F&G Annuities & Life

Q2 FY2026 EarningsQ2 FY26 results presented a significant divergence from consensus: total revenue of $1,421M substantially beat the $747M expectation, driven by high recognized gains. However, bottom-line results missed significantly, with adjusted net income of $85M vs. $107M expected and a GAAP EPS loss of ($0.62) vs. $0.82 profit expected. The earnings miss was primarily driven by alternative investment returns falling $49M below management's long-term targets and substantial unfavorable market-related liability movements of $246M. Despite the bottom-line miss, AAUM grew to $56.1B with an improved yield of 5.12%, up 18pct YoY.