance. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 14

 
Annuity Liability Characteristics Fixed Annuities Account Value Fixed Index Annuities Account Value SURRENDER CHARGE PERCENTAGES: September 30, 2023 No surrender charge $ 336 $ 2,324 0.0% < 2.0% 12 319 2.0% < 4.0% 53 1,088 4.0% < 6.0% 1,037 2,785 6.0% < 8.0% 1,492 4,588 8.0% < 10.0% 2,944 9,600 10.0% or greater — 5,963 $ 5,874 $ 26,667 Fixed Annuities Account Value Fixed Index Annuities Account Value CREDITED RATE (INCLUDING BONUS INTEREST) VS. ULTIMATE MINIMUM GUARANTEED RATE DIFFERENTIAL: September 30, 2023 No differential $ 471 $ 1,327 0.0% - 1.0% 567 1,087 1.0% - 2.0% 1,411 204 2.0% - 3.0% 1,683 209 3.0% - 4.0% 858 476 4.0% - 5.0% 884 27 Allocated to index strategies — 23,337 $ 5,874 $ 26,667 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 15

 
Summary of Invested Assets by Asset Class September 30, 2023 December 31, 2022 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale: United States Government full faith and credit $ 103 $ 99 — % $ 34 $ 32 — % United States Government sponsored entities 38 34 — % 46 42 — % United States municipalities, states and territories 1,816 1,485 3 % 1,695 1,410 3 % Foreign Governments 263 206 — % 185 148 — % Corporate securities: Finance, insurance and real estate 7,399 6,332 14 % 5,969 5,085 12 % Manufacturing, construction and mining 1,078 863 2 % 896 737 2 % Utilities, energy and related sectors 2,781 2,128 5 % 2,915 2,275 6 % Wholesale/retail trade 2,666 2,090 5 % 2,535 2,008 5 % Services, media and other 4,426 3,417 7 % 3,564 2,794 7 % Hybrid securities 670 601 1 % 781 705 2 % Non-agency residential mortgage-backed securities 2,283 2,135 5 % 1,585 1,479 4 % Commercial mortgage-backed securities 4,481 4,109 9 % 3,309 3,036 7 % Asset-backed securities 8,936 8,448 18 % 7,749 7,245 18 % Collateral loan obligations ("CLO") 4,944 4,924 11 % 4,460 4,222 10 % Total fixed maturity securities, available for sale $ 41,884 $ 36,871 80 % $ 35,723 $ 31,218 76 % Equity securities 827 721 2 % 992 823 2 % Limited partnerships: Private equity 1,153 1,153 2 % 1,129 1,129 3 % Real assets 456 450 1 % 436 431 1 % Credit 1,036 1,036 2 % 867 867 2 % Limited partnerships 2,645 2,639 5 % 2,432 2,427 6 % Commercial mortgage loans 2,519 2,148 5 % 2,406 2,083 5 % Residential mortgage loans 2,655 2,326 5 % 2,148 1,892 5 % Other (primarily derivatives and company owned life insurance) 1,562 1,295 3 % 1,137 809 2 % Short term investments 168 168 — % 1,556 1,556 4 % Total investments (a) $ 52,260 $ 46,168 100 % $ 46,394 $ 40,808 100 % (a) Asset duration of 5.0 years and 4.9 years vs. liability duration of 5.2 years and 5.1 years for the periods ending September 30, 2023 and December 31, 2022, respectively. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 16

 
Credit Quality of Fixed Maturity Securities September 30, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 23,567 64 % BBB 2 11,373 31 % BB 3 1,598 4 % B 4 164 1 % CCC 5 66 — % CC and lower 6 103 — % Total $ 36,871 100 % Credit Quality of Asset-Backed Securities September 30, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 6,594 78 % BBB 2 1,345 16 % BB 3 405 5 % B 4 50 1 % CCC 5 8 — % CC and lower 6 46 — % Total $ 8,448 100 % Credit Quality of CLO Securities September 30, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 2,944 60 % BBB 2 1,474 30 % BB 3 447 9 % B 4 20 — % CCC 5 — — % CC and lower 6 39 1 % Total $ 4,924 100 % F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 17

 
Top 5 Reinsurers September 30, 2023 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable (a) AM Best S&P Fitch Moody's Aspida Life Re Ltd $ 5,326 A- — — — Wilton Re 1,126 A+ — A — Somerset Reinsurance Ltd 535 A- BBB+ — — Canada Life Reinsurance Co. 104 A+ — — — Security Life of Denver 84 — — A- Baa1 (a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies. '-' indicates not rated F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 18

 
Shareholder Information NYSE: FG Common Stock Information High Low Close 2022 Fourth Quarter - period from 12/1/2022 to 12/30/2022 $ 22.12 $ 17.34 $ 20.01 2023 First Quarter $ 24.41 $ 15.56 $ 18.12 Second Quarter $ 24.78 $ 14.93 $ 24.78 Third Quarter $ 30.76 $ 23.06 $ 28.06 Quarterly Cash Dividend History Ex-Dividend Date Record Date Payable Date Amount per Share 2023 First Quarter - Inaugural Dividend 1/13/2023 1/17/2023 1/31/2023 $ 0.20 Second Quarter 6/15/2023 6/16/2023 6/30/2023 $ 0.20 Third Quarter 9/14/2023 9/15/2023 9/29/2023 $ 0.20 Corporate Headquarters: Research Analyst Coverage: F&G Annuities & Life, Inc. John Campbell 801 Grand Avenue Stephens, Inc. Suite 2600 (501) 377-6362 Des Moines, IA 50309 john.campbell@stephens.com Investor Contact: Lisa Foxworthy-Parker SVP, Investor & External Relations Investor.relations@fglife.com (515) 330-3307 Transfer Agent: Continental Stock Transfer & Trust Company 1 State Street, 30th Floor New York, NY 10004 Phone: (212) 509-4000 http://www.continentalstock.com F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 19

 
Non-GAAP Financial Measures Definitions The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) to eliminate: (i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; and (vi) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. 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 per Common Share Adjusted net earnings per common share is calculated as adjusted net earnings divided by the weighted-average common 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 Net Earnings per Diluted Share Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the 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 Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 20

 
Non-GAAP Financial Measures Definitions (continued) Adjusted Return on Average Equity excluding AOCI Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity 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 (loss). Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance qualifying for risk transfer in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates 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 Flow Reinsurance AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow 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 Share excluding AOCI Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) 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 Equity excluding AOCI Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 21

 
Non-GAAP Financial Measures Definitions (continued) 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 and the total aggregate principal amount of debt and 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 to help assess the capital position of the Company. Total Debt-to-Capitalization excluding AOCI Debt-to-capital ratio excluding AOCI 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. 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2023 (All periods are unaudited) 22

 
F&G Investor Update Fall 2023

 
Disclaimer & Forward-Looking Statements 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; natura l disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, po litical 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 the Company’s Form 10 -K and other filings with the Securities and Exchange Commission. F&G Investor Update | Fall 2023 2

 
Non-GAAP Financial 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 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 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. F&G Investor Update | Fall 2023 3

 
Well Positioned for Strong Finish in 2023 ✓ Gross sales on track for $12-13B in FY2023 ✓ Record assets under management and positioned for sustained asset growth ✓ Diversified, high quality investment portfolio well matched to liabilities ✓ Consistent economics and margin expansion over time despite short-term earnings volatility ✓ Strong balance sheet with financial flexibility ✓ Capital allocation supports growth and return of capital to shareholders F&G Investor Update | Fall 2023 4 YTD 3Q23 Gross Sales $9.1B + 7% YoY YTD 3Q23 Net Sales $6.7B On Plan Record Assets Under Management (AUM)1 $47.4B + 13% YoY 3Q23 Portfolio Credit-Related Impairments 2 bps Well below pricing YTD 3Q23 Adjusted ROA, ex significant items 1.19% Well above ~1.10% expected YTD 3Q23 Capital Return to Shareholders $68M Dividends & Repurchases Book Value Per Share, ex AOCI1 $43.30 + 6% vs. 2Q23 1As of 9/30/2023 YTD 3Q23 Adjusted ROE, ex significant items 10.5% +50 bps vs. 2Q23

 
($M) - except per share data and ROA Quarterly Year-to-Date Period ended September 30 3Q22 3Q23 3Q22 3Q23 Gross sales $2,873 $2,781 $8,535 $9,070 Net sales $2,213 $2,268 $7,095 $6,689 Assets under management (AUM) $41,988 $47,437 $41,988 $47,437 AUM before flow reinsurance $44,017 $52,910 $44,017 $52,910 Adjusted return on assets (ROA) 0.76% 0.76% 0.76% 0.76% Net earnings (loss) $187 $306 $811 $241 Net earnings (loss) per diluted share $1.50 $2.45 $7.24 $1.93 Adjusted net earnings (ANE) ($12) $120 $223 $260 Adjusted net earnings per diluted share ($0.10) $0.96 $1.99 $2.08 Weighted average diluted shares 125 125 112 125 Adjusted ROA – ex significant items 1.11% 1.19% 1.11% 1.19% ANE – ex significant items $116 $148 $327 $408 ANE per diluted share – ex significant items $0.93 $1.18 $2.92 $3.26 Third Quarter Financial Highlights F&G expects steady and growing adjusted net earnings over time, excluding significant items which include short-term mark-to-market effects F&G Investor Update | Fall 2023 5 ANE ($M) and Per Share 3Q22 3Q23 Favorable / (Unfavorable) ($M) Per share ($M) Per share Alternatives investment short-term returns versus long-term return expectations (117) ($0.94) (28) ($0.22) Other significant (income) expense items (11) ($0.09) 0 $0.00 ANE ($M) and Per Share YTD 3Q22 YTD 3Q23 Favorable / (Unfavorable) ($M) Per share ($M) Per share Alternatives investment short-term returns versus long-term return expectations (145) ($1.29) (116) ($0.92) Tax valuation allowance expense (38) ($0.34) (37) ($0.30) Other significant (income) expense items (11) ($0.10) 0 $0.00 CLO redemption gains & bond prepay income 24 $0.21 5 $0.04 Actuarial assumption update 66 $0.59 0 $0.00 Significant Items – Year-to-Date Significant Items – Quarterly Financial Highlights

 
About F&G Snapshot Our Product Lines Fixed Deferred Annuities • Fixed indexed annuity (FIA) • 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) Background Five Distinct Distribution Channels Retail Channels • Independent insurance agents (IMOs) • Broker Dealers • Banks Institutional Channels • Pension risk transfer • Funding agreements Financial Strength Ratings A- Positive A.M. Best A- Stable S&P Global A- Stable Fitch Ratings A3 Stable Moody’s F&G Investor Update | Fall 2023 6 • 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 ~85% ownership • Headquartered in Des Moines, IA; >1,100 employees • Ranking as a Top Workplaces company for 6 consecutive years

 
v Track Record of Success We have delivered consistent top line growth and return on assets across varying market cycles, and we expect to continue to outperform the rest of the market, whether rates are rising or falling v Targeting Large and Growing Markets We have long-standing relationships with multiple distribution channels, an investment edge, and a track record of attracting top talent which gives us a competitive advantage Superior Ecosystem F&G’s Competitive Advantages F&G is a nationwide leader in the large markets we play in, and we expect demographic trends will provide tailwinds to give us significant room to continue growing – including untapped Middle Market demand for Life coverage and the opportunity to migrate consumers from CDs to fixed annuities Driving Margin Expansion and Improved Returns F&G is pursuing strategies to grow earnings, while generating significant positive net cash flow and diversifying into “capital light” flow reinsurance and accretive owned distribution to generate higher ROEs 7F&G Investor Update | Fall 2023

 
Weighted average time remaining in surrender charge period 7 Years % Surrender protected 91% Average remaining surrender charge (% of account value) 7% % Subject to market value adjustment (MVA) 71% Average cost of options/interest credited 2.3% Distance to guaranteed minimum crediting rates 150 bps We Have A Clean & Profitable Inforce Book Our inforce liabilities are surrender charge protected and our asset and liability cash flows are well matched; our inforce book does not contain typical problematic legacy business • Our liability profile drives our investment strategy • Retail fixed annuities are 91% surrender protected • 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 GAAP Net Reserves1 1As of 9/30/2023 60% 13% 11% 7% 5% 4% Fixed Indexed Annuities Fixed Rate Annuities Funding Agreements Pension Risk Transfer Life Immediate Annuities $44.6B F&G Investor Update | Fall 2023 8 Fixed Annuity Metrics1

 
We Are Playing In High Growth Markets Mutual Fund 401(k) Assets1 U.S. Consumer Savings2 Retail Life & Annuities3 Pension Risk Transfer4 Funding Agreements6 $4.5T $862B $326B $258B $176B The U.S. retirement and middle markets are growing and we are both well established and well positioned for continued growth in our retail channels and institutional markets 12Q23 Quarterly Retirement Market Data, Investment Company Institute, 9/14/2023 2Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of June 2023 32022 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA 4Value of U.S. pension risk transfer (PRT) assets held with all current PRT writers per LIMRA 2Q23 Pension Risk Transfer Survey 5U.S. Pension Risk Transfer Market Posts Record-Breaking 2021 per Pensions & Investments, Source Legal & General, 2/8/2022 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of 3/31/2023 Registered index linked annuities (RILAs) provide alternative with upside potential and limited downside risk Consumers increasingly rely on personal savings for retirement income Untapped demand for permanent life insurance, especially in the Middle Market Transaction volume likely to increase5 F&G Investor Update | Fall 2023 9

 
… And We’re Winning … Annual Gross Sales by Retail Channel and Institutional Market ($B) 1CAGR reflects 2018-2023E annual periods 2018 2019 2020 2021 2022 2023E Funding Agreements Agent PRT Broker Dealer Bank $9.6B $4.5B $3.9B $3.4B • FNF and F&G Merger • F&G ratings upgrades (June 2020) $11.3B ~30% CAGR1 10 $12-13B F&G Investor Update | Fall 2023

 
43% 28% 4% 13% 12% $11.3B 39% 37% 1% 10% 13% $9.1B (9 Mos.) 84% 5% 7% 4% $4.5B Note: Reflects Total Gross Sales 41% 30% 6% 10% 13% $9.1B (9 Mos.) FY2022 Sales YTD 3Q23 Sales Bank Broker Dealer Agent Funding Agreements Pension Risk Transfer (PRT) C h a n n e l P ro d u c t Multi-year Guaranteed Annuity (MYGA) Indexed Universal Life (IUL) Funding Agreements Fixed Indexed Annuity (FIA) Pension Risk Transfer (PRT) 41% 33% 1% 13% 12% $11.3B 77% 17% 1% 5% $4.5B FY2020 Sales F&G Investor Update | Fall 2023 11 … And Significantly Diversifying Our Business

 
High Quality & Well-Diversified Portfolio1 Investment Portfolio by Asset Class Investment Portfolio by NAIC Designation F&G Investor Update | Fall 2023 12 Portfolio conservativelypositioned& well-matched to liability profile • Fixed income is 96% investment grade • Modest average credit-related impairments of 5 bps over the last 3 years, well below our pricing assumption and remained below that level in 3Q23 CMBS/CML portfolios are high quality, with moderate leverage and diversified across property types • CMBS, CMLs and Alternative LPs comprise 19% of total portfolio, with only 2.3% in office • Alternative LPs comprise 6% of total portfolio, with only 2.1% of Alternative LPs portfolio in office 29% Corpoates 24% Structured Securities 15% Private Origination 11% Mortgage Loans 6% Alternatives (LP) 4% Municipal 3% Prf/Hybrid 3% EMD 2% Other ² 2% Cash 1% Gov't & Treasury $42B 59% NAIC 1 26% NAIC 2 3% NAIC 3 1% NAIC 4/5/6 6% LP 3% Other ² 2% Cash $42B 1GAAP Fair Values as of 09/30/2023 (net of reinsurance FWH) 2Other consists of ICOLI, FHLB stock, LIHTC, options and private origination equity tranches

 
Structured Credit Portfolio1,2 56% Residential 21% Multifamily 10% Industrial 7% Office 2% Retail 2% Student Housing 2% Other ³ Our Investment Portfolio Key Attributes Investment Rationale • Core fixed income: Focus remains high grade public and private securities with strong risk adjusted returns • Structured credit: Provides access to well diversified, high- quality assets across CLOs, CMBS and ABS • Mortgage loans: Superior loss-adjusted performance relative to similar rated corporates • Direct Origination: Diversified private credit exposure to a wide spectrum of underlying collateral Fixed Income1,2 (ex. Structured, Mortgage Loan & Private Origination) Private Origination Portfolio1,2 1GAAP Fair Values as of 9/30/2023 (net of reinsurance FWH) 2Excludes $4B of alternatives/equity, FHLB, call options and cash 3Other consists of data center, mixed use and hotel properties 75% Corporates 9% Municipal 7% Prf/Hybrid 7% EMD 2% Gov't & Treasury $17B 40% CLOs 33% CMBS 13% ABS 12% Non Agency RMBS 2% Agency RMBS $10B Mortgage Loans1,2 $5B 45% Corporate Lending 27% Private Specialty Finance 24% Asset Backed & Consumer Loans 4% Triple Net Lease $6B F&G Investor Update | Fall 2023 13

 
Our Proven Track Record of Profitable Growth Gross Sales ($B) Average Assets Under Management (AAUM) ($B) Adjusted Net Earnings ($M) 6.1 8.5 5.9 7.0 3.5 2.8 2.6 2.1 9.6 11.3 8.5 9.1 2021 2022 YTD 3Q22 YTD 3Q23 Institutional Markets Retail Channels Net Sales 8.7 9.0 7.1 6.7 +7% VPY18% VPY 31.9 40.1 39.2 45.5 2021 2022 YTD 3Q22 YTD 3Q23 +16% VPY26% VPY Ending AUM 36.5 43.6 42.0 47.4 AUM before flow reinsurance 37.3 46.4 44.0 52.9 640 353 223 260 2021 2022 YTD 3Q22 YTD 3Q23 Significant items ANE ex significant items F&G Investor Update | Fall 2023 14 For further details on significant items, see page 5

 
Our Proven Track Record: Sales 15F&G Investor Update | Fall 2023 Sales are managed to profitability & capital targets • Coming off record sales in 1H23, Retail annuity sales were intentionally lower during Q3 as we finalized reinsurance agreements and enhanced product features to finish strong in 2023 and create momentum for 2024 • Institutional reflects healthy pension risk transfer pipeline • Net sales reflect new partner added, increasing flow reinsurance to 90% of MYGA sales in September 2023 • Ending assets under management at $47.4B, driven by net new business flows and stable inforce Gross Sales ($B) Note: LTM 3Q23 reflects last twelve months ended 9/30/2023 6.1 8.5 9.5 2.3 2.5 2.8 2.3 1.9 3.5 2.8 2.3 0.6 0.2 0.5 0.7 0.9 9.6 11.3 11.8 2.9 2.7 3.3 3.0 2.8 2021 2022 LTM 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Institutional markets Retail channels Net Sales 8.7 9.0 8.6 2.2 1.9 2.2 2.2 2.3 AUM 36.5 43.6 47.4 42.0 43.6 45.4 46.3 47.4

 
Our Proven Track Record: Adj. Net Earnings 16F&G Investor Update | Fall 2023 F&G expects steady and growing adjusted net earnings over time, excluding significant items • Growth in ANE ex significant items reflects: • asset growth, • margin expansion from core business & flow reinsurance, • disciplined expense management over time, and • higher interest expense on debt (vs. prior year) • For further details on significant items, see page 5 Adjusted Net Earnings (ANE) ($M) 640 353 390 (12) 130 61 79 120 2021 2022 LTM 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Significant items ANE ex significant items Net earnings (loss) 1,240 635 65 187 (176) (195) 130 306 ANE per share $6.10 $3.07 $3.12 ($0.10) $1.04 $0.49 $0.63 $0.96 Adj. ROA1 0.93% 1.18% 1.23% 1.11% 1.18% 1.18% 1.16% 1.19% Adj. ROE1 8% 10% 10% 9% 10% 10% 10% 11% Note: LTM 3Q23 reflects last twelve months ended 9/30/2023 1Reflects adjusted net earnings ex significant items

 
Scalable ROA Model (ex Significant Items) – YTD 3Q23 515 bps 273 bps 123 bps 119 bps1,2 Portfolio Earned Yield Cost of Funds Expenses (Operating, Interest & Taxes) Adjusted Net Earnings excluding significant items Unique Investment Capabilities Attractively Priced Liabilities Scalable Operating Platform Strong Earnings Growth Potential Overall Product Margin3: 2.42% 4 $408M 1 2 3 4 As a rule of thumb, target ROA of 100 bps, excluding significant items 1 2 3$1,758M $932M $418M F&G Investor Update | Fall 2023 17 1Adjusted return on assets (ROA) excluding significant items in bps 2See discussion of significant income and expense items in the Appendix 3Overall Product margin = portfolio earned yield – cost of funds

 
Our Disciplined “Core” Margin Management We strive to opportunistically grow stable liabilities that generate our targeted levels of profitability and have a proven track record of protecting our “core” spread-based margins in varying environments • Our multiple channels and markets provide flexibility to respond to changing market conditions • We are disciplined in new business pricing to achieve targeted returns, prioritizing profit over volume • Our inforce has built-in structural protections and we take prudent action to maintain lifetime profitability targets • Reserves are based on conservative actuarial assumptions • We have robust risk management and rigorous stress testing practices • We continually evaluate opportunities for upside risk adjusted returns and downside protection in our investment portfolio • Portfolio asset allocation • Yield enhancement opportunities to maintain competitive positioning • Floating rate portfolio interest rate hedge F&G Investor Update | Fall 2023 18

 
Our Accretive Flow Reinsurance Opportunity Flow reinsurance provides a lower capital requirement on ceded new business, while allocating capital to the highest returning retained business, enhancing cash flow and generating fee-based earnings Capital release from flow reinsurance Drives ROE enhancement For a reinsured sale, based on current economics, we would expect to receive ~1/3 of the ROA with proportionately less, or ~1/5 of the capital requirement F&G Investor Update | Fall 2023 19 • Reinsurance allows us to grow sales faster, because of lower capital requirements • For every $1B of new business flow reinsurance, we free up $75M of capital to redeploy to the highest earning retained business • Reinsurance cash flows provide ‘capital light’ fee based earnings with significantly higher IRRs • Reinsurers are paying us to generate (source) their asset accumulation through a ceding commission • Provides benefit of scale faster than without reinsurance; expense coverage is more than the marginal expense of putting business on the books

 
F&G’s Owned Distribution Track Record F&G is a consolidator of choice in the distribution space Access to Partner Support Capabilities As a manufacturer, F&G is uniquely positioned to be a distribution consolidator F&G Is Building A Proven Track Record • Our deep distribution relationships, long-term focus, and product expertise provide an opportunity for us to bring value to our network in ways private equity- backed acquirers cannot • Solidifies relationships with key partners that we have worked with for decades • Boosts our presence in underserved multi-cultural and middle market segments • Plays to key experience and expertise within the F&G management team which helps the IMO’s to accelerate their growth • Adds a capital light, diversifying source of fee- based earnings for F&G Deals Closed ~$260M Deal Pipeline ~$270M Future Opportunity ~$470M Long-term Targeted Investment ~$1B Pro forma ~20%+ ROI’s over time F&G Investor Update | Fall 2023 20

 
Book Value Per Share Rollforward 21F&G Investor Update | Fall 2023 BVPS ex. AOCI1 – 6/30/2023 to 9/30/2023 $40.70 41.67 $41.45 $43.30 0.97 (0.22) 1.85 $39.00 $39.50 $40.00 $40.50 $41.00 $41.50 $42.00 $42.50 $43.00 $43.50 2Q23 ANE 3Q23 Before MTM & Return of Capital Return of Capital 3Q23 Before MTM MTM Movements & Other 3Q23 Equity ex. AOCI1 ($M) 5,128 120 5,248 (27) 5,221 191 5,412 Shares O/S2 (M) 126 (1) 125 1Excluding accumulated other comprehensive income (ex AOCI) 2Outstanding shares of 125,591,479 as of 6/30/2023 and 125,496,745 as of 9/30/2023 Underlying Business Performance Market Movements & Other Return of Capital BVPS ex AOCI at $43.30 per share in 3Q23 vs. $40.70 per share in 2Q23, ↑ 6% or $2.60 per share • $0.97 per share increase due to underlying business performance • ($0.22) per share for return of capital, primarily common dividend • $1.85 per share increase due to mark- to-market movements which are unrealized and point in time

 
Stable and Strong Capital Profile 22F&G Investor Update | Fall 2023 GAAP Capitalization ex AOCI1 ($M) 4,201 5,223 5,412 950 1,100 1,565 5,151 6,323 6,977 2021 2022 YTD 3Q23 Debt Equity ex. AOCI Adj. Debt to Capital % 18% 17% 22% 1Excluding accumulated other comprehensive income (ex AOCI) Solid F&G capitalization; debt-to-capitalization ratio in line with long term target of 25% • YTD 3Q23 capital markets highlights, as planned: • $500M issuance of 7.40% senior unsecured notes due 2028 in January to support future growth & liquidity • Revolving credit facility upsized by $115M, from $550M to $665M in February; $515M drawn on September 30 • Share repurchases of $18.3M at an average price of $21.07 per share through YTD 3Q23

 
Our Capitalization Supports Growth & Dividend F&G’s capital allocation priorities focus on deploying capital to best maximize shareholder value through both continued investment in our business and generation of distributable cash for return of capital to shareholders • F&G has flexibility to adjust retained sales level, as a “lever” to support net cash from operations with sustained asset growth • F&G has returned $68M of capital to shareholders YTD 3Q23, including $50M common dividends and $18M share repurchases Investing for Growth Reinvest in the Business Capital and other investments to support the growth strategy 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 ► Maintain efficient capital structure ► Target long-term debt-to-total capitalization excl. AOCI of approximately 25% ► Maintain solvency and capital targets in line with ratings Share Repurchase Efficient means of returning cash to shareholders when shares trade at discount to intrinsic value F&G Investor Update | Fall 2023 23

 
SECTION Appendix - Investments F&G Investor Update | Fall 2023 24

 
Structured Credit – Why We Like It Investment Rationale • Collateralized loan obligation (CLO) portfolio well diversified across industry, issuer and manager; focus on investment grade with ample par subordination • Commercial mortgage-backed securities (CMBS) focus on seasoned CMBS which allows for visibility into credit performance, built-in appreciation and contractual amortization which reduces risk exposure; target more stable property types, such as multi-family, to create a defensive portfolio • Asset Backed Securities (ABS) focus on high quality, directly originated specialty finance assets diversified by collateral type CLO Top 10 Industries2 CMBS by Property Type1 ABS Top 10 Collateral Type1 1GAAP Fair Values as of 9/30/2023 (net of reinsurance FWH) 2Par values as of 9/30/2023 (net of reinsurance FWH) 12% Royalty & Licensing 11% NAV Lending 9% Residential Solar 9% Home Improvement 8% Broadly Diversified 6% Telecommunications 6% Aviation 5% Manufactured Housing 5% Student Loan 4% Structured Settlements 25% All Other (< Top 10) $5B F&G Investor Update | Fall 2023 25 38% Multifamily 18% Office 10% Hotel 8% Retail 7% Industrial 7% Defeased 10% Other 1% Self-Storage 1% Life Science $3B 13% High Tech 12% Healthcare & Pharmaceuticals 9% Banking, Finance, Insurance & Real Estate 7% Services: Business 5% Media: Broadcasting & Subscription 5% Hotels, Gaming & Leisure 4% Telecommunications 4% Construction & Building 4% Capital Equipment 4% Chemicals, Plastics & Rubber 33% Other $4B

 
Portfolio Spotlight: CLO • 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 Value1 Note: GAAP Fair Values as of 9/30/2023 1Reflects the weighted average par subordination of the CLO portfolio Investment Grade Par Subordination 44% 27% 19% 14% 7% Credit Quality 90% investment grade Structural Protection 19% par subordination1 Capital Efficiency 1.44 Average NAIC rating Market Value $3.9B 1 CLO exposure 26 7% 11% 42% 30% 10% AAA AA A BBB BB and Below F&G Investor Update | Fall 2023

 
33.2% 3.7% 3.9% 4.3% 4.3% 4.8% 4.8% 7.2% 8.8% 12.4% 12.6% 0.0% 5.0% 10.0% 15.0% 20.0% Other Industry 10 Industry 9 Industry 8 Industry 7 Industry 6 Industry 5 Industry 4 Industry 3 Industry 2 Industry 1 Our CLO Portfolio: Look Through Analysis Portfolio focused on high quality CLO securities backed by highly diversified pool of loans Note: GAAP Fair Values as of 9/30/2023 IndustriesCompaniesCLO Managers 94 CLO managers 1,879 Companies 33 Industries F&G Investor Update | Fall 2023 27 67.1% 2.1% 2.1% 2.2% 2.2% 2.6% 2.7% 2.7% 2.9% 3.4% 10.0% 0.0% 5.0% 10.0% 15.0% 20.0% Other Manager 10 Manager 9 Manager 8 Manager 7 Manager 6 Manager 5 Manager 4 Manager 3 Manager 2 Manager 1 7 . 95.0% 0.4% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0.7% 0.0% 0.5% 1.0% 1.5% 2.0% Other Issuer 10 Issuer 9 Issuer 8 Issuer 7 Issuer 6 Issuer 5 Issuer 4 Issuer 3 Issuer 2 Issuer 1 100.0100.0% 40.0%

 
U.S. CLO Impairment Frontier CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 9.6% (that would have to occur every year) assuming a 64.3% average long- term loan recovery rate U.S. CLO Impairment Frontier (First-loss scenarios among CLO tranches) Note: Reflects Blackstone Credit’s views and beliefs as of June 30, 2023. Source: U.S. J.P. Morgan as of June 30, 2023 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 Libor + 325bps, no reinvestment post Reinvestment Period. Please note: the historical data point shown is calculated using annual default and recovery rates from J.P. Morgan Leveraged Loan Index and represents the average default rates and weighted average recovery rates from 1998-2023 for the long-term average time period. Average recovery rate is representative of first-lien loans as of June 30, 2023 F&G Investor Update | Fall 2023 28

 
35% CMBS 14% RMBS 26% RML 22% CML 3% NNN Duration 4.0 years Quality 1.3 Average NAIC rating Market Value $9.7B Real estate portfolio Weighted Average Life 6.1 years Portfolio Spotlight: Real Estate Debt BREDS (Blackstone Real Estate Debt Strategies) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Note: GAAP Fair Values as of 9/30/2023 $10B F&G Investor Update | Fall 2023 29

 
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating F&G Investor Update | Fall 2023 30 Note: GAAP Fair Values as of 9/30/2023 56% 12% 7% 6% 5% 5% 9% 3Q23 Multifamily Office Hotel Retail Industrial Defeased Other 13% 29% 11% 21% 6% 20% 3Q23 Conduit (Below A) RMBS Conduit (A or above) SASB Agency CRE CLOs 84% 9% 5% 2% 3Q23 1 2 3 4/5/6

 
Portfolio Spotlight: CMBS 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 9/30/2023 1BAML Conduit Data as of 9/30/2023 F&G Investor Update | Fall 2023 31 38% 8% 13% 25% Multifamily Retail F&G Post-Crisis Conduit CMBS Credit Quality 89% Investment grade (NRSRO) Quality 1.3 Average NAIC rating Market Value $3.4B CMBS portfolio Credit focus A- NRSRO rating

 
Portfolio Spotlight: CMLs By State By Underlying Property Type By Loan-To-Value % 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% • 77 holdings, with average loan size of $27M • 1.3% of CML portfolio loans have a DSCR <1x Note: Par Values as of 9/30/2023 24% CA 12% FL 6% NY 6% TX 5% NJ 5% GA 4% CT 38% Other $2B 13% LTV < 50% 32% LTV 50% to 60% 54% LTV 60% to 70% 1% LTV > 70% $2B 48% Multifamily 23% Industrial 15% Office 5% Retail 4% Student Housing 5% Other $2B F&G Investor Update | Fall 2023 32

 
Portfolio Spotlight: Alternatives LPs • Alternatives portfolio has demonstrated robust returns; historical average of 14% • Commitments to Blackstone and non-Blackstone alternatives total $4.4B; invested capital of $2.3B • Total Alts NAV of $2.6B or 6% of total portfolio • The portfolio is well-diversified by underlying asset type, vintage year and geography • Only 2.1% of Alternative LPs portfolio in office Historical Performance Note: Reflects net asset value (NAV) as of 6/30/2023; includes Blackstone and Non-Blackstone funds F&G Investor Update | Fall 2023 33 9.5% 5.4% 31.0% 3.7% 1.7% FY 2019 FY 2020 FY 2021 FY 2022 1H 2023 Historical Avg = 14%

 
Blackstone Related Important Disclosures 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. 34F&G Investor Update | Fall 2023

 
SECTION 35 Appendix - Finance F&G Investor Update | Fall 2023

 
How F&G Makes Money – Retained Sales Client deposits premium with F&G 1 F&G invests in high quality and well diversified portfolio 2 F&G’s yield outpaces cost of funds and expenses 3 F&G’s AAUM growth drives earnings 4 Spectrum of client needs met (accumulation, income & wealth transfer), with no principal loss F&G’s strategic partnership with Blackstone provides a competitive advantage Product margin is the difference between portfolio earned yield and cost of funds F&G expects steady and growing earnings over time, excluding short-term mark-to-market effects Gross Sales Assets Under Management Product Margin, Net of Expenses Spread-Based Earnings F&G Investor Update | Fall 2023 36

 
How F&G Makes Money – Flow Reinsurance Client deposits premium with F&G 1 F&G expands flow relationships given high market demand 2 F&G onboards new business at lower marginal cost of capital 3 F&G enhances cash flow, diversifies earnings & increases ROE 4 Spectrum of client needs met (accumulation, income & wealth transfer), with no principal loss F&G continues to expand flow relationships through new partners &/or adding new products Lower capital requirement on ceded new business, while allocating capital to highest returning retained business F&G receives stream of ceding commissions and expense allowances on ceded new business Gross Sales Flow Reinsurance Capital “Light”, Enhanced Returns Fee-Based Earnings F&G Investor Update | Fall 2023 37

 
How F&G Makes Money – Owned Distribution F&G takes equity stake in independent agent distribution 1 F&G earns dividend stream on “capital light” distribution 2 F&G generates higher margins at lower marginal cost of capital 3 F&G diversifies earnings through accretive owned distribution 4 F&G’s deep distribution relationships, long-term focus and product expertise provide ‘win win’ F&G receives dividend income stream from ownership stake as share of earnings Partnership grants access to higher margins and preferred shelf space within capital “light” distribution F&G expects at-scale distribution to trade at higher multiple relative to Life & Annuity Investment in Owned Distribution Dividend Income Stream Capital “Light”, Greater Margin Potential Higher Multiple Earnings F&G Investor Update | Fall 2023 38

 
Non-GAAP Measure Reconciliations All amounts in millions (a)Refer to “Non-GAAP Financial Measures Definitions” (b)For the year ended December 31, 2021, reflects a one-time favorable adjustment to benefits and other changes in policy reserves resulting from an actuarial system conversion at September 31, 2021, which reflects modeling enhancement and other refinements of $435M F&G Investor Update | Fall 2023 39 Year ended Three months ended December 31, 2021 December 31, 2022 September 30, 2022 Decembr 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 September 30, 2022 September 30, 2023 Net earnings (loss) $1,232 $635 $187 ($176) ($195) $130 $306 $811 $241 Non-GAAP adjustments (a): Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets (56) 446 70 110 48 27 14 336 89 Change in allowance for expected credit losses (5) 24 6 11 8 20 5 13 33 Change in fair value of reinsurance related embedded derivatives (34) (352) (94) 5 19 (17) (36) (357) (34) Change in fair value of other derivatives and embedded derivatives (14) (1) (7) 10 (1) — 13 (11) 12 Recognized (gains) losses, net (109) 117 (25) 136 74 30 (4) (19) 100 Market related liability adjustments (233) (534) (237) 217 244 (102) (237) (751) (95) Purchase price amortization 26 21 5 5 5 6 5 16 16 Transaction costs and other non-recurring items (b) (430) 10 4 2 2 — 1 8 3 Income taxes on non-GAAP adjustments 154 104 54 (54) (69) 15 49 158 (5) Adjusted net earnings (loss) (a) $640 $353 ($12) $130 $61 $79 $120 $223 $260 Alternatives investment short-term returns versus long-term return expections (261) 217 117 72 33 55 28 145 116 Other significant (income) expense items (83) (99) 11 (58) 37 (5) 0 (41) 32 Adjusted net earnings excluding significant items $296 $471 $116 $144 $131 $129 $148 $327 $408 Nine months ended

 
ANE – Significant Items1 1Refer to “Non-GAAP Financial Measures Definitions” F&G Investor Update | Fall 2023 40 Significant Income and Expense Items Reflected in ANE Alternatives Long-term Expected Return Not Reflected in ANE Weighted Average Diluted Shares Outstanding Three months ended September 30, 2023 Adjusted net earnings of $120 million for the three month ended September 30, 2023 included $114 million of investment income from alternative investments. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $142 million. $114 $142 125 September 30, 2022 Adjusted net loss of $12 million for the three months ended September 30, 2022 included $11 million of investment loss from alternative investments and $11 million of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million. ($22) $106 125 Nine months ended September 30, 2023 Adjusted net earnings of $260 million for the nine months ended September 30, 2023 included $295 million of investment income from alternative investments and $5 million, partially offset by $37 million tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $411 million. $263 $411 125 September 30, 2022 Adjusted net earnings of $223 million for the nine months ended September 30, 2022 included $161 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, $24 million income of CLO redemption gains and other investment income, partially offset by $38 million tax valuation allowance expense and $11 million of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $306 million. $202 $306 112

 
Significant Income and Expense Items Reflected in ANE Alternatives Long-term Expected Return Not Reflected in ANE Weighted Average Diluted Shares Outstanding Three months ended September 30, 2023 Adjusted net earnings of $120 million for the three month ended September 30, 2023 included $114 million of investment income from alternative investments. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $142 million. $114 $142 125 June 30, 2023 Adjusted net earnings of $79 million for the three months ended June 30, 2023 included $82 million of investment income from alternative investments and $5 million of bond prepay income. Alternative investments investment income based on management's long-term expected return of approzimately 10% was $137 million. $87 $137 125 March 31, 2023 Adjusted net earnings of $61 million for the three months ended March 31, 2023 included $99 million of investment income from alternative investments, partially offset by $37 million tax valuation allowance. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $132 million. $62 $132 125 December 31, 2022 Adjusted net earnings of $130 million for the three months ended December 31, 2022 included $41 million of investment income from alternative investments and $58 million one-time tax benefit from carryback of capital losses. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $113 million. $99 $113 125 September 30, 2022 Adjusted net loss of $12 million for the three months ended September 30, 2022 included $11 million of investment loss from alternative investments and $11 million of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million. ($22) $106 125 ANE – Significant Items1 (cont.) 1Refer to “Non-GAAP Financial Measures Definitions” F&G Investor Update | Fall 2023 41

 
Non-GAAP Measures and Definitions F&G Investor Update | Fall 2023 42 DEFINITIONS The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) 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 effect of changes in fair value of the reinsurance related embedded derivative, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset (“VODA”)) recognized as a result of acquisition activities; (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years. (vi) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. 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.

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Fall 2023 43 Adjusted Net Earnings per Common Share Adjusted net earnings per common share is calculated as adjusted net earnings divided by the weighted-average common 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 Net Earnings per Diluted Share Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the 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 Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, 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 Equity excluding AOCI Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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 (loss).

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Fall 2023 44 Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance qualifying for risk transfer in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates 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 Flow Reinsurance AUM before Flow Reinsurance is comprised of components consistent with AUM but also includes flow 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 Share excluding AOCI Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) 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.

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Fall 2023 45 Return on Average Equity excluding AOCI Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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 and the total aggregate principal amount of debt and 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 to help assess the capital position of the Company.

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Fall 2023 46 Total Debt-to-Capitalization excluding AOCI Debt-to-capital ratio excluding AOCI 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. Yield on AAUM Yield on AAUM is calculated by dividing annualized net 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.

 
v3.23.3
Cover
Jun. 30, 2023
Apr. 20, 2023
Cover [Abstract]    
Document Type 8-K  
Document Period End Date Nov. 07, 2023  
Entity Registrant Name F&G Annuities & Life, Inc.  
Entity File Number   001-41490
Entity Incorporation, State or Country Code   DE
Entity Tax Identification Number   85-2487422
Entity Address, Address Line One 801 Grand Avenue  
Entity Address, Address Line Two Suite 2600  
Entity Address, City or Town Des Moines  
Entity Address, State or Province IA  
Entity Address, Postal Zip Code 50309  
City Area Code 515  
Local Phone Number 330-3340  
Written Communications   false
Soliciting Material   false
Pre-commencement Tender Offer   false
Pre-commencement Issuer Tender Offer   false
Title of 12(b) Security   F&G Common Stock, $0.001 par value
Trading Symbol   FG
Security Exchange Name   NYSE
Entity Emerging Growth Company   false
Entity Central Index Key 0001934850  
Amendment Flag false  
Entity Addresses [Line Items]    
Document Period End Date Nov. 07, 2023  
Entity Central Index Key 0001934850  
Amendment Flag false  
Entity Address, City or Town Des Moines  
Entity Address, Address Line One 801 Grand Avenue  
FGL (NYSE:FG)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024 FGL 차트를 더 보려면 여기를 클릭.
FGL (NYSE:FG)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024 FGL 차트를 더 보려면 여기를 클릭.