# EDGAR Filing Document

**Accession Number:** 0001934850
**File Stem:** 0001934850-25-000061
**Filing Date:** 2025-11
**Character Count:** 158424
**Document Hash:** 2f62f94976c20cd0d88ee0597ee20224
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001934850-25-000061.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001934850-25-000061

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F&G Annuities & Life, Inc.
- **CENTRAL INDEX KEY:** 0001934850
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 852487422
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41490
- **FILM NUMBER:** 251458685

**BUSINESS ADDRESS:**
- **STREET 1:** 801 GRAND AVE, SUITE 2600
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309
- **BUSINESS PHONE:** 866-846-4660

**MAIL ADDRESS:**
- **STREET 1:** 801 GRAND AVE, SUITE 2600
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309

?xml version='1.0' encoding='ASCII'? fg-20251106

**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, 2025**

**F&G Annuities & Life, Inc.** 

(Exact Name of Registrant as Specified in its Charter)

**001-41490**

(Commission File Number)

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| | |
|:---|:---|
| **Delaware** | **85-2487422** |
| (State or Other Jurisdiction of <br>Incorporation) | (IRS Employer Identification No.) |
| **801 Grand Avenue, Suite 2600**<br>**Des Moines, Iowa 50309**<br>(Address of Principal Executive Offices)<br>**(866) 846-4660**<br>(Registrant's Telephone Number, Including Area Code)<br>(Former Name or Former Address, if Changed Since Last Report) | **801 Grand Avenue, Suite 2600**<br>**Des Moines, Iowa 50309**<br>(Address of Principal Executive Offices)<br>**(866) 846-4660**<br>(Registrant's Telephone Number, Including Area Code)<br>(Former Name or Former Address, if Changed Since Last Report) |

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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:**

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| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| F&G Common Stock, $0.001 par value | FG | New York Stock Exchange |
| 7.950% Senior Notes due 2053 | FGN | New York Stock Exchange |
| 7.300% Junior Subordinated Notes due 2065 | FGSN | New York Stock Exchange |

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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. ☐

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**Item 2.02. Results of Operations and Financial Condition**

On November 6, 2025, F&G Annuities & Life, Inc. (the "Company" or "F&G") issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of such press release is furnished 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, 2025, the Company made available to investors a supplemental presentation for the third quarter ended September 30, 2025. A copy of the F&G investor presentation is furnished 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)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | <u>[Press release announcing F&G's](a3q25fgearningsrelease_f.htm)[thir](a3q25fgearningsrelease_f.htm)[d quarter 2025 earnings, dated](a3q25fgearningsrelease_f.htm)[November](a3q25fgearningsrelease_f.htm)[6, 2025.](a3q25fgearningsrelease_f.htm)</u> |
| 99.2 | <u>[F&G](q32025financialsupplemen.htm)[thir](q32025financialsupplemen.htm)[d quarter 2025 Financial Supplement, dated](q32025financialsupplemen.htm)[November](q32025financialsupplemen.htm)[6, 2025.](q32025financialsupplemen.htm)</u> |
| 99.3 | <u>[F&G](fgfall2025investorpresen.htm)[Fall](fgfall2025investorpresen.htm)[2025 Investor Presentation, dated](fgfall2025investorpresen.htm)[November](fgfall2025investorpresen.htm)[6, 2025.](fgfall2025investorpresen.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

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**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. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
| Date: November 6, 2025 | By: | */s/ Michael L. Gravelle* | */s/ Michael L. Gravelle* |
|  |  | Name: | Michael L. Gravelle |
|  |  | Title: | Executive Vice President, General Counsel and Corporate Secretary |

---

## Exhibit 99.1

![](a3q25fgearningsrelease_f001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life Reports Third Quarter 2025 Results Des Moines, Iowa – (November 6, 2025) – 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, 2025. Net earnings attributable to common shareholders (net earnings) for the third quarter were $114 million, or $0.85 per diluted share (per share), compared to a net loss of $10 million, or $0.08 per share, for the third quarter of 2024. Net earnings for the third quarter included $25 million of net unfavorable mark-to-market effects and $26 million of other unfavorable items; all of which are excluded from adjusted net earnings. 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. Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the third quarter were $165 million, or $1.22 per share, compared to $156 million, or $1.22 per share, for the third quarter of 2024. 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. Please see the "Third Quarter 2025 Results" and "Non-GAAP Measures and Other Information" sections for further explanation. Third Quarter 2025 Highlights • Record assets under management, driven by strong sales across all products and distribution channels: F&G achieved record assets under management before flow reinsurance of $71.4 billion at the end of the third quarter, an increase of 14% over the third quarter of 2024. This included retained AUM of $56.6 billion. F&G's gross sales were $4.2 billion and net sales were $2.8 billion for the third quarter • Excellent credit performance in the investment portfolio: The investment portfolio is performing well, with 96% of fixed maturities being investment grade. It is well matched to our liability profile and diversified across asset types. Credit-related impairments have remained low and stable, averaging 6 basis points over the past five years and remained below pricing assumptions for the first nine months of 2025 • Reported adjusted return on assets (ROA) includes short-term fluctuations in investment income from alternative investments: Adjusted ROA of 87 basis points in the third quarter; adjusted ROA of 92 basis points over the last twelve months (LTM), in line with the second quarter 2025 LTM; reflects growing contributions from flow reinsurance and owned distribution • Growing adjusted return on equity (ROE) ex AOCI: Adjusted ROE excluding AOCI (including short- term fluctuations in investment income from alternative investments) was 8.8% for the third quarter, in line with the sequential quarter • On track to achieve our Investor Day targets: We continue to make strong progress toward the medium- term targets set out at our 2023 Investor Day • Continued focus on organic growth and return of capital to shareholders: F&G returned $33 million of capital to shareholders from common and preferred dividends in the third quarter • Completed launch of new reinsurance sidecar with approximately $1 billion in anticipated capital commitments: Successfully launched our strategic partnership with a new reinsurance vehicle, effective August 1, 2025, and commenced the forward flow on a quota share basis of certain accumulation focused fixed indexed annuity products Chris Blunt, F&G's Chief Executive Officer, said, "We delivered outstanding third quarter results highlighted by record assets under management before flow reinsurance of $71 billion fueled by one of our best sales quarters in history, the launch of our new reinsurance sidecar, and strong performance across our business through the third

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![](a3q25fgearningsrelease_f002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;quarter as we execute on our strategy and make continued progress towards our 2023 Investor Day targets. Our business continues to benefit from increased scale and disciplined expense management, as our ratio of operating expense to AUM before flow reinsurance has improved to 52 basis points, down 10 basis points from the third quarter of 2024, with further improvement expected by the end of the year. Our high quality investment portfolio is performing well and credit related impairments remain below our pricing assumption. F&G is becoming a more fee based, higher margin and capital light business as we leverage our position as one of the industry's largest sellers of annuities and life insurance." Summary Financial Results1 (In millions, except per share data) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 2025 2024 Gross sales $4,238 $3,878 $11,246 $11,793 Net sales $2,800 $2,386 $7,725 $8,133 Assets under management (AUM) $56,647 $52,464 $56,647 $52,464 Average assets under management (AAUM) YTD $54,870 $50,970 $54,870 $50,970 AUM before flow reinsurance $71,430 $62,875 $71,430 $62,875 Adjusted return on assets 0.87 % 1.05 % 0.87 % 1.05 % Adjusted return on average equity (ex. AOCI) 8.8 % 9.1 % 8.8 % 9.1 % Net earnings (loss) $114 $(10) $124 $299 Net earnings (loss) per share $0.85 $(0.08) $0.94 $2.38 Adjusted net earnings $165 $156 $359 $403 Adjusted net earnings per share $1.22 $1.22 $2.72 $3.18 Book value per common share $33.88 $32.51 $33.88 $32.51 Book value per common share, excluding AOCI $44.07 $42.28 $44.07 $42.28 Third Quarter 2025 Results Record AUM before flow reinsurance was $71.4 billion, an increase of 14% over $62.9 billion at the end of the third quarter of 2024. This included retained AUM of $56.6 billion, an increase of 8% over $52.5 billion at the end of the third quarter of 2024. A rollforward of AUM can be found in the "Non-GAAP Measures and Other Information" section of this release. Gross sales were $4.2 billion for the third quarter, an increase of 8% over the third quarter of 2024, driven by favorable market conditions and strong demand for retirement savings products. Core sales were $2.2 billion for the third quarter, modestly above the third quarter of 2024, reflecting strong indexed annuity, indexed universal life and pension risk transfer sales. Opportunistic sales were $2.0 billion for the third quarter, split between multiyear guaranteed annuities and funding agreements, compared to $1.7 billion in the third quarter of 2024 which was solely comprised of multiyear guaranteed annuities. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity. Net sales were $2.8 billion for the third quarter, compared to $2.4 billion in the third quarter of 2024; this reflects flow reinsurance at varying ceded amounts in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities, including our new reinsurance sidecar, effective August 1, 2025. Adjusted net earnings were $165 million, or $1.22 per share, compared to $156 million, or $1.22 per share for the third quarter of 2024. 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. 1See definition of non-GAAP measures below

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![](a3q25fgearningsrelease_f003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net earnings of $165 million, or $1.22 per share, for the third quarter of 2025 included income from $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $67 million, or $0.48 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $156 million, or $1.22 per share, for the third quarter of 2024 included net expense from $17 million, or $0.13 per share, of actuarial assumption updates; partially offset by income from a $14 million, or $0.11 per share, tax valuation allowance benefit. Investment income from alternative investments was $41 million, or $0.31 per share, below management's long-term expected return of approximately 10% As compared to the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit; partially offset by higher interest expense on debt. Capital and Liquidity Highlights Total F&G equity attributable to common shareholders, excluding AOCI, was $6.0 billion, or $44.07 per share, as of September 30, 2025. This reflects an increase of $0.68 per share during the quarter, including $1.03 per share increase from adjusted net earnings and other; partially offset by $0.19 per share net decrease for mark-to-market movements and $0.16 per share decrease from capital actions. Book value per common share excluding AOCI as of June 30, 2025 $43.39 Adjusted net earnings and other 1.03 Subtotal, before capital actions & mark-to-market $44.42 Capital actions (0.16) Subtotal, before mark-to-market $44.26 Mark-to-market movement (0.19) Book value per common share excluding AOCI as of September 30, 2025 $44.07 During the third quarter, F&G has returned capital to shareholders from common and preferred dividends of $33 million, as compared to $31 million in the third quarter of 2024. Also, F&G has successfully launched a strategic partnership with a new reinsurance vehicle, effective August 1, 2025, with approximately $1 billion in anticipated capital commitments. This partnership provides long-term, on demand growth capital to F&G through a forward flow reinsurance agreement on a quota share basis of certain fixed indexed annuity products. Earnings Conference Call Members of F&G's senior management team will host a conference call with the investment community to discuss F&G's third quarter 2025 results on Friday, November 7, 2025, beginning at 9:00 a.m. Eastern Time. The conference call will be broadcast live over F&G's Investor Relations website at investors.fglife.com. A replay will also be available at the same location. 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

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![](a3q25fgearningsrelease_f004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financial 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; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; 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

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![](a3q25fgearningsrelease_f005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G ANNUITIES & LIFE, INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) Assets September 30, 2025 December 31, 2024 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $54,005), net of allowance for credit losses of $96 at September 30, 2025 $51,601 $46,317 Preferred securities, at fair value 248 270 Equity securities, at fair value 104 145 Derivative investments 1,222 792 Mortgage loans, net of allowance for credit losses of $77 at September 30, 2025 7,391 5,926 Investments in unconsolidated affiliates (certain investments at fair value of $270 at September 30, 2025) 4,731 3,565 Other long-term investments 1,022 580 Policy loans 136 104 Short-term investments 910 2,410 Total investments $67,365 $60,109 Cash and cash equivalents 2,189 2,264 Reinsurance recoverable, net of allowance for credit losses of $18 at September 30, 2025 16,843 13,369 Goodwill 2,180 2,179 Prepaid expenses and other assets (certain assets held at fair value of $18 at September 30, 2025) 1,042 950 Other intangible assets, net 6,097 5,572 Market risk benefits asset 242 189 Income taxes receivable 67 — Deferred tax asset, net 112 299 Total assets $96,137 $84,931 Liabilities and Equity Contractholder funds $61,798 $56,404 Future policy benefits 10,055 8,749 Market risk benefits liability 830 549 Accounts payable and accrued liabilities 2,696 2,219 Income taxes payable — 5 Notes payable 2,236 2,171 Funds withheld for reinsurance liabilities 13,582 10,758 Total liabilities $91,197 $80,855 Equity Preferred stock $0.001 par value; authorized 25,000,000 shares as of September 30, 2025; outstanding and issued shares of 5,000,000 — — Common stock $0.001 par value; authorized 500,000,000 shares as of September 30, 2025; outstanding and issued shares of 134,625,415 and 135,835,404, respectively — — Additional paid-in-capital 3,755 3,464 Retained earnings 2,478 2,440 Accumulated other comprehensive income (loss) ("AOCI") (1,376) (1,923) Treasury stock, at cost (1,209,989 shares as of September 30, 2025) (33) (30) Total F&G Annuities & Life, Inc. shareholders' equity $4,824 $3,951 Non-controlling interests 116 125 Total equity $4,940 $4,076 Total liabilities and equity $96,137 $84,931

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![](a3q25fgearningsrelease_f006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Revenues Life insurance premiums and other fees $711 $506 $1,808 $1,711 Interest and investment income 748 712 2,096 2,012 Owned distribution revenues 24 20 63 61 Recognized gains and (losses), net 211 206 (1) 401 Total revenues 1,694 1,444 3,966 4,185 Benefits and expenses Benefits and other changes in policy reserves 1,181 1,095 2,698 2,864 Market risk benefit (gains) losses 43 71 148 80 Depreciation and amortization 180 147 491 417 Personnel costs 79 80 223 215 Other operating expenses 38 45 121 149 Interest expense 42 36 123 94 Total benefits and expenses 1,563 1,474 3,804 3,819 Earnings (loss) before income taxes 131 (30) 162 366 Income tax expense (benefit) 11 (25) 21 51 Net earnings (loss) 120 (5) 141 315 Less: Non-controlling interests 2 1 4 3 Net earnings (loss) attributable to F&G 118 (6) 137 312 Less: Preferred stock dividend 4 4 13 13 Net earnings (loss) attributable to F&G common shareholders $114 $(10) $124 $299 Net earnings (loss) attributable to F&G common shareholders per common share Basic $0.86 $(0.08) $0.95 $2.41 Diluted $0.85 $(0.08) $0.94 $2.38 Weighted average common shares used in computing net earnings (loss) per common share Basic 133 124 131 124 Diluted 139 124 132 131

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![](a3q25fgearningsrelease_f007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS (LOSS) Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attributable to common shareholders $114 $(10) $124 $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 10 (15) 37 (100) Change in allowance for expected credit losses (1) 10 40 32 Change in fair value of reinsurance related embedded derivatives 60 178 162 186 Change in fair value of other derivatives and embedded derivatives (1) (127) (63) (58) Recognized (gains) losses, net 68 46 176 60 Market related liability adjustments (37) 145 50 19 Purchase price amortization 29 22 62 63 Transaction costs, other and non-recurring items 6 — 15 (3) Non-controlling interest (2) (3) (6) (8) Income taxes adjustment (13) (44) (62) (27) Adjusted net earnings attributable to common shareholders ¹ $165 $156 $359 $403 1See definition of non-GAAP measures below • Adjusted net earnings of $165 million, or $1.22 per share, for the third quarter of 2025 included income from $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $67 million, or $0.48 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $156 million, or $1.22 per share, for the third quarter of 2024 included net expense of $17 million, or $0.13 per share, of actuarial assumption updates; partially offset by income from a $14 million, or $0.11 per share, tax valuation allowance benefit. Investment income from alternative investments was $41 million, or $0.31 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $359 million, or $2.72 per share, for the first nine months ended September 30, 2025 included income from $16 million, or $0.12 per share, reinsurance true-up adjustment, $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $213 million, or $1.55 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $403 million, or $3.18 per share, for the first nine months ended September 30, 2024 included net expense of $33 million, or $0.25 per share, of actuarial assumption and model updates and other items; partially offset by offset by income from a $14 million, or $0.11 per share, tax valuation allowance benefit. Investment income from alternative investments was $113 million, or $0.86 per share, below management's long-term expected return of approximately 10%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total F&G Annuities & Life, Inc. shareholders' equity 4,824 4,438 4,363 3,951 Less: Preferred stock 250 250 250 250 Total F&G equity attributable to common shareholders 4,574 4,188 4,113 3,701 Less: AOCI (1,376) (1,670) (1,734) (1,923) Total F&G equity attributable to common shareholders, excluding AOCI $5,950 $5,858 $5,847 $5,624 Common shares outstanding 135 135 135 127 Book value per common share $33.88 $31.02 $30.47 $29.14 Book value per common share, excluding AOCI $44.07 $43.39 $43.31 $44.28 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE FLOW REINSURANCE Three months ended (In millions) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 AUM at beginning of period $55,565 $54,546 $53,817 $52,464 Net new business asset flows 2,269 1,763 1,790 2,270 Net flow reinsurance to third parties (1,187) (744) (1,395) (1,046) Net capital transaction proceeds (disbursements) — — 334 129 AUM at end of period¹ $56,647 $55,565 $54,546 $53,817 AAUM YTD¹ $54,870 $54,521 $53,877 $51,574 AUM before flow reinsurance $71,430 $69,161 $67,398 $65,274 SALES HIGHLIGHTS Three months ended Nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Indexed annuities ("FIA/RILA") $1,665 $1,847 $4,827 $4,932 Indexed universal life ("IUL") 41 39 137 125 Pension risk transfer ("PRT") 538 337 1,294 1,259 Subtotal: Core sales 2,244 2,223 6,258 6,316 Fixed rate annuities ("MYGA") 969 1,655 3,438 4,457 Funding agreements ("FABN/FHLB") 1,025 — 1,550 1,020 Subtotal: Opportunistic sales2 1,994 1,655 4,988 5,477 Gross sales 4,238 3,878 11,246 11,793 Sales attributable to flow reinsurance to third parties3 (1,438) (1,492) (3,521) (3,660) Net sales 2,800 2,386 7,725 8,133 1See definition of non-GAAP measures below 2Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities 3Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 AUM plus flow reinsured assets, including certain block reinsured assets that have the characteristics of 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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## Exhibit 99.2

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Quarterly Financial Supplement ——————————— Third Quarter 2025 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

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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 Collateral Loan Obligations and Loan-Backed Private Originations 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, 2025 2

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Financial Highlights Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $118 $40 $(21) $327 $(6) $137 $312 Net earnings (loss) attributable to common shareholders 114 35 (25) 323 (10) 124 299 Net earnings (loss) attributable to common shareholders per diluted share ² 0.85 0.26 (0.20) 2.50 (0.08) 0.94 2.38 Weighted-average diluted shares outstanding (in millions) 139 134 126 131 124 132 131 RELATED NON-GAAP MEASURES ¹ Adjusted net earnings attributable to common shareholders 165 103 91 143 156 359 403 Adjusted net earnings attributable to common shareholders per diluted share ² 1.22 0.77 0.72 1.12 1.22 2.72 3.18 Adjusted weighted-average diluted shares outstanding (in millions) 139 134 132 131 131 137 131 Adjusted return on assets attributable to common shareholders 0.87 % 0.71 % 0.68 % 1.06 % 1.05 % 0.87 % 1.05 % Adjusted return on average common shareholder equity, excluding AOCI 8.8 % 8.8 % 9.7 % 10.3 % 9.1 % 8.8 % 9.1 % SELECTED CONSOLIDATED BALANCE SHEET DATA Total assets 96,137 91,816 88,007 84,931 84,123 96,137 84,123 Total liabilities 91,197 87,259 83,522 80,855 79,648 91,197 79,648 Total equity 4,940 4,557 4,485 4,076 4,475 4,940 4,475 Total equity, excluding AOCI 6,316 6,227 6,219 5,999 5,706 6,316 5,706 Common shares outstanding (in millions) 135 135 135 127 126 135 126 RELATED NON-GAAP MEASURES ¹ Total F&G equity attributable to common shareholders, excluding AOCI 5,950 5,858 5,847 5,624 5,327 5,950 5,327 Book value per common share 33.88 31.02 30.47 29.14 32.51 33.88 32.51 Book value per common share, excluding AOCI 44.07 43.39 43.31 44.28 42.28 44.07 42.28 Assets under management ("AUM") 56,647 55,565 54,546 53,817 52,464 56,647 52,464 Average assets under management ("AAUM") YTD 54,870 54,521 53,877 51,574 50,970 54,870 50,970 AUM before flow reinsurance 71,430 69,161 67,398 65,274 62,875 71,430 62,875 SALES ¹ Indexed annuities ("FIA/RILA") $1,665 $1,701 $1,461 $1,797 $1,847 $4,827 $4,932 Indexed universal life ("IUL") 41 53 43 41 39 137 125 Pension risk transfer ("PRT") 538 445 311 983 337 1,294 1,259 Subtotal: Core sales 2,244 2,199 1,815 2,821 2,223 6,258 6,316 Fixed rate annuities ("MYGA") 969 1,907 562 648 1,655 3,438 4,457 Funding agreements ("FABN/FHLB") 1,025 — 525 — — 1,550 1,020 Subtotal: Opportunistic sales ³ 1,994 1,907 1,087 648 1,655 4,988 5,477 Gross sales 4,238 4,106 2,902 3,469 3,878 11,246 11,793 Sales attributable to flow reinsurance to third parties ⁴ (1,438) (1,362) (721) (1,031) (1,492) (3,521) (3,660) Net sales $2,800 $2,744 $2,181 $2,438 $2,386 $7,725 $8,133 ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² For time periods when preferred stock is dilutive, the weighted average number of diluted shares includes assumed issuance of common shares upon conversion of the preferred stock; additionally, the preferred stock dividends are not deducted from net earnings (loss) or adjusted net earnings (loss). ³ Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities. ⁴ Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 3

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Consolidated Statements of Operations (GAAP) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Revenues Life insurance premiums and other fees $711 $608 $489 $1,149 $506 $1,808 $1,711 Interest and investment income 748 682 666 707 712 2,096 2,012 Owned distribution revenues 24 23 16 20 20 63 61 Recognized gains and (losses), net 211 51 (263) (317) 206 (1) 401 Total revenues 1,694 1,364 908 1,559 1,444 3,966 4,185 Benefits and expenses Benefits and other changes in policy reserves 1,181 993 524 927 1,095 2,698 2,864 Market risk benefit (gains) losses 43 (4) 109 (105) 71 148 80 Depreciation and amortization 180 158 153 152 147 491 417 Personnel costs 79 77 67 81 80 223 215 Other operating expenses 38 42 41 54 45 121 149 Interest expense 42 41 40 38 36 123 94 Total benefits and expenses 1,563 1,307 934 1,147 1,474 3,804 3,819 Earnings (loss) before income taxes 131 57 (26) 412 (30) 162 366 Income tax expense (benefit) 11 15 (5) 85 (25) 21 51 Net earnings (loss) 120 42 (21) 327 (5) 141 315 Less: Non-controlling interests 2 2 — — 1 4 3 Net earnings (loss) attributable to F&G 118 40 (21) 327 (6) 137 312 Less: Preferred stock dividend 4 5 4 4 4 13 13 Net earnings (loss) attributable to F&G common shareholders $114 $35 $(25) $323 $(10) $124 $299 Net earnings (loss) attributable to F&G common shareholders per common share Basic $0.86 $0.26 $(0.20) $2.58 $(0.08) $0.95 $2.41 Diluted $0.85 $0.26 $(0.20) $2.50 $(0.08) $0.94 $2.38 Weighted average common shares used in computing net earnings (loss) per common share Basic 133 133 126 125 124 131 124 Diluted 139 134 126 131 124 132 131 . F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 4

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Adjusted Net Earnings - Management View ¹ Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Interest and investment income - fixed income and other $529 $518 $509 $513 $514 $1,556 $1,482 Interest and investment income - alternatives (including short term mark-to-market) 184 148 137 160 150 469 429 Interest and investment income - variable 24 6 19 19 26 49 40 Adjusted interest and investment income 737 672 665 692 690 2,074 1,951 Cost of funds ² (439) (426) (428) (400) (395) (1,293) (1,128) Product margin 298 246 237 292 295 781 823 Flow reinsurance fee income ² 14 14 13 13 11 41 28 Owned distribution margin 13 14 7 12 12 34 34 Operating expenses (90) (91) (96) (95) (103) (277) (294) Interest expense (42) (41) (41) (38) (36) (124) (97) Income tax (expense) benefit (24) (34) (25) (37) (19) (83) (78) Adjusted net earnings 169 108 95 147 160 372 416 Less: Preferred stock dividend 4 5 4 4 4 13 13 Adjusted net earnings attributable to common shareholders $165 $103 $91 $143 $156 $359 $403 Adjusted net earnings per common share Diluted $1.22 $0.77 $0.72 $1.12 $1.22 $2.72 $3.18 Weighted average common shares used in computing adjusted net earnings per common share Diluted 139 134 132 131 131 137 131 ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Periods prior to March 31, 2025 have been recast to reflect updated definitions for cost of funds and flow reinsurance fee income to better align amortization and reimbursement of acquisition costs. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 5

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Adjusted Net Earnings - Significant Income and Expense Items ¹ ² 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. Three months ended September 30, 2025 Adjusted net earnings of $165 million for the three months ended September 30, 2025 included income from $10 million tax valuation allowance benefit and $4 million of actuarial reserve release. Investment income from alternative investments was $67 million below management's long-term expected return of approximately 10%. June 30, 2025 Adjusted net earnings of $103 million for the three months ended June 30, 2025. Investment income from alternative investments was $83 million below management's long-term expected return of approximately 10%. March 31, 2025 Adjusted net earnings of $91 million for the three months ended March 31, 2025 included income from a $16 million reinsurance true-up adjustment. Investment income from alternative investments was $63 million below management's long-term expected return of approximately 10%. December 31, 2024 Adjusted net earnings of $143 million for the three months ended December 31, 2024 included income from $7 million of actuarial model refinements and other items. Investment income from alternative investments was $32 million below management's long-term expected return of approximately 10%. September 30, 2024 Adjusted net earnings of $156 million for the three months ended September 30, 2024 included net expense from $17 million of actuarial assumption updates; partially offset by income from a $14 million tax valuation allowance benefit. Investment income from alternative investments was $41 million below management's long-term expected return of approximately 10%. Nine months ended September 30, 2025 Adjusted net earnings of $359 million for the nine months ended September 30, 2025 included income from $16 million reinsurance true-up adjustment, $10 million tax valuation allowance benefit, and $4 million of actuarial reserve release. Investment income from alternative investments was $213 million below management's long-term expected return of approximately 10%. September 30, 2024 Adjusted net earnings of $403 million for the nine months ended September 30, 2024 included expense from $33 million of actuarial model updates and refinements; partially offset by income from a $14 million tax valuation allowance benefit and $2 million of other income items. Investment income from alternative investments was $113 million below management's long-term expected return of approximately 10%. 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. ² Periods prior to March 31, 2025 have been recast to remove CLO redemption and bond prepayment income from significant income and expense items. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 6

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Adjusted Return on Assets ¹ Annualized year to date September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Adjusted interest and investment income $2,765 $2,674 $2,660 $2,643 $2,601 Cost of funds ² (1,724) (1,708) (1,712) (1,528) (1,504) Product margin 1,041 966 948 1,115 1,097 Flow reinsurance fee income ² 55 54 52 41 37 Owned distribution margin 45 42 28 46 45 Expenses (operating, interest and taxes) (645) (656) (648) (639) (625) Adjusted net earnings $496 $406 $380 $563 $554 Less: Preferred stock dividend 17 18 16 17 17 Adjusted net earnings attributable to common shareholders (A) $479 $388 $364 $546 $537 AAUM YTD (B) 54,870 54,521 53,877 51,574 50,970 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Adjusted interest and investment income 5.04 % 4.90 % 4.94 % 5.12 % 5.10 % Cost of funds ² (3.14) % (3.13) % (3.18) % (2.96) % (2.95) % Product margin 1.90 % 1.77 % 1.76 % 2.16 % 2.15 % Flow reinsurance fee income ² 0.10 % 0.10 % 0.10 % 0.08 % 0.07 % Owned distribution margin 0.08 % 0.08 % 0.05 % 0.09 % 0.09 % Expenses (operating, interest and taxes) (1.18) % (1.21) % (1.20) % (1.24) % (1.23) % Adjusted return on assets 0.90 % 0.74 % 0.71 % 1.09 % 1.08 % Less: Preferred stock dividend 0.03 % 0.03 % 0.03 % 0.03 % 0.03 % Adjusted return on assets attributable to common shareholders (A/B) 0.87 % 0.71 % 0.68 % 1.06 % 1.05 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Periods prior to March 31, 2025 have been recast to reflect updated definitions for cost of funds and flow reinsurance fee income to better align amortization and reimbursement of acquisition costs. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 7

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Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 AUM at beginning of period $55,565 $54,546 $53,817 $52,464 $52,208 $53,817 $49,103 Net new business asset flows 2,269 1,763 1,790 2,270 1,726 5,822 6,899 Net flow reinsurance to third parties (1,187) (744) (1,395) (1,046) (1,248) (3,326) (3,585) Net capital transaction proceeds (disbursements) — — 334 129 (222) 334 47 AUM at end of period $56,647 $55,565 $54,546 $53,817 $52,464 $56,647 $52,464 AAUM YTD $54,870 $54,521 $53,877 $51,574 $50,970 $54,870 $50,970 AUM before flow reinsurance $71,430 $69,161 $67,398 $65,274 $62,875 $71,430 $62,875 Interest and Investment Income and Yield ¹ Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Adjusted interest and investment income ² $737 $672 $665 $692 $690 $2,074 $1,951 AAUM QTD 55,654 55,170 53,877 53,307 52,661 54,870 50,970 Yield on AAUM 5.29 % 4.87 % 4.94 % 5.19 % 5.24 % 5.04 % 5.10 % Less: Alternatives investment income (including short term mark-to- market) ³ 184 148 137 160 150 469 429 Less: Variable investment income ⁴ 24 6 19 19 26 49 40 Fixed income and other net investment income ² ⁵ $529 $518 $509 $513 $514 $1,556 $1,482 AAUM QTD, excluding alternative investments 45,139 45,259 44,971 44,739 44,100 45,103 42,789 Yield on AAUM, excluding alternative investments and variable investment income 4.68 % 4.58 % 4.53 % 4.59 % 4.66 % 4.60 % 4.62 % 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, 2025 8

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Consolidated Balance Sheets (GAAP) Assets September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $54,005), net of allowance for credit losses of $96 at September 30, 2025 $51,601 $50,193 $47,909 $46,317 $46,909 Preferred securities, at fair value 248 249 253 270 289 Equity securities, at fair value 104 92 101 145 146 Derivative investments 1,222 931 702 792 1,401 Mortgage loans, net of allowance for credit losses of $77 at September 30, 2025 7,391 6,940 6,366 5,926 5,626 Investments in unconsolidated affiliates (certain investments at fair value of $270 at September 30, 2025) 4,731 4,301 4,127 3,565 3,666 Other long-term investments 1,022 998 587 580 581 Policy loans 136 125 115 104 94 Short-term investments 910 760 549 2,410 681 Total investments $67,365 $64,589 $60,709 $60,109 $59,393 Cash and cash equivalents 2,189 1,884 3,293 2,264 3,539 Reinsurance recoverable, net of allowance for credit losses of $18 at September 30, 2025 16,843 15,777 14,746 13,369 12,404 Goodwill 2,180 2,179 2,179 2,179 2,179 Prepaid expenses and other assets (certain assets held at fair value of $18 at September 30, 2025) 1,042 967 904 950 942 Other intangible assets, net 6,097 5,943 5,721 5,572 5,349 Market risk benefits asset 242 213 187 189 134 Income taxes receivable 67 6 — — 2 Deferred tax asset, net 112 258 268 299 181 Total assets $96,137 $91,816 $88,007 $84,931 $84,123 Liabilities and Equity Contractholder funds $61,798 $59,813 $57,823 $56,404 $55,468 Future policy benefits 10,055 9,463 9,065 8,749 8,268 Market risk benefits liability 830 711 635 549 603 Accounts payable and accrued liabilities 2,696 2,568 2,314 2,219 3,257 Income taxes payable — — 9 5 — Notes payable 2,236 2,235 2,234 2,171 2,038 Funds withheld for reinsurance liabilities 13,582 12,469 11,442 10,758 10,014 Total liabilities $91,197 $87,259 $83,522 $80,855 $79,648 Equity Preferred stock $0.001 par value; authorized 25,000,000 shares as of September 30, 2025; outstanding and issued shares of 5,000,000 — — — — — Common stock $0.001 par value; authorized 500,000,000 shares as of September 30, 2025; outstanding and issued shares of 134,625,415 and 135,835,404, respectively — — — — — Additional paid-in-capital 3,755 3,747 3,741 3,464 3,456 Retained earnings 2,478 2,394 2,389 2,440 2,145 Accumulated other comprehensive income (loss) ("AOCI") (1,376) (1,670) (1,734) (1,923) (1,231) Treasury stock, at cost (1,209,989 shares as of September 30, 2025) (33) (33) (33) (30) (24) Total F&G Annuities & Life, Inc. shareholders' equity $4,824 $4,438 $4,363 $3,951 $4,346 Non-controlling interests 116 119 122 125 129 Total equity $4,940 $4,557 $4,485 $4,076 $4,475 Total liabilities and equity $96,137 $91,816 $— $88,007 $84,931 $84,123 . F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 9

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Capitalization ¹ Three months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Notes payable $2,236 $2,235 $2,234 $2,171 $2,038 Net issuance costs (premium) 34 35 36 24 22 Notes payable (aggregate principal amount) (A) $2,270 $2,270 $2,270 $2,195 $2,060 Total equity 4,940 4,557 4,485 4,076 4,475 Less: AOCI (1,376) (1,670) (1,734) (1,923) (1,231) Total equity, excluding AOCI $6,316 $6,227 $6,219 $5,999 $5,706 Total Capitalization, excluding AOCI (B) $8,586 $8,497 $8,489 $8,194 $7,766 Debt-to-Capitalization, excluding AOCI (A/B) 26.4 % 26.7 % 26.7 % 26.8 % 26.5 % Return on Equity Attributable to Common Shareholders ¹ Twelve months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net earnings (loss) attributable to common shareholders - rolling four quarters (C) $447 $323 $486 $622 $— Adjusted net earnings attributable to common shareholders - rolling four quarters (D) 502 493 529 546 478 Average F&G equity attributable to common shareholders - 5 point average (E) 4,134 3,901 3,722 3,520 3,254 Less: Average AOCI - 5 point average (1,587) (1,702) (1,745) (1,796) (2,020) Average F&G equity attributable to common shareholders, excluding AOCI - 5 point average (F) $5,721 $5,603 $5,467 $5,316 $5,274 Return on average common shareholder equity (C/E) 10.8 % 8.3 % 13.1 % 17.7 % — % Adjusted return on average common shareholder equity, excluding AOCI (D/F) 8.8 % 8.8 % 9.7 % 10.3 % 9.1 % 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, 2025 10

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Summary of Invested Assets by Asset Class September 30, 2025 December 31, 2024 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale United States Government full faith and credit $421 $422 1 % $160 $158 — % United States Government sponsored entities 179 180 — % 98 95 — % United States municipalities, states and territories 1,575 1,374 2 % 1,592 1,346 2 % Foreign Governments 268 238 — % 231 186 — % Corporate securities: Finance, insurance and real estate 9,499 9,116 14 % 9,284 8,611 14 % Manufacturing, construction and mining 1,450 1,342 2 % 1,299 1,139 2 % Utilities, energy and related sectors 3,919 3,519 5 % 3,498 2,971 5 % Wholesale/retail trade 3,895 3,530 5 % 3,694 3,210 5 % Services, media and other 5,594 4,913 7 % 5,402 4,547 8 % Hybrid securities 596 582 1 % 604 581 1 % Non-agency residential mortgage-backed securities 2,789 2,784 4 % 2,763 2,693 5 % Commercial mortgage-backed securities ² 5,480 5,342 8 % 5,327 5,131 9 % Asset-backed securities ² 7,612 7,476 11 % 10,478 10,270 17 % Collateral loan obligations and loan-backed private originations ² 10,728 10,783 16 % 5,299 5,379 9 % Total fixed maturity securities, available for sale $54,005 $51,601 76 % $49,729 $46,317 77 % Equity securities 416 352 1 % 468 415 1 % Limited partnerships: Private equity 2,046 2,046 3 % 1,830 1,830 3 % Real assets 779 783 1 % 444 437 1 % Credit 1,631 1,631 3 % 1,021 1,021 2 % Limited partnerships 4,456 4,460 7 % 3,295 3,288 6 % Commercial mortgage loans 3,284 3,068 5 % 2,705 2,404 4 % Residential mortgage loans 4,107 3,896 6 % 3,221 2,916 5 % Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments) 2,278 2,651 4 % 1,771 1,753 3 % Short term investments 910 910 1 % 2,410 2,410 4 % Total investments ¹ $69,456 $66,938 100 % $63,599 $59,503 100 % ¹ Asset duration of 4.8 years and 4.9 years vs. liability duration of 4.9 years and 5.8 years for the periods ending September 30, 2025 and December 31, 2024, respectively. ² Reflects classifications consistent with the NAIC Bond Project, effective 1/1/2025; for further details on our structured credit portfolio, including CLOs, CMBS and ABS, and private origination portfolio see F&G's Spring 2025 Investor Presentation F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 11

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Credit Quality of Fixed Maturity Securities September 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $32,582 63 % BBB 2 16,680 33 % BB 3 1,583 3 % B 4 508 1 % CCC 5 108 — % CC and lower 6 140 — % Total $51,601 100 % Credit Quality of Asset-Backed Securities September 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $5,346 72 % BBB 2 1,891 25 % BB 3 167 2 % B 4 15 — % CCC 5 10 — % CC and lower 6 47 1 % Total $7,476 100 % Credit Quality of Collateral Loan Obligations and Loan-Backed Private Originations September 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $7,912 73 % BBB 2 1,749 16 % BB 3 861 8 % B 4 195 2 % CCC 5 — — % CC and lower 6 66 1 % Total $10,783 100 % F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 12

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GAAP Net Reserve Summary Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Indexed annuities $31,073 $30,878 $30,326 $30,141 $30,239 $31,073 $30,239 Fixed rate annuities 6,623 6,661 5,880 6,434 6,508 6,623 6,508 Single premium immediate annuity and other 1,555 1,549 1,562 1,564 1,660 1,555 1,660 Indexed universal and other life 3,203 3,053 2,899 2,813 2,795 3,203 2,795 Funding agreements 6,011 5,284 5,737 5,315 5,325 6,011 5,325 Pension risk transfer 7,375 6,785 6,373 6,066 5,408 7,375 5,408 Total product reserves $55,840 $54,210 $52,777 $52,333 $51,935 $55,840 $51,935 Annuity Account Balance Rollforward ¹ Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Annuity balances at beginning of period: $36,359 $35,281 $35,553 $35,103 $34,371 $35,553 $32,967 Net deposits Indexed annuities 778 1,298 1,070 1,380 1,381 3,146 4,448 Fixed rate annuities 377 1,075 204 65 629 1,656 1,210 Total net deposits 1,155 2,373 1,274 1,445 2,010 4,802 5,658 Surrenders, withdrawals, deaths, etc. Indexed annuities (1,106) (1,109) (968) (1,151) (1,264) (3,183) (3,169) Fixed rate annuities (494) (374) (159) (211) (249) (1,027) (930) Total surrenders, withdrawals, deaths, etc. (1,600) (1,483) (1,127) (1,362) (1,513) (4,210) (4,099) Net flows (445) 890 147 83 497 592 1,559 Premium and interest bonuses 31 28 26 28 23 85 70 Fixed interest credited and index credits 276 216 253 394 258 745 648 Guaranteed product rider fees (47) (56) (51) (55) (46) (154) (141) Ceded inforce reinsurance transactions — — (647) — — (647) — Account balance at end of period $36,174 $36,359 $35,281 $35,553 $35,103 $36,174 $35,103 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, 2025 13

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Annuity Liability Characteristics Fixed Rate Annuities Account Value Indexed Annuities Account Value Surrender Charge Percentages: September 30, 2025 No surrender charge $406 $2,406 0.0% < 2.0% 17 419 2.0% < 4.0% 340 1,745 4.0% < 6.0% 761 3,475 6.0% < 8.0% 1,831 5,355 8.0% < 10.0% 2,973 9,591 10.0% or greater — 6,855 $6,328 $29,846 Fixed Rate Annuities Account Value Indexed Annuities Account Value Credited Rate (Including Bonus Interest) vs. Ultimate Minimum Guaranteed Rate Differential: September 30, 2025 No differential $388 $1,173 0.0% - 1.0% 41 935 1.0% - 2.0% 1,094 614 2.0% - 3.0% 1,093 443 3.0% - 4.0% 603 498 4.0% - 5.0% 2,751 21 5.0% - 6.0% 358 — Allocated to index strategies — 26,162 $6,328 $29,846 Top 5 Reinsurers September 30, 2025 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable ¹ AM Best S&P Fitch Moody's Aspida Life Re Ltd. $8,649 A- — — — Somerset Reinsurance Ltd. 4,503 A- BBB+ — — Everlake 1,857 A — — — Wilton Reassurance Co. 1,039 A+ — A- — Fort Greene Reinsurance SPC Limited 322 — — — — 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, 2025 14

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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 Not Rated BBB- BBB- Baa3 Junior Subordinated Notes Not Rated BB BB Ba1 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 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 F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 15

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Shareholder Information NYSE: FG History of Quarterly Common Stock Price High Low Close 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 Fourth Quarter 48.76 40.10 41.44 2025 First Quarter 47.04 34.70 36.05 Second Quarter 36.88 30.17 31.98 Third Quarter 35.50 30.01 31.27 History of Quarterly Cash Dividend to Common Shareholders Ex-Dividend Date Record Date Payable Date Amount per Share 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 Fourth Quarter 12/16/2024 12/17/2024 12/31/2024 $0.22 2025 First Quarter 3/14/2025 3/17/2025 3/31/2025 $0.22 Second Quarter 6/13/2025 6/16/2025 6/30/2025 $0.22 Third Quarter 9/15/2025 9/16/2025 9/30/2025 $0.22 Corporate Headquarters Research Analyst Coverage F&G Annuities & Life, Inc. Wes Carmichael 801 Grand Avenue, Suite 2600 Autonomous Research Des Moines, IA 50309 (646) 561-6250 wcarmichael@autonomous.com Investor Contact Lisa Foxworthy-Parker Alex Scott SVP, Investor and External Relations Barclays Capital, Inc. Investor.relations@fglife.com (212) 526-1561 (515) 330-3307 alex.scott@barclays.com Transfer Agent John Barnidge Continental Stock Transfer and Trust Company Piper Sandler Companies 1 State Street, 30th Floor (312) 281-3412 New York, NY 10004 john.barnidge@psc.com Phone: (212) 509-4000 http://www.continentalstock.com F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 16

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Non-GAAP Reconciliations Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attributable to common shareholders $114 $35 $(25) $323 $(10) $124 $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 10 12 15 24 (15) 37 (100) Change in allowance for expected credit losses (1) 19 22 — 10 40 32 Change in fair value of reinsurance related embedded derivatives 60 61 41 (153) 178 162 186 Change in fair value of other derivatives and embedded derivatives (1) (13) (49) 96 (127) (63) (58) Recognized (gains) losses, net 68 79 29 (33) 46 176 60 Market related liability adjustments (37) (16) 103 (233) 145 50 19 Purchase price amortization 29 18 15 21 22 62 63 Transaction costs, other and non-recurring items 6 8 1 19 — 15 (3) Non-controlling interest (2) (2) (2) (2) (3) (6) (8) Income taxes adjustment (13) (19) (30) 48 (44) (62) (27) Adjusted net earnings attributable to common shareholders ¹ $165 $103 $91 $143 $— $156 $359 $403 ¹ Refer to Adjusted Net Earnings - Significant Income and Expense Items on page 6. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 17

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Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and investment income $748 $682 $666 $707 $712 $2,096 $2,012 Adjustments Recognized (gains) losses, net (8) (5) 1 (10) (16) (12) (49) Reclass of dividend income to owned distribution margin (3) (5) (2) (5) (6) (10) (12) Total adjustments to arrive at adjusted interest and investment income (11) (10) (1) (15) (22) (22) (61) Adjusted interest and investment income $737 $672 $665 $692 $690 $2,074 $1,951 Reconciliation of benefits and expenses to cost of funds US GAAP life insurance premiums and other fees 711 608 489 1,149 506 1,808 1,711 US GAAP recognized gains and (losses), net 211 51 (263) (317) 206 (1) 401 US GAAP benefits and other changes in policy reserves (1,181) (993) (524) (927) (1,095) (2,698) (2,864) US GAAP market risk benefit gains (losses) (43) 4 (109) 105 (71) (148) (80) US GAAP depreciation and amortization (180) (158) (153) (152) (147) (491) (417) US GAAP line items subtotal $(482) $(488) $(560) $(142) $(601) $(1,530) $(1,249) Adjustments Recognized (gains) losses, net 70 82 33 (24) 61 185 103 Market related liability adjustments (37) (16) 103 (233) 145 50 19 Purchase price amortization 24 15 14 16 15 53 42 Reclass of acquisition expenses from operating expenses — (5) (5) (4) (4) (10) (15) Reclass of fee income to flow reinsurance fee income (14) (14) (13) (13) (11) (41) (28) Total adjustments to arrive at cost of funds 43 62 132 (258) 206 237 121 Cost of funds ¹ $(439) $(426) $(428) $(400) $(395) $(1,293) $(1,128) Composition of flow reinsurance fee income Reclass of fee income from cost of funds 14 14 13 13 11 41 28 Flow reinsurance fee income ¹ $14 $14 $13 $13 $11 $41 $28 ¹ Periods prior to March 31, 2025 have been recast to reflect updated definitions for cost of funds and flow reinsurance fee income to better align amortization and reimbursement of acquisition costs. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 18

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Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution revenues $24 $23 $16 $20 $20 $63 $61 US GAAP non-controlling interest (2) (2) — — (1) (4) (3) US GAAP line items subtotal 22 21 16 20 19 59 58 Adjustments Non-controlling interest (2) (2) (2) (2) (3) (6) (8) Reclass of owned distribution dividend income from interest and investment income 3 5 2 5 6 10 12 Reclass of owned distribution expenses from operating expenses (10) (10) (9) (11) (10) (29) (28) Total adjustments to arrive at owned distribution margin (9) (7) (9) (8) (7) (25) (24) Owned distribution margin $13 $14 $7 $12 $12 $34 $34 Reconciliation of operating expenses US GAAP personnel costs $(79) $(77) $(67) $(81) $(80) $(223) $(215) US GAAP other operating expenses (38) (42) (41) (54) (45) (121) (149) US GAAP line items subtotal (117) (119) (108) (135) (125) (344) (364) Adjustments Recognized (gains) losses, net 6 2 (5) 1 1 3 6 Purchase price amortization 5 3 1 5 7 9 21 Transaction costs, other and non-recurring items 6 8 2 19 — 16 — Reclass of acquisition expenses to cost of funds — 5 5 4 4 10 15 Reclass of expenses to owned distribution margin 10 10 9 11 10 29 28 Total adjustments to arrive at operating expenses 27 28 12 40 22 67 70 Operating expenses $(90) $(91) $(96) $(95) $(103) $(277) $(294) Reconciliation of interest expense US GAAP interest expense $(42) $(41) $(40) $(38) $(36) $(123) $(94) US GAAP line items subtotal (42) (41) (40) (38) (36) (123) (94) Adjustments Transaction costs, other and non-recurring items — — (1) — — (1) (3) Total adjustments to arrive at interest expense — — (1) — — (1) (3) Interest expense $(42) $(41) $(41) $(38) $(36) $(124) $(97) F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 19

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Non-GAAP Reconciliations (continued) Three months ended Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense) benefit $(11) $(15) $5 $(85) $25 $(21) $(51) Adjustments Income taxes on non-GAAP adjustments (13) (19) (30) 48 (44) (62) (27) Total adjustments to arrive at adjusted income tax (expense) benefit (13) (19) (30) 48 (44) (62) (27) Adjusted income tax (expense) benefit $(24) $(34) $(25) $(37) $(19) $(83) $(78) Nine months ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of total investments to AUM US GAAP total investments $67,365 $64,589 $60,709 $60,109 $59,393 $67,365 $59,393 US GAAP cash and cash equivalents 2,189 1,884 3,293 2,264 3,539 2,189 3,539 Less: US GAAP derivative investments 1,222 931 702 792 1,401 1,222 1,401 US GAAP line items subtotal 68,332 65,542 63,300 61,581 61,531 68,332 61,531 Adjustments Reinsurance assets ceded adjustment (13,531) (12,325) (11,578) (10,836) (9,838) (13,531) (9,838) Unrealized (gains)/losses and allowances adjustment 2,384 2,960 3,113 3,412 2,102 2,384 2,102 Owned distribution investments adjustment (302) (303) (297) (300) (314) (302) (314) Reclass from prepaid expenses and other assets ¹ 830 759 706 742 770 830 770 Reclass from accounts payable and accrued liabilities ² (1,066) (1,068) (698) (782) (1,787) (1,066) (1,787) Total adjustments to arrive at AUM (11,685) (9,977) (8,754) (7,764) (9,067) (11,685) (9,067) AUM 56,647 55,565 54,546 53,817 52,464 56,647 52,464 Flow reinsurance 14,783 13,596 12,852 11,457 10,411 14,783 10,411 AUM before flow reinsurance $71,430 $69,161 $67,398 $65,274 $62,875 $71,430 $62,875 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 $4,824 $4,438 $4,363 $3,951 $4,346 $4,824 $4,346 Less: Preferred stock 250 250 250 250 250 250 250 Total F&G equity attributable to common shareholders 4,574 4,188 4,113 3,701 4,096 4,574 4,096 Less: AOCI (1,376) (1,670) (1,734) (1,923) (1,231) (1,376) (1,231) Total F&G equity attributable to common shareholders, excluding AOCI $5,950 $5,858 $5,847 $5,624 $5,327 $5,950 $5,327 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, 2025 20

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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 and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 21

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Non-GAAP Measures Definitions (continued) 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 AUM plus flow reinsured assets, including certain block reinsured assets that have the characteristics of 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. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 22

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Non-GAAP Measures Definitions (continued) 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. 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 GAAP net investment income by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM. F&G Annuities & Life, Inc. Financial Supplement - September 30, 2025 23

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## Exhibit 99.3

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F&G Investor Update Fall 2025

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Disclaimer & Forward-Looking Statements 2F&G Investor Update \| Fall 2025 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; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; 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).

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Non-GAAP Financial Measures 3F&G Investor Update \| Fall 2025 Generally Accepted Accounting Principles in the U.S. ("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 financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP financial 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 financial measures should be considered in context with the Company's 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.

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Strong 3Q25 performance; well positioned for strong finish in 2025 0.92% LTM 3Q25 Adjusted ROA2 In line with LTM 2Q25 Executing To Deliver Shareholder Value 4F&G Investor Update \| Fall 2025 1As of 9/30/2025 2Attributable to common shareholders; metrics refer to return on assets (ROA) and adjusted return on equity ex AOCI (ROE) based on reported adjusted net earnings $4.2B 3Q25 Gross Sales ↑ 8% vs. 3Q24 $2.8B 3Q25 Net Sales ↑ 17% vs. 3Q24 $56.6B Assets Under Management (AUM)1 ↑ 8% YoY $71.4B AUM before flow reinsurance1 ↑ 14% YoY $98M YTD 3Q25 Capital Return to Shareholders $6.0B Total F&G Equity ex AOCI1, 2 8.8% 3Q25 Adjusted ROE2 In line with 2Q25

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Third Quarter Financial Trends 5F&G Investor Update \| Fall 2025 Other Considerations – Year-to-Date Other Considerations – Quarterly Financial Trends – As Reported ($M) – except per share and percentages Quarterly Year-to-Date 3Q24 3Q25 3Q24 3Q25 Gross sales $3,878 $4,238 $11,793 $11,246 Net sales $2,386 $2,800 $8,133 $7,725 Assets under management (AUM) $52,464 $56,647 $52,464 $56,647 AUM before flow reinsurance $62,875 $71,430 $62,875 $71,430 Adjusted return on assets (ROA)1 1.05% 0.87% 1.05% 0.87% Adjusted return on equity (ROE)1 9.1% 8.8% 9.1% 8.8% Net earnings (loss)1 ($10) $114 $299 $124 Net earnings (loss) per diluted share1 ($0.08) $0.85 $2.38 $0.94 Adjusted net earnings (ANE)1 $156 $165 $403 $359 Adjusted net earnings per diluted share1 $1.22 $1.22 $3.18 $2.72 Adjusted weighted average diluted shares 131 139 131 137 ANE ($M) and Per Share 3Q24 3Q25 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 41 $0.31 67 $0.48 Significant (income) expense items 3 $0.02 (14) ($0.10) ANE ($M) and Per Share YTD 3Q24 YTD 3Q25 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 113 $0.86 213 $1.55 Significant (income) expense items 17 $0.13 (30) ($0.22) 1Attributable to common shareholders

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We Have Generated Strong Returns Over Time 6F&G Investor Update \| Fall 2025 1Calculated as adjusted net earnings attributable to common shareholders 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 3Q25 Book Value Per Share (BVPS) ex AOCI2 Cumulative period from YE 2020 to QE 3Q25 8% 9% 4% (3%) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2020 Adjusted Net Earnings MTM & Other Equity 3Q25 $27.40 $41.62 $44.07 16.97 (2.75) 2.45 YE 2020 Net Earnings Capital Actions BVPS Before MTM MTM & 1x Items QE 3Q25 Strong earnings generation combined with balanced capital allocation have been driving sustainable ROE expansion and BVPS growth since 2020 acquisition by FNF +1 pt ROE Expansion +61% BVPS Growth

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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 • Reinsurance sidecar Flow Reinsurance • Fee-based earnings • Lower marginal cost of capital • Accretive to return on equity • Solidifies relationships with key partners F&G is moving toward a more fee based, higher margin and capital light business with strong cash flow generation in future years Grow AUM by 50% Expand adjusted ROA ex significant items to 1.33% to 1.55%1 Increase adjusted ROE ex AOCI and significant items to 13 to 14%1 Expand our P/E multiple to 7-8x We continue to make good progress toward the medium term financial targets laid out at our 2023 Investor Day: F&G Investor Update \| Fall 2025 7 1Assumes alternatives investments investment income based on management's long-term expected return of approximately 10% over the medium-term Middle Market Life & Owned Distribution

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F&G Snapshot 8F&G Investor Update \| Fall 2025 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 ~82% ownership • Headquartered in Des Moines, IA; ~1,200 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

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A Compelling Investment Case For F&G 9F&G Investor Update \| Fall 2025 v Track Record of Success We have delivered consistent top line growth and return on assets across varying market cycles 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

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We Have A Clean & Profitable Inforce Book 10F&G Investor Update \| Fall 2025 Our inforce liabilities are surrender charge protected and our asset and liability cash flows are well matched; our inforce book does not contain problematic legacy business • Our liability profile drives our investment strategy • Retail fixed annuities are 92% 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 9/30/2025 GAAP Net Reserves1 55% Indexed Annuities 13% Pension Risk Transfer 12% Fixed Rate Annuities 11% Funding Agreements 6% Life 3% Immediate Annuities $56B Retail Fixed Annuity Metrics QE 3Q25 Weighted average time remaining in surrender charge period 5.5 Years % Surrender protected 92% Average remaining surrender charge (% of account value) 7% % Subject to market value adjustment (MVA) 80% Distance to guaranteed minimum crediting rates 227 bps

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We Compete In Very Large Markets 11F&G Investor Update \| Fall 2025 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 12Q25 Quarterly Retirement Market Data, Investment Company Institute. 2Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of 8/1/25. 3FY2024 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA 4Economic volatility undermines second quarter U.S. Pension Risk Transfer Sales, Source LIMRA, 9/22/25. 5Legal & General Pension Risk Transfer Monitor, 2Q25 Market Update 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of 6/30/25. Indexed annuities provide alternative with upside potential and limited downside risk Consumers increasingly rely on personal savings for retirement income Transaction volume likely to continue5 Untapped demand for permanent life insurance, especially in the Middle Market Mutual Fund 401(k) Assets1 U.S. Consumer Savings2 Retail Life & Annuities3 Pension Risk Transfer4 Funding Agreements6 $5.7T $1.1T $343B $447B $261B

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58 63 71 76 78 80 82 2022 2025 2030 2035 2040 2045 2050 … With Secular Tailwinds Driving Demand 12F&G Investor Update \| Fall 2025 We continue to see sustainable demand for our retail fixed annuity products given current environment • U.S. consumers are holding nearly $3 trillion in retail money market fund assets; once money market rates start to decline, they are expected to lock in higher interest rates through attractive solutions like fixed annuities • We serve a growing retirement population, with more than 11,000 Americans turning 65 every day and a projected 30% increase in people aged 65-100 over the next 25 years • Attractive demographics support growing demand for our products, as both retirees and advisors turn to fixed annuities as an alternative to the traditional 60/40 investment portfolio 1Source: Investment Company Institute (ICI); periods prior to 2024 reflect "total" all money market funds 2Source: U.S. Census Bureau, Population Division; Projected Population by Age Group and Sex for the United States, Main Series: 2022-2100 (Released Nov 2023) U.S. Money Market Fund Assets ($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 4.1 4.4 2.7 3.0 3.6 4.3 4.7 4.7 5.9 6.8 7.4 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 QE 3Q25 Combined Institutional only Retail only

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… And We're Winning … 13F&G Investor Update \| Fall 2025 1CAGR reflects 2019-2024 annual periods Annual Gross Sales by Retail Channel and Institutional Market ($B) 2019 2020 2021 2022 2023 2024 Funding Agreements Agent PRT Broker Dealer Bank $11.3B $9.6B $4.5B $3.9B FNF and F&G Merger (June 2020) $13.2B +31% CAGR1 $15.3B

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45% 26% 4% 14% 11% $11.2B (9 Mos.) … While Significantly Diversifying Our Business 14F&G Investor Update \| Fall 2025 Note: Reflects gross sales 84% 5% 7% 4% $4.5B FY2024 Sales C h a n n e l P ro d u c t 77% 17% 1% 5% $4.5B FY2020 Sales YTD 3Q25 Sales 43% 31% 1% 14% 11% $11.2B (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) 44% 33% 1% 7% 15% $15.3B 46% 27% 5% 7% 15% $15.3B

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Our Owned Distribution Track Record 15F&G Investor Update \| Fall 2025 Our owned distribution strategy is contributing to margin expansion and is a capital light, diversified source of fee-based earnings Portfolio is performing well and creating value • Owned distribution margin driven by seasonality, timing of dividends, mix of business & affiliated vs. unaffiliated sales • Owned distribution margin (ANE): $34M in 3Q25 YTD, including $13M in 3Q25 • Adjusted ROA contribution: 8 bps YTD 3Q25 (annualized) • 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 ~$700M Cumulative investment 1Amount of affiliated revenue from F&G products sold by owned distribution and reflected in product margin (not the owned distribution margin): $8M in 2Q25 and $27M YTD 3Q25

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59% NAIC 1 24% NAIC 2 7% Alts/Equity 4% Other ² 3% Cash ³ 2% NAIC 3 1% NAIC 4/5/6 29% Corporates 22% Structured Securities 17% Private Origination 12% Mortgage Loans 7% Alts/Equity 4% Other² 3% EMD 2% Municipal 2% Cash 1% Pfd/Hybrid 1% Gov't & Treasury Our High Quality & Well-Diversified Portfolio1 16F&G Investor Update \| Fall 2025 1GAAP Fair Values as of 9/30/2025. For Alts LP, NAV as of 6/30/2025 (net of 3rd party reinsurance) 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 • Credit related impairments averaging 6 bps over the last 5 years; 3Q25 YTD remained below our pricing assumptions • Net floating rate exposure of $2.4B or ~5% of the portfolio CMBS/CML portfolios are high quality, with moderate leverage and diversified across property types • Modest office exposure at only 1.7% of the total portfolio • Alternative LPs comprise 6% of total portfolio, with less than 1% of Alternative LPs portfolio in office $55B $55B

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47% Corporate Lending 27% Private Specialty Finance 17% Asset Backed & Consumer Loans 5% Triple Net Lease 4% Other 39% CLOs 33% CMBS 15% ABS 13% Non Agency RMBS <1% Agency RMBS Our Investment Portfolio Key Attributes Investment Rationale • Core fixed income: Focus remains on 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 9/30/2025 (net of 3rd party reinsurance) 2Excludes $7.1B total of alternatives/equity, FHLB, call options and cash 3Other consists of hotel and mixed-use properties Structured Credit Portfolio1,2 63% Residential 18% Multifamily 8% Industrial 4% Office 4% Retail 1% Student Housing 1% Data Center 1% Other ³ Private Origination Portfolio1,2 79% Corporates 7% EMD 7% Municipal 4% Pfd/Hybrid 3% Gov't & Treasury $20B $12B Mortgage Loans1,2 $6B $9B 17F&G Investor Update \| Fall 2025

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49.1 53.8 56.6 52.5 56.6 6.8 11.5 14.8 10.4 14.8 55.9 65.3 71.4 62.9 71.4 2023 2024 3Q25 LTM YTD 3Q24 YTD 3Q25 Cumulative new business flow Retained AUM 6.8 9.2 9.1 6.3 6.2 6.4 6.1 5.6 5.5 5.0 13.2 15.3 14.7 11.8 11.2 2023 2024 3Q25 LTM YTD 3Q24 YTD 3Q25 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 335 546 502 403 359 2023 2024 3Q25 LTM YTD 3Q24 YTD 3Q25 Net Sales 9.2 10.6 10.2 8.1 7.7 Strong Performance In Current Environment Gross Sales ($B) AUM Before Flow Reinsurance ($B) Common Adjusted Net Earnings (ANE) ($M) F&G Investor Update \| Fall 2025 18 2024 VPY: 17% AAUM 46.0 51.6 54.5 51.0 54.9 (5%) VPY2024 VPY: 16% Note: Last twelve months (LTM) +14% VPY See Appendix for details of significant items impacting ANE

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3Q25 One of Our Best Sales Quarters In History Gross Sales ($B) Gross sales reflect strength across all products and distribution channels; continued pricing discipline & capital allocation to highest return opportunities • Gross sales of $4.2B, one of our best sales quarters in history; 2Q24 was all-time record at $4.4B • "Core" sales of $2.2B, modestly above 2Q25 and 3Q24; reflecting strong indexed annuity, life and PRT sales • "Opportunistic" sales of $2.0B split between funding agreements and MYGA; ↑ 5% vs. 2Q25, ↑ 18% vs. 3Q24 • Net sales reflect flow reinsurance at varying ceded amounts in line with capital targets for MYGA and FIA, including new reinsurance sidecar launched in 3Q25 • Record AUM before flow reinsurance of $71.4B; this includes retained AUM of $56.6B F&G Investor Update \| Fall 2025 19 Note: Last twelve months (LTM) Net Sales 9.2 10.6 10.2 2.4 2.5 2.2 2.7 2.8 Ending AUM 49.1 53.8 56.6 52.5 53.8 54.5 55.6 56.6 AUM before flow reinsurance 55.9 65.3 71.4 62.9 65.3 67.4 69.2 71.4 6.8 9.2 9.1 2.2 2.9 1.8 2.2 2.2 6.4 6.1 5.6 1.7 0.6 1.1 1.9 2.0 13.2 15.3 14.7 3.9 3.5 2.9 4.1 4.2 2023 2024 3Q25 LTM 3Q24 4Q24 1Q25 2Q25 3Q25 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 3Q25 VPY: 8% 3Q25 VPQ: 2%

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335 546 493 156 143 91 103 165 2023 2024 3Q25 LTM 3Q24 4Q24 1Q25 2Q25 3Q25 Net earnings (loss) (58) 622 447 (10) 323 (25) 35 114 Op Exp (bps)1 63 60 52 62 60 58 56 52 ANE per share $2.68 $4.30 NM $1.22 $1.12 $0.72 $0.77 $1.22 Adj. ROA2 0.73% 1.06% 0.92% 1.05% 1.06% 0.68% 0.71% 0.87% Adj. ROE2 6.5% 10.3% 8.8% 9.1% 10.3% 9.7% 8.8% 8.8% Core Earnings Power Remains Attractive 20F&G Investor Update \| Fall 2025 Common Adjusted Net Earnings (ANE) ($M) Note: Last twelve months (LTM). Not meaningful (NM) 1Op Exp (bps): Reflects LTM operating expense to AUM before flow reinsurance (bps) 2Attributable to common shareholders; metrics refer to return on assets (ROA) and adjusted return on equity ex AOCI (ROE) based on reported adjusted net earnings F&G expects steady and growing adjusted net earnings over time, excluding significant items • 3Q25 ANE vs. 3Q24 reflects lower than expected level of alternative investments income and significant items, as well as: • asset growth, • growing fees from accretive flow reinsurance, • steady owned distribution margin, and • operating expense discipline driving scale benefit; • partially offset by higher interest expense on debt • Last twelve months (LTM) adjusted ROA at 0.92%, including 0.87% in 3Q25, vs. 0.92% in LTM 2Q25 • Adjusted ROE at 8.8%, in line with 2Q25 • See Appendix for details of significant items impacting ANE

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Our Stable and Strong Capital Profile 21F&G Investor Update \| Fall 2025 1Excluding accumulated other comprehensive income (ex AOCI) Total Capitalization ex AOCI1 ($M) 5,223 5,093 5,749 6,066 250 250 1,100 1,760 2,195 2,270 6,323 6,853 8,194 8,586 YE 2022 YE 2023 YE 2024 QE 3Q25 Debt Preferred Stock Total Equity ex. AOCI Adj. Debt to Capital % 17.4% 25.7% 26.8% 26.4% Solid F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% • In early 2025, completed common stock offering with net proceeds of $269M to support future growth and liquidity; net debt issued and redeemed of $75M • Balance sheet expected to naturally delever as a result of growth in total equity, excluding AOCI

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F&G Investor Update \| Fall 2025 Book Value Per Share Growth – YTD 3Q25 22 BVPS ex. AOCI1 – 12/31/2024 to 9/30/2025 $44.28 $46.52 $45.39 $44.07 2.24 (0.50) (0.63) (1.32) $42.50 $43.00 $43.50 $44.00 $44.50 $45.00 $45.50 $46.00 $46.50 $47.00 QE 4Q24 ANE & Other YTD 2025 Before MTM & Capital Actions Return of Capital Common stock offering YTD 2025 Before MTM MTM QE 3Q25 F&G Equity ex. AOCI1 ($M) 5,624 303 5,927 (67) 269 6,129 (179) 5,950 Shares O/S2 (M) 127 8 135 1Attributable to common shareholders and excluding accumulated other comprehensive income (ex AOCI) 2Outstanding shares of 126,792,844 as of 12/31/2024 and 134,625,415 as of 9/30/2025 BVPS ex AOCI of $44.07 at QE 3Q25, ↑ 3% YTD ex effect of MTM movements • $2.24 per share increase due to underlying business performance • ($1.13) per share decrease for return of capital and common stock offering • ($1.32) per share decrease due to mark-to-market movements which are unrealized and point in time

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Our Capitalization Supports Growth & Dividend 23F&G Investor Update \| Fall 2025 F&G is moving toward a more fee based, higher margin and capital light business with strong cash flow generation in future years • 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 $98M of capital to shareholders in YTD 3Q25 through common and preferred dividends 1Reflects company action level risk-based capital for primary insurance operating subsidiary 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% and maintain 400% RBC1 • Maintain solvency and capital targets in line with ratings Opportunistic Share Repurchase Efficient means of returning cash to shareholders when shares trade at discount to intrinsic value Opportunistic M&A Expand value of Owned Distribution through additional investments in existing holdings or selectively adding new strategic partners

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APPENDIX Appendix – Investments 24F&G Investor Update \| Fall 2025

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10% Net Asset Value Lending 8% Communication Infrastructure 7% Residential Solar 7% Liquified Natural Gas 7% Lender Finance 6% Manufactured Housing 6% Home Improvement 5% Aviation 5% Data Centers 5% Whole Business 34% All Other (< Top 10) Overview of Structured Credit 25 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 9/30/2025 (net of 3rd party reinsurance) 12% High Tech 11% Healthcare & Pharmaceuticals 10% Banking, Finance, Insurance & Real Estate 8% Services: Business 5% Hotels, Gaming & Leisure 4% Construction & Building 4% Capital Equipment 3% Chemicals, Plastics & Rubber 3% Aerospace & Defense 3% Beverage, Food & Tobacco 37% Other (< Top 10) $5B $6B $4B 39% Multifamily 16% Industrial 16% Office 8% Hotel 5% Retail 2% US Treasury 2% Mixed Use 1% Special Purpose 1% Self-Storage 1% Manufactured Housing 9% Other (< Top 10) F&G Investor Update \| Fall 2025

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Portfolio Spotlight: CLO 26 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 Value Note: GAAP Fair Values as of 9/30/2025 (net of 3rd party reinsurance) 1Reflects the weighted average par subordination of the CLO portfolio Investment Grade Credit Quality 99% investment grade Structural Protection 26% par subordination1 Capital Efficiency 1.23 Average NAIC rating Market Value $5.0B CLO exposure F&G Investor Update \| Fall 2025 34% 21% 22% 22% 1% AAA AA A BBB BB and Below Par Subordination 38% 25% 19% 13% 10%

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Our CLO Portfolio: Look Through Analysis 27 Portfolio focused on high quality CLO securities backed by highly diversified pool of loans Note: GAAP Fair Values as of 9/30/2025 (net of 3rd party reinsurance) IndustriesCompaniesCLO Managers 90 CLO managers 2,169 Companies 32 Industries 5.4% 4.5% 3.5% 3.2% 3.1% 3.0% 2.9% 2.9% 2.4% 2.3% 65.6% 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% 0.6% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 95.7% 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% 11.6% 11.1% 10.4% 8.4% 4.9% 4.5% 3.8% 3.5% 3.4% 3.4% 35.0% 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% F&G Investor Update \| Fall 2025

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U.S. CLO Impairment Frontier 28 CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 9.1% (that would have to occur every year) assuming a 62.3% 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, 2025. Source: US J.P. Morgan as of September 30, 2025 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 SOFR + 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 1998-2025 for the long-term average time period. Average recovery rate is representative of first-lien loans as of September 30 0% 5% 10% 15% 20% 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 F&G Investor Update \| Fall 2025

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Portfolio Spotlight: Real Estate Debt 29 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 9/30/2025 (net of 3rd party reinsurance) 32% CML 31% CMBS 17% RMBS 14% RML 6% Other $13B Duration 3.7 years Quality 1.3 Average NAIC rating Market Value $13.0B Real estate portfolio Weighted Average Life 5.5 years F&G Investor Update \| Fall 2025

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Portfolio Spotlight: CMBS & RMBS 30 Note: GAAP Fair Values as of 9/30/2025 (net of 3rd party reinsurance) By Asset Type By Property Type By NAIC Rating 34% 31% 17% 9% 5% 4% 3Q25 SASB RMBS CRE CLOs Conduit (Below A) Conduit (A or above) Agency 57% 11% 11% 10% 6% 3% 2% 3Q25 Multifamily Industrial Office Other Hotel Retail Defeased 83% 10% 4% 3% 3Q25 1 2 3 4/5/6 F&G Investor Update \| Fall 2025

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Portfolio Spotlight: CMBS 31 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 9/30/2025 (net of 3rd party reinsurance) 1BAML Conduit Data as of 10/1/2025 39% 5% 14% 24% Multifamily Retail F&G Post-Crisis Conduit CMBS Credit Quality 87% Investment grade (NRSRO) Quality 1.4 Average NAIC rating Market Value $4.1B CMBS portfolio Credit focus A- NRSRO rating F&G Investor Update \| Fall 2025

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Portfolio Spotlight: CMLs 32 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% • 86 holdings, with average loan size of $28M • 1.2% of CML portfolio loans have a DSCR <1x By State By Loan-To-Value % By Underlying Property Type Note: GAAP Fair Values as of 9/30/2025 (net of 3rd party reinsurance) ¹Other consists of data center, hotel, and mixed-use properties 21% CA 15% FL 5% NY 5% TX 5% NJ 4% GA 4% CT 41% Other $2B 54% LTV 60% to 70% 34% LTV 50% to 60% 11% LTV < 50% 1% LTV > 70% $2B $2B 49% Multifamily 23% Industrial 11% Office 10% Retail 3% Student Housing 4% Other¹ F&G Investor Update \| Fall 2025

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50% Private Equity 37% Real Assets 13% Credit $3B Portfolio Spotlight: Alternative LPs 33F&G Investor Update \| Fall 2025 • Alternative LPs NAV of $3.0B or 5% of total portfolio; generating positive annual returns • The portfolio is well-diversified by underlying asset type, vintage year and geography • Historical average return of 12%; since inception: • Total value to paid-in capital (TVPI2) of 1.32x, reflecting over 30% appreciation in value of capital invested • Distributions to paid-in capital (DPI2) of 0.53x, reflecting return of over half the capital invested Note: Net of 3rd party reinsurance 1Sector chart reflects net asset value (NAV) as of 9/30/2025; includes Blackstone and Non-Blackstone funds 2Values shown for total value to paid-in capital (TVPI) and distributions to paid-in capital (DPI) utilize Blackstone ending NAV, contribution and distribution data as of 6/30/2025 Alternative LPs – Historical Performance 11% 9% 37% 4% 4% 9% 5% 4% 7% 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 Average = 12% Average ex 2021 = 7% Alternative LPs – Sector Allocation1

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Blackstone Related Important Disclosures 34 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. F&G Investor Update \| Fall 2025

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APPENDIX 35F&G Investor Update \| Fall 2025 Appendix – Finance

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2020 2021 2022 2023 2024 2025 We Are Achieving Higher Ratings Over Time 36F&G Investor Update \| Fall 2025 Upgraded to 'A-' FNF Merger Completed F&G Partial Spinoff $2.4B Market Cap Launched Flow Reinsurance Launched Owned Distribution F&G at 9/30/2025 $4.2B 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 long-term issuer rating Note: Reflects financial strength rating of primary operating subsidiaries F&G's Recent History

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Non-GAAP Measure Reconciliations 37F&G Investor Update \| Fall 2025 Note: Reflects metrics attributable to common shareholders 1Total impacts from alternative investment income relative to long-term return expectations and significant items 2Last twelve months (LTM) impacts to Adj. ROA: 0.38% 3Q25 LTM; 0.37% 3Q24 LTM ($M) Year ended Three months ended Nine months ended 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 3Q25 Net earnings (loss) ($58) $622 ($10) $323 ($25) $35 $114 $299 $124 Recognized (gains) and losses, net 214 27 46 (33) 29 79 68 60 176 Market related liability adjustments 258 (214) 145 (233) 103 (16) (37) 19 50 Purchase price amortization 22 84 22 21 15 18 29 63 62 Transaction costs, other and non-recurring items 3 16 - 19 1 8 6 (3) 15 Non-controlling interest - (10) (3) (2) (2) (2) (2) (8) (6) Income taxes adjustment (104) 21 (44) 48 (30) (19) (13) (27) (62) Adjusted net earnings (ANE) $335 $546 $156 $143 $91 $103 $165 $403 $359 Other Considerations Investment income from alternative investments (above) below long-term return expectations 153 145 41 32 63 84 67 113 214 Significant (income) expense items 56 10 3 (7) (16) - (14) 17 (30) Impact of other considerations to Adj. ROA1,2 0.45% 0.30% 0.34% 0.30% 0.34% 0.48% 0.45% 0.34% 0.45% Impact of other considerations to Adj. ROE1 4.0% 2.9% 3.5% 2.9% 2.8% 3.6% 3.6% 3.5% 3.6%

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ANE – Significant Items1 38F&G Investor Update \| Fall 2025 1Periods prior to 1Q25 have been recast to remove bond prepay/CLO redemptions from significant items ($ and shares in table in millions) Three months ended September 30, 2025 Adjusted net earnings of $165 million for the three months ended September 30, 2025 included income from $10 million tax valuation benefit and $4 million of actuarial reserve release. Investment income from alternative investments was $67 million below management's long-term expected return of approximately 10%. June 30, 2025 Adjusted net earnings of $103 million for the three months ended June 30, 2025. Investment income from alternative investments was $83 million below management's long-term expected return of approximately 10%. March 31, 2025 Adjusted net earnings of $91 million for the three months ended March 31, 2025 included income from a $16 million reinsurance true-up adjustment. Investment income from alternative investments was $63 million below management's long-term expected return of approximately 10%. December 31, 2024 Adjusted net earnings of $143 million for the three months ended December 31, 2024 included income from $7 million of actuarial model refinements and other items. Investment income from alternative investments was $32 million below management's long-term expected return of approximately 10%. September 30, 2024 Adjusted net earnings of $156 million for the three months ended September 30, 2024 included net expense from $17 million of actuarial assumption updates; partially offset by income from a $14 million tax valuation allowance. Investment income from alternative investments was $41 million below management's long-term expected return of approximately 10%. Year ended December 31, 2024 Adjusted net earnings of $546 million for the year ended December 31, 2024 included net expense from $24 million of actuarial assumption and model updates and other items; partially offset by income from a $14 million of tax valuation allowance. Investment income from alternative investments was $145 million below management's long-term expected return of approximately 10%. December 31, 2023 Adjusted net earnings of $335 million for the year ended December 31, 2023 included expense from $37 million tax valuation allowance, $10 million of one-time fixed asset impairment charge and $9 million actuarial industry assumption updates. Investment income from alternative investments was $153 million below management's long-term expected return of approximately 10%.

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Non-GAAP Financial Measures and Definitions 39F&G Investor Update \| Fall 2025 The following represents the definitions of non-GAAP financial 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 and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, 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.

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Non-GAAP Financial Measures and Definitions 40F&G Investor Update \| Fall 2025 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.

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Non-GAAP Financial Measures and Definitions 41F&G Investor Update \| Fall 2025 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.

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Non-GAAP Financial Measures and Definitions 42F&G Investor Update \| Fall 2025 AUM before Flow Reinsurance AUM before Flow Reinsurance is comprised of AUM plus flow reinsured assets, including certain block reinsured assets that have the characteristics of 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.

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Non-GAAP Financial Measures and Definitions 43F&G Investor Update \| Fall 2025 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.

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Non-GAAP Financial Measures and Definitions 44F&G Investor Update \| Fall 2025 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.

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