F&G Reports Record 2025 AUM and Targets March Close for Bermuda Unit Sale

Overview

• Fourth-quarter net earnings were $124 million ($0.92 per share) and adjusted net earnings were $123 million ($0.91), with full-year net earnings of $248 million and adjusted net earnings of $482 million, both down from 2024.
• Assets under management before flow reinsurance reached a record $73.1 billion at year-end 2025, including $57.6 billion of retained AUM.
• F&G expects to close the sale of its Bermuda subsidiary, F&G Life Re Ltd, to Ancient Financial Holdings LP on March 1, 2026, transferring the remaining inforce block of about $1.9 billion.
• The company strengthened solvency to an estimated RBC ratio of roughly 430% after partially recapturing about $900 million of liabilities from its Bermuda affiliate and receiving a $200 million asset dividend.
• Full-year 2025 gross sales totaled $14.6 billion (net sales $10.0 billion), and Fidelity National Financial distributed roughly 16 million F&G shares on Dec. 31, expanding the public float while retaining about 70% ownership.