F&G Annuities & Life Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this not as a shareholder but as a creditor to F&G Annuities & Life, and the security is a 7.300% junior subordinated note due 2065. The filed record shows why the computed FairStock Lynch category is TURNAROUND: fiscal 2023 produced a net loss of $58.0M and diluted EPS of -$0.47; fiscal 2024 earned $639.0M and $4.88 per diluted share; fiscal 2025 earned $265.0M and $1.88. Revenue was $5.7B in both fiscal 2024 and fiscal 2025. But the path is uneven: fiscal Q1 2026 earned $248.0M, or $1.78 per diluted share, on $1.2B of revenue, while fiscal Q2 2026 lost $76.0M, or -$0.62 per diluted share, on $1.4B of revenue. Fiscal Q3 2025 had net income of $118.0M and EPS of $0.85 on $1.7B revenue; fiscal Q2 2025 had $40.0M and $0.26 on $1.4B. At $18.75 on 2026-10-16, the note sits near the low end of its $18.41-$24.48 52-week range. Junior subordination and a 2065 maturity demand a large margin of safety, yet the supplied data include no balance-sheet, coverage, or note-yield analysis; at the 2026-10-16 close, FairStock's P/E, P/B, ROE and similar metrics are N/A. I would not confuse a high coupon with safety. The business has shown recoveries, but the credit work is incomplete.

In plain English: F&G Annuities & Life is a financial services company tied to annuities and life insurance, and this security is a long-term debt-like instrument paying 7.300% until 2065. The business looks uneven rather than clearly strong: fiscal 2025 net income fell to $265.0M from $639.0M in fiscal 2024, and fiscal Q2 2026 showed a $76.0M loss after a $248.0M profit in fiscal Q1 2026. At $18.75, the security is near the low end of its one-year $18.41-$24.48 range, but the provided numbers are not enough to judge whether the price is cheap, fair, or expensive.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer