0001934850false801 Grand AvenueSuite 2600Des MoinesIowa50309866846-466000019348502024-11-062024-11-060001934850us-gaap:CommonStockMember2024-11-062024-11-060001934850fg:A7.950SeniorNotesDue2053Member2024-11-062024-11-06

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 6, 2024
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 No.)
801 Grand Avenue, Suite 2600
Des Moines, Iowa 50309
(Address of Principal Executive Offices)
(866) 846-4660
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
F&G Common Stock, $0.001 par valueFGNew York Stock Exchange
7.950% Senior Notes due 2053FGNNew 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 6, 2024, F&G Annuities & Life, Inc. (the “Company” or “F&G”) issued an earnings release announcing its financial results for the third quarter ended September 30, 2024. 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 6, 2024, the Company made available to investors a supplemental presentation for the third quarter ended September 30, 2024. 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.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
F&G Annuities & Life, Inc.
Date: November 6, 2024
By:/s/ Michael L. Gravelle
Name:Michael L. Gravelle
Title:Executive Vice President, General Counsel and Corporate Secretary

F&G Annuities & Life Reports Third Quarter 2024 Results Des Moines, Iowa – (November 6, 2024) – 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, 2024. Net loss attributable to common shareholders (net loss) for the third quarter was $10 million, or $0.08 per diluted share (per share), compared to net earnings of $306 million, or $2.45 per share, for the third quarter of 2023. Net loss for the third quarter of 2024 included $150 million of net unfavorable mark-to-market effects and $16 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net earnings for the third quarter of 2023 included $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 attributable to common shareholders (adjusted net earnings) for the third quarter were $156 million, or $1.22 per share, compared to $120 million, or $0.96 per share for the third quarter of 2023. Adjusted net earnings 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. The third quarter of 2024 includes short-term investment income from alternative investments, $21 million of CLO redemption gains and bond prepay income, and $14 million tax valuation allowance benefit; partially offset by $17 million net expense from actuarial assumption updates. The third quarter of 2023 included short-term investment income from alternative investments. Please see “Third Quarter 2024 Results” and “Non-GAAP Measures and Other Information” for further explanation. Company Highlights • Sustainable sales growth across multi-channel platform: Gross sales of $3.9 billion for the third quarter, an increase of 39% over the third quarter 2023, primarily driven by record retail channel sales • Record invested assets with strong investment returns: Record assets under management before flow reinsurance of $62.9 billion at the end of the third quarter, an increase of 20% over the third quarter 2023. This included record assets under management (AUM) of $52.5 billion, an increase 11% over the third quarter 2023 driven by retained new business flows and net debt and equity proceeds over the past twelve months. The investment portfolio is performing well, as expected • Strong and expanding adjusted return on assets (ROA), excluding significant items: Demonstrated ROA expansion above baseline of 110 basis points shared at our Investor Day in October 2023 • Solid balance sheet supports both organic growth and return of capital to shareholders: F&G returned $31 million of capital to shareholders from common and preferred dividends in the third quarter Chris Blunt, Chief Executive Officer, commented, “Our strong results through the first nine months have positioned us well for the remainder of the year and we continue to make great progress toward our Investor Day targets. We have profitably grown assets under management before flow reinsurance to a record $62.9 billion at the end of the quarter. Gross sales of $3.9 billion increased 39% over the third quarter of 2023 and were boosted by record retail sales of $3.5 billion, nearly double the third quarter of 2023. We continue to benefit as consumers want to secure the relatively higher interest rates, guaranteed tax deferred growth and principal protection that annuity products offer, and we are seeing a healthy PRT pipeline with some significant early wins in the fourth quarter. Excluding significant items, we generated $179 million of adjusted net earnings in the third quarter and expanded our trailing twelve months adjusted return on assets to 126 basis points. I am confident in our ability to expand our margin even in a lower rate environment and we will continue to benefit from our accretive flow reinsurance and owned distribution strategies, setting F&G apart.”

 
Summary Financial Results1 (In millions, except per share data) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 2024 2023 Total gross sales $ 3,878 $ 2,781 $ 11,793 $ 9,070 Net sales $ 2,386 $ 2,268 $ 8,133 $ 6,689 Assets under management (AUM) $ 52,464 $ 47,103 $ 52,464 $ 47,103 Average assets under management (AAUM) YTD $ 50,970 $ 45,357 $ 50,970 $ 45,357 AUM before flow reinsurance $ 62,875 $ 52,577 $ 62,875 $ 52,577 Adjusted return on assets 1.05 % 0.76 % 1.05 % 0.76 % Net earnings (loss) $ (10) $ 306 $ 299 $ 241 Net earnings (loss) per share $ (0.08) $ 2.45 $ 2.38 $ 1.93 Adjusted net earnings $ 156 $ 120 $ 403 $ 260 Adjusted net earnings per share $ 1.22 $ 0.96 $ 3.18 $ 2.08 Book value per common share $ 32.51 $ 18.98 $ 32.51 $ 18.98 Book value per common share, excluding AOCI $ 42.28 $ 43.30 $ 42.28 $ 43.30 Third Quarter 2024 Results Robust profitable gross sales: Gross sales were $3.9 billion for the third quarter, an increase of 39% over the third quarter of 2023, primarily driven by record retail sales. Record Retail channel sales were $3.5 billion for the third quarter, an increase of 84% over the third quarter of 2023, driven by favorable economic conditions and strong demand for retirement savings products. Institutional market sales were nearly $0.4 billion of pension risk transfer for the third quarter, compared to $0.9 billion of pension risk transfer and funding agreements in third quarter of 2023. Institutional sales are opportunistic and volumes vary quarter to quarter. Net sales were $2.4 billion for the third quarter, an increase of 4% over the third quarter of 2023. Record assets under management before flow reinsurance was $62.9 billion at the end of the third quarter, an increase of 20% over the third quarter of 2023. This included record AUM of $52.5 billion, an increase of 11% from third quarter 2023. A rollforward of AUM can be found in the Non-GAAP Measures section of this release. Adjusted net earnings were $156 million, or $1.22 per share, in the third quarter, compared to $120 million, or $0.96 per share for the third quarter of 2023. Adjusted net earnings 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 of $156 million, or $1.22 per share, for the third quarter of 2024 include $131 million, or $1.00 per share, of investment income from alternative investments, $21 million, or $0.15 per share, of CLO redemption gains and bond prepay income, and $14 million, or $0.11 per share, of tax valuation allowance; partially offset by $17 million, or $0.13 per share, of net expense from actuarial assumption updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $172 million, or $1.31 per share. • Adjusted net earnings of $120 million, or $0.96 per share, for the third quarter of 2023 include $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. As compared to the prior year, the adjusted net earnings increase reflects asset growth, margin diversification from accretive flow reinsurance fees and owned distribution margin, disciplined expense management and higher interest expense due to planned capital market activity. 1See definition of non-GAAP measures below

 
Capital and Liquidity Highlights Total F&G equity attributable to common shareholders excluding AOCI was $5.3 billion, or $42.28 per share, based on 126 million common shares outstanding as of September 30, 2024. This reflects an increase of $1.86 per share, or 5%, during the first nine months, as compared to $40.42 as of December 31, 2023, including the net decrease of $0.24, or 1%, during the current quarter as shown below. Book value per common share excluding AOCI as of June 30, 2024 $ 42.52 Adjusted net earnings and other 1.11 Book value per common share excluding AOCI, before capital actions & mark-to-market $ 43.63 Capital actions (0.15) Book value per common share excluding AOCI, before mark-to-market $ 43.48 Mark-to-market movement (1.20) Book value per common share excluding AOCI as of September 30, 2024 $ 42.28 Our consolidated debt outstanding was $2.1 billion at September 30, 2024. Our debt to capitalization ratio, excluding AOCI, was 26.5% as of September 30, 2024. In early October, F&G issued $500 million of senior notes and net proceeds have been used to fully paydown its $365 million revolver balance, with the remainder to be used for general corporate purposes. During the third quarter, F&G returned $31 million of capital to shareholders from common and preferred dividends. Conference Call We will host a call with investors and analysts to discuss F&G’s third quarter 2024 results on Thursday, November 7, 2024, 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. 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) Assets September 30, 2024 December 31, 2023 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $49,026), net of allowance for credit losses of $62 at September 30, 2024 $ 46,909 $ 40,419 Preferred securities, at fair value 289 469 Equity securities, at fair value 146 137 Derivative investments 1,401 797 Mortgage loans, net of allowance for credit losses of $69 at September 30, 2024 5,626 5,336 Investments in unconsolidated affiliates (certain investments at fair value of $272 at September 30, 2024) 3,666 3,071 Other long-term investments 675 608 Short-term investments 681 1,452 Total investments $ 59,393 $ 52,289 Cash and cash equivalents 3,539 1,563 Reinsurance recoverable, net of allowance for credit losses of $21 at September 30, 2024 12,404 8,960 Goodwill 2,179 1,749 Prepaid expenses and other assets 942 931 Other intangible assets, net 5,349 4,207 Market risk benefits asset 134 88 Income taxes receivable 2 27 Deferred tax asset, net 181 388 Total assets $ 84,123 $ 70,202 Liabilities and Equity Contractholder funds $ 55,468 $ 48,798 Future policy benefits 8,268 7,050 Market risk benefits liability 603 403 Accounts payable and accrued liabilities 3,291 2,011 Notes payable 2,038 1,754 Funds withheld for reinsurance liabilities 9,980 7,083 Total liabilities $ 79,648 $ 67,099 Equity Preferred stock $0.001 par value; authorized 25,000,000 shares as of September 30, 2024; outstanding and issued shares of 5,000,000 as of September 30, 2024 — — Common stock $0.001 par value; authorized 500,000,000 shares as of September 30, 2024; outstanding and issued shares of 126,094,481 and 127,123,308 as of September 30, 2024, respectively — — Additional paid-in-capital 3,456 3,185 Retained earnings 2,145 1,926 Accumulated other comprehensive income (loss) ("AOCI") (1,231) (1,990) Treasury stock, at cost (1,028,827 shares as of September 30, 2024) (24) (18) Total F&G Annuities & Life, Inc. shareholders' equity $ 4,346 $ 3,103 Non-controlling interests 129 — Total equity $ 4,475 $ 3,103 Total liabilities and equity $ 84,123 $ 70,202

 
F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS THIRD QUARTER INFORMATION (In millions, except per share data) (Unaudited) Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenues Life insurance premiums and other fees $ 506 $ 582 $ 1,711 $ 1,523 Interest and investment income 712 578 2,012 1,622 Owned distribution revenues 20 — 61 — Recognized gains and (losses), net 206 (309) 401 (257) Total revenues 1,444 851 4,185 2,888 Benefits and expenses Benefits and other changes in policy reserves 1,095 292 2,864 1,921 Market risk benefit (gains) losses 71 (49) 80 (20) Depreciation and amortization 147 108 417 302 Personnel costs 80 58 215 167 Other operating expenses 45 38 149 107 Interest expense 36 24 94 71 Total benefits and expenses 1,474 471 3,819 2,548 Earnings (loss) before income taxes (30) 380 366 340 Income tax expense (benefit) (25) 74 51 99 Net earnings (loss) (5) 306 315 241 Less: Non-controlling interests 1 — 3 — Net earnings (loss) attributable to F&G (6) 306 312 241 Less: Preferred stock dividend 4 — 13 — Net earnings (loss) attributable to F&G common shareholders $ (10) $ 306 $ 299 $ 241 Net earnings (loss) attributable to F&G common shareholders per common share Basic $ (0.08) $ 2.47 $ 2.41 $ 1.94 Diluted $ (0.08) $ 2.45 $ 2.38 $ 1.93 Weighted average common shares used in computing net earnings (loss) per common share Basic 124 124 124 124 Diluted 124 125 131 125

 
Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attributable to common shareholders $ (10) $ 306 $ 299 $ 241 Non-GAAP adjustments Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets (15) 14 (100) 89 Change in allowance for expected credit losses 10 5 32 33 Change in fair value of reinsurance related embedded derivatives 178 (36) 186 (34) Change in fair value of other derivatives and embedded derivatives (127) 13 (58) 12 Recognized (gains) losses, net 46 (4) 60 100 Market related liability adjustments 145 (237) 19 (95) Purchase price amortization 22 5 63 16 Transaction costs and other non-recurring items — 1 (3) 3 Non-controlling interest (3) — (8) — Income taxes adjustment (44) 49 (27) (5) Adjusted net earnings attributable to common shareholders ¹ $ 156 $ 120 $ 403 $ 260 1See definition of non-GAAP measures below • Adjusted net earnings of $156 million, or $1.22 per share, for the third quarter of 2024 include $131 million, or $1.00 per share, of investment income from alternative investments, $21 million, or $0.15 per share, of CLO redemption gains and bond prepay income, and $14 million, or $0.11 per share, of tax valuation allowance benefit; partially offset by $17 million, or $0.13 per share, of net expense from actuarial assumption updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $172 million, or $1.31 per share. • 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 earnings of $403 million, or $3.18 per share, for the nine months ended September 30, 2024 include $376 million, or $2.87 per share, of investment income from alternative investments, $31 million or $0.23 per share of CLO redemption gains and bond prepay income, and $14 million, or $0.11 per share of tax valuation allowance benefit; partially offset by $33 million, or $0.25 per share, of net expense from actuarial assumption and model updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $489 million, or $3.73 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.

 
RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI Three months ended (In millions) September 30, 2024 June 30, 2024 March 31, 2024 Total F&G Annuities & Life, Inc. shareholders' equity 4,346 3,654 3,546 Less: Preferred stock 250 250 250 Total F&G equity attributable to common shareholders 4,096 3,404 3,296 Less: AOCI (1,231) (1,953) (1,883) Total F&G equity attributable to common shareholders, excluding AOCI $ 5,327 $ 5,357 $ 5,179 Common shares outstanding 126 126 126 Book value per common share $ 32.51 $ 27.02 $ 26.16 Book value per common share, excluding AOCI $ 42.28 $ 42.52 $ 41.10 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE FLOW REINSURANCE Three months ended (In millions) September 30, 2024 June 30, 2024 March 31, 2024 AUM at beginning of period $ 52,208 $ 49,787 $ 49,103 Net new business asset flows 1,726 3,057 2,116 Net flow reinsurance to third parties (1,248) (930) (1,407) Net capital transaction proceeds (disbursements) (222) 294 (25) AUM at end of period¹ $ 52,464 $ 52,208 $ 49,787 AAUM YTD¹ $ 50,970 $ 50,181 $ 49,400 AUM before flow reinsurance $ 62,875 $ 61,370 $ 58,020 SALES HIGHLIGHTS Three months ended Nine months ended (In millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Total annuity sales 3,502 1,858 9,389 6,870 Indexed universal life ("IUL") 39 38 125 117 Funding agreements ("FABN/FHLB") — 415 1,020 871 Pension risk transfer ("PRT") 337 470 1,259 1,212 Gross sales(1) 3,878 2,781 11,793 9,070 Sales attributable to flow reinsurance to third parties (1,492) (513) (3,660) (2,381) Net sales(1) $ 2,386 $ 2,268 $ 8,133 $ 6,689 1See definition of non-GAAP measures below

 
DEFINITIONS The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings attributable to common shareholders Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate: (i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “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) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and (vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations. Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.

 
Adjusted Return on Average Common Shareholder Equity, excluding AOCI Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings. Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; (ii) investments in unconsolidated affiliates at carrying value; (iii) related party loans and investments; (iv) accrued investment income; (v) the net payable/receivable for the purchase/sale of investments; and (vi) cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained. AUM before 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 Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company. Debt-to-Capitalization Ratio, excluding AOCI Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position. Return on Average F&G common shareholder Equity, excluding AOCI Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

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

 
Quarterly Financial Supplement ——————————— Third Quarter 2024 The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K as applicable. All dollar amounts are presented in millions except for per share amounts. Exhibit 99.2

 
Financial Results Financial Highlights 3 Consolidated Statements of Operations (GAAP) 4 Adjusted Net Earnings - Management View 5 Adjusted Net Earnings - Significant Income and Expense Items 6 Adjusted Return on Assets 7 Assets Under Management Rollforward and Average Assets Under Management 8 Interest and Investment Income and Yield 8 Consolidated Balance Sheets (GAAP) 9 Capitalization 10 Return on Equity Attributable to Common Shareholders 10 Investment Summary Summary of Invested Assets by Asset Class 11 Credit Quality of Fixed Maturity Securities, Asset-Backed Securities and CLO Securities 12 Product Summary GAAP Net Reserve Summary 13 Annuity Account Balance Rollforward 13 Annuity Liability Characteristics 14 Top 5 Reinsurers 14 Additional Information Ratings Overview 15 Shareholder Information 16 Non-GAAP Reconciliations 17 Non-GAAP Measures Definitions 21 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 2

 
Financial Highlights Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $ (6) $ 203 $ 115 $ (299) $ 306 $ 312 $ 241 Net earnings (loss) attributable to common shareholders (10) 198 111 (299) 306 299 241 Net earnings (loss) attributable to common shareholders per diluted share ² (0.08) 1.55 0.88 (2.41) 2.45 2.38 1.93 Weighted-average diluted shares outstanding (in millions) 124 131 130 124 125 131 125 RELATED NON-GAAP MEASURES ¹ Adjusted net earnings attributable to common shareholders 156 139 108 75 120 403 260 Adjusted net earnings attributable to common shareholders per diluted share ² 1.22 1.10 0.86 0.60 0.96 3.18 2.08 Adjusted weighted-average diluted shares outstanding (in millions) 131 131 130 125 125 131 125 Adjusted return on assets attributable to common shareholders 1.05 % 0.98 % 0.87 % 0.73 % 0.76 % 1.05 % 0.76 % Adjusted return on average common shareholder equity, excluding AOCI 9.1 % 8.4 % 7.4 % 6.5 % 7.4 % 9.1 % 7.4 % SELECTED CONSOLIDATED BALANCE SHEET DATA Total assets 84,123 78,512 74,434 70,202 63,623 84,123 63,623 Total liabilities 79,648 74,724 70,751 67,099 61,251 79,648 61,251 Total equity 4,475 3,788 3,683 3,103 2,372 4,475 2,372 Total equity, excluding AOCI 5,706 5,741 5,566 5,093 5,412 5,706 5,412 Common shares outstanding (in millions) 126 126 126 126 125 126 125 RELATED NON-GAAP MEASURES ¹ Total F&G equity attributable to common shareholders, excluding AOCI 5,327 5,357 5,179 5,093 5,412 5,327 5,412 Book value per common share 32.51 27.02 26.16 24.63 18.98 32.51 18.98 Book value per common share, excluding AOCI 42.28 42.52 41.10 40.42 43.30 42.28 43.30 Assets under management ("AUM") 52,464 52,208 49,787 49,103 47,103 52,464 47,103 Average assets under management ("AAUM") YTD 50,970 50,181 49,400 46,044 45,357 50,970 45,357 AUM before flow reinsurance 62,875 61,370 58,020 55,928 52,577 62,875 52,577 SALES ¹ Indexed annuities ("FIA/RILA") $ 1,847 $ 1,648 $ 1,437 $ 1,142 $ 1,122 $ 4,932 $ 3,557 Fixed rate annuities ("MYGA") 1,655 1,475 1,327 1,753 736 4,457 3,313 Total annuity 3,502 3,123 2,764 2,895 1,858 9,389 6,870 Indexed universal life ("IUL") 39 44 42 39 38 125 117 Funding agreements ("FABN/FHLB") — 915 105 385 415 1,020 871 Pension risk transfer ("PRT") 337 338 584 764 470 1,259 1,212 Gross sales 3,878 4,420 3,495 4,083 2,781 11,793 9,070 Sales attributable to flow reinsurance to third parties (1,492) (975) (1,193) (1,534) (513) (3,660) (2,381) Net sales $ 2,386 $ 3,445 $ 2,302 $ 2,549 $ 2,268 $ 8,133 $ 6,689 ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Beginning in 2024, diluted share count reflects the effect of 5 million common shares issuable upon the conversion of the FNF 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 par value per share, when their effect was dilutive. For time periods when dilutive, the weighted average number of diluted shares includes assumed issuance of common shares upon conversion of the preferred stock, as well as the preferred stock dividends are not deducted from net earnings (loss) or adjusted net earnings (loss). F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 3

 
Consolidated Statements of Operations (GAAP) Three months ended Nine months ended September 30, 2024 ¹ June 30, 2024 ¹ March 31, 2024 ¹ December 31, 2023 September 30, 2023 September 30, 2024 ¹ September 30, 2023 Revenues Life insurance premiums and other fees $ 506 $ 487 $ 718 $ 890 $ 582 $ 1,711 $ 1,523 Interest and investment income 712 684 616 589 578 2,012 1,622 Owned distribution revenues 20 18 23 — — 61 — Recognized gains and (losses), net 206 (17) 212 133 (309) 401 (257) Total revenues 1,444 1,172 1,569 1,612 851 4,185 2,888 Benefits and expenses Benefits and other changes in policy reserves 1,095 608 1,161 1,632 292 2,864 1,921 Market risk benefit (gains) losses 71 20 (11) 115 (49) 80 (20) Depreciation and amortization 147 147 123 110 108 417 302 Personnel costs 80 69 66 65 58 215 167 Other operating expenses 45 46 58 39 38 149 107 Interest expense 36 28 30 26 24 94 71 Total benefits and expenses 1,474 918 1,427 1,987 471 3,819 2,548 Earnings (loss) before income taxes (30) 254 142 (375) 380 366 340 Income tax expense (benefit) (25) 50 26 (76) 74 51 99 Net earnings (loss) (5) 204 116 (299) 306 315 241 Less: Non-controlling interests 1 1 1 — — 3 — Net earnings (loss) attributable to F&G (6) 203 115 (299) 306 312 241 Less: Preferred stock dividend 4 5 4 — — 13 — Net earnings (loss) attributable to F&G common shareholders $ (10) $ 198 $ 111 $ (299) $ 306 $ 299 $ 241 Net earnings (loss) attributable to F&G common shareholders per common share Basic $ (0.08) $ 1.60 $ 0.90 $ (2.41) $ 2.47 $ 2.41 $ 1.94 Diluted $ (0.08) $ 1.55 $ 0.88 $ (2.41) $ 2.45 $ 2.38 $ 1.93 Weighted average common shares used in computing net earnings (loss) per common share Basic 124 124 124 124 124 124 124 Diluted 124 131 130 124 125 131 125 ¹ Reflects majority stake in owned distribution starting in January 2024. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 4

 
Adjusted Net Earnings - Management View ¹ Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Interest and investment income - fixed income and other $ 514 $ 493 $ 475 $ 453 $ 444 $ 1,482 $ 1,275 Interest and investment income - alternatives (including short term mark- to-market) 150 167 112 124 129 429 328 Interest and investment income - variable 26 6 8 — — 40 6 Adjusted interest and investment income 690 666 595 577 573 1,951 1,609 Cost of funds (406) (390) (362) (384) (344) (1,158) (961) Product margin 284 276 233 193 229 793 648 Flow reinsurance fee income 22 21 15 23 27 58 35 Owned distribution margin 12 9 13 3 3 34 8 Operating expenses (103) (97) (94) (95) (90) (294) (256) Interest expense (36) (31) (30) (26) (24) (97) (71) Income tax (expense) benefit (19) (34) (25) (23) (25) (78) (104) Adjusted net earnings 160 144 112 75 120 416 260 Less: Preferred stock dividend 4 5 4 — — 13 — Adjusted net earnings attributable to common shareholders $ 156 $ 139 $ 108 $ 75 $ 120 $ 403 $ 260 Adjusted net earnings per common share Diluted $ 1.22 $ 1.10 $ 0.86 $ 0.60 $ 0.96 $ 3.18 $ 2.08 Weighted average common shares used in computing adjusted net earnings per common share Diluted 131 131 130 125 125 131 125 ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section.. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 5

 
Adjusted Net Earnings - Significant Income and Expense Items ¹ 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, 2024 Adjusted net earnings of $156 million for the three months ended September 30, 2024 included $131 million of investment income from alternative investments, $21 million of CLO redemptions and bond prepay income, and $14 million tax valuation allowance, partially offset by $17 million of net expense from actuarial assumption updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $172 million. $149 $172 131 June 30, 2024 Adjusted net earnings of $139 million for the three months ended June 30, 2024 included $145 million of investment income from alternative investments and $4 million of CLO redemptions and bond prepay income, partially offset by $16 million of actuarial model updates and refinements. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $165 million. $133 $165 131 March 31, 2024 Adjusted net earnings of $108 million for the three months ended March 31, 2024 included $100 million of investment income from alternative investments and $6 million income of CLO redemption gains and bond prepay income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $152 million. $106 $152 130 December 31, 2023 Adjusted net earnings of $75 million for the three months ended December 31, 2023 included $110 million of investment income from alternative investments, partially offset by $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $147 million. $91 $147 125 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 Nine months ended September 30, 2024 Adjusted net earnings of $403 million for the nine months ended September 30, 2024 included $376 million of investment income from alternative investments, $31 million of CLO redemptions and bond prepay income, and $14 million tax valuation allowance, partially offset by $33 million of net expense from actuarial assumption and model updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $489 million. $388 $489 131 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 ¹ Refer to Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders on page 17 and Adjusted Net Earnings - Management View on page 5. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 6

 
Adjusted Return on Assets ¹ Annualized year to date September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Adjusted interest and investment income $ 2,601 $ 2,522 $ 2,380 $ 2,186 $ 2,145 Cost of funds (1,544) (1,504) (1,448) (1,345) (1,281) Product margin 1,057 1,018 932 841 864 Flow reinsurance fee income 77 72 60 58 47 Owned distribution margin 45 44 52 11 11 Expenses (operating, interest and taxes) (625) (622) (596) (575) (575) Adjusted net earnings $ 554 $ 512 $ 448 $ 335 $ 347 Less: Preferred stock dividend 17 18 16 — — Adjusted net earnings attributable to common shareholders (A) $ 537 $ 494 $ 432 $ 335 $ 347 AAUM YTD (B) 50,970 50,181 49,400 46,044 45,357 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Adjusted interest and investment income 5.10 % 5.03 % 4.82 % 4.75 % 4.73 % Cost of funds (3.03) % (3.00) % (2.93) % (2.92) % (2.82) % Product margin 2.07 % 2.03 % 1.89 % 1.83 % 1.91 % Flow reinsurance fee income 0.15 % 0.14 % 0.12 % 0.13 % 0.10 % Owned distribution margin 0.09 % 0.09 % 0.10 % 0.02 % 0.02 % Expenses (operating, interest and taxes) (1.23) % (1.24) % (1.21) % (1.25) % (1.27) % Adjusted return on assets 1.08 % 1.02 % 0.90 % 0.73 % 0.76 % Less: Preferred stock dividend 0.03 % 0.04 % 0.03 % — % — % Adjusted return on assets attributable to common shareholders (A/B) 1.05 % 0.98 % 0.87 % 0.73 % 0.76 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 7

 
Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 AUM at beginning of period $ 52,208 $ 49,787 $ 49,103 $ 47,103 $ 46,004 $ 49,103 $ 43,568 Net new business asset flows 1,726 3,057 2,116 3,165 1,710 6,899 5,939 Net flow reinsurance to third parties (1,248) (930) (1,407) (1,352) (530) (3,585) (2,609) Net capital transaction proceeds (disbursements) (222) 294 (25) 187 (81) 47 205 AUM at end of period $ 52,464 $ 52,208 $ 49,787 $ 49,103 $ 47,103 $ 52,464 $ 47,103 AAUM YTD $ 50,970 $ 50,181 $ 49,400 $ 46,044 $ 45,357 $ 50,970 $ 45,357 AUM before flow reinsurance $ 62,875 $ 61,370 $ 58,020 $ 55,928 $ 52,577 $ 62,875 $ 52,577 Interest and Investment Income and Yield ¹ Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Adjusted interest and investment income ² $ 690 $ 666 $ 595 $ 577 $ 573 $ 1,951 $ 1,609 AAUM QTD 52,661 50,864 49,400 48,028 46,463 50,970 45,357 Yield on AAUM 5.24 % 5.24 % 4.82 % 4.80 % 4.93 % 5.10 % 4.73 % Less: Alternatives investment income (including short term mark-to- market) ³ 150 167 112 124 129 429 328 Less: Variable investment income ⁴ 26 6 8 — — 40 6 Fixed income and other net investment income ² ⁵ $ 514 $ 493 $ 475 $ 453 $ 444 $ 1,482 $ 1,275 AAUM QTD, excluding alternative investments 44,100 42,509 41,670 40,634 39,356 42,789 38,537 Yield on AAUM, excluding alternative investments and variable investment income 4.66 % 4.64 % 4.56 % 4.46 % 4.51 % 4.62 % 4.41 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Reflects interest and investment income on an adjusted net earnings basis. ³ Comprised of alternative investment income, which includes mark-to-market movement that is reflected in adjusted net earnings, from 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. ⁴ Includes significant, non-recurring interest and investment income items, which could include call and tender income, commercial loan obligation redemption gains and other miscellaneous investment income. ⁵ Includes interest and investment income from fixed maturity securities (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, 2024 8

 
Consolidated Balance Sheets (GAAP) Assets September 30, 2024 ¹ June 30, 2024 ¹ March 31, 2024 ¹ December 31, 2023 September 30, 2023 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $49,026), net of allowance for credit losses of $62 at September 30, 2024 $ 46,909 $ 43,826 $ 42,631 $ 40,419 $ 36,871 Preferred securities, at fair value 289 332 381 469 605 Equity securities, at fair value 146 147 138 137 116 Derivative investments 1,401 1,032 1,024 797 420 Mortgage loans, net of allowance for credit losses of $69 at September 30, 2024 5,626 5,439 5,440 5,336 5,174 Investments in unconsolidated affiliates (certain investments at fair value of $272 at September 30, 2024) 3,666 3,705 3,367 3,071 2,920 Other long-term investments 675 660 634 608 594 Short-term investments 681 421 263 1,452 168 Total investments $ 59,393 $ 55,562 $ 53,878 $ 52,289 $ 46,868 Cash and cash equivalents 3,539 3,526 2,372 1,563 1,742 Reinsurance recoverable, net of allowance for credit losses of $21 at September 30, 2024 12,404 11,031 10,112 8,960 7,462 Goodwill 2,179 2,017 2,017 1,749 1,749 Prepaid expenses and other assets 942 983 980 931 1,076 Other intangible assets, net 5,349 4,952 4,612 4,207 4,005 Market risk benefits asset 134 103 95 88 118 Income taxes receivable 2 11 23 27 27 Deferred tax asset, net 181 327 345 388 576 Total assets $ 84,123 $ 78,512 $ 74,434 $ 70,202 $ 63,623 Liabilities and Equity Contractholder funds $ 55,468 $ 53,602 $ 50,875 $ 48,798 $ 46,011 Future policy benefits 8,268 7,636 7,441 7,050 5,823 Market risk benefits liability 603 459 425 403 278 Accounts payable and accrued liabilities 3,291 2,328 2,237 2,011 1,452 Notes payable 2,038 2,038 1,748 1,754 1,569 Funds withheld for reinsurance liabilities 9,980 8,661 8,025 7,083 6,118 Total liabilities $ 79,648 $ 74,724 $ 70,751 $ 67,099 $ 61,251 Equity Preferred stock $0.001 par value; authorized 25,000,000 shares as of September 30, 2024; outstanding and issued shares of 5,000,000 as of September 30, 2024 — — — — — Common stock $0.001 par value; authorized 500,000,000 shares as of September 30, 2024; outstanding and issued shares of 126,094,481 and 127,123,308 as of September 30, 2024, respectively — — — — — Additional paid-in-capital 3,456 3,449 3,442 3,185 3,178 Retained earnings 2,145 2,182 2,011 1,926 2,252 Accumulated other comprehensive income (loss) ("AOCI") (1,231) (1,953) (1,883) (1,990) (3,040) Treasury stock, at cost (1,028,827 shares as of September 30, 2024) (24) (24) (24) (18) (18) Total F&G Annuities & Life, Inc. shareholders' equity $ 4,346 $ 3,654 $ 3,546 $ 3,103 $ 2,372 Non-controlling interests 129 134 137 — — Total equity $ 4,475 $ 3,788 $ 3,683 $ 3,103 $ 2,372 Total liabilities and equity $ 84,123 $ 78,512 $ — $ 74,434 $ 70,202 $ 63,623 ¹ Reflects majority stake in owned distribution starting in January 2024. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 9

 
Capitalization ¹ Three months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Notes payable $ 2,038 $ 2,038 $ 1,748 $ 1,754 $ 1,569 Net issuance costs (premium) 22 22 12 6 (4) Notes payable (aggregate principal amount) (A) $ 2,060 $ 2,060 $ 1,760 $ 1,760 $ 1,565 Total equity 4,475 3,788 3,683 3,103 2,372 Less: AOCI (1,231) (1,953) (1,883) (1,990) (3,040) Total equity, excluding AOCI $ 5,706 $ 5,741 $ 5,566 $ 5,093 $ 5,412 Total Capitalization, excluding AOCI (B) $ 7,766 $ 7,801 $ 7,326 $ 6,853 $ 6,977 Debt-to-Capitalization, excluding AOCI (A/B) 26.5 % 26.4 % 24.0 % 25.7 % 22.4 % Return on Equity Attributable to Common Shareholders ¹ Twelve months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Net earnings (loss) attributable to common shareholders - rolling four quarters (C) $ — $ 316 $ 248 $ (58) $ 65 Adjusted net earnings attributable to common shareholders - rolling four quarters (D) 478 442 382 335 390 Average F&G equity attributable to common shareholders - 5 point average (E) 3,254 2,939 2,755 2,577 2,435 Less: Average AOCI - 5 point average (2,020) (2,295) (2,414) (2,601) (2,808) Average F&G equity attributable to common shareholders, excluding AOCI - 5 point average (F) $ 5,274 $ 5,234 $ 5,169 $ 5,178 $ 5,243 Return on average common shareholder equity (C/E) — % 10.8 % 9.0 % (2.3) % 2.7 % Adjusted return on average common shareholder equity, excluding AOCI (D/F) 9.1 % 8.4 % 7.4 % 6.5 % 7.4 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 10

 
Summary of Invested Assets by Asset Class September 30, 2024 December 31, 2023 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale United States Government full faith and credit $ 352 $ 352 1 % $ 258 $ 261 1 % United States Government sponsored entities 33 31 — % 34 31 — % United States municipalities, states and territories 1,635 1,473 2 % 1,776 1,567 3 % Foreign Governments 237 206 — % 263 226 — % Corporate securities: Finance, insurance and real estate 8,969 8,622 15 % 7,526 6,895 13 % Manufacturing, construction and mining 1,515 1,416 2 % 1,077 947 2 % Utilities, energy and related sectors 3,262 2,888 5 % 2,825 2,374 5 % Wholesale/retail trade 3,408 3,109 5 % 2,799 2,433 5 % Services, media and other 5,148 4,576 8 % 4,553 3,930 8 % Hybrid securities 609 596 1 % 668 618 1 % Non-agency residential mortgage-backed securities 2,575 2,560 4 % 2,467 2,393 5 % Commercial mortgage-backed securities 5,304 5,124 9 % 4,732 4,410 9 % Asset-backed securities 10,322 10,206 17 % 9,273 8,929 17 % Collateral loan obligations ("CLO") 5,657 5,750 10 % 5,350 5,405 10 % Total fixed maturity securities, available for sale $ 49,026 $ 46,909 79 % $ 43,601 $ 40,419 79 % Equity securities 476 435 1 % 682 606 1 % Limited partnerships: Private equity 1,839 1,839 3 % 1,277 1,277 2 % Real assets 534 533 1 % 465 463 1 % Credit 1,018 1,018 2 % 1,039 1,039 2 % Limited partnerships 3,391 3,390 6 % 2,781 2,779 5 % Commercial mortgage loans 2,572 2,342 4 % 2,538 2,253 4 % Residential mortgage loans 3,054 2,830 5 % 2,798 2,545 5 % Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments) 1,677 2,352 4 % 1,621 1,697 3 % Short term investments 681 681 1 % 1,452 1,452 3 % Total investments ¹ $ 60,877 $ 58,939 100 % $ 55,473 $ 51,751 100 % ¹ Asset duration of 5.2 years and 5.2 years vs. liability duration of 5.4 years and 4.7 years for the periods ending September 30, 2024 and December 31, 2023, respectively. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 11

 
Credit Quality of Fixed Maturity Securities September 30, 2024 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 29,764 64 % BBB 2 15,028 32 % BB 3 1,600 3 % B 4 334 1 % CCC 5 78 — % CC and lower 6 105 — % Total $ 46,909 100 % Credit Quality of Asset-Backed Securities September 30, 2024 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 7,888 78 % BBB 2 1,665 16 % BB 3 479 5 % B 4 128 1 % CCC 5 7 — % CC and lower 6 39 — % Total $ 10,206 100 % Credit Quality of CLO Securities September 30, 2024 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 3,826 67 % BBB 2 1,442 25 % BB 3 431 7 % B 4 10 — % CCC 5 — — % CC and lower 6 41 1 % Total $ 5,750 100 % F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 12

 
GAAP Net Reserve Summary Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Indexed annuities $ 30,239 $ 29,439 $ 28,741 $ 27,792 $ 26,642 $ 30,239 $ 26,642 Fixed rate annuities 6,508 6,044 5,876 5,924 6,028 6,508 6,028 Single premium immediate annuity and other 1,660 1,606 1,650 1,699 1,598 1,660 1,598 Indexed universal and other life 2,795 2,624 2,542 2,521 2,253 2,795 2,253 Funding agreements 5,325 6,071 5,150 5,152 4,969 5,325 4,969 Pension risk transfer 5,408 4,882 4,670 4,203 3,160 5,408 3,160 Total product reserves $ 51,935 $ 50,666 $ 48,629 $ 47,291 $ 44,650 $ 51,935 $ 44,650 Annuity Account Balance Rollforward ¹ Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Annuity balances at beginning of period: $ 34,371 $ 33,545 $ 32,967 $ 32,541 $ 32,003 $ 32,967 $ 30,403 Net deposits Indexed annuities 1,381 1,680 1,387 1,179 1,135 4,448 3,560 Fixed rate annuities 629 446 135 214 218 1,210 930 Total net deposits 2,010 2,126 1,522 1,393 1,353 5,658 4,490 Surrenders, withdrawals, deaths, etc. Indexed annuities (1,264) (1,101) (804) (769) (639) (3,169) (1,746) Fixed rate annuities (249) (376) (305) (334) (289) (930) (834) Total surrenders, withdrawals, deaths, etc. (1,513) (1,477) (1,109) (1,103) (928) (4,099) (2,580) Net flows 497 649 413 290 425 1,559 1,910 Premium and interest bonuses 23 25 22 24 20 70 63 Fixed interest credited and index credits 258 201 189 163 136 648 296 Guaranteed product rider fees (46) (49) (46) (51) (43) (141) (131) Account balance at end of period $ 35,103 $ 34,371 $ 33,545 $ 32,967 $ 32,541 $ 35,103 $ 32,541 ¹ The rollforward reflects the vested account balance of our indexed annuities and fixed rate annuities, net of reinsurance. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 13

 
Annuity Liability Characteristics Fixed Rate Annuities Account Value Indexed Annuities Account Value Surrender Charge Percentages: September 30, 2024 No surrender charge $ 317 $ 2,198 0.0% < 2.0% 23 486 2.0% < 4.0% 131 1,591 4.0% < 6.0% 634 2,951 6.0% < 8.0% 2,241 5,244 8.0% < 10.0% 2,897 9,904 10.0% or greater — 6,486 $ 6,243 $ 28,860 Fixed Rate Annuities Account Value Indexed Annuities Account Value Credited Rate (Including Bonus Interest) vs. Ultimate Minimum Guaranteed Rate Differential: September 30, 2024 No differential $ 426 $ 1,303 0.0% - 1.0% 119 948 1.0% - 2.0% 1,241 462 2.0% - 3.0% 1,407 473 3.0% - 4.0% 877 499 4.0% - 5.0% 1,970 25 5.0% - 6.0% 203 — Allocated to index strategies — 25,150 $ 6,243 $ 28,860 Top 5 Reinsurers September 30, 2024 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable ¹ AM Best S&P Fitch Moody's Aspida Life Re Ltd $ 7,543 A- — — — Somerset Reinsurance Ltd 2,181 A- BBB+ — — Everlake 1,120 A — — — Wilton Re 1,073 A+ — A — Canada Life Reinsurance Co. 81 A+ — — — ¹ Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies. '-' indicates not rated F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 14

 
Ratings Overview A.M. Best S&P Fitch Moody's Holding Company and Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Baa3 Outlook Stable Stable Stable Senior Unsecured Notes ¹ Not Rated BBB- BBB- Baa3 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 Stable Stable Stable Senior Unsecured Notes (2025 maturity) ² BBB BBB BBB Baa2 Operating Subsidiary Ratings Fidelity & Guaranty Life Insurance Company Financial Strength Rating A A- A- A3 Outlook Stable Stable Stable Stable Fidelity & Guaranty Life Insurance Company of New York Financial Strength Rating A A- A- Not Rated Outlook Stable Stable Stable F&G 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 ¹ Reflects Moody's rating of $500 million Senior Notes due 2034 issued in October 2024 ² 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, 2024 15

 
Shareholder Information NYSE: FG Common Stock Information High Low Close 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 Fourth Quarter 48.14 26.12 46.00 2024 First Quarter 47.54 35.99 40.55 Second Quarter 42.76 35.11 38.05 Third Quarter 45.69 37.08 44.72 History of Quarterly Cash Dividend to Common Shareholders Ex-Dividend Date Record Date Payable Date Amount per Share 2023 First Quarter 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 Fourth Quarter 12/14/2023 12/15/2023 12/29/2023 $ 0.21 2024 First Quarter 3/14/2024 3/15/2024 3/29/2024 $ 0.21 Second Quarter 6/13/2024 6/14/2024 6/28/2024 $ 0.21 Third Quarter 9/13/2024 9/16/2024 9/30/2024 $ 0.21 Corporate Headquarters Research Analyst Coverage F&G Annuities & Life, Inc. Wes Carmichael John Barnidge 801 Grand Avenue Autonomous Research Piper Sandler Companies Suite 2600 (646) 561-6250 (312) 281-3412 Des Moines, IA 50309 wcarmichael@autonomous.com john.barnidge@psc.com Investor Contact Alex Scott John Campbell Lisa Foxworthy-Parker Barclays Capital, Inc. Stephens, Inc. SVP, Investor and External Relations (212) 526-1561 (501) 377-6362 Investor.relations@fglife.com alex.scott@barclays.com john.campbell@stephens.com (515) 330-3307 Transfer Agent Continental Stock Transfer and 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, 2024 16

 
Non-GAAP Reconciliations Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attributable to common shareholders $ (10) $ 198 $ 111 $ (299) $ 306 $ 299 $ 241 Non-GAAP adjustments Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available- for-sale securities, equity securities and other invested assets (15) (37) (48) 9 14 (100) 89 Change in allowance for expected credit losses 10 21 1 15 5 32 33 Change in fair value of reinsurance related embedded derivatives 178 (10) 18 162 (36) 186 (34) Change in fair value of other derivatives and embedded derivatives (127) 8 61 (72) 13 (58) 12 Recognized (gains) losses, net 46 (18) 32 114 (4) 60 100 Market related liability adjustments 145 (71) (55) 353 (237) 19 (95) Purchase price amortization 22 19 22 6 5 63 16 Transaction costs and other non-recurring items — (3) — — 1 (3) 3 Non-controlling interest (3) (2) (3) — — (8) — Income taxes adjustment (44) 16 1 (99) 49 (27) (5) Adjusted net earnings attributable to common shareholders ¹ $ 156 $ 139 $ 108 $ 75 $ 120 $ 403 $ 260 ¹ Refer to Adjusted Net Earnings - Significant Income and Expense Items on page 6. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 17

 
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and investment income $ 712 $ 684 $ 616 $ 589 $ 578 $ 2,012 $ 1,622 Adjustments Recognized (gains) losses, net (16) (16) (17) (9) (2) (49) (6) Transaction costs and other non-recurring items — — — — — — 1 Reclass of dividend income to owned distribution margin (6) (2) (4) (3) (3) (12) (8) Total adjustments to arrive at adjusted interest and investment income (22) (18) (21) (12) (5) (61) (13) Adjusted interest and investment income $ 690 $ 666 $ 595 $ 577 $ 573 $ 1,951 $ 1,609 Reconciliation of benefits and expenses to cost of funds US GAAP life insurance premiums and other fees 506 487 718 890 582 1,711 1,523 US GAAP recognized gains and (losses), net 206 (17) 212 133 (309) 401 (257) US GAAP benefits and other changes in policy reserves (1,095) (608) (1,161) (1,632) (292) (2,864) (1,921) US GAAP market risk benefit gains (losses) (71) (20) 11 (115) 49 (80) 20 US GAAP depreciation and amortization (147) (147) (123) (110) (108) (417) (302) US GAAP line items subtotal $ (601) $ (305) $ (343) $ (834) $ (78) $ (1,249) $ (937) Adjustments Recognized (gains) losses, net 61 (3) 45 120 (3) 103 101 Market related liability adjustments 145 (71) (55) 353 (237) 19 (95) Purchase price amortization 15 14 13 6 5 42 16 Reclass of acquisition expenses from operating expenses (4) (4) (7) (6) (4) (15) (11) Reclass of fee income to flow reinsurance margin (22) (21) (15) (23) (27) (58) (35) Total adjustments to arrive at cost of funds 195 (85) (19) 450 (266) 91 (24) Cost of funds $ (406) $ (390) $ (362) $ (384) $ (344) $ (1,158) $ (961) Composition of flow reinsurance margin Reclass of fee income from cost of funds 22 21 15 23 27 58 35 Flow reinsurance margin $ 22 $ 21 $ 15 $ 23 $ 27 $ 58 $ 35 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 18

 
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution revenues $ 20 $ 18 $ 23 $ — $ — $ 61 $ — US GAAP non-controlling interest (1) (1) (1) — — (3) — US GAAP line items subtotal 19 17 22 — — 58 — Adjustments Non-controlling interest (3) (2) (3) — — (8) — Reclass of owned distribution dividend income from interest and investment income 6 2 4 3 3 12 8 Reclass of owned distribution expenses from operating expenses (10) (8) (10) — — (28) — Total adjustments to arrive at owned distribution margin (7) (8) (9) 3 3 (24) 8 Owned distribution margin $ 12 $ 9 $ 13 $ 3 $ 3 $ 34 $ 8 Reconciliation of operating expenses US GAAP personnel costs $ (80) $ (69) $ (66) $ (65) $ (58) $ (215) $ (167) US GAAP other operating expenses (45) (46) (58) (39) (38) (149) (107) US GAAP line items subtotal (125) (115) (124) (104) (96) (364) (274) Adjustments Recognized (gains) losses, net 1 1 4 3 1 6 5 Purchase price amortization 7 5 9 — — 21 — Transaction costs and other non-recurring items — — — — 1 — 2 Reclass of acquisition expenses to cost of funds 4 4 7 6 4 15 11 Reclass of expenses to owned distribution margin 10 8 10 — — 28 — Total adjustments to arrive at operating expenses 22 18 30 9 6 70 18 Operating expenses $ (103) $ (97) $ (94) $ (95) $ (90) $ (294) $ (256) Reconciliation of interest expense US GAAP interest expense $ (36) $ (28) $ (30) $ (26) $ (24) $ (94) $ (71) US GAAP line items subtotal (36) (28) (30) (26) (24) (94) (71) Adjustments Transaction costs and other non-recurring items — (3) — — — (3) — Total adjustments to arrive at interest expense — (3) — — — (3) — Interest expense $ (36) $ (31) $ (30) $ (26) $ (24) $ (97) $ (71) F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 19

 
Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense) benefit $ 25 $ (50) $ (26) $ 76 $ (74) $ (51) $ (99) Adjustments Income taxes on non-GAAP adjustments (44) 16 1 (99) 49 (27) (5) Total adjustments to arrive at adjusted income tax (expense) benefit (44) 16 1 (99) 49 (27) (5) Adjusted income tax (expense) benefit $ (19) $ (34) $ (25) $ (23) $ (25) $ (78) $ (104) Nine months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023 Reconciliation of total investments to AUM US GAAP total investments $ 59,393 $ 55,562 $ 53,878 $ 52,289 $ 46,868 $ 59,393 $ 46,868 US GAAP cash and cash equivalents 3,539 3,526 2,372 1,563 1,742 3,539 1,742 Less: US GAAP derivative investments 1,401 1,032 1,024 797 420 1,401 420 US GAAP line items subtotal 61,531 58,056 55,226 53,055 48,190 61,531 48,190 Adjustments Reinsurance assets ceded adjustment (9,838) (8,602) (7,993) (6,879) (6,051) (9,838) (6,051) Unrealized (gains)/losses and allowances adjustment 2,102 3,414 3,182 3,227 5,095 2,102 5,095 Owned distribution investments adjustment (314) (381) (365) (291) (280) (314) (280) Reclass from prepaid expenses and other assets ¹ 770 666 677 604 601 770 601 Reclass from accounts payable and accrued liabilities ² (1,787) (945) (940) (613) (452) (1,787) (452) Total adjustments to arrive at AUM (9,067) (5,848) (5,439) (3,952) (1,087) (9,067) (1,087) AUM 52,464 52,208 49,787 49,103 47,103 52,464 47,103 Flow reinsurance 10,411 9,162 8,233 6,825 5,474 10,411 5,474 AUM before flow reinsurance $ 62,875 $ 61,370 $ 58,020 $ 55,928 $ 52,577 $ 62,875 $ 52,577 Reconciliation of total F&G Annuities & Life, Inc. shareholders' equity to total F&G equity attributable to common shareholders, excluding AOCI Total F&G Annuities & Life, Inc. shareholders' equity $ 4,346 $ 3,654 $ 3,546 $ 3,103 $ 2,372 $ 4,346 $ 2,372 Less: Preferred stock 250 250 250 — — 250 — Total F&G equity attributable to common shareholders 4,096 3,404 3,296 3,103 2,372 4,096 2,372 Less: AOCI (1,231) (1,953) (1,883) (1,990) (3,040) (1,231) (3,040) Total F&G equity attributable to common shareholders, excluding AOCI $ 5,327 $ 5,357 $ 5,179 $ 5,093 $ 5,412 $ 5,327 $ 5,412 ¹ Includes accrued investment income, receivable for sale of investments and low income housing tax credit assets ² Includes derivative collateral and payable for purchase of investments F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 20

 
Non-GAAP Measures Definitions Non-GAAP Measures Generally Accepted Accounting Principles ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within. The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings attributable to common shareholders Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate: (i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “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) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and (vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations. Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 21

 
Non-GAAP Measures Definitions (continued) Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM. Adjusted Return on Average Common Shareholder Equity, excluding AOCI Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings. Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; (ii) investments in unconsolidated affiliates at carrying value; (iii) related party loans and investments; (iv) accrued investment income; (v) the net payable/receivable for the purchase/sale of investments; and (vi) cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained. AUM before 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2024 22

 
Non-GAAP Measures Definitions (continued) Book Value per Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company. Return on Average F&G common shareholder Equity, excluding AOCI Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition. Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company. Debt-to-Capitalization Ratio, excluding AOCI Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position. Total Equity, excluding AOCI Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity. Total F&G Equity attributable to common shareholders, excluding AOCI Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Yield on AAUM Yield on AAUM is calculated by dividing annualized 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, 2024 23

 
F&G Investor Update Fall 2024

 
Disclaimer & Forward-Looking Statements 2F&G Investor Update | Fall 2024 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; 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 the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

 
Non-GAAP Financial Measures 3F&G Investor Update | Fall 2024 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.

 
LTM 3Q24 Adjusted ROA2, 3 1.26% Above 1.10% baseline Executing To Deliver Shareholder Value 4F&G Investor Update | Fall 2024 1As of 9/30/2024 2Attributable to common shareholders; metrics refer to return on assets ex significant items and adjusted return on equity ex AOCI and ex significant items 3LTM 3Q24 reflects last twelve months ended 9/30/2024 ✓ Market leading, multi-channel sales platform ✓ Delivered record sales in first nine months; robust 3Q24 ✓ Record AUM before flow reinsurance and retained AUM ✓ Continued strong performance from our diversified, well positioned and high quality investment portfolio ✓ Generating ROA expansion from investment margin, scale benefits and enhanced earnings from flow reinsurance and owned distribution strategies ✓ Strong balance sheet provides flexibility to optimize growth and return capital to shareholders ✓ F&G’s market capitalization increased to $5.6B, as compared to $2.9B at NYSE listing (eff. 12/1/2022) YTD 3Q24 Gross Sales $11.8B + 30% YoY YTD 3Q24 Net Sales $8.1B + 21% YoY AUM1 $52.5B + 11% YoY AUM before flow reinsurance1 $62.9B + 20% YoY YTD 3Q24 Capital Return to Shareholders $93M Common and Preferred Dividends Market Capitalization1 $5.6B + 60% YoY YTD 3Q24 Adjusted ROE2 12% + 1% YoY Strong YTD 3Q24 results position us well for remainder of the year; making great progress toward Investor Day targets

 
ANE ($M) and Per Share 3Q23 3Q24 Favorable / (Unfavorable) ($M) Per share ($M) Per share Alternatives investment short-term returns versus long-term return expectations (28) ($0.22) (41) ($0.31) Other significant (income) expense items - - 18 $0.13 Third Quarter Financial Highlights 5F&G Investor Update | Fall 2024 1Attributable to common shareholders ($M) - except per share data and ROA Quarterly Year-to-Date 3Q23 3Q24 3Q23 3Q24 Gross sales $2,781 $3,878 $9,070 $11,793 Net sales $2,268 $2,386 $6,689 $8,133 Assets under management (AUM) $47,103 $52,464 $47,103 $52,464 AUM before flow reinsurance $52,577 $62,875 $52,577 $62,875 Adjusted return on assets (ROA)1 0.76% 1.05% 0.76% 1.05% Net earnings (loss)1 $306 ($10) $241 $299 Net earnings (loss) per diluted share1 $2.45 ($0.08) $1.93 $2.38 Adjusted net earnings (ANE)1 $120 $156 $260 $403 Adjusted net earnings per diluted share1 $0.96 $1.22 $2.08 $3.18 Adjusted weighted average diluted shares 125 131 125 131 Adjusted ROA – ex significant items1 1.20% 1.32% 1.20% 1.32% ANE – ex significant items1 $148 $179 $408 $504 ANE per diluted share – ex significant items1 $1.18 $1.40 $3.27 $3.95 F&G expects steady and growing adjusted net earnings over time, excluding significant items which include short-term mark-to-market effects ANE ($M) and Per Share YTD 3Q23 YTD 3Q24 Favorable / (Unfavorable) ($M) Per share ($M) Per share Alternatives investment short-term returns versus long-term return expectations (116) ($0.93) (113) ($0.86) Other significant (income) expense items (32) ($0.26) 12 $0.09 Significant Items – Year-to-Date Significant Items – Quarterly Financial Highlights

 
About F&G Snapshot 6F&G Investor Update | Fall 2024 Retail Annuities • Fixed indexed annuity (FIA) • Registered index-linked annuities (RILA) • Multi-year guaranteed annuity (MYGA) Pension Risk Transfer (PRT) Life Insurance • Indexed universal life (IUL) Funding Agreements • Funding agreement backed notes (FABN) • Federal Home Loan Bank (FHLB) • Founded in 1959 as a life insurance company • Listed on the New York Stock Exchange (NYSE: FG) eff. 12/1/2022 • Fidelity National Financial (NYSE: FNF) retains ~85% ownership • Headquartered in Des Moines, IA; 1,300+ employees • Ranking as a Top Workplaces company for 7 consecutive years Retail Channels • Independent insurance agents (IMOs) • Broker Dealers • Banks Institutional Markets • Pension risk transfer • Funding agreements Our Product Lines Five Distinct Distribution Channels / Markets Background Financial Strength Ratings A Stable A.M. Best A- Stable S&P Global A- Stable Fitch Ratings A3 Stable Moody’s

 
F&G’s Competitive Advantages 7F&G Investor Update | Fall 2024 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 Superior Ecosystem 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

 
We Have Generated Strong Returns Over Time 8F&G Investor Update | Fall 2024 1Calculated as adjusted net earnings attributable to common shareholders ex significant items on a rolling four quarter basis, divided by average F&G equity attributable to common shareholders ex accumulated other comprehensive income (ex AOCI) utilizing the average of five points throughout the period; 2020 reflects post merger period from 6/1/2020 to 12/31/2020 2Calculated as F&G equity attributable to common shareholders ex AOCI divided by common shares outstanding; effect of LDTI and actuarial system conversion reflected in 1x items Adjusted Return on Equity (ROE) ex AOCI1 Cumulative period from 2020 to 3Q24 Book Value Per Share (BVPS) ex AOCI2 Cumulative period from YE 2020 to QE 3Q24 8% 12% 6% (2%) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2020 Adjusted Net Earnings MTM & Other Equity 3Q24 $27.40 $40.16 $42.28 13.85 (1.09) 2.12 YE 2020 Net Earnings Return of Capital BVPS Before MTM MTM & 1x Items QE 3Q24 Strong earnings generation combined with balanced capital allocation have been driving sustainable ROE expansion and BVPS growth since 2020 acquisition by FNF +4% ROE Expansion +54% BVPS Growth

 
We Are Driving Toward Our Investor Day Targets • Spread-based earnings • Driven by asset growth • Margin expansion through investment margin & scale benefit Retained Sales • Fee-based earnings • Lower marginal cost of capital • Enhances cash flow • Accretive to return on equity Flow Reinsurance • Fee-based earnings • Lower marginal cost of capital • Accretive to return on equity • Solidifies relationships with key partners Owned Distribution We remain focused delivering margin expansion through our retained business, as well as “capital light” and diversifying sources of earnings through flow reinsurance and owned distribution Grow AUM by 50% Expand adjusted ROA ex significant items to 1.33% to 1.55% Increase adjusted ROE ex AOCI and significant items to 13 to 14% Expand our P/E multiple to 7-8x We continue to make strong progress toward the medium term financial targets laid out at our 2023 Investor Day: F&G Investor Update | Fall 2024 9

 
We Have A Clean & Profitable Inforce Book 10F&G Investor Update | Fall 2024 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 93% surrender protected1 • Non-surrenderable liabilities include funding agreements, pension risk transfer and immediate annuities • New business and inforce are actively managed to maintain pricing targets • Asset and liability cash flows are well matched 1As of 9/30/2024 GAAP Net Reserves1 58% Indexed Annuities 13% Fixed Rate Annuities 10% Funding Agreements 11% Pension Risk Transfer 5% Life 3% Immediate Annuities $52B Retail Fixed Annuity Metrics QE 3Q23 QE 3Q24 Weighted average time remaining in surrender charge period 5.5 Years 5.5 Years % Surrender protected 91% 93% Average remaining surrender charge (% of account value) 7% 7% % Subject to market value adjustment (MVA) 73% 77% Average cost of options/interest credited 2.5% 3.0% Distance to guaranteed minimum crediting rates 153 bps 211 bps

 
We Are Playing In High Growth Markets 11F&G Investor Update | Fall 2024 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 12Q24 Quarterly Retirement Market Data, Investment Company Institute. 2Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of 8/1/24. 3U.S. Pension Risk Transfer Sales Jump 14% in First Half of 2024, Source LIMRA, 9/5/24. 4Legal & General Pension Risk Transfer Monitor, September 2024 Market Update. 52Q24 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA. 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of 6/30/24 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 continue4 Mutual Fund 401(k) Assets1 U.S. Consumer Savings2 Pension Risk Transfer3 Retail Life & Annuities5 Funding Agreements6 $5.2T $1.1T $223B $289B $198B

 
58 63 71 76 78 80 82 2022 2025 2030 2035 2040 2045 2050 … With Secular Tailwinds Driving Demand 12F&G Investor Update | Fall 2024 We continue to see sustainable demand for our retail fixed annuity products given current environment • U.S. consumers are holding more than $6 trillion in money market fund assets; once money market rates start to decline, they are expected to lock in higher interest rates through attractive solutions like fixed annuities • We serve a growing retirement population, with more than 10,000 Americans turning 65 every day and a projected 30% increase in people aged 65-100 over the next 25 years • Attractive demographics support growing demand for our products, as both retirees and advisors turn to fixed annuities as an alternative to the traditional 60/40 investment portfolio 1Source: Bloomberg 2Source: U.S. Census Bureau, Population Division; Projected Population by Age Group and Sex for the United States, Main Series: 2022-2100 (Released Nov 2023) 3.6 4.3 4.7 4.7 5.9 6.1 6.4 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 QE 2Q24QE 3Q24 U.S. Money Market Fund Assets ($Trillions)1 Projected U.S. Population: Ages 65-100 (Millions)2 Number of people aged 65-100 is projected to increase 30% over the next 25 years

 
… And We’re Winning … 13F&G Investor Update | Fall 2024 1CAGR reflects 2018-2023 annual periods Annual Gross Sales by Retail Channel and Institutional Market ($B) 2018 2019 2020 2021 2022 2023 Funding Agreements Agent PRT Broker Dealer Bank $9.6B $4.5B $3.9B $3.4B FNF and F&G Merger (June 2020) $11.3B ~31% CAGR1 $13.2B

 
45% 30% 5% 9% 11% $11.8B (9 Mos.) … While Significantly Diversifying Our Business 14F&G Investor Update | Fall 2024 Note: Reflects Total Gross Sales 38% 31% 7% 9% 15% $13.2B 84% 5% 7% 4% $4.5B FY2023 Sales C h a n n e l P ro d u c t 36% 39% 1% 9% 15% $13.2B 77% 17% 1% 5% $4.5B FY2020 Sales YTD 3Q24 Sales 41% 38% 1% 9% 11% $11.8B (9 Mos.) Bank Broker Dealer Agent Funding Agreements Pension Risk Transfer (PRT) Multi-year Guaranteed Annuity (MYGA) Indexed Universal Life (IUL) Funding Agreements Indexed Annuities (FIA/RILA) Pension Risk Transfer (PRT)

 
Our Owned Distribution Track Record 15F&G Investor Update | Fall 2024 Our owned distribution strategy is contributing to margin expansion and is a capital light, diversified source of fee-based earnings Portfolio is performing as expected • FY2024 estimated EBITDA (cash): $65M - $70M • Owned distribution margin driven by seasonality, timing of dividends, mix of business & affiliated vs. unaffiliated sales • Owned distribution margin of $12M in 3Q24 (ANE) • Adjusted ROA contribution of 9 bps (ANE) • GAAP reporting items to note: • Owned distribution margin reflects dividend income from minority-owned interests, plus percent share of margin for majority-owned interests • Affiliated revenue from F&G products sold by owned distribution is reflected in our product margin1, not the owned distribution margin Life Network Marketing IMO Traditional Annuity IMO “B2B” Annuity IMO Life Brokerage IMO ~$680M Cumulative deals closed 1Amount of affiliated revenue from F&G products sold by owned distribution and reflected in product margin (not the owned distribution margin): $9M in 3Q24 and $12M YTD 3Q24

 
Our High Quality & Well-Diversified Portfolio1 16F&G Investor Update | Fall 2024 1GAAP Fair Values as of 9/30/2024. For Alts LP, NAV as of 6/30/2024 (net of reinsurance FWH) 2Other consists of ICOLI, FHLB stock, LIHTC, options and private origination equity tranches 3Cash includes actual cash and treasuries Investment Portfolio by Asset Class Investment Portfolio by NAIC Designation Portfolio conservatively positioned & well-matched to liability profile • Fixed income is 96% investment grade • Modest credit-related impairments of 5 bps over last 3 years (2021-2023) and remain below pricing YTD 3Q24 Our commercial real estate debt portfolio is high quality, diversified and defensive, with the vast majority invested in sectors like residential, multifamily and industrial • Modest office exposure at only 1.8% of the total portfolio • Alternative LPs comprise 6% of total portfolio, with only 0.8% of Alternative LPs portfolio in office 31% Corporates 23% Structured Securities 15% Private Origination 10% Mortgage Loans 6% Alternatives (LP) 4% Other ² 3% Municipal 3% Cash 2% EMD 2% Pfd/Hybrid 1% Gov't & Treasury $51B 58% NAIC 1 25% NAIC 2 6% LP 4% Cash³ 4% Other² 2% NAIC 3 1% NAIC 4/5/6 $51B

 
Our Investment Portfolio Key Attributes 17 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) 1GAAP Fair Values as of 9/30/2024 (net of reinsurance FWH) 2Excludes $6.6B of alternatives/equity, FHLB, call options and cash 3Other consists of data center, mixed use and hotel properties Structured Credit Portfolio1,2 60% Residential 20% Multifamily 9% Industrial 5% Office 2% Retail 2% Student Housing 2% Other³ Private Origination Portfolio1,2 79% Corporates 8% Municipal 7% EMD 4% Prf/Hybrid 2% Gov't & Treasury $20B 37% CLOs 34% CMBS 16% ABS 12% Non Agency RMBS 1% Agency RMBS $12B Mortgage Loans1,2 $5B 48% Corporate Lending 25% Private Specialty Finance 22% Asset Backed & Consumer Loans 5% Triple Net Lease $8B F&G Investor Update | Fall 2024

 
353 335 260 403 2022 2023 YTD 3Q23 YTD 3Q24 Our Track Record of Profitable Growth Gross Sales ($B) Average Assets Under Management (AAUM) ($B) Common Adjusted Net Earnings (ANE) ($M) F&G Investor Update | Fall 2024 18 40.1 46.0 45.4 51.0 2022 2023 YTD 3Q23 YTD 3Q24 12% VPY+15% VPY Ending AUM 43.6 49.1 47.1 52.5 AUM before flow reinsurance 46.4 55.9 52.6 62.9 8.5 10.0 7.0 9.5 2.8 3.2 11.3 13.2 9.1 11.8 2022 2023 YTD 3Q23 YTD 3Q24 Institutional Markets Retail Channels Net Sales 9.0 9.2 6.7 8.1 +30% VPY+17% VPY For further details on significant items, see Appendix ANE ANE ex significant items Significant items

 
8.5 10.0 12.5 1.9 3.0 2.8 3.2 3.5 2.8 3.2 3.4 0.9 1.1 0.7 1.2 0.4 11.3 13.2 15.9 2.8 4.1 3.5 4.4 3.9 2022 2023 3Q24 LTM 3Q23 4Q23 1Q24 2Q24 3Q24 Institutional markets Retail channels Our Robust Gross Sales With Pricing Discipline Gross Sales Growth ($B) Gross sales sustainable across multi-channel new business platform; sales volumes effectively managed within profitability & capital targets • Strong momentum and demand for our products driven by favorable market conditions and secular demand • Record gross sales for both retail and pension risk transfer in the first nine months of 2024; boosted by record retail sales in 3Q24 • Net sales third party flow reinsurance at varying ceded amounts, in line with our capital targets • Ending assets under management at $52.5B, driven primarily by net new business flows Net Sales 9.0 9.2 10.6 2.3 2.5 2.3 3.4 2.4 Ending AUM 43.6 49.1 52.5 47.1 49.1 49.8 52.2 52.5 F&G Investor Update | Fall 2024 2023 VPY: +17% 3Q24 VPY: +39% 19 Note: LTM 3Q24 reflects last twelve months ended 9/30/2024

 
353 335 478 120 75 108 139 156 2022 2023 3Q24 LTM 3Q23 4Q23 1Q24 2Q24 3Q24 Net earnings (loss) 635 (58) 0 306 (299) 111 198 (10) Op Exp (bps)1 59 63 62 63 63 63 61 62 ANE per share $3.07 $2.68 $3.75 $0.96 $0.60 $0.86 $1.10 $1.22 Adj. ROA2 1.18% 1.17% 1.26% 1.20% 1.17% 1.25% 1.30% 1.32% Adj. ROE2 10% 10% 12% 11% 10% 11% 12% 12% Steady & Growing Adjusted Return on Assets 20F&G Investor Update | Fall 2024 Common Adjusted Net Earnings (ANE) ($M) Note: Reflects metrics attributable to common shareholders; LTM 3Q24 reflects last twelve months ended 9/30/2024 1Reflects LTM operating expense to AUM before flow reinsurance (bps) 2Reflects ANE ex significant items F&G expects steady and growing adjusted net earnings over time, excluding significant items • Growth in ANE ex significant items reflects: • asset growth, • margin diversification (flow reinsurance & owned distribution), • disciplined expense management, and • higher interest expense on debt (vs. prior year) • Adjusted ROA at 1.26% over last twelve months2 • Adjusted ROE expanded +1% over prior year quarter2 • For further details on significant items, see Appendix ANE ANE ex significant items Significant items

 
537 bps 292 bps 16 bps 9 bps (138) bps 132 bps1,2 Portfolio Earned Yield Cost of Funds Flow Reinsurance Fee Income Owned Distribution Margin Expenses (Operating, Interest, Taxes, Pref. Dividends) Common Adjusted Net Earnings excluding significant items Our Scalable Adjusted ROA Model1 – YTD 3Q24 21F&G Investor Update | Fall 2024 1Attributable to common shareholders. Metric refers to adjusted return on assets ex significant items 2See discussion of significant income and expense items in the Appendix 3Overall Product margin = portfolio earned yield – cost of funds Unique Investment Capabilities Attractively Priced Liabilities Scalable Operating Platform Strong Earnings Growth Potential Product Margin3: 245 bps 6 $504M 1 2 5 6 Above baseline of 110 bps; well on pace to achieve Investor Day target 1 2 3$2,054M $1,117M $60M $34M $527M Accretive Flow Reinsurance Owned Distribution 3 4 4 5

 
80 84 93 118 117 126 2019 2020 2021 2022 2023 LTM 3Q24 0 bps 20 bps 40 bps 60 bps 80 bps 100 bps 120 bps 140 bps 160 bps 180 bps 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Our Expanding ROA Despite Volatile Rates F&G’s primary “spread model” generates stable return on assets (ROA) despite volatility in interest rates • 2019-2021: Maintained adjusted ROA despite precipitous drop in interest rates • 2022-YTD 3Q24: Expanded adjusted ROA from scale, accretive flow reinsurance and owned distribution • Adjusted ROA at 126 bps over last twelve months (LTM); steady margin expansion Adjusted Return on Assets1 vs. 10-year UST Yield 1Attributable to common shareholders. Metric refers to adjusted return on assets ex significant items Adjusted Return on Assets (bps) F&G Investor Update | Fall 2024 22 10-Year UST Maintained ROA in falling interest rate environment Expanded ROA as margins benefited from scale, accretive flow reinsurance and owned distribution

 
Our Stable and Strong Capital Profile 23F&G Investor Update | Fall 2024 Solid F&G capitalization; debt-to-capitalization ratio targeted at 25% over the long term • Net debt increase of $300M since YE2023 reflects senior note issuance and partial tender offer of upcoming 2025 senior note maturity in 2Q24 • Debt outstanding was unchanged from 2Q24 to 3Q24 • In early 4Q24, $500M senior notes were issued with net proceeds used to fully paydown $365M revolver balance and remainder for general corporate purposes 1Excluding accumulated other comprehensive income (ex AOCI) Total Capitalization ex AOCI1 ($M) 5,223 5,093 5,456 250 1,100 1,760 2,060 6,323 6,853 7,766 YE 2022 YE 2023 QE 3Q24 Debt Preferred Stock Total Equity ex. AOCI Adj. Debt to Capital % 17.4% 25.7% 26.5%

 
2020 2021 2022 2023 2024 We Are Achieving Higher Ratings Over Time 24F&G Investor Update | Fall 2024 Upgraded to ‘A-’ FNF Merger Completed F&G Partial Spinoff $2.4B Market Cap Launched Flow Reinsurance Launched Owned Distribution F&G at 9/30/2024 $5.6B Market Cap Upgraded to ‘A-’ Upgraded to ‘Baa1’ Upgraded to ‘A3’ Upgraded to ‘A’ Launched Bank & Broker Dealer Channels Launched Institutional Markets (PRT & FABN) F&G has received multiple ratings upgrades over time, reflecting our upward trajectory • Scaling business to generate profitable growth • Diversifying sources of earnings • Actively positioning our high quality and diversified investment portfolio • Maintaining strong capitalization and financial flexibility • Conservatively managing to the most stringent capital requirements of our regulators & rating agencies, including our offshore entities Upgraded Hold co Note: Reflects financial strength rating of primary operating subsidiaries F&G’s Recent History

 
Our Capitalization Supports Growth & Dividend 25F&G Investor Update | Fall 2024 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 $93M of capital to shareholders YTD 3Q24 from common and preferred dividends 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

 
APPENDIX Appendix – Investments

 
39% Multifamily 14% Office 12% Industrial 11% Hotel 6% Retail 5% US Treasury 2% Mixed Use 1% Self-Storage 1% Special Purpose 1% ManufacturedHousing 8% Other (< Top 10) $4B Structured Credit – Why We Like It 27F&G Investor Update | Fall 2024 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 CMBS by Property Type CLO Top 10 Industries ABS Top 10 Collateral Type Note: GAAP Fair Values as of 9/30/2024 (net of reinsurance FWH) 12% High Tech 11% Healthcare & Pharmaceuticals 10% Banking, Finance, Insurance & Real Estate 8% Services: Business 5% Hotels, Gaming & Leisure 4% Construction & Building 4% Telecommunications 4% Capital Equipment 4% Chemicals, Plastics & Rubber 4% Media: Broadcasting & Subscription 34% Other (< Top 10) $4B 12% Royalty & Licensing 7% Home Improvement 7% NAV Lending 7% Residential Solar 6% Lender Finance 5% Telecommunications 4% Manufactured Housing 4% Consumer Loans 4% Student Loan 4% Structured Settlements 40% All Other (< Top 10) $6B

 
Portfolio Spotlight: CLO 28F&G Investor Update | Fall 2024 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 9/30/2024. Excludes FGLoNY Assets 1Approximately 3% of CLO assets not rated 2Reflects the weighted average par subordination of the CLO portfolio 20% 13% 34% 25% 8% AAA AA A BBB BB and Below Investment Grade Par Subordination 39% 28% 20% 13% 8% Credit Quality 95% investment grade Structural Protection 23% par subordination2 Capital Efficiency 1.30 Average NAIC rating Market Value $4.3B CLO exposure

 
Our CLO Portfolio: Look Through Analysis 29F&G Investor Update | Fall 2024 Portfolio focused on high quality CLO securities backed by highly diversified pool of loans Note: GAAP Fair Values as of 9/30/2024 IndustriesCompaniesCLO Managers 89 CLO managers 1,837 Companies 31 Industries 7.7% 3.5% 3.4% 3.3% 3.2% 2.5% 2.5% 2.4% 2.3% 2.2% 67.0% 0.0% 5.0% 10.0% 15.0% Manager 1 Manager 2 Manager 3 Manager 4 Manager 5 Manager 6 Manager 7 Manager 8 Manager 9 Manager 10 Other 70% 0.7% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 95.5% 0.0% 0.5% 1.0% 1.5% 2.0% Issuer 1 Issuer 2 Issuer 3 Issuer 4 Issuer 5 Issuer 6 Issuer 7 Issuer 8 Issuer 9 Issuer 10 Other 100.0% 12.4% 11.3% 9.6% 7.6% 4.9% 4.2% 3.7% 3.6% 3.6% 3.5% 35.6% 0.0% 5.0% 10.0% 15.0% 20.0% Industry 1 Industry 2 Industry 3 Industry 4 Industry 5 Industry 6 Industry 7 Industry 8 Industry 9 Industry 10 Other 40.0%

 
U.S. CLO Impairment Frontier 30F&G Investor Update | Fall 2024 CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 9.4% (that would have to occur every year) assuming a 63.5% average long- term loan recovery rate U.S. CLO Impairment Frontier (First-Loss Scenarios among CLO tranches) Note: Reflects Blackstone’s views and beliefs as of September 30, 2024. Source: US J.P. Morgan as of September 30, 2024 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 1998-2024 for the long-term average time period. Average recovery rate is representative of first-lien loans as of September 30, 2024. 0% 5% 10% 30%40%50%60%70% A n n u a l D e fa u lt R a te Average Senior Loan Recovery Rate A BBB BB Long-Term Average Annual Default Rate

 
Portfolio Spotlight: Real Estate Debt 31F&G Investor Update | Fall 2024 Blackstone Real Estate Debt Strategies (BREDS) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Note: GAAP Fair Values as of 9/30/2024 37% CMBS 27% RML 17% CML 15% RMBS 4% NNN $11B Duration 3.6 years Quality 1.3 Average NAIC rating Market Value $10.8B Real estate portfolio Weighted Average Life 5.6 years

 
Portfolio Spotlight: CMBS & RMBS 32F&G Investor Update | Fall 2024 Note: GAAP Fair Values as of 9/30/2024 By Asset Type By Property Type By NAIC Rating 29% 28% 18% 12% 8% 5% 3Q24 SASB RMBS CRE CLOs Conduit (Below A) Conduit (A or above) Agency 56% 10% 10% 9% 8% 4% 3% 3Q24 Multifamily Office Other Industrial Hotel Retail Defeased 83% 10% 5% 2% 3Q24 1 2 3 4/5/6

 
Portfolio Spotlight: CMBS 33F&G Investor Update | Fall 2024 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 9/30/2024 1BAML Conduit Data as of 6/30/2024 39% 6% 13% 25% Multifamily Retail F&G Post-Crisis Conduit CMBS Credit Quality 88% Investment grade (NRSRO) Quality 1.4 Average NAIC rating Market Value $4.0B CMBS portfolio Credit focus A NRSRO rating

 
Portfolio Spotlight: CMLs 34F&G Investor Update | Fall 2024 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% • 73 holdings, with average loan size of $28M • 1.4% of CML portfolio loans have a DSCR <1x By State By Loan-To-Value % By Underlying Property Type Note: GAAP Fair Values as of 9/30/2024 24% CA 12% FL 7% NY 6% TX 5% NJ 5% GA 4% CT 37% Other $2B 55% LTV 60% to 70% 32% LTV 50% to 60% 12% LTV < 50% 1% LTV > 70% $2B 49% Multifamily 24% Industrial 14% Office 5% Retail 4% Student Housing 4% Other $2B

 
Blackstone Related Important Disclosures 35F&G Investor Update | Fall 2024 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.

 
APPENDIX 36F&G Investor Update | Fall 2024 Appendix – Finance

 
Book Value Per Share Growth – Quarterly 37F&G Investor Update | Fall 2024 BVPS ex AOCI of $42.28 in line with prior quarter, and up 2% before MTM; BVPS ex AOCI has increased by $1.86, or 5%, since year-end • $1.11 per share increase due to underlying business performance • ($0.15) per share decrease for return of capital • $1.20 per share decrease due to mark-to-market movements which are unrealized and point in time 1Attributable to common shareholders and excluding accumulated other comprehensive income (ex AOCI) 2Outstanding shares of 126,104,247 as of 6/30/2024 and 126,094,481 as of 9/30/2024 BVPS ex. AOCI1 – 6/30/2024 to 9/30/2024 $42.52 $43.63 $43.48 $42.28 1.11 (0.15) (1.20) $41.50 $42.00 $42.50 $43.00 $43.50 $44.00 QE 2Q24 ANE & Other 3Q24 Before MTM & Return of Capital Return of Capital 3Q24 Before MTM MTM Movements QE 3Q24 F&G Equity ex. AOCI1 ($M) 5,357 141 5,498 (20) 5,478 (151) 5,327 Shares O/S2 (M) 126 126

 
Non-GAAP Measure Reconciliations1 38F&G Investor Update | Fall 2024 1Refer to “Non-GAAP Measures Definitions” Year ended ($ in millions) December 31, 2022 December 31, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Net earnings (loss) attributable to common shareholders $635 ($58) $306 ($299) $111 $198 ($10) $241 $299 Non-GAAP adjustments Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for- sale securities, equity securities and other invested assets 446 98 14 9 (48) (37) (15) 89 (100) Change in allowance for expected credit losses 24 48 5 15 1 21 10 33 32 Change in fair value of reinsurance related embedded derivatives (352) 128 (36) 162 18 (10) 178 (34) 186 Change in fair value of other derivatives and embedded derivatives (1) (60) 13 (72) 61 8 (127) 12 (58) Recognized (gains) losses, net 117 214 (4) 114 32 (18) 46 100 60 Market related liability adjustments (534) 258 (237) 353 (55) (71) 145 (95) 19 Purchase price amortization 21 22 5 6 22 19 22 16 63 Transaction costs and other non-recurring items 10 3 1 — — (3) — 3 (3) Non-controlling interest — — — — (3) (2) (3) — (8) Income taxes adjustment 104 (104) 49 (99) 1 16 (44) (5) (27) Adjusted net earnings attributable to common shareholders $353 $335 $120 $75 $108 $139 $156 $260 $403 Alternatives investment short-term returns versus long-term return expections 217 153 28 37 52 20 41 116 113 Other significant (income) expense items (99) 51 — 19 (6) 12 (18) 32 (12) Adjusted net earnings excluding significant items $471 $539 $148 $131 $154 $171 $179 $408 $504 Nine months endedThree months ended

 
ANE – Significant Items1 39F&G Investor Update | Fall 2024 1Refer to Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders on page 41 ($ 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, 2024 Adjusted net earnings of $156 million for the three months ended September 30, 2024 included $131 million of investment income from alternative investments, $21 million of CLO redemptions and bond prepay income, and $14 million tax valuation allowance, partially offset by $17 million of net expense from actuarial assumption updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $172 million. $149 $172 131 June 30, 2024 Adjusted net earnings of $139 million for the three months ended June 30, 2024 included $145 million of investment income from alternative investments and $4M of CLO redemptions and bond prepay income, partially offset by $16M of actuarial model updates and refinements. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $165 million. $133 $165 131 March 31, 2024 Adjusted net earnings of $108 million for the three months ended March 31, 2024 included $100 million of investment income from alternative investments and $6M income of CLO redemption gains and bond prepay income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $152 million. $106 $152 130 December 31, 2023 Adjusted net earnings of $75 million for the three months ended December 31, 2023 included $110 million of investment income from alternative investments, partially offset by $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption updates. Alternative invesments investment income based on management's long-term expected return of approximately 10% was $147 million. $91 $147 125 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

 
ANE – Significant Items1 (cont.) 40F&G Investor Update | Fall 2024 1Refer to Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders on page 41 ($ 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 Nine months ended September 30, 2024 Adjusted net earnings of $403 million for the nine months ended September 30, 2024 included $376 million of investment income from alternative investments, $31 million of CLO redemptions and bond prepay income, and $14 million tax valuation allowance, partially offset by $33 million of net expense from actuarial assumption and model updates. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $489 million. $388 $489 131 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 Year ended December 31, 2023 Adjusted net earnings of $335 million for the year ended December 31, 2023 included $405 million of investment income from alternative investments and $5 million of bond prepay income, partially offset by $37 million tax valuation allowance, $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption updates. Alternative investments investment income based on management's long- term expected return of approximately 10% was $558 million. $354 $558 125 December 31, 2022 Adjusted net earnings of $353 million for the year ended December 31, 2022 included $202 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, $20 million net, tax benefits and $13 million net, CLO redemption gains and other income and expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $419 million. $301 $419 115

 
Non-GAAP Measures and Definitions 41F&G Investor Update | Fall 2024 The following represents the definitions of non-GAAP measures used by F&G Adjusted Net Earnings attributable to common shareholders Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate: (i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; (ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; (iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “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) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and (vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. 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.) 42F&G Investor Update | Fall 2024 Adjusted Net Earnings attributable to common shareholders per Diluted Share Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Adjusted Return on Assets attributable to Common Shareholders Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM. Adjusted Return on Average Common Shareholder Equity, excluding AOCI Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings.

 
Non-GAAP Measures and Definitions (cont.) 43F&G Investor Update | Fall 2024 Adjusted Weighted Average Diluted Shares Outstanding Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders. Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: (i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; (ii) investments in unconsolidated affiliates at carrying value; (iii) related party loans and investments; (iv) accrued investment income; (v) the net payable/receivable for the purchase/sale of investments; and (vi) cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.

 
Non-GAAP Measures and Definitions (cont.) 44F&G Investor Update | Fall 2024 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 Common Share, excluding AOCI Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company. Debt-to-Capital Ratio, excluding AOCI Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position. Return on Average F&G common shareholder Equity, excluding AOCI Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

 
Non-GAAP Measures and Definitions (cont.) 45F&G Investor Update | Fall 2024 Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition. Total Capitalization, excluding AOCI Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company. Total Equity, excluding AOCI Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity.

 
Non-GAAP Measures and Definitions (cont.) 46F&G Investor Update | Fall 2024 Total F&G Equity attributable to common shareholders, excluding AOCI Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. Yield on AAUM Yield on AAUM is calculated by dividing annualized net investment income on an adjusted net earnings basis by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM.

 
v3.24.3
Cover
Nov. 06, 2024
Cover [Abstract]  
Document Type 8-K
Document Information [Line Items]  
Document Period End Date Nov. 06, 2024
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 866
Local Phone Number 846-4660
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001934850
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security F&G Common Stock, $0.001 par value
Trading Symbol FG
Security Exchange Name NYSE
7.950% Senior Notes due 2053  
Document Information [Line Items]  
Title of 12(b) Security 7.950% Senior Notes due 2053
Trading Symbol FGN
Security Exchange Name NYSE
F&g Annuities and Life (NYSE:FGN)
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