# EDGAR Filing Document

**Accession Number:** 0001934850
**File Stem:** 0001934850-25-000039
**Filing Date:** 2025-8
**Character Count:** 154600
**Document Hash:** 994d98ce6fb3f5019c3fc11ade77d8c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001934850-25-000039.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001934850-25-000039

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20250806

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**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:** 251189982

**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-20250806

**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): August 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 August 6, 2025, F&G Annuities & Life, Inc. (the "Company" or "F&G") issued a press release announcing its financial results for the second quarter ended June 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 August 6, 2025, the Company made available to investors a supplemental presentation for the second quarter ended June 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 second quarter 2025 earnings, dated August 6, 2025.](a2q25fgearningsrelease_f.htm)</u> |
| 99.2 | <u>[F&G second quarter 2025 Financial Supplement, dated August 6, 2025.](q22025financialsupplemen.htm)</u> |
| 99.3 | <u>[F&G Summer 2025 Investor Presentation, dated August 6, 2025.](fgsummer2025investorpres.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.

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| | | | |
|:---|:---|:---|:---|
| | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
| Date: August 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

![](a2q25fgearningsrelease_f001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life Reports Second Quarter 2025 Results Des Moines, Iowa – (August 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 second quarter ended June 30, 2025. Net earnings attributable to common shareholders (net earnings) for the second quarter of $35 million, or $0.26 per diluted share (per share), compared to $198 million, or $1.55 per share, for the second quarter of 2024. Net earnings for the second quarter included $49 million of net unfavorable mark-to-market effects and $19 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net earnings for the second quarter of 2024 included $70 million of net favorable mark-to-market effects and $11 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 second quarter of $103 million, or $0.77 per share, compared to $139 million, or $1.10 per share, for the second 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 "Second Quarter 2025 Results" and "Non-GAAP Measures and Other Information" sections for further explanation. Second Quarter 2025 Highlights • Record assets under management, driven by record retail sales: F&G achieved record assets under management before flow reinsurance of $69.2 billion at the end of the second quarter, an increase of 13% over the second quarter of 2024. This included retained AUM of $55.6 billion. F&G delivered $4.1 billion of gross sales in the second quarter, one of our strongest sales quarters driven by record retail channel sales; net sales were $2.7 billion • Excellent credit performance in the investment portfolio: The investment portfolio is performing well, with 97% 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 through the first half of 2025 • Reported adjusted return on assets (ROA) includes short-term fluctuations in investment income from alternative investments: Adjusted ROA of 71 basis points in the second quarter; adjusted ROA of 92 basis points over the last twelve months (LTM), as compared to 91 basis points in the second quarter 2024 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 second quarter, up 40 bps as compared to 8.4% in the second quarter of 2024 • 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 $35 million of capital to shareholders from common and preferred dividends in the second quarter Chris Blunt, F&G's Chief Executive Officer, said, "We grew AUM before flow reinsurance to $69.2 billion at the end of the second quarter, an increase of 13% from second quarter 2024, driven by strong sales. Our business is benefiting from increased scale, as our ratio of operating expense to AUM before flow reinsurance has decreased by 5 basis points from the second quarter of 2024, and we expect further improvement in the second half of the year. Our high quality investment portfolio is performing well and credit related impairments remain below our pricing assumption. Overall, we have had tremendous growth since FNF acquired F&G in June 2020, with a cumulative

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![](a2q25fgearningsrelease_f002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% increase in book value per share excluding AOCI since year-end 2020, to $43.39 at the end of the second quarter." Mr. Blunt continued, "F&G benefits from both spread-based and fee-based earnings, including our flow reinsurance, middle market life insurance and owned distribution strategies which leverage our position as one of the industry's largest distributors of annuities and life insurance. We remain confident that we will deliver on our medium-term Investor Day targets as we move further toward a more fee-based, higher margin and less capital intensive business model." Summary Financial Results1 (In millions, except per share data) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 2025 2024 Gross sales $4,106 $4,420 $7,008 $7,915 Net sales $2,744 $3,445 $4,925 $5,747 Assets under management (AUM) $55,565 $52,208 $55,565 $52,208 Average assets under management (AAUM) YTD $54,521 $50,181 $54,521 $50,181 AUM before flow reinsurance $69,161 $61,370 $69,161 $61,370 Adjusted return on assets 0.71 % 0.98 % 0.71 % 0.98 % Adjusted return on average equity (ex. AOCI) 8.8 % 8.4 % 8.8 % 8.4 % Net earnings (loss) $35 $198 $10 $309 Net earnings (loss) per share $0.26 $1.55 $0.08 $2.45 Adjusted net earnings $103 $139 $194 $247 Adjusted net earnings per share $0.77 $1.10 $1.48 $1.97 Book value per common share $31.02 $27.02 $31.02 $27.02 Book value per common share, excluding AOCI $43.39 $42.52 $43.39 $42.52 Second Quarter 2025 Results Record AUM before flow reinsurance was $69.2 billion, an increase of 13% over $61.4 billion at the end of the second quarter 2024. This included retained AUM of $55.6 billion, an increase of 7% over $52.2 billion at the end of the second quarter 2024. A rollforward of AUM can be found in the "Non-GAAP Measures and Other Information" section of this release. Gross sales were $4.1 billion, one of our best sales quarters in history, driven by record retail channel sales and strong pension risk transfer sales; our all-time record of $4.4 billion was in the second quarter of 2024. Record retail channel sales were more than $3.6 billion, 13% higher than the second quarter of 2024; this reflects one of our best quarters for indexed annuities, as well as a record quarter for both indexed universal life and multiyear guaranteed annuity sales. Institutional market sales were $0.5 billion of pension risk transfer sales, compared to $1.2 billion in the second quarter of 2024 with $0.9 billion of funding agreements and $0.3 billion of pension risk transfer sales. Institutional sales are opportunistic and volumes vary quarter to quarter. Net sales were $2.7 billion, compared to $3.4 billion in the second quarter of 2024; this reflects third party flow reinsurance at varying ceded amounts in line with capital targets. Adjusted net earnings of $103 million, or $0.77 per share, compared to $139 million, or $1.10 per share for the second quarter of 2024. Adjusted net earnings include significant income and expense items and alternative 1See definition of non-GAAP measures below

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![](a2q25fgearningsrelease_f003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations. • Adjusted net earnings of $103 million, or $0.77 per share, for the second quarter of 2025. Investment income from alternative investments was $83 million, or $0.62 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $139 million, or $1.10 per share, for the second quarter of 2024 included $16 million, or $0.12 per share, of expense from actuarial model updates and refinements. Investment income from alternative investments was $20 million, or $0.15 per share, below management's long-term expected return of approximately 10% As compared to the prior year quarter, adjusted net earnings reflect asset growth, higher fees from accretive flow reinsurance, higher 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 $5.9 billion, or $43.39 per share, as of June 30, 2025. This reflects an increase of $0.08 per share during the quarter, including $0.62 per share increase from adjusted net earnings and other; partially offset by $0.36 per share net decrease for mark-to-market movements and $0.18 per share decrease from capital actions. Book value per common share excluding AOCI as of March 31, 2025 $43.31 Adjusted net earnings and other 0.62 Book value per common share excluding AOCI, before capital actions & mark-to-market $43.93 Capital actions (0.18) Book value per common share excluding AOCI, before mark-to-market $43.75 Mark-to-market movement (0.36) Book value per common share excluding AOCI as of June 30, 2025 $43.39 During the second quarter, F&G has returned capital to shareholders from common and preferred dividends of $35 million, as compared to $32 million in the second quarter of 2024. 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 second quarter 2025 results on Thursday, August 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 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

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![](a2q25fgearningsrelease_f004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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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![](a2q25fgearningsrelease_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 June 30, 2025 December 31, 2024 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $53,157), net of allowance for credit losses of $97 at June 30, 2025 $50,193 $46,317 Preferred securities, at fair value 249 270 Equity securities, at fair value 92 145 Derivative investments 931 792 Mortgage loans, net of allowance for credit losses of $75 at June 30, 2025 6,940 5,926 Investments in unconsolidated affiliates (certain investments at fair value of $272 at June 30, 2025) 4,301 3,565 Other long-term investments 998 580 Policy loans 125 104 Short-term investments 760 2,410 Total investments $64,589 $60,109 Cash and cash equivalents 1,884 2,264 Reinsurance recoverable, net of allowance for credit losses of $18 at June 30, 2025 15,777 13,369 Goodwill 2,179 2,179 Prepaid expenses and other assets (certain assets held at fair value of $18 million at June 30, 2025) 967 950 Other intangible assets, net 5,943 5,572 Market risk benefits asset 213 189 Income taxes receivable 6 — Deferred tax asset, net 258 299 Total assets $91,816 $84,931 Liabilities and Equity Contractholder funds $59,813 $56,404 Future policy benefits 9,463 8,749 Market risk benefits liability 711 549 Accounts payable and accrued liabilities 2,568 2,219 Income taxes payable — 5 Notes payable 2,235 2,171 Funds withheld for reinsurance liabilities 12,469 10,758 Total liabilities $87,259 $80,855 Equity Preferred stock $0.001 par value; authorized 25,000,000 shares as of June 30, 2025; outstanding and issued shares of 5,000,000 as of June 30, 2025 — — Common stock $0.001 par value; authorized 500,000,000 shares as of June 30, 2025; outstanding and issued shares of 134,653,564 and 135,863,553 as of June 30, 2025, respectively — — Additional paid-in-capital 3,747 3,464 Retained earnings 2,394 2,440 Accumulated other comprehensive income (loss) ("AOCI") (1,670) (1,923) Treasury stock, at cost (1,209,989 shares as of June 30, 2025) (33) (30) Total F&G Annuities & Life, Inc. shareholders' equity $4,438 $3,951 Non-controlling interests 119 125 Total equity $4,557 $4,076 Total liabilities and equity $91,816 $84,931

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![](a2q25fgearningsrelease_f006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS SECOND QUARTER INFORMATION (In millions, except per share data) (Unaudited) Three months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues Life insurance premiums and other fees $608 $487 $1,097 $1,205 Interest and investment income 682 684 1,348 1,300 Owned distribution revenues 23 18 39 41 Recognized gains and (losses), net 51 (17) (212) 195 Total revenues 1,364 1,172 2,272 2,741 Benefits and expenses Benefits and other changes in policy reserves 993 608 1,517 1,769 Market risk benefit (gains) losses (4) 20 105 9 Depreciation and amortization 158 147 311 270 Personnel costs 77 69 144 135 Other operating expenses 42 46 83 104 Interest expense 41 28 81 58 Total benefits and expenses 1,307 918 2,241 2,345 Earnings (loss) before income taxes 57 254 31 396 Income tax expense (benefit) 15 50 10 76 Net earnings (loss) 42 204 21 320 Less: Non-controlling interests 2 1 2 2 Net earnings (loss) attributable to F&G 40 203 19 318 Less: Preferred stock dividend 5 5 9 9 Net earnings (loss) attributable to F&G common shareholders $35 $198 $10 $309 Net earnings (loss) attributable to F&G common shareholders per common share Basic $0.26 $1.60 $0.08 $2.49 Diluted $0.26 $1.55 $0.08 $2.45 Weighted average common shares used in computing net earnings (loss) per common share Basic 133 124 130 124 Diluted 134 131 131 130

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![](a2q25fgearningsrelease_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 Six months ended (In millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attributable to common shareholders $35 $198 $10 $309 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 12 (37) 27 (85) Change in allowance for expected credit losses 19 21 41 22 Change in fair value of reinsurance related embedded derivatives 61 (10) 102 8 Change in fair value of other derivatives and embedded derivatives (13) 8 (62) 69 Recognized (gains) losses, net 79 (18) 108 14 Market related liability adjustments (16) (71) 87 (126) Purchase price amortization 18 19 33 41 Transaction costs, other and non-recurring items 8 (3) 9 (3) Non-controlling interest (2) (2) (4) (5) Income taxes adjustment (19) 16 (49) 17 Adjusted net earnings attributable to common shareholders ¹ $103 $139 $194 $247 1See definition of non-GAAP measures below • Adjusted net earnings of $103 million, or $0.77 per share, for the second quarter of 2025. Investment income from alternative investments was $83 million, or $0.62 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $139 million, or $1.10 per share, for the second quarter of 2024 included $16 million, or $0.12 per share, of expense from actuarial model updates and refinements. Investment income from alternative investments was $20 million, or $0.15 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $194 million, or $1.48 per share, for the first six months ended June 30, 2025 included $16 million, or $0.12 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $146 million, or $1.11 per share, below management's long-term expected return of approximately 10% • Adjusted net earnings of $247 million, or $1.97 per share, for the first six months ended June 30, 2024 included $16 million, or $0.12 per share, of expense from actuarial model updates and refinements; partially offset by $2 million, or $0.02 per share, of other income items. Investment income from alternative investments was $72 million, or $0.56 per share, below management's long-term expected return of approximately 10%

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![](a2q25fgearningsrelease_f008.jpg)

&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) June 30, 2025 March 31, 2025 December 31, 2024 Total F&G Annuities & Life, Inc. shareholders' equity 4,438 4,363 3,951 Less: Preferred stock 250 250 250 Total F&G equity attributable to common shareholders 4,188 4,113 3,701 Less: AOCI (1,670) (1,734) (1,923) Total F&G equity attributable to common shareholders, excluding AOCI $5,858 $5,847 $5,624 Common shares outstanding 135 135 127 Book value per common share $31.02 $30.47 $29.14 Book value per common share, excluding AOCI $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) June 30, 2025 March 31, 2025 December 31, 2024 AUM at beginning of period $54,546 $53,817 $52,464 Net new business asset flows 1,763 1,790 2,270 Net flow reinsurance to third parties (744) (1,395) (1,046) Net capital transaction proceeds (disbursements) — 334 129 AUM at end of period¹ $55,565 $54,546 $53,817 AAUM YTD¹ $54,521 $53,877 $51,574 AUM before flow reinsurance $69,161 $67,398 $65,274 SALES HIGHLIGHTS Three months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Indexed annuities ("FIA/RILA") $1,701 $1,648 $3,162 $3,085 Fixed rate annuities ("MYGA") 1,907 1,475 2,469 2,802 Total annuity 3,608 3,123 5,631 5,887 Indexed universal life ("IUL") 53 44 96 86 Funding agreements ("FABN/FHLB") — 915 525 1,020 Pension risk transfer ("PRT") 445 338 756 922 Gross sales(1) 4,106 4,420 7,008 7,915 Sales attributable to flow reinsurance to third parties (1,362) (975) (2,083) (2,168) Net sales(1) $2,744 $3,445 $4,925 $5,747 1See definition of non-GAAP measures below

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&nbsp;&nbsp;&nbsp;&nbsp;&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 ——————————— Second 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 - June 30, 2025 2

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Financial Highlights Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 SELECTED CONSOLIDATED STATEMENT OF OPERATIONS DATA Net earnings (loss) attributable to F&G $40 $(21) $327 $(6) $203 $19 $318 Net earnings (loss) attributable to common shareholders 35 (25) 323 (10) 198 10 309 Net earnings (loss) attributable to common shareholders per diluted share ² 0.26 (0.20) 2.50 (0.08) 1.55 0.08 2.45 Weighted-average diluted shares outstanding (in millions) 134 126 131 124 131 131 130 RELATED NON-GAAP MEASURES ¹ Adjusted net earnings attributable to common shareholders 103 91 143 156 139 194 247 Adjusted net earnings attributable to common shareholders per diluted share ² 0.77 0.72 1.12 1.22 1.10 1.48 1.97 Adjusted weighted-average diluted shares outstanding (in millions) 134 132 131 131 131 131 130 Adjusted return on assets attributable to common shareholders 0.71 % 0.68 % 1.06 % 1.05 % 0.98 % 0.71 % 0.98 % Adjusted return on average common shareholder equity, excluding AOCI 8.8 % 9.7 % 10.3 % 9.1 % 8.4 % 8.8 % 8.4 % SELECTED CONSOLIDATED BALANCE SHEET DATA Total assets 91,816 88,007 84,931 84,123 78,368 91,816 78,368 Total liabilities 87,259 83,522 80,855 79,648 74,580 87,259 74,580 Total equity 4,557 4,485 4,076 4,475 3,788 4,557 3,788 Total equity, excluding AOCI 6,227 6,219 5,999 5,706 5,741 6,227 5,741 Common shares outstanding (in millions) 135 135 127 126 126 135 126 RELATED NON-GAAP MEASURES ¹ Total F&G equity attributable to common shareholders, excluding AOCI 5,858 5,847 5,624 5,327 5,357 5,858 5,357 Book value per common share 31.02 30.47 29.14 32.51 27.02 31.02 27.02 Book value per common share, excluding AOCI 43.39 43.31 44.28 42.28 42.52 43.39 42.52 Assets under management ("AUM") 55,565 54,546 53,817 52,464 52,208 55,565 52,208 Average assets under management ("AAUM") YTD 54,521 53,877 51,574 50,970 50,181 54,521 50,181 AUM before flow reinsurance 69,161 67,398 65,274 62,875 61,370 69,161 61,370 SALES ¹ Indexed annuities ("FIA/RILA") $1,701 $1,461 $1,797 $1,847 $1,648 $3,162 $3,085 Fixed rate annuities ("MYGA") 1,907 562 648 1,655 1,475 2,469 2,802 Total annuity 3,608 2,023 2,445 3,502 3,123 5,631 5,887 Indexed universal life ("IUL") 53 43 41 39 44 96 86 Funding agreements ("FABN/FHLB") — 525 — — 915 525 1,020 Pension risk transfer ("PRT") 445 311 983 337 338 756 922 Gross sales 4,106 2,902 3,469 3,878 4,420 7,008 7,915 Sales attributable to flow reinsurance to third parties (1,362) (721) (1,031) (1,492) (975) (2,083) (2,168) Net sales $2,744 $2,181 $2,438 $2,386 $3,445 $4,925 $5,747 ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. ² Beginning in 2024, diluted share count reflects the effect of 5 million common shares issuable upon the conversion of the FNF 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 par value per share, when their effect was dilutive. For time periods when dilutive, the weighted average number of diluted shares includes assumed issuance of common shares upon conversion of the preferred stock, as well as the preferred stock dividends are not deducted from net earnings (loss) or adjusted net earnings (loss). F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 3

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Consolidated Statements of Operations (GAAP) Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Revenues Life insurance premiums and other fees $608 $489 $1,149 $506 $487 $1,097 $1,205 Interest and investment income 682 666 707 712 684 1,348 1,300 Owned distribution revenues 23 16 20 20 18 39 41 Recognized gains and (losses), net 51 (263) (317) 206 (17) (212) 195 Total revenues 1,364 908 1,559 1,444 1,172 2,272 2,741 Benefits and expenses Benefits and other changes in policy reserves 993 524 927 1,095 608 1,517 1,769 Market risk benefit (gains) losses (4) 109 (105) 71 20 105 9 Depreciation and amortization 158 153 152 147 147 311 270 Personnel costs 77 67 81 80 69 144 135 Other operating expenses 42 41 54 45 46 83 104 Interest expense 41 40 38 36 28 81 58 Total benefits and expenses 1,307 934 1,147 1,474 918 2,241 2,345 Earnings (loss) before income taxes 57 (26) 412 (30) 254 31 396 Income tax expense (benefit) 15 (5) 85 (25) 50 10 76 Net earnings (loss) 42 (21) 327 (5) 204 21 320 Less: Non-controlling interests 2 — — 1 1 2 2 Net earnings (loss) attributable to F&G 40 (21) 327 (6) 203 19 318 Less: Preferred stock dividend 5 4 4 4 5 9 9 Net earnings (loss) attributable to F&G common shareholders $35 $(25) $323 $(10) $198 $10 $309 Net earnings (loss) attributable to F&G common shareholders per common share Basic $0.26 $(0.20) $2.58 $(0.08) $1.60 $0.08 $2.49 Diluted $0.26 $(0.20) $2.50 $(0.08) $1.55 $0.08 $2.45 Weighted average common shares used in computing net earnings (loss) per common share Basic 133 126 125 124 124 130 124 Diluted 134 126 131 124 131 131 130 . F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 4

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Adjusted Net Earnings - Management View ¹ Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Interest and investment income - fixed income and other $518 $509 $513 $514 $493 $1,027 $968 Interest and investment income - alternatives (including short term mark-to- market) 148 137 160 150 167 285 279 Interest and investment income - variable 6 19 19 26 6 25 14 Adjusted interest and investment income 672 665 692 690 666 1,337 1,261 Cost of funds ² (426) (428) (400) (395) (378) (854) (733) Product margin 246 237 292 295 288 483 528 Flow reinsurance fee income ² 14 13 13 11 9 27 17 Owned distribution margin 14 7 12 12 9 21 22 Operating expenses (91) (96) (95) (103) (97) (187) (191) Interest expense (41) (41) (38) (36) (31) (82) (61) Income tax (expense) benefit (34) (25) (37) (19) (34) (59) (59) Adjusted net earnings 108 95 147 160 144 203 256 Less: Preferred stock dividend 5 4 4 4 5 9 9 Adjusted net earnings attributable to common shareholders $103 $91 $143 $156 $139 $194 $247 Adjusted net earnings per common share Diluted $0.77 $0.72 $1.12 $1.22 $1.10 $1.48 $1.97 Weighted average common shares used in computing adjusted net earnings per common share Diluted 134 132 131 131 131 131 130 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 - June 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 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%. June 30, 2024 Adjusted net earnings of $139 million for the three months ended June 30, 2024 included expense from $16 million of actuarial model updates and refinements. Investment income from alternative investments was $20 million below management's long-term expected return of approximately 10%. Six months ended June 30, 2025 Adjusted net earnings of $194 million for the six months ended June 30, 2025 included income from a $16 million reinsurance true-up adjustment. Investment income from alternative investments was $146 million below management's long-term expected return of approximately 10%. June 30, 2024 Adjusted net earnings of $247 million for the six months ended June 30, 2024 included expense from $16 million of actuarial model updates and refinements; partially offset by $2 million of other income items. Investment income from alternative investments was $72 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 - June 30, 2025 6

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Adjusted Return on Assets ¹ Annualized year to date June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Adjusted interest and investment income $2,674 $2,660 $2,643 $2,601 $2,522 Cost of funds ² (1,708) (1,712) (1,528) (1,504) (1,466) Product margin 966 948 1,115 1,097 1,056 Flow reinsurance fee income ² 54 52 41 37 34 Owned distribution margin 42 28 46 45 44 Expenses (operating, interest and taxes) (656) (648) (639) (625) (622) Adjusted net earnings $406 $380 $563 $554 $512 Less: Preferred stock dividend 18 16 17 17 18 Adjusted net earnings attributable to common shareholders (A) $388 $364 $546 $537 $494 AAUM YTD (B) 54,521 53,877 51,574 50,970 50,181 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Adjusted interest and investment income 4.90 % 4.94 % 5.12 % 5.10 % 5.03 % Cost of funds ² (3.13) % (3.18) % (2.96) % (2.95) % (2.92) % Product margin 1.77 % 1.76 % 2.16 % 2.15 % 2.11 % Flow reinsurance fee income ² 0.10 % 0.10 % 0.08 % 0.07 % 0.06 % Owned distribution margin 0.08 % 0.05 % 0.09 % 0.09 % 0.09 % Expenses (operating, interest and taxes) (1.21) % (1.20) % (1.24) % (1.23) % (1.24) % Adjusted return on assets 0.74 % 0.71 % 1.09 % 1.08 % 1.02 % Less: Preferred stock dividend 0.03 % 0.03 % 0.03 % 0.03 % 0.04 % Adjusted return on assets attributable to common shareholders (A/B) 0.71 % 0.68 % 1.06 % 1.05 % 0.98 % 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 - June 30, 2025 7

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Assets Under Management Rollforward and Average Assets Under Management ¹ Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 AUM at beginning of period $54,546 $53,817 $52,464 $52,208 $49,787 $53,817 $49,103 Net new business asset flows 1,763 1,790 2,270 1,726 3,057 3,553 5,173 Net flow reinsurance to third parties (744) (1,395) (1,046) (1,248) (930) (2,139) (2,337) Net capital transaction proceeds (disbursements) — 334 129 (222) 294 334 269 AUM at end of period $55,565 $54,546 $53,817 $52,464 $52,208 $55,565 $52,208 AAUM YTD $54,521 $53,877 $51,574 $50,970 $50,181 $54,521 $50,181 AUM before flow reinsurance $69,161 $67,398 $65,274 $62,875 $61,370 $69,161 $61,370 Interest and Investment Income and Yield ¹ Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Adjusted interest and investment income ² $672 $665 $692 $690 $666 $1,337 $1,261 AAUM QTD 55,170 53,877 53,307 52,661 50,864 54,521 50,181 Yield on AAUM 4.87 % 4.94 % 5.19 % 5.24 % 5.24 % 4.90 % 5.03 % Less: Alternatives investment income (including short term mark-to-market) ³ 148 137 160 150 167 285 279 Less: Variable investment income ⁴ 6 19 19 26 6 25 14 Fixed income and other net investment income ² ⁵ $518 $509 $513 $514 $493 $1,027 $968 AAUM QTD, excluding alternative investments 45,259 44,971 44,739 44,100 42,509 45,107 42,162 Yield on AAUM, excluding alternative investments and variable investment income 4.58 % 4.53 % 4.59 % 4.66 % 4.64 % 4.55 % 4.59 % 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 - June 30, 2025 8

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Consolidated Balance Sheets (GAAP) Assets June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Investments Fixed maturity securities available for sale, at fair value, (amortized cost of $53,157), net of allowance for credit losses of $97 at June 30, 2025 $50,193 $47,909 $46,317 $46,909 $43,826 Preferred securities, at fair value 249 253 270 289 332 Equity securities, at fair value 92 101 145 146 147 Derivative investments 931 702 792 1,401 1,032 Mortgage loans, net of allowance for credit losses of $75 at June 30, 2025 6,940 6,366 5,926 5,626 5,439 Investments in unconsolidated affiliates (certain investments at fair value of $272 at June 30, 2025) 4,301 4,127 3,565 3,666 3,705 Other long-term investments 998 587 580 581 574 Policy loans 125 115 104 94 86 Short-term investments 760 549 2,410 681 421 Total investments $64,589 $60,709 $60,109 $59,393 $55,562 Cash and cash equivalents 1,884 3,293 2,264 3,539 3,526 Reinsurance recoverable, net of allowance for credit losses of $18 at June 30, 2025 15,777 14,746 13,369 12,404 11,031 Goodwill 2,179 2,179 2,179 2,179 2,017 Prepaid expenses and other assets (certain assets held at fair value of $18 million at June 30, 2025) 967 904 950 942 839 Other intangible assets, net 5,943 5,721 5,572 5,349 4,952 Market risk benefits asset 213 187 189 134 103 Income taxes receivable 6 — — 2 11 Deferred tax asset, net 258 268 299 181 327 Total assets $91,816 $88,007 $84,931 $84,123 $78,368 Liabilities and Equity Contractholder funds $59,813 $57,823 $56,404 $55,468 $53,602 Future policy benefits 9,463 9,065 8,749 8,268 7,636 Market risk benefits liability 711 635 549 603 459 Accounts payable and accrued liabilities 2,568 2,314 2,219 3,257 2,328 Income taxes payable — 9 5 — — Notes payable 2,235 2,234 2,171 2,038 2,038 Funds withheld for reinsurance liabilities 12,469 11,442 10,758 10,014 8,517 Total liabilities $87,259 $83,522 $80,855 $79,648 $74,580 Equity Preferred stock $0.001 par value; authorized 25,000,000 shares as of June 30, 2025; outstanding and issued shares of 5,000,000 as of June 30, 2025 — — — — — Common stock $0.001 par value; authorized 500,000,000 shares as of June 30, 2025; outstanding and issued shares of 134,653,564 and 135,863,553 as of June 30, 2025, respectively — — — — — Additional paid-in-capital 3,747 3,741 3,464 3,456 3,449 Retained earnings 2,394 2,389 2,440 2,145 2,182 Accumulated other comprehensive income (loss) ("AOCI") (1,670) (1,734) (1,923) (1,231) (1,953) Treasury stock, at cost (1,209,989 shares as of June 30, 2025) (33) (33) (30) (24) (24) Total F&G Annuities & Life, Inc. shareholders' equity $4,438 $4,363 $3,951 $4,346 $3,654 Non-controlling interests 119 122 125 129 134 Total equity $4,557 $4,485 $4,076 $4,475 $3,788 Total liabilities and equity $91,816 $88,007 $— $84,931 $84,123 $78,368 . F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 9

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Capitalization ¹ Three months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Notes payable $2,235 $2,234 $2,171 $2,038 $2,038 Net issuance costs (premium) 35 36 24 22 22 Notes payable (aggregate principal amount) (A) $2,270 $2,270 $2,195 $2,060 $2,060 Total equity 4,557 4,485 4,076 4,475 3,788 Less: AOCI (1,670) (1,734) (1,923) (1,231) (1,953) Total equity, excluding AOCI $6,227 $6,219 $5,999 $5,706 $5,741 Total Capitalization, excluding AOCI (B) $8,497 $8,489 $8,194 $7,766 $7,801 Debt-to-Capitalization, excluding AOCI (A/B) 26.7 % 26.7 % 26.8 % 26.5 % 26.4 % Return on Equity Attributable to Common Shareholders ¹ Twelve months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net earnings (loss) attributable to common shareholders - rolling four quarters (C) $323 $486 $622 $— $316 Adjusted net earnings attributable to common shareholders - rolling four quarters (D) 493 529 546 478 442 Average F&G equity attributable to common shareholders - 5 point average (E) 3,901 3,722 3,520 3,254 2,939 Less: Average AOCI - 5 point average (1,702) (1,745) (1,796) (2,020) (2,295) Average F&G equity attributable to common shareholders, excluding AOCI - 5 point average (F) $5,603 $5,467 $5,316 $5,274 $5,234 Return on average common shareholder equity (C/E) 8.3 % 13.1 % 17.7 % — % 10.8 % Adjusted return on average common shareholder equity, excluding AOCI (D/F) 8.8 % 9.7 % 10.3 % 9.1 % 8.4 % ¹ Refer to "Non-GAAP Reconciliations" and "Non-GAAP Measures Definitions" in the additional information section. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 10

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Summary of Invested Assets by Asset Class June 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 $323 $325 1 % $160 $158 — % United States Government sponsored entities 93 92 — % 98 95 — % United States municipalities, states and territories 1,540 1,310 2 % 1,592 1,346 2 % Foreign Governments 263 222 — % 231 186 — % Corporate securities: Finance, insurance and real estate 9,028 8,509 13 % 9,284 8,611 14 % Manufacturing, construction and mining 1,382 1,241 2 % 1,299 1,139 2 % Utilities, energy and related sectors 3,727 3,234 5 % 3,498 2,971 5 % Wholesale/retail trade 3,733 3,299 5 % 3,694 3,210 5 % Services, media and other 5,644 4,854 8 % 5,402 4,547 8 % Hybrid securities 588 566 1 % 604 581 1 % Non-agency residential mortgage-backed securities 2,885 2,862 5 % 2,763 2,693 5 % Commercial mortgage-backed securities ² 5,486 5,340 8 % 5,327 5,131 9 % Asset-backed securities ² 7,511 7,314 11 % 10,478 10,270 17 % Collateral loan obligations and loan-backed private originations ² 10,954 11,025 17 % 5,299 5,379 9 % Total fixed maturity securities, available for sale $53,157 $50,193 78 % $49,729 $46,317 77 % Equity securities 412 341 1 % 468 415 1 % Limited partnerships: Private equity 1,938 1,938 3 % 1,830 1,830 3 % Real assets 730 734 1 % 444 437 1 % Credit 1,355 1,355 2 % 1,021 1,021 2 % Limited partnerships 4,023 4,027 6 % 3,295 3,288 6 % Commercial mortgage loans 3,068 2,827 4 % 2,705 2,404 4 % Residential mortgage loans 3,872 3,632 6 % 3,221 2,916 5 % Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments) 2,301 2,328 4 % 1,771 1,753 3 % Short term investments 760 760 1 % 2,410 2,410 4 % Total investments ¹ $67,593 $64,108 100 % $63,599 $59,503 100 % ¹ Asset duration of 4.7 years and 4.9 years vs. liability duration of 4.9 years and 5.8 years for the periods ending June 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 - June 30, 2025 11

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Credit Quality of Fixed Maturity Securities June 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $32,035 64 % BBB 2 15,998 32 % BB 3 1,571 3 % B 4 395 1 % CCC 5 78 — % CC and lower 6 116 — % Total $50,193 100 % Credit Quality of Asset-Backed Securities June 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $5,556 76 % BBB 2 1,512 21 % BB 3 177 2 % B 4 7 — % CCC 5 7 — % CC and lower 6 55 1 % Total $7,314 100 % Credit Quality of Collateral Loan Obligations and Loan-Backed Private Originations June 30, 2025 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $8,072 73 % BBB 2 1,876 17 % BB 3 852 8 % B 4 187 2 % CCC 5 — — % CC and lower 6 38 — % Total $11,025 100 % F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 12

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GAAP Net Reserve Summary Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Indexed annuities $30,878 $30,326 $30,141 $30,239 $29,439 $30,878 $29,439 Fixed rate annuities 6,661 5,880 6,434 6,508 6,044 6,661 6,044 Single premium immediate annuity and other 1,549 1,562 1,564 1,660 1,606 1,549 1,606 Indexed universal and other life 3,053 2,899 2,813 2,795 2,624 3,053 2,624 Funding agreements 5,284 5,737 5,315 5,325 6,071 5,284 6,071 Pension risk transfer 6,785 6,373 6,066 5,408 4,882 6,785 4,882 Total product reserves $54,210 $52,777 $52,333 $51,935 $50,666 $54,210 $50,666 Annuity Account Balance Rollforward ¹ Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Annuity balances at beginning of period: $35,281 $35,553 $35,103 $34,371 $33,545 $35,553 $32,967 Net deposits Indexed annuities 1,298 1,070 1,380 1,381 1,680 2,368 3,067 Fixed rate annuities 1,075 204 65 629 446 1,279 581 Total net deposits 2,373 1,274 1,445 2,010 2,126 3,647 3,648 Surrenders, withdrawals, deaths, etc. Indexed annuities (1,109) (968) (1,151) (1,264) (1,101) (2,077) (1,905) Fixed rate annuities (374) (159) (211) (249) (376) (533) (681) Total surrenders, withdrawals, deaths, etc. (1,483) (1,127) (1,362) (1,513) (1,477) (2,610) (2,586) Net flows 890 147 83 497 649 1,037 1,062 Premium and interest bonuses 28 26 28 23 25 54 47 Fixed interest credited and index credits 216 253 394 258 201 469 390 Guaranteed product rider fees (56) (51) (55) (46) (49) (107) (95) Ceded inforce reinsurance transactions — (647) — — — (647) — Account balance at end of period $36,359 $35,281 $35,553 $35,103 $34,371 $36,359 $34,371 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 - June 30, 2025 13

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Annuity Liability Characteristics Fixed Rate Annuities Account Value Indexed Annuities Account Value Surrender Charge Percentages: June 30, 2025 No surrender charge $384 $2,401 0.0% < 2.0% 21 410 2.0% < 4.0% 391 1,626 4.0% < 6.0% 749 3,452 6.0% < 8.0% 2,101 5,355 8.0% < 10.0% 2,730 9,817 10.0% or greater — 6,922 $6,376 $29,983 Fixed Rate Annuities Account Value Indexed Annuities Account Value Credited Rate (Including Bonus Interest) vs. Ultimate Minimum Guaranteed Rate Differential: June 30, 2025 No differential $398 $1,201 0.0% - 1.0% 44 967 1.0% - 2.0% 1,130 592 2.0% - 3.0% 1,221 442 3.0% - 4.0% 828 505 4.0% - 5.0% 2,400 21 5.0% - 6.0% 355 — Allocated to index strategies — 26,255 $6,376 $29,983 Top 5 Reinsurers June 30, 2025 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable ¹ AM Best S&P Fitch Moody's Aspida Life Re Ltd. $8,379 A- — — — Somerset Reinsurance Ltd. 4,028 A- BBB+ — — Everlake 1,844 A — — — Wilton Reassurance Co. 1,049 A+ — A- — Security Life of Denver 75 — — A- A3 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 - June 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 - June 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 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 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 - June 30, 2025 16

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Non-GAAP Reconciliations Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Reconciliation of net earnings (loss) to adjusted net earnings attributable to common shareholders ¹ Net earnings (loss) attributable to common shareholders $35 $(25) $323 $(10) $198 $10 $309 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 12 15 24 (15) (37) 27 (85) Change in allowance for expected credit losses 19 22 — 10 21 41 22 Change in fair value of reinsurance related embedded derivatives 61 41 (153) 178 (10) 102 8 Change in fair value of other derivatives and embedded derivatives (13) (49) 96 (127) 8 (62) 69 Recognized (gains) losses, net 79 29 (33) 46 (18) 108 14 Market related liability adjustments (16) 103 (233) 145 (71) 87 (126) Purchase price amortization 18 15 21 22 19 33 41 Transaction costs, other and non-recurring items 8 1 19 — (3) 9 (3) Non-controlling interest (2) (2) (2) (3) (2) (4) (5) Income taxes adjustment (19) (30) 48 (44) 16 (49) 17 Adjusted net earnings attributable to common shareholders ¹ $103 $91 $143 $156 $— $139 $194 $247 ¹ Refer to Adjusted Net Earnings - Significant Income and Expense Items on page 6. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 17

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Non-GAAP Reconciliations (continued) Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Reconciliation of interest and investment income to adjusted interest and investment income US GAAP interest and investment income $682 $666 $707 $712 $684 $1,348 $1,300 Adjustments Recognized (gains) losses, net (5) 1 (10) (16) (16) (4) (33) Reclass of dividend income to owned distribution margin (5) (2) (5) (6) (2) (7) (6) Total adjustments to arrive at adjusted interest and investment income (10) (1) (15) (22) (18) (11) (39) Adjusted interest and investment income $672 $665 $692 $690 $666 $1,337 $1,261 Reconciliation of benefits and expenses to cost of funds US GAAP life insurance premiums and other fees 608 489 1,149 506 487 1,097 1,205 US GAAP recognized gains and (losses), net 51 (263) (317) 206 (17) (212) 195 US GAAP benefits and other changes in policy reserves (993) (524) (927) (1,095) (608) (1,517) (1,769) US GAAP market risk benefit gains (losses) 4 (109) 105 (71) (20) (105) (9) US GAAP depreciation and amortization (158) (153) (152) (147) (147) (311) (270) US GAAP line items subtotal $(488) $(560) $(142) $(601) $(305) $(1,048) $(648) Adjustments Recognized (gains) losses, net 82 33 (24) 61 (3) 115 42 Market related liability adjustments (16) 103 (233) 145 (71) 87 (126) Purchase price amortization 15 14 16 15 14 29 27 Reclass of acquisition expenses from operating expenses (5) (5) (4) (4) (4) (10) (11) Reclass of fee income to flow reinsurance fee income (14) (13) (13) (11) (9) (27) (17) Total adjustments to arrive at cost of funds 62 132 (258) 206 (73) 194 (85) Cost of funds ¹ $(426) $(428) $(400) $(395) $(378) $(854) $(733) Composition of flow reinsurance fee income Reclass of fee income from cost of funds 14 13 13 11 9 27 17 Flow reinsurance fee income ¹ $14 $13 $13 $11 $9 $27 $17 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 - June 30, 2025 18

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Non-GAAP Reconciliations (continued) Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Reconciliation of owned distribution revenues to owned distribution margin US GAAP owned distribution revenues $23 $16 $20 $20 $18 $39 $41 US GAAP non-controlling interest (2) — — (1) (1) (2) (2) US GAAP line items subtotal 21 16 20 19 17 37 39 Adjustments Non-controlling interest (2) (2) (2) (3) (2) (4) (5) Reclass of owned distribution dividend income from interest and investment income 5 2 5 6 2 7 6 Reclass of owned distribution expenses from operating expenses (10) (9) (11) (10) (8) (19) (18) Total adjustments to arrive at owned distribution margin (7) (9) (8) (7) (8) (16) (17) Owned distribution margin $14 $7 $12 $12 $9 $21 $22 Reconciliation of operating expenses US GAAP personnel costs $(77) $(67) $(81) $(80) $(69) $(144) $(135) US GAAP other operating expenses (42) (41) (54) (45) (46) (83) (104) US GAAP line items subtotal (119) (108) (135) (125) (115) (227) (239) Adjustments Recognized (gains) losses, net 2 (5) 1 1 1 (3) 5 Purchase price amortization 3 1 5 7 5 4 14 Transaction costs, other and non-recurring items 8 2 19 — — 10 — Reclass of acquisition expenses to cost of funds 5 5 4 4 4 10 11 Reclass of expenses to owned distribution margin 10 9 11 10 8 19 18 Total adjustments to arrive at operating expenses 28 12 40 22 18 40 48 Operating expenses $(91) $(96) $(95) $(103) $(97) $(187) $(191) Reconciliation of interest expense US GAAP interest expense $(41) $(40) $(38) $(36) $(28) $(81) $(58) US GAAP line items subtotal (41) (40) (38) (36) (28) (81) (58) Adjustments Transaction costs, other and non-recurring items — (1) — — (3) (1) (3) Total adjustments to arrive at interest expense — (1) — — (3) (1) (3) Interest expense $(41) $(41) $(38) $(36) $(31) $(82) $(61) F&G Annuities & Life, Inc. Financial Supplement - June 30, 2025 19

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Non-GAAP Reconciliations (continued) Three months ended Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Reconciliation of income tax (expense) benefit to non-GAAP income tax (expense) benefit US GAAP income tax (expense) benefit $(15) $5 $(85) $25 $(50) $(10) $(76) Adjustments Income taxes on non-GAAP adjustments (19) (30) 48 (44) 16 (49) 17 Total adjustments to arrive at adjusted income tax (expense) benefit (19) (30) 48 (44) 16 (49) 17 Adjusted income tax (expense) benefit $(34) $(25) $(37) $(19) $(34) $(59) $(59) Six months ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Reconciliation of total investments to AUM US GAAP total investments $64,589 $60,709 $60,109 $59,393 $55,562 $64,589 $55,562 US GAAP cash and cash equivalents 1,884 3,293 2,264 3,539 3,526 1,884 3,526 Less: US GAAP derivative investments 931 702 792 1,401 1,032 931 1,032 US GAAP line items subtotal 65,542 63,300 61,581 61,531 58,056 65,542 58,056 Adjustments Reinsurance assets ceded adjustment (12,325) (11,578) (10,836) (9,838) (8,602) (12,325) (8,602) Unrealized (gains)/losses and allowances adjustment 2,960 3,113 3,412 2,102 3,414 2,960 3,414 Owned distribution investments adjustment (303) (297) (300) (314) (381) (303) (381) Reclass from prepaid expenses and other assets ¹ 759 706 742 770 666 759 666 Reclass from accounts payable and accrued liabilities ² (1,068) (698) (782) (1,787) (945) (1,068) (945) Total adjustments to arrive at AUM (9,977) (8,754) (7,764) (9,067) (5,848) (9,977) (5,848) AUM 55,565 54,546 53,817 52,464 52,208 55,565 52,208 Flow reinsurance 13,596 12,852 11,457 10,411 9,162 13,596 9,162 AUM before flow reinsurance $69,161 $67,398 $65,274 $62,875 $61,370 $69,161 $61,370 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 $4,438 $4,363 $3,951 $4,346 $3,654 $4,438 $3,654 Less: Preferred stock 250 250 250 250 250 250 250 Total F&G equity attributable to common shareholders 4,188 4,113 3,701 4,096 3,404 4,188 3,404 Less: AOCI (1,670) (1,734) (1,923) (1,231) (1,953) (1,670) (1,953) Total F&G equity attributable to common shareholders, excluding AOCI $5,858 $5,847 $5,624 $5,327 $5,357 $5,858 $5,357 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 - June 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 - June 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 - June 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 - June 30, 2025 23

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## Exhibit 99.3

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F&G Investor Update Summer 2025

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Disclaimer & Forward-Looking Statements 2F&G Investor Update \| Summer 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 \| Summer 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 2Q25 performance; regained momentum heading into 2H25 0.92% LTM 2Q25 Adjusted ROA2 In line with LTM 2Q24 Executing To Deliver Shareholder Value 4F&G Investor Update \| Summer 2025 1As of 6/30/2025 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 $4.1B 2Q25 Gross Sales ↑ 41% vs. 1Q25 $2.7B 2Q25 Net Sales ↑ 23% vs. 1Q25 $55.6B Assets Under Management (AUM)1 ↑ 7% YoY $69.2B AUM before flow reinsurance1 ↑ 13% YoY $65M 1H25 Capital Return to Shareholders $5.9B Total F&G Equity ex AOCI1, 2 8.8% 1H25 Adjusted ROE2 ↑ 40 bps YoY

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ANE ($M) and Per Share 2Q24 2Q25 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 20 $0.15 83 $0.62 Significant (income) expense items2 16 $0.12 0 $0.00 Second Quarter Financial Trends 5F&G Investor Update \| Summer 2025 1Attributable to common shareholders 2Periods prior to 1Q25 have been recast to remove bond prepay/CLO redemptions from significant items ($M) – except per share and percentages Quarterly Year-to-Date 2Q24 2Q25 1H24 1H25 Gross sales $4,420 $4,106 $7,915 $7,008 Net sales $3,445 $2,744 $5,747 $4,925 Assets under management (AUM) $52,208 $55,565 $52,208 $55,565 AUM before flow reinsurance $61,370 $69,161 $61,370 $69,161 Adjusted return on assets (ROA)1 0.98% 0.71% 0.98% 0.71% Adjusted return on equity (ROE)1 8.4% 8.8% 8.4% 8.8% Net earnings (loss)1 $198 $35 $309 $10 Net earnings (loss) per diluted share1 $1.55 $0.26 $2.45 $0.08 Adjusted net earnings (ANE)1 $139 $103 $247 $194 Adjusted net earnings per diluted share1 $1.10 $0.77 $1.97 $1.48 Adjusted weighted average diluted shares 131 134 130 131 ANE ($M) and Per Share 1H24 1H25 ($M) Per share ($M) Per share Investment income from alternative investments (above) below long-term return expectations 72 $0.56 146 $1.11 Significant (income) expense items2 14 $0.10 (16) ($0.12) Other Considerations – Year-to-Date Other Considerations – Quarterly Financial Trends – As Reported

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We Have Generated Strong Returns Over Time 6F&G Investor Update \| Summer 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 YE 2020 to 2Q25 Book Value Per Share (BVPS) ex AOCI2 Cumulative period from YE 2020 to QE 2Q25 8% 9% 4% (3%) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2020 Adjusted Net Earnings MTM & Other Equity 2Q25 $27.40 $40.75 $43.39 15.94 (2.59) 2.64 YE 2020 Net Earnings Capital Actions BVPS Before MTM MTM & 1x Items QE 2Q25 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 +58% 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 Flow Reinsurance • Fee-based earnings • Lower marginal cost of capital • Accretive to return on equity • Solidifies relationships with key partners Owned Distribution We remain focused on delivering margin expansion through our retained business, as well as diversifying sources of earnings through accretive flow reinsurance and owned distribution 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 \| Summer 2025 7 1Assumes alternatives investments investment income based on management's long-term expected return of approximately 10% over the medium-term

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F&G Snapshot 8F&G Investor Update \| Summer 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 \| Summer 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 \| Summer 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 6/30/2025 GAAP Net Reserves1 57% Indexed Annuities 12% Pension Risk Transfer 12% Fixed Rate Annuities 10% Funding Agreements 6% Life 3% Immediate Annuities $54B Retail Fixed Annuity Metrics QE 2Q25 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) 79% Distance to guaranteed minimum crediting rates 224 bps

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We Compete In Very Large Markets 11F&G Investor Update \| Summer 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 11Q25 Quarterly Retirement Market Data, Investment Company Institute. 2Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of 5/1/25. 3FY2024 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA 4U.S. Pension Risk Transfer Sales Top $7B, Source LIMRA, 6/3/25. 5Legal & General Pension Risk Transfer Monitor, 1Q25 Market Update 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of 3/31/25. 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 $5.3T $1T $308B $447B $239B

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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 \| Summer 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 4.1 2.7 2.9 3.6 4.3 4.7 4.7 5.9 6.8 7.0 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 QE 2Q25 Combined Institutional only Retail only

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… And We're Winning … 13F&G Investor Update \| Summer 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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49% 28% 5% 7% 11% $7.0B (6 Mos.) … While Significantly Diversifying Our Business 14F&G Investor Update \| Summer 2025 Note: Reflects Total 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 1H25 Sales 45% 35% 1% 8% 11% $7.0B (6 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 \| Summer 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 of $14M in 2Q25 (ANE) • Adjusted ROA contribution of 8 bps in 2Q25 (ANE) • GAAP reporting items to note: • Owned distribution margin reflects dividend income from minority-owned interests, plus percent share of margin for majority-owned interests • Affiliated revenue from F&G products sold by owned distribution is reflected in our product margin1, not the owned distribution margin Life Network Marketing IMO Traditional Annuity IMO "B2B" Annuity IMO Life Brokerage IMO ~$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): $10M in 2Q25 and $19M 1H25

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60% NAIC 1 25% NAIC 2 6% LP 4% Other ² 2% Cash ³ 2% NAIC 3 1% NAIC 4/5/6 29% Corporates 24% Structured Securities 17% Private Origination 12% Mortgage Loans 6% Alts/Equity 4% Other² 3% EMD 2% Municipal 1% Pfd/Hybrid 1% Cash 1% Gov't & Treasury Our High Quality & Well-Diversified Portfolio1 16F&G Investor Update \| Summer 2025 1GAAP Fair Values as of 6/30/2025. For Alts LP, NAV as of 3/31/2025 (net of reinsurance FWH) 2Other consists of ICOLI, FHLB stock, LIHTC, options and private origination equity tranches 3Cash includes actual cash and treasuries Investment Portfolio by Asset Class Investment Portfolio by NAIC Designation Portfolio conservatively positioned & well-matched to liability profile • Fixed income is 97% investment grade • Credit related impairments averaging 6 bps over the last 5 years; 1H25 remained below our pricing assumptions • Net floating rate exposure of $2.7B 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 $53B $53B

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Our Investment Portfolio Key Attributes 17 Investment Rationale • Core fixed income: Focus remains high grade public and private securities with strong risk adjusted returns • Structured credit: Provides access to well diversified, high-quality assets across CLOs, CMBS and ABS • Mortgage loans: Superior loss-adjusted performance relative to similar rated corporates • Direct Origination: Diversified private credit exposure to a wide spectrum of underlying collateral Fixed Income1,2 (ex. Structured, Mortgage Loan & Private Origination) 1GAAP Fair Values as of 6/30/2025 (net of reinsurance FWH) 2Excludes $5.9B of alternatives/equity, FHLB, call options and cash 3Other consists of data center, hotel, and mixed use properties Structured Credit Portfolio1,2 65% Residential 18% Multifamily 9% Industrial 5% Office 1% Retail 1% Student Housing 1% Other ³ Private Origination Portfolio1,2 80% Corporates 7% EMD 7% Pfd/Hybrid 4% Municipal 2% Gov't & Treasury $19B 40% CLOs 32% CMBS 15% Non Agency RMBS 13% ABS <1% Agency RMBS $13B Mortgage Loans1,2 $6B 48% Corporate Lending 26% Private Specialty Finance 18% Asset Backed & Consumer Loans 5% Triple Net Lease 3% Other $9B F&G Investor Update \| Summer 2025

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6.8 9.2 9.1 4.1 4.0 6.4 6.1 5.3 3.8 3.0 13.2 15.3 14.4 7.9 7.0 2023 2024 2Q25 LTM 1H24 1H25 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 46.0 51.6 53.8 50.2 54.5 2023 2024 2Q25 LTM 1H24 1H25 335 546 493 247 194 2023 2024 2Q25 LTM 1H24 1H25Net Sales 9.2 10.6 10.5 5.7 4.9 Regained Momentum Heading Into 2H25 Gross Sales ($B) Average Assets Under Management (AAUM) ($B) Common Adjusted Net Earnings (ANE) ($M) F&G Investor Update \| Summer 2025 18 +9% VPY2024 VPY: 12% Ending AUM 49.1 53.8 55.6 52.2 55.6 AUM before flow reinsurance 55.9 65.3 69.2 61.4 69.2 Note: Last twelve months (LTM) See Appendix for details of significant items impacting ANE (11%) VPY2024 VPY: 16%

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2Q25 One Of Our Best Sales Quarters In History Gross Sales ($B) Gross sales strong across multi-channel new business platform; we continue to prioritize pricing discipline and capital allocation to highest return opportunities • Gross sales of $4.1B, one of our best sales quarters in history; 2Q24 was all-time record at $4.4B • "Core" sales of $2.2B, ↑ 22% vs. 1Q25 and ↑ 10% vs. 2Q24 with strong indexed annuity, life and PRT sales • "Opportunistic" sales of $1.9B, ↑ 73% vs. 1Q25 (higher MYGA) and ↓ (21%) vs. 2Q24 (lower funding agreements) • Net sales reflect third party flow reinsurance (primarily MYGA) at varying ceded amounts, in line with capital targets • Record AUM before flow reinsurance of $69.2B; this includes retained AUM of $55.6B F&G Investor Update \| Summer 2025 19 Note: Last twelve months (LTM) Net Sales 9.2 10.6 9.8 3.4 2.4 2.5 2.2 2.7 Ending AUM 49.1 53.8 55.6 52.2 52.5 53.8 54.5 55.6 AUM before flow reinsurance 55.9 65.3 69.2 61.4 62.9 65.3 67.4 69.2 6.8 9.2 9.1 2.0 2.2 2.9 1.8 2.2 6.4 6.1 5.3 2.4 1.7 0.6 1.1 1.9 13.2 15.3 14.4 4.4 3.9 3.5 2.9 4.1 2023 2024 2Q25 LTM 2Q24 3Q24 4Q24 1Q25 2Q25 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) 2Q25 VPY: (7%) 2Q25 VPQ: 41%

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335 546 493 139 156 143 91 103 2023 2024 2Q25 LTM 2Q24 3Q24 4Q24 1Q25 2Q25 Net earnings (loss) (58) 622 323 198 (10) 323 (25) 35 Op Exp (bps) 63 60 56 61 62 60 58 56 ANE per share $2.68 $4.30 NM $1.10 $1.22 $1.12 $0.72 $0.77 Adj. ROA1 0.73% 1.06% 0.92% 0.98% 1.05% 1.06% 0.68% 0.71% Adj. ROE1 6.5% 10.3% 8.8% 8.4% 9.1% 10.3% 9.7% 8.8% Core Earnings Power Remains Attractive 20F&G Investor Update \| Summer 2025 Common Adjusted Net Earnings (ANE) ($M) Note: Last twelve months (LTM) 1Attributable 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 • 2Q25 ANE vs. 2Q24 reflects alternatives mark-to-market fluctuations and significant items, as well as: • asset growth, • higher fees from accretive flow reinsurance, • higher owned distribution margin, and • disciplined expense management driving scale benefit, • partially offset by higher interest expense on debt (vs. prior year) • Last twelve months (LTM) adjusted ROA at 0.92%, including 0.71% in 2Q25, vs. 0.91% in LTM 2Q24 • Adjusted ROE at 8.8%, +0.4% over prior year quarter • See Appendix for details of significant items impacting ANE

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Our Stable and Strong Capital Profile 21F&G Investor Update \| Summer 2025 1Excluding accumulated other comprehensive income (ex AOCI) Total Capitalization ex AOCI1 ($M) 5,223 5,093 5,749 5,977 250 250 1,100 1,760 2,195 2,270 6,323 6,853 8,194 8,497 YE 2022 YE 2023 YE 2024 QE 2Q25 Debt Preferred Stock Total Equity ex. AOCI Adj. Debt to Capital % 17.4% 25.7% 26.8% 26.7% Solid F&G capitalization; debt-to-capitalization ratio managed to long term target of 25% • In 1H25, 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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Book Value Per Share Growth – QTD 22F&G Investor Update \| Summer 2025 BVPS ex AOCI of $43.39 reflects effect of MTM movements • $0.62 per share increase due to underlying business performance • ($0.18) per share decrease for return of capital • ($0.36) per share decrease due to mark-to-market movements which are unrealized and point in time 1Attributable to common shareholders and excluding accumulated other comprehensive income (ex AOCI) 2Outstanding shares of 134,707,419 as of 3/31/2025 and 134,653,564 as of 6/30/2025 BVPS ex. AOCI1 – 3/31/2025 to 6/30/2025 $43.31 $43.93 $43.75 $43.39 0.62 (0.18) (0.36) $42.70 $42.90 $43.10 $43.30 $43.50 $43.70 $43.90 $44.10 $44.30 $44.50 QE 1Q25 ANE & Other 2Q25 Before MTM & Return of Capital Return of Capital 1Q25 Before MTM MTM Movements QE 2Q25 F&G Equity ex. AOCI1 ($M) 5,847 84 5,931 (24) 5,907 (49) 5,858 Shares O/S2 (M) 135 135

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Our Capitalization Supports Growth & Dividend 23F&G Investor Update \| Summer 2025 F&G's capital allocation priorities focus on deploying capital to best maximize shareholder value through both continued investment in our business and generation of distributable cash for return of capital to shareholders • F&G has flexibility to adjust retained sales level, as a "lever" to support net cash from operations with sustained asset growth • F&G has returned $65M of capital to shareholders in 1H25 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

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APPENDIX Appendix – Investments

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11% Royalty Streams 10% Net Asset Value Lending 8% Towers 8% Lender Finance 7% Residential Solar 7% Consumer Loans 6% Manufactured Housing 6% Home Improvement 5% Aviation 5% Data Centers 27% All Other (< Top 10) Overview Of Structured Portfolio 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 6/30/2025 (net of reinsurance FWH) 12% High Tech 11% Healthcare & Pharmaceuticals 10% Banking, Finance, Insurance & Real Estate 8% Services: Business 5% Hotels, Gaming & Leisure 4% Construction & Building 4% Capital Equipment 3% Chemicals, Plastics & Rubber 3% Aerospace & Defense 3% Beverage, Food & Tobacco 37% Other (< Top 10) $5B $6B $4B 40% Multifamily 17% Industrial 15% Office 9% Hotel 5% Retail 3% US Treasury 2% Mixed Use 1% Special Purpose 1% Self-Storage 1% ManufacturedHousing 6% Other (< Top 10) F&G Investor Update \| Summer 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 Value1 Note: GAAP Fair Values as of 6/30/2025 (excluding FGLICNY assets) 1Reflects the weighted average par subordination of the CLO portfolio 41% 15% 17% 17% 10% AAA AA A BBB BB and Below Investment Grade Par Subordination 37% 27% 21% 14% 10% Credit Quality 96% investment grade Structural Protection 26% par subordination1 Capital Efficiency 1.25 Average NAIC rating Market Value $5.0B CLO exposure F&G Investor Update \| Summer 2025

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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 6/30/2025 IndustriesCompaniesCLO Managers 90 CLO managers 2,169 Companies 32 Industries 4.8% 4.6% 3.5% 3.5% 3.3% 3.1% 2.9% 2.9% 2.9% 2.9% 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 \| Summer 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 June 30, 2025. Source: US J.P. Morgan as of June 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 June 30, 2025. 0% 5% 10% 30%40%50%60%70% A n n u a l D e fa u lt R a te Average Senior Loan Recovery Rate A BBB BB Long-Term Average Annual Default Rate F&G Investor Update \| Summer 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 6/30/2025 32% CMBS 30% CML 17% RMBS 15% RML 6% Other $13B Duration 3.6 years Quality 1.2 Average NAIC rating Market Value $12.5B Real estate portfolio Weighted Average Life 5.5 years F&G Investor Update \| Summer 2025

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Portfolio Spotlight: CMBS & RMBS 30 Note: GAAP Fair Values as of 6/30/2025 By Asset Type By Property Type By NAIC Rating 32% 32% 17% 9% 6% 4% 2Q25 RMBS SASB CRE CLOs Conduit (Below A) Conduit (A or above) Agency 59% 12% 10% 8% 6% 3% 2% 2Q25 Multifamily Industrial Office Other Hotel Retail Defeased 84% 9% 4% 3% 2Q25 1 2 3 4/5/6 F&G Investor Update \| Summer 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 6/30/2025 1BAML Conduit Data as of 7/1/2025 40% 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 \| Summer 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% • 71 holdings, with average loan size of $30M • 1.4% of CML portfolio loans have a DSCR <1x By State By Loan-To-Value % By Underlying Property Type Note: GAAP Fair Values as of 6/30/2025. Excludes $197 million of CMLs (acquired 6/26/2025) that is still being onboarded as of 6/30/2025. 23% CA 15% FL 6% NY 6% TX 5% NJ 5% GA 4% CT 36% Other $2B 53% LTV 60% to 70% 35% LTV 50% to 60% 11% LTV < 50% 1% LTV > 70% $2B $2B 50% Multifamily 25% Industrial 13% Office 4% Retail 4% Student Housing 4% Other F&G Investor Update \| Summer 2025

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Portfolio Spotlight: Alternative LPs 33F&G Investor Update \| Summer 2025 • Alternative LPs NAV of $2.9B or 6% of total portfolio; generating positive annual returns • The Alternative LPs portfolio is well-diversified by underlying asset type, vintage year and geography • Historical average return of 13%; since inception • Total value to paid-in capital (TVPI2) of 1.31x, reflecting over 30% appreciation in value of capital invested • Distributions to paid-in capital (DPI2) of 0.52x, reflecting return of over half the capital invested 1Sector chart reflects net asset value (NAV) as of 6/30/2025; 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 3/31/25 Alternative LPs – Historical Performance 10.5% 9.3% 37.3% 3.9% 3.8% 8.7% 5.5% 4.1% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 1Q25 2Q25 Average = 13% Average ex 2021 = 7% Alternative LPs – Sector Allocation1 51% Private Equity 35% Real Assets 14% Credit $2.9B

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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 \| Summer 2025

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

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2020 2021 2022 2023 2024 We Are Achieving Higher Ratings Over Time 36F&G Investor Update \| Summer 2025 Upgraded to 'A-' FNF Merger Completed F&G Partial Spinoff $2.4B Market Cap Launched Flow Reinsurance Launched Owned Distribution F&G at 6/30/2025 $4.3B 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 \| Summer 2025 1Periods prior to 1Q25 have been recast to remove bond prepay/CLO redemptions from significant items ($M) Year ended Three months ended Six months ended 2023 2024 2Q24 3Q24 4Q24 1Q25 2Q25 1H24 1H25 Net earnings (loss) attributable to common shareholders ($58) $622 $198 ($10) $323 ($25) $35 $309 $10 Recognized (gains) and losses, net 214 27 (18) 46 (33) 29 79 14 108 Market related liability adjustments 258 (214) (71) 145 (233) 103 (16) (126) 87 Purchase price amortization 22 84 19 22 21 15 18 41 33 Transaction costs and other non-recurring items 3 16 (3) - 19 1 8 (3) 9 Noncontrolling interest - (10) (2) (3) (2) (2) (2) (5) (4) Income taxes adjustment (104) 21 16 (44) 48 (30) (19) 17 (49) Adjusted net earnings (ANE) attributable to common shareholders $335 $546 $139 $156 $143 $91 $103 $247 $194 Other Considerations: Investment income from alternative investments (above) below long- term return expectations 153 145 20 41 32 63 83 72 146 Significant (income) expense items1 56 10 16 3 (7) (16) - 14 (16)

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ANE – Significant Items1 38F&G Investor Update \| Summer 2025 1Periods prior to 1Q25 have been recast to remove bond prepay/CLO redemptions from significant items Three months ended 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%. June 30, 2024 Adjusted net earnings of $139 million for the three months ended June 30, 2024 included expense from $16 million of actuarial model updates and refinements. Investment income from alternative investments was $20 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 \| Summer 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 \| Summer 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 \| Summer 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 \| Summer 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 \| Summer 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 \| Summer 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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