Abstract

F&G ANNUITIES & LIFE INC 7.300% JR SUBORDINATED NOTES DUE 2065 will announce its quarterly results on February 19, 2026 Post Market; this preview summarizes market expectations for revenue, margins, and EPS, and evaluates business drivers and institutional commentary observed since January 1, 2026.

Market Forecast

Consensus-style indications derived from the company’s forecast field point to revenue of $1.55 billion for the current quarter, implying year-over-year growth of 15.66%. Forecast EPS is $1.20, with year-over-year growth of 7.41%. The dataset lacks explicit gross margin and net margin forecasts; if provided, they would complement the outlook on profitability and adjusted EPS. The main business is expected to remain stable with a focus on protection and annuity lines; within the product suite, the most promising segment appears to be fixed annuities and related spread-based earnings, supported by the $1.55 billion revenue projection and the implied 15.66% year-over-year increase.

Last Quarter Review

The previous quarter posted revenue of $1.69 billion, with adjusted EPS of $1.22 and year-over-year revenue growth of 17.31%; gross profit margin, net profit attributable to the parent company, and net profit margin were not available in the dataset. A notable highlight was the positive revenue surprise of $292.00 million versus the $1.40 billion estimate, reflecting resilient sales momentum and stronger-than-anticipated flows. Main business highlights were centered on core annuity and life products, which benefited from stable liability spreads and risk-adjusted pricing; while specific revenue by segment was not provided, the $1.69 billion topline and 17.31% year-over-year expansion suggest broad-based demand.

Current Quarter Outlook

Main business outlook

Core revenue drivers for the company’s annuity and life operations hinge on maintaining attractive crediting rates relative to portfolio yields, effective hedging of interest rate and market risks, and disciplined underwriting. The forecast calls for $1.55 billion in revenue and $1.20 in EPS, signaling continued demand for retirement-focused products even as competitive pricing pressures persist. Management’s spread income is likely supported by reinvestment at current yield environment levels, which can sustain net investment income contributions. Sensitivity to policyholder behavior—surrenders, new business mix, and allocation to indexed annuities—will be an important determinant of quarterly revenue recognition and fee income. Given the prior quarter’s strong surprise, retention strategies and distribution breadth should remain in focus to preserve flows and persistency.

Most promising segment outlook

The fixed annuity and spread-based earnings segment appears most poised to deliver incremental growth this quarter, consistent with the estimated 15.66% year-over-year topline increase. Persistently supportive reinvestment yields, combined with disciplined asset-liability management, tend to underpin net interest margins. The operating backdrop favors products that translate higher portfolio yields into stable credited rates, enabling margin capture without outsized lapse risk. A potential moderation in market volatility can also support indexed annuity spread income via option budget efficiency, although the company’s near-term revenue guide implies more direct benefit from fixed spread products. As volumes scale, the contribution to EPS should track proportionately, leaving the forecasted $1.20 EPS plausible under current assumptions.

Key factors likely to impact the stock price this quarter

Quarterly performance will be particularly sensitive to reported revenue relative to the $1.55 billion estimate and to adjusted EPS versus the $1.20 guide, which serve as core valuation anchors for investors. Any deviation rooted in changes to net investment income, claims experience, or hedging outcomes can move the stock. The mix of new business—especially the proportion of fixed annuities versus indexed annuities—affects both fee and spread dynamics, and investors will parse sales flows and crediting rate adjustments closely. External rate conditions influence reinvestment yields and policyholder behavior, so disclosure on asset yields, duration positioning, and hedge costs will be critical. Lastly, capital management signals, including leverage trends tied to the junior subordinated notes due 2065, will be observed for implications on funding costs and flexibility.

Analyst Opinions

Available commentary within the specified period indicates a cautiously positive stance among institutions, aligning with the forecasted revenue growth of 15.66% and the implied EPS expansion of 7.41%. Analysts have emphasized steady spread income and disciplined pricing as supportive of near-term performance while noting that margin updates and sales mix will determine whether the quarter can replicate the prior revenue surprise. This majority view suggests the company is positioned to meet or slightly exceed its $1.55 billion revenue and $1.20 EPS targets, assuming stable policyholder persistency and controlled hedging costs. Investors will be watching whether fixed annuity volumes continue to scale without compressing margins and whether underwriting trends remain favorable enough to sustain the current EPS trajectory.