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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 8, 2023
F&G Annuities & Life, Inc. 
(Exact Name of Registrant as Specified in its Charter)
001-41490
(Commission File Number)
Delaware85-2487422
(State or Other Jurisdiction of 
Incorporation)		(IRS Employer Identification Number)
801 Grand Avenue, Suite 2600
Des Moines, Iowa 50309
(Addresses of Principal Executive Offices)
(515) 330-3340
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

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:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
F&G Common Stock, $0.001 par valueFGNew York Stock Exchange

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.   ☐



Item 2.02 Results of Operations and Financial Condition
On August 8, 2023, F&G Annuities & Life, Inc. (the “Company”, “F&G”) issued an earnings release announcing its financial results for the second quarter ended June 30, 2023. A copy of the F&G earnings release is attached 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 8, 2023, the Company made available to investors a supplemental presentation for the second quarter ended June 30, 2023. A copy of the F&G investor presentation is attached 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 8.01 Other Events

On August 8, 2023, the Company issued a press release announcing that its Board of Directors has declared a quarterly cash dividend of $0.20 per share of common stock. The dividend will be payable September 29, 2023, to stockholders of record as of September 15, 2023. A copy of the F&G press release is attached as Exhibit 99.4 to this Current Report on Form 8-K.


Item 9.01 Financial Statements and Exhibits
(d)     Exhibits.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
F&G Annuities & Life, Inc.
Date: August 8, 2023By:/s/ Jodi Ahlman
Name: Jodi Ahlman
Title: General Counsel & Secretary


F&G Annuities & Life Reports Second Quarter 2023 Results Des Moines, Iowa – (August 8, 2023) – 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, 2023. Net earnings for the second quarter of $130 million, or $1.04 per diluted share (per share), compared to net earnings of $385 million, or $3.60 per share, for the second quarter 2022. Net earnings for the second quarter of 2023 include $56 million of net favorable mark-to-market effects and $5 million of other unfavorable items; all of which are excluded from adjusted net earnings. Adjusted net earnings for the second quarter of $79 million, or $0.63 per share, compared to adjusted net earnings for the second quarter 2022 of $155 million, or $1.45 per share. 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 “Earnings Results” and “Non-GAAP Measures and Other Information” for further explanation. Second Quarter Highlights • Gross sales: Gross sales of $3.0 billion for the second quarter, a 3% decrease from $3.1 billion in the second quarter 2022, driven by higher retail channel sales offset by slightly lower institutional market sales, which we expect to be lumpier and more opportunistic than our retail channels • Net sales reflect third party flow reinsurance: Net sales of $2.2 billion for the second quarter, a decrease of 12% from $2.5 billion in the second quarter 2022, reflecting third party flow reinsurance which increased from 50% to 75% of multiyear guaranteed annuity (MYGA) sales effective in September 2022 • Record assets under management: Ending assets under management (AUM) were $46.3 billion as of June 30, 2023, an increase of 15% from $40.3 billion in the second quarter 2022, driven by new business flows, stable inforce retention and net debt proceeds over the past twelve months • Return of capital to shareholders: During the second quarter, F&G returned approximately $41 million of capital to shareholders, including $25 million of common stock dividends and $16 million of share repurchases. As announced today, the Board of Directors has declared a quarterly dividend of $0.20 per common share, payable on September 29, 2023, to shareholders of record as of the close of business on September 15, 2023 • Continued ratings upgrades: On July 21, 2023, Moody’s Investors Service (Moody’s) upgraded the financial strength ratings of F&G’s primary operating companies to 'A3' from ‘Baa1’, recognizing the financial strength and stability of F&G’s business as we execute on our diversified growth strategy Chris Blunt, President and Chief Executive Officer, said, “We have started the year with great momentum as we have built a new business platform that is diversified and growing, as can be seen in our second quarter results where we achieved a record $46.3 billion of assets under management. Additionally, we have flow reinsurance partnerships that allow for margin expansion and fee income. Our reinsurance strategy also frees up capital which we are returning to our shareholders through our $25 million quarterly dividend and $16 million in share repurchases in the second quarter. Lastly, the credit characteristics of our portfolio remain sound which demonstrates the value and importance of our relationship with Blackstone. To conclude, I am very proud of our results and the opportunity that lies ahead for our Company. I would like to thank our employees for their hard work as our successes would not be possible without them.”

 
Summary Financial Results1 (In millions, except per share data) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 2023 2022 Total gross sales $ 3,008 $ 3,073 $ 6,289 $ 5,662 Net sales $ 2,212 $ 2,529 $ 4,421 $ 4,882 Assets under management (AUM) $ 46,260 $ 40,322 $ 46,260 $ 40,322 Average assets under management (AAUM) $ 44,948 $ 38,351 $ 44,948 $ 38,351 Adjusted return on assets 0.62 % 1.23 % 0.62 % 1.23 % Net earnings (loss) $ 130 $ 385 $ (65) $ 624 Net earnings (loss) per diluted share $ 1.04 $ 3.60 $ (0.52) $ 5.89 Adjusted net earnings $ 79 $ 155 $ 140 $ 235 Adjusted net earnings per diluted share $ 0.63 $ 1.45 $ 1.12 $ 2.22 Weighted average diluted shares 125 107 125 106 Common shares outstanding 126 125 126 125 Book value per share $ 19.98 $ 24.77 $ 19.98 $ 24.77 Book value per share excluding AOCI $ 40.70 $ 41.85 $ 40.70 $ 41.85 Sales Results Total gross sales were $3.0 billion in the second quarter, a decrease of 3% from $3.1 billion in the second quarter 2022, driven by higher retail channel sales offset by slightly lower institutional market sales, which we expect to be lumpier and more opportunistic than our retail channels. Retail channel sales were $2.3 billion in the second quarter, an increase of 5% over $2.2 billion in the second quarter 2022. This reflects our fifth consecutive quarter of retail channel sales exceeding $2 billion, driven by continued strong consumer demand for our products. Fixed annuities are increasingly viewed as an attractive solution offering relatively higher rates, guaranteed growth and principal protection, and tax advantaged accumulation and annuitization options. Our sales mix was consistent across our three Retail channels, including agent, bank and broker dealer, in the second quarter, as compared to the prior year. Institutional market sales were $0.7 billion in the second quarter, comprised of $0.5 billion pension risk transfer and $0.2 billion funding agreements, compared to $0.9 billion in the second quarter of 2022, solely comprised of funding agreements. Funding agreement activity in the second quarter was driven by Federal Home Loan Bank (FHLB) transactions, as current market conditions remain challenging for funding agreement backed note (FABN) issuances. Net sales retained were $2.2 billion in the second quarter, a decrease of 12% from $2.5 billion in second quarter 2022. This trend reflects an increase in third party flow reinsurance from 50% to 75% of MYGA sales, effective in September of 2022. We utilize flow reinsurance which provides a lower capital requirement on ceded new business, while allocating capital to the highest returning retained business. Average assets under management on a year-to-date basis were $44.9 billion for the second quarter, an increase of 17% from $38.4 billion in the second quarter 2022. Record assets under management were $46.3 billion as of June 30, 2023. A rollforward of AUM can be found in the non-GAAP measurements section of this release. 1See definition of non-GAAP measures below

 
Earnings Results Adjusted net earnings for the second quarter of $79 million, or $0.63 per share, compared to adjusted net earnings for the second quarter 2022 of $155 million, or $1.45 per share. The decrease was primarily due to lower alternative investment income. 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. • Adjusted net earnings for the second quarter of 2023 included $82 million, or $0.66 per share, of investment income from alternative investments and $5 million, or $0.04 per share, of bond prepay income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $137 million, or $1.10 per share. • Adjusted net earnings for the second quarter of 2022 included $70 million, or $0.65 per share, of investment income from alternative investments, $66 million, or $0.62 per share, of favorable actuarial assumption updates and $6 million, or $0.05 per share, of CLO redemption gains and other income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $100 million, or $0.93 per share. Capital and Liquidity Highlights GAAP book value excluding AOCI was $5.1 billion or $40.70 per share, based on 126 million common shares outstanding as of June 30, 2023. This reflects an increase of $0.76 or 2% during the quarter, including $0.64 increase in adjusted net earnings and other, ($0.32) decrease from planned capital deployment actions and $0.44 per share net increase for mark-to-market movements during the quarter. Book value per share excluding AOCI as of March 31, 2023 $ 39.94 Adjusted net earnings and other 0.64 Book value per share excluding AOCI, before capital actions & mark-to-market $ 40.58 Return of capital to shareholders (dividend and share repurchases) (0.32) Book value per share excluding AOCI, before mark-to-market $ 40.26 Liability-related mark-to-market movement 0.63 Investment-related mark-to-market movement (0.19) Book value per share excluding AOCI as of June 30, 2023 $ 40.70 The debt-to-capitalization ratio, excluding AOCI, was 23% as of June 30, 2023, below our long-term target of 25%. On July 21, 2023, Moody’s upgraded the financial strength ratings of F&G's primary operating companies to ‘A3' from 'Baa1' in recognition of our sustained strong financial performance, market leadership and stable capital position. F&G has repurchased approximately 790,000 shares for $16.4 million, at an average price of $20.79 per share, in the second quarter. Capacity remaining under the existing share repurchase authorization was $8.6 million at June 30, 2023. The Board of Directors has declared a quarterly dividend of $0.20 per common share, payable on September 29, 2023, to shareholders of record as of the close of business on September 15, 2023. Conference Call We will host a call with investors and analysts to discuss F&G’s second quarter 2023 results on Wednesday, August 9, 2023, beginning at 9:00 a.m. Eastern Time. A live webcast of the conference call will be available on the F&G Investor Relations website at fglife.com. The conference call replay will be available via webcast through the F&G Investor Relations website at fglife.com. The telephone replay will be available from 1:00 p.m. Eastern Time on August 9, 2023, through August 16, 2023, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13735024.

 
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 measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within. Forward-Looking Statements and Risk Factors This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; 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

 
F&G ANNUITIES & LIFE, INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2023 December 31, 2022 Assets: Investments: Fixed maturity securities available for sale, at fair value, (amortized cost of $40,374), net of allowance for credit losses of $32 at June 30, 2023 $ 36,182 $ 31,218 Preferred securities, at fair value 647 722 Equity securities, at fair value 109 101 Derivative investments 648 244 Mortgage loans, net of allowance for credit losses of $64 at June 30, 2023 5,076 4,554 Investments in unconsolidated affiliates (certain investments at fair value of $197 at June 30, 2023) 2,803 2,455 Other long-term investments 566 537 Short-term investments 347 1,556 Total investments $ 46,378 $ 41,387 Cash and cash equivalents 1,688 960 Reinsurance recoverable, net of allowance for credit losses of $9 at June 30, 2023 7,076 5,417 Goodwill 1,749 1,749 Prepaid expenses and other assets 1,168 941 Other intangible assets, net 3,851 3,429 Market risk benefits asset 118 117 Income taxes receivable 13 28 Deferred tax asset, net 546 600 Total assets $ 62,587 $ 54,628 Liabilities and Equity: Contractholder funds $ 45,070 $ 40,843 Future policy benefits 5,715 5,021 Market risk benefits liability 313 282 Accounts payable and accrued liabilities 1,719 1,260 Notes payable 1,571 1,114 Funds withheld for reinsurance liabilities 5,681 3,703 Total liabilities $ 60,069 $ 52,223 Equity: F&G common stock $0.001 par value; authorized 500,000,000 shares as of June 30, 2023; outstanding and issued shares of 125,625,479 and 126,386,605 as of June 30, 2023, respectively — — Additional paid-in-capital 3,173 3,162 Retained earnings 1,971 2,061 Accumulated other comprehensive (loss) income ("AOCI") (2,610) (2,818) Treasury stock, at cost (795,126 shares as of June 30, 2023) (16) — Total equity $ 2,518 $ 2,405 Total liabilities and equity $ 62,587 $ 54,628

 
F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS SECOND QUARTER AND YTD INFORMATION (In millions, except per share data) (Unaudited) Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenues: Life insurance premiums and other fees $ 576 $ 71 $ 941 $ 667 Interest and investment income 525 425 1,044 876 Recognized gains and losses, net 67 (426) 52 (723) Total revenues 1,168 70 2,037 820 Benefits and expenses: Benefits and other changes in policy reserves 817 (377) 1,629 (174) Market risk benefit (gains) losses (30) (189) 29 (119) Depreciation and amortization 104 80 194 156 Personnel costs 56 34 109 64 Other operating expenses 33 31 69 49 Interest expense 25 9 47 17 Total benefits and expenses 1,005 (412) 2,077 (7) Earnings (loss) before income taxes 163 482 (40) 827 Income tax expense (benefit) 33 97 25 203 Net earnings (loss) $ 130 $ 385 $ (65) $ 624 Net earnings (loss) per common share: Basic $ 1.04 $ 3.60 $ (0.52) $ 5.89 Diluted $ 1.04 $ 3.60 $ (0.52) $ 5.89 Weighted average common shares used in computing net earnings (loss) per common share: Basic 125 107 125 106 Diluted 125 107 125 106

 
Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS The table below reconciles net earnings (loss) to adjusted net earnings. Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net earnings (loss) $ 130 $ 385 $ (65) $ 624 Non-GAAP adjustments(1): Recognized (gains) losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets 27 161 75 266 Change in allowance for expected credit losses 20 7 28 7 Change in fair value of reinsurance related embedded derivatives (17) (141) 2 (263) Change in fair value of other derivatives and embedded derivatives — (4) (1) (4) Recognized (gains) losses, net 30 23 104 6 Market related liability adjustments (102) (324) 142 (514) Purchase price amortization 6 5 11 11 Transaction costs and other non-recurring items — 4 2 4 Income taxes on non-GAAP adjustments 15 62 (54) 104 Adjusted net earnings (loss)(1) $ 79 $ 155 $ 140 $ 235 1See definition of non-GAAP measures below • Adjusted net earnings of $79 million, or $0.63 per share, for the second quarter of 2023 included $82 million, or $0.66 per share, of investment income from alternative investments and $5 million, or $0.04 per share, of bond prepay income. Alternative investments investment income based on management’s long- term expected return of approximately 10% was $137 million, or $1.10 per share. • Adjusted net earnings of $155 million, or $1.45 per share, for the second quarter of 2022 included $70 million, or $0.65 per share, of investment income from alternative investments, $66 million, or $0.62 per share, of favorable actuarial assumption updates and $6 million, or $0.05 per share, of CLO redemption gains and other income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $100 million, or $0.93 per share. • Adjusted net earnings of $140 million, or $1.12 per share, for the six months ended June 30, 2023 included $181 million, or $1.45 per share, of investment income from alternative investments and $5 million, or $0.04 per share, of bond prepay income, partially offset by $37 million, or $0.30 per share, tax valuation allowance expense. Alternative investments investment income based on management’s long- term expected return of approximately 10% was $269 million, or $2.15 per share. • Adjusted net earnings of $235 million, or $2.22 per share, for the six months ended June 30, 2022 included $172 million, or $1.62 per share, of investment income from alternative investments, $66 million, or $0.62 per share, of actuarial assumption updates and $24 million, or $0.23 per share, of CLO redemption gains and other income, partially offset by $38 million, or $0.36 per share, tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $200 million, or $1.88 per share.

 
RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI As of Reconciliation of Total Equity to Total Equity excluding AOCI: June 30, 2023 March 31, 2023 December 31, 2022 Total Equity 2,518 2,485 2,405 Less: AOCI (2,610) (2,548) (2,818) Total Equity excluding AOCI(1) $ 5,128 $ 5,033 $ 5,223 Common shares outstanding 126 126 126 Book value per common share $ 19.98 $ 19.72 $ 19.09 Book value per common share, excluding AOCI $ 40.70 $ 39.94 $ 41.45 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD AND AVERAGE ASSETS UNDER MANAGEMENT (AAUM) Three months ended June 30, 2023 March 31, 2023 December 31, 2022 AUM at beginning of period (a) $ 45,422 $ 43,568 $ 41,988 Net new business asset flows 1,925 2,387 1,868 Net flow reinsurance to third parties (1,087) (992) (835) Debt issuance (repayment) proceeds, net — 459 547 AUM at end of period(1) $ 46,260 $ 45,422 $ 43,568 AAUM(1) $ 44,948 $ 44,393 $ 40,069 SALES HIGHLIGHTS Three months ended Six months ended (In millions) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Total annuity sales $ 2,288 $ 2,201 $ 5,012 $ 3,636 Indexed universal life sales 42 29 79 56 Funding agreements (FABN/FHLB) 200 843 456 1,443 Pension risk transfer 478 — 742 527 Gross sales(1) $ 3,008 $ 3,073 $ 6,289 $ 5,662 Sales attributable to flow reinsurance to third parties (796) (544) (1,868) (780) Net Sales(1) $ 2,212 $ 2,529 $ 4,421 $ 4,882 1See definition of non-GAAP measures below

 
DEFINITIONS The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) 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 effect of changes in fair value of the reinsurance related embedded derivative; (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 (“VODA”)) recognized as a result of acquisition activities; (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “non-recurring,” “infrequent” or “unusual items”: 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) 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 Net Earnings per Common Share Adjusted net earnings per common share is calculated as adjusted net earnings divided by the weighted-average common 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 Net Earnings per Diluted Share Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the 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 Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, 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 Equity excluding AOCI Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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 (loss). Assets Under Management (AUM) AUM uses the following components: (i) total invested assets at amortized cost, excluding derivatives, net of reinsurance qualifying for risk transfer in accordance with GAAP; (ii) related party loans and investments; (iii) accrued investment income; (iv) the net payable/receivable for the purchase/sale of investments; and (v) 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 rate of return on assets available for reinvestment. 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 assets available for reinvestment. Book Value per Share excluding AOCI Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) 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 Equity excluding AOCI Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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 and the total aggregate principal amount of debt and 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 to help assess the capital position of the Company. Total Debt-to-Capitalization excluding AOCI Debt-to-capital ratio excluding AOCI 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.

 
Exhibit 99.2 F&G Annuities & Life, Inc. ("F&G" or "the Company") (NYSE: FG) Financial Supplement June 30, 2023 (Year Ended December 31) 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. We adopted Accounting Standards Update ("ASU") 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12") using the full retrospective transition method effective January 1, 2023, with a transition date of January 1, 2021. The 2022 financial information contained herein has been adjusted for our full retrospective adoption of this update. All dollar amounts are presented in millions except for per share amounts. Non-GAAP Financial 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. 1

 
Page A. Financial Highlights Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Adjusted Net Earnings (Loss) Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Adjusted Net Earnings (Loss) - Significant Income and Expense Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted Return on Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Assets Under Management Rollforward and Average Assets Under Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Interest and Investment Income and Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Reconciliation of Return on Equity (ROE) to Adjusted ROE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Ratings Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 B. Product Summary GAAP Net Reserve Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Annuity Account Balance Rollforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Annuity Liability Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 C. Investment Summary Summary of Invested Assets by Asset Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Credit Quality of Fixed Maturity Securities, Credit Quality of Asset-Backed Securities and Credit Quality of CLO Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 D. Counterparty Risk Top 5 Reinsurers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 E. Shareholder Information Common Stock Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Quarterly Cash Dividend History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Research Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 F. Non-GAAP Financial Measures Definitions 20 F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 2

 
Consolidated Financial Highlights Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Select Income Statement Data: Net earnings (loss) $ 130 $ (195) $ (176) $ 187 $ 385 $ (65) $ 624 Adjusted net earnings (loss) (a) 79 61 130 (12) 155 140 235 Per Share Metrics: Net earnings (loss) per diluted share $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 3.60 $ (0.52) $ 5.89 Adjusted net earnings (loss) per diluted share (a) 0.63 0.49 1.04 (0.10) 1.45 1.12 2.22 Book value per share 19.98 19.72 19.09 19.14 24.77 19.98 24.77 Book value per share, excluding AOCI (a) 40.70 39.94 41.45 43.37 41.85 40.70 41.85 Weighted-average diluted shares outstanding (in millions) 125 125 125 125 107 125 106 Common shares outstanding (in millions) 126 126 126 125 125 126 125 Select Metrics: Return on average equity (2.1) % 7.1 % 19.0 % 23.7 % 29.6 % (2.1) % 29.6 % Return on average equity, excluding AOCI (a) (1.0) % 4.0 % 12.9 % 19.7 % 29.9 % (1.0) % 29.9 % Adjusted return on average equity, excluding AOCI (a) 5.0 % 6.6 % 7.2 % 8.5 % 13.7 % 5.0 % 13.7 % Average assets under management ("AAUM") YTD (a) $ 44,948 $ 44,393 $ 40,069 $ 39,246 $ 38,351 $ 44,948 $ 38,351 Assets under management ("AUM") (a) 46,260 45,422 43,568 41,988 40,322 46,260 40,322 Adjusted return on assets (a) 0.62 % 0.55 % 0.88 % 0.76 % 1.23 % 0.62 % 1.23 % Sales (a) Fixed indexed annuities ("FIA") $ 1,224 $ 1,211 $ 1,365 $ 1,109 $ 1,114 $ 2,435 $ 2,076 Fixed rate annuities ("MYGA") 1,064 1,513 1,076 1,108 1,087 2,577 1,560 Total annuity 2,288 2,724 2,441 2,217 2,201 5,012 3,636 Indexed universal life ("IUL") 42 37 35 36 29 79 56 Funding agreements ("FABN/FHLB") 200 256 — — 843 456 1,443 Pension risk transfer ("PRT") 478 264 243 620 — 742 527 Gross Sales 3,008 3,281 2,719 2,873 3,073 6,289 5,662 Sales attributable to flow reinsurance to third parties (796) (1,072) (808) (660) (544) (1,868) (780) Net Sales $ 2,212 $ 2,209 $ 1,911 $ 2,213 $ 2,529 $ 4,421 $ 4,882 (a) Refer to "Non-GAAP Financial Measures Definitions" F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 3

 
Consolidated Balance Sheets Assets: June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Investments: Fixed maturity securities available for sale, at fair value, (amortized cost of $40,374), net of allowance for credit losses of $32 at June 30, 2023 $ 36,182 $ 34,197 $ 31,218 $ 29,359 $ 28,398 Preferred securities, at fair value 647 691 722 812 839 Equity securities, at fair value 109 106 101 110 119 Derivative investments 648 432 244 108 145 Mortgage loans, net of allowance for credit losses of $64 at June 30, 2023 5,076 4,984 4,554 4,533 4,437 Investments in unconsolidated affiliates (certain investments at fair value of $197 at June 30, 2023) 2,803 2,669 2,455 2,814 2,689 Other long-term investments 566 565 537 512 507 Short-term investments 347 776 1,556 42 823 Total investments $ 46,378 $ 44,420 $ 41,387 $ 38,290 $ 37,957 Cash and cash equivalents 1,688 1,584 960 1,384 992 Reinsurance recoverable, net of allowance for credit losses of $9 at June 30, 2023 7,076 6,361 5,417 4,619 4,071 Goodwill 1,749 1,749 1,749 1,749 1,749 Prepaid expenses and other assets 1,168 948 941 874 1,026 Other intangible assets, net 3,851 3,677 3,429 3,268 3,153 Market risk benefits asset 118 106 117 121 86 Income taxes receivable 13 25 28 49 64 Deferred tax asset, net 546 544 600 516 310 Total assets $ 62,587 $ 59,414 $ 54,628 $ 50,870 $ 49,408 Liabilities and Equity: Contractholder funds $ 45,070 $ 43,379 $ 40,843 $ 38,789 $ 37,302 Future policy benefits 5,715 5,371 5,021 4,691 4,486 Market risk benefits liability 313 324 282 242 292 Accounts payable and accrued liabilities 1,719 1,453 1,260 1,284 1,382 Notes payable 1,571 1,572 1,114 571 573 Funds withheld for reinsurance liabilities 5,681 4,830 3,703 2,900 2,277 Total liabilities $ 60,069 $ 56,929 $ 52,223 $ 48,477 $ 46,312 Equity: F&G common stock $0.001 par value; authorized 500,000,000 shares as of June 30, 2023; outstanding and issued shares of 125,591,479 and 126,386,605 as of June 30, 2023, respectively — — — — — Additional paid-in-capital 3,173 3,167 3,162 3,159 3,156 Retained earnings 1,971 1,866 2,061 2,262 2,075 Accumulated other comprehensive (loss) income ("AOCI") (2,610) (2,548) (2,818) (3,028) (2,135) Treasury stock, at cost (795,126 shares as of June 30, 2023) (16) — — — — Total equity $ 2,518 $ 2,485 $ 2,405 $ 2,393 $ 3,096 Total liabilities and equity $ 62,587 $ 59,414 $ — $ 54,628 $ 50,870 $ 49,408 F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 4

 
Consolidated Statements of Operations Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Revenues: Life insurance premiums and other fees $ 576 $ 365 $ 335 $ 702 $ 71 $ 941 $ 667 Interest and investment income 525 519 439 340 425 1,044 876 Recognized gains and (losses), net 67 (15) (147) (140) (426) 52 (723) Total revenues 1,168 869 627 902 70 2,037 820 Benefits and expenses: Benefits and other changes in policy reserves 817 812 730 570 (377) 1,629 (174) Market risk benefit (gains) losses (30) 59 5 (68) (189) 29 (119) Depreciation and amortization 104 90 86 82 80 194 156 Personnel costs 56 53 47 46 34 109 64 Other operating expenses 33 36 25 28 31 69 49 Interest expense 25 22 6 6 9 47 17 Total benefits and expenses 1,005 1,072 899 664 (412) 2,077 (7) Earnings (loss) before income taxes 163 (203) (272) 238 482 (40) 827 Income tax expense (benefit) 33 (8) (96) 51 97 25 203 Net earnings (loss) $ 130 $ (195) $ (176) 0 $ 187 $ 385 $ (65) $ 624 Net earnings (loss) per common share: Basic $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 3.60 $ (0.52) $ 5.89 Diluted $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 3.60 $ (0.52) $ 5.89 Weighted average common shares used in computing net earnings (loss) per common share: Basic 125 125 125 125 107 125 106 Diluted 125 125 125 125 107 125 106 F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 5

 
Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) (a) (b) The table below provides a comparison of adjusted net earnings (loss) by quarter and for the six months ended June 30, 2023 and 2022 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Net earnings (loss) $ 130 $ (195) $ (176) $ 187 $ 385 $ (65) $ 624 Non-GAAP adjustments (a): Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets 27 48 110 70 161 75 266 Change in allowance for expected credit losses 20 8 11 6 7 28 7 Change in fair value of reinsurance related embedded derivatives (17) 19 5 (94) (141) 2 (263) Change in fair value of other derivatives and embedded derivatives — (1) 10 (7) (4) (1) (4) Recognized (gains) losses, net 30 74 136 (25) 23 104 6 Market related liability adjustments (102) 244 217 (237) (324) 142 (514) Purchase price amortization 6 5 5 5 5 11 11 Transaction costs and other non-recurring items — 2 2 4 4 2 4 Income taxes on non-GAAP adjustments 15 (69) (54) 54 62 (54) 104 Adjusted net earnings (loss) (a) (b) $ 79 $ 61 $ 130 $ (12) $ — $ 155 $ 140 $ 235 (a) Refer to "Non-GAAP Financial Measures Definitions." (b) Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 9. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 6

 
Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share (a) (b) The table below provides a comparison of adjusted net earnings (loss) per diluted share by quarter and for the six months ended June 30, 2023 and 2022 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Net earnings (loss) per diluted share $ 1.04 $ (1.56) $ (1.41) $ 1.50 $ 3.60 $ (0.52) $ 5.89 Non-GAAP adjustments (a): Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets $ 0.22 $ 0.38 $ 0.88 $ 0.56 $ 1.50 $ 0.60 $ 2.51 Change in allowance for expected credit losses 0.16 0.06 0.09 0.05 0.07 0.22 0.07 Change in fair value of reinsurance related embedded derivatives (0.14) 0.15 0.04 (0.75) (1.32) 0.02 (2.48) Change in fair value of other derivatives and embedded derivatives — (0.01) 0.08 (0.06) (0.04) (0.01) (0.04) Recognized (gains) losses, net 0.24 0.58 1.09 (0.20) 0.21 0.83 0.06 Market related liability adjustments (0.82) 1.96 1.73 (1.90) (3.03) 1.14 (4.85) Purchase price amortization 0.05 0.04 0.04 0.04 0.05 0.09 0.10 Transaction costs and other non-recurring items — 0.02 0.02 0.03 0.04 0.02 0.04 Income taxes on non-GAAP adjustments 0.12 (0.55) (0.43) 0.43 0.58 (0.43) 0.98 Adjusted net earnings (loss) per diluted share (a) (b) $ 0.63 $ 0.49 $ 1.04 $ (0.10) $ 1.45 $ 1.12 $ 2.22 (a) Refer to "Non-GAAP Financial Measures Definitions." (b) Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 9. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 7

 
Adjusted Net Earnings (Loss) Statement (a) (b) The table below provides a comparison of adjusted net earnings (loss) by quarter and for the six months ended June 30, 2023 and 2022 (Refer to "Non-GAAP Financial Measures Definitions"). Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Revenues: Life insurance premiums and other fees $ 576 $ 365 $ 335 $ 704 $ 71 $ 941 $ 665 Interest and investment income (c) 521 520 439 340 425 1,041 876 Recognized gains and losses, net (d) — — — — — — — Total revenues 1,097 885 774 1,044 496 1,982 1,541 Benefits and expenses: Benefits and other changes in policy reserves (e) 768 545 510 872 223 1,313 958 Market risk benefit (gains) losses (f) 24 23 20 20 (63) 47 (23) Depreciation and amortization (g) 99 85 81 91 75 184 145 Personnel costs 51 53 47 46 34 104 64 Other operating expenses (h) 33 35 22 24 28 68 46 Interest expense 25 22 6 6 9 47 17 Total benefits and expenses 1,000 763 686 1,059 306 1,763 1,207 Pre-tax earnings 97 122 88 (15) 190 219 334 Income tax expense (benefit) 18 61 (42) (3) 35 79 99 Adjusted net earnings (loss) (a) (b) $ 79 $ 61 $ 130 $ (12) $ 155 $ 140 $ 235 Adjusted net earnings (loss) per common share (a): Basic $ 0.63 $ 0.49 $ 1.04 $ (0.10) $ 1.45 $ 1.12 $ 2.22 Diluted $ 0.63 $ 0.49 $ 1.04 $ (0.10) $ 1.45 $ 1.12 $ 2.22 Weighted average common shares used in computing adjusted net earnings per common share: Basic 125 125 125 125 107 125 106 Diluted 125 125 125 125 107 125 106 (a) Refer to "Non-GAAP Financial Measures Definitions." (b) Refer to Adjusted Net Earnings (Loss) - Significant Income and Expense Items on page 9. (c) Refer to Interest and Investment Income and Yield on page 11. (d) Recognized gains and losses (net) have been adjusted to remove the effect of recognized (gains) losses including changes in allowance for expected credit losses and OTTI; changes in fair values of indexed product related derivatives and embedded derivatives, net of hedging costs; and the change in fair value of the reinsurance related embedded derivative. (e) Benefits and other changes in policy reserves has been adjusted to remove the effects of the changes in fair values of indexed product embedded derivatives, changes in allowance for expected credit losses on reinsurance recoverables, the fair value impacts of assumed reinsurance and changes in the deferral/amortization of initial liability losses on PRT. (f) Market risk benefit (gains) losses has been adjusted to remove the changes in the fair value of market risk benefits by deferring current period fair value changes and amortizing the amount deferred over the life of the market risk benefit. (g) Depreciation and amortization has been adjusted to remove the impact of purchase price amortization. (h) Other operating expenses have been adjusted to remove the effects of transaction costs. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 8

 
Adjusted Net Earnings (Loss) - Significant Income and Expense Items (a) 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 ($ and shares in table in millions). Significant Income and Expense Items Reflected in ANE Alternatives Long-term Expected Return Not Reflected in ANE Weighted Average Diluted Shares Outstanding Three months ended June 30, 2023 Adjusted net earnings of $79 million for the three months ended June 30, 2023 included $82 million of investment income from alternative investments and $5 million of bond prepay income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $137 million. $87 $137 125 March 31, 2023 Adjusted net earnings of $61 million for the three months ended March 31, 2023 included $99 million of investment income from alternative investments, offset by $37 million tax valuation allowance expense. Alternative investments investment income based on management’s long- term expected return of approximately 10% was $132 million. $62 $132 125 December 31, 2022 Adjusted net earnings of $130 million for the three months ended December 31, 2022 included $41 million of investment income from alternative investments and $58 million one-time tax benefit from carryback of capital losses. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $113 million. $99 $113 125 September 30, 2022 Adjusted net loss of $12 million for the three months ended September 30, 2022 included $11 million of investment loss from alternative investments and $11 million of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million. $(22) $106 125 June 30, 2022 Adjusted net earnings of $155 million for the three months ended June 30, 2022 included $70 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, and $6 million of CLO redemption gains and other income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $100 million. $142 $100 107 Six months ended June 30, 2023 Adjusted net earnings of $140 million for the six months ended June 30, 2023 included $181 million of investment income from alternative investments and $5 million of bond prepay income, offset by $37 million tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $269 million. $149 $269 125 June 30, 2022 Adjusted net earnings of $235 million for the six months ended June 30, 2022 included $172 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, $24 million income of CLO redemption gains and other investment income, partially offset by $38 million tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $200 million. $224 $200 106 (a) Refer to Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss) on page 6, Reconciliation from Net Earnings (Loss) Per Diluted Share to Adjusted Net Earnings (Loss) Per Diluted Share on page 7 and Adjusted Net Earnings (Loss) Statement on page 8. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 9

 
Adjusted Return on Assets Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Interest and investment income $ 521 $ 520 $ 439 $ 340 $ 425 $ 1,041 $ 876 Cost of funds (316) (297) (273) (277) (155) (613) (398) Product margin 205 223 166 63 270 428 478 Expenses (operating, interest & taxes) (126) (162) (36) (75) (115) (288) (243) Adjusted net earnings (loss) (a) $ 79 $ 61 $ 130 $ (12) $ 155 $ 140 $ 235 Annualized year to date Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Portfolio earned yield (b) (c) 4.63 % 4.69 % 4.13 % 4.13 % 4.57 % 4.63 % 4.57 % Cost of funds (b) (2.73) % (2.68) % (2.37) % (2.29) % (2.08) % (2.73) % (2.08) % Product margin (b) 1.90 % 2.01 % 1.76 % 1.84 % 2.49 % 1.90 % 2.49 % Expenses (operating, interest & taxes) (b) (1.28) % (1.46) % (0.88) % (1.08) % (1.26) % (1.28) % (1.26) % Adjusted return on assets (a) (b) 0.62 % 0.55 % 0.88 % 0.76 % 1.23 % 0.62 % 1.23 % AAUM YTD (a) $ 44,948 $ 44,393 $ 40,069 $ 39,246 $ 38,351 $ 44,948 $ 38,351 Assets Under Management Rollforward and Average Assets Under Management Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 AUM at beginning of period (a) $ 45,422 $ 43,568 $ 41,988 $ 40,322 $ 38,601 $ 43,568 $ 36,494 Net new business asset flows 1,925 2,387 1,868 2,177 2,271 4,312 4,494 Net flow reinsurance to third parties (1,087) (992) (835) (511) (550) (2,079) (666) Debt issuance (repayment) proceeds, net — 459 547 — — 459 — AUM at end of period (a) $ 46,260 $ 45,422 $ 43,568 $ 41,988 $ 40,322 $ 46,260 $ 40,322 AAUM YTD (a) $ 44,948 $ 44,393 $ 40,069 $ 39,246 $ 38,351 $ 44,948 $ 38,351 (a) Refer to "Non-GAAP Financial Measures Definitions" (b) Calculated by dividing applicable annualized year-to-date amount by year-to-date AAUM. (c) Yield on AAUM reflects significant income and expense items, such as alternative investment mark-to-market, gains on CLO redemptions and bond prepay income. See page 9 for further discussion of these items. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 10

 
Interest and Investment Income and Yield Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Interest and investment income (b) $ 521 $ 519 $ 439 $ 340 $ 425 $ 1,040 $ 876 AAUM QTD (a) 45,622 44,393 42,605 41,081 39,306 44,948 38,351 Yield on AAUM (a) 4.57 % 4.68 % 4.12 % 3.31 % 4.33 % 4.63 % 4.57 % Less: Alternative investment income (b)(c) 89 110 45 (24) 83 199 208 Less: Variable investment income (d) 6 — — — 8 6 30 Fixed income and other net investment income (b)(e) $ 426 $ 409 $ 394 $ 364 $ 334 $ 835 $ 638 AAUM QTD, excluding alternative investments 38,844 37,810 36,055 35,250 33,963 38,264 33,250 Yield on AAUM, excluding alternative investments and variable investment income 4.39 % 4.33 % 4.37 % 4.13 % 3.93 % 4.36 % 3.84 % (a) Refer to" Non-GAAP Financial Measures Definitions". (b) Reflects interest and investment income on an adjusted net earnings basis. (c) 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. (d) 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. (e) 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, 2023 (All periods are unaudited) 11

 
Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI Three months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Capitalization: Notes payable (aggregate principal amount) $ 1,565 $ 1,565 $ 1,100 $ 550 $ 550 Total Equity 2,518 2,485 2,405 2,393 3,096 Total Capitalization 4,083 4,050 3,505 2,943 3,646 Less: AOCI (2,610) (2,548) (2,818) (3,028) (2,135) Total Capitalization excluding AOCI (a) $ 6,693 $ 6,598 $ 6,323 $ 5,971 $ 5,781 Reconciliation of Total Equity to Total Equity excluding AOCI: Total Equity 2,518 2,485 2,405 2,393 3,096 Less: AOCI (2,610) (2,548) (2,818) (3,028) (2,135) Total Equity excluding AOCI (a) $ 5,128 $ 5,033 $ 5,223 $ 5,421 $ 5,231 Debt-to-Capital Ratio: Total Debt to Capitalization, excluding AOCI (a) 23.4 % 23.7 % 17.4 % 9.2 % 9.5 % (a) Refer to "Non-GAAP Financial Measures Definitions." Reconciliation of Return on Equity (ROE) to Adjusted ROE Twelve months ended Reconciliation of the Twelve Month Rolling ROE to Adjusted ROE June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Return on average equity (a) (2.1) % 7.1 % 19.0 % 23.7 % 29.6 % AOCI 1.1 % (3.1) % (6.1) % (4.0) % 0.3 % Return on average equity, excluding AOCI (a)(b) (1.0) % 4.0 % 12.9 % 19.7 % 29.9 % Aggregate adjustments to arrive at adjusted net earnings (c) 6.0 % 2.6 % (5.7) % (11.2) % (16.2) % Adjusted return on average equity, excluding AOCI (a)(b) 5.0 % 6.6 % 7.2 % 8.5 % 13.7 % (a) Return on average equity, return on average equity, excluding AOCI and adjusted return on average equity, excluding AOCI include the effect of LDTI implementation and alternative investment income that differs from management's long term expectations for all periods presented, a debt to equity conversion in the three months ended June 30, 2022 and cash dividends and repurchases during the six months ended June 30, 2023. (b) Refer to "Non-GAAP Financial Measures Definitions." (c) Refer to "Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (Loss)" on page 6 for further details on individual adjustments. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 12

 
Ratings Overview A.M. Best S&P Fitch Moody's (b) Holding Company & Security Ratings F&G Annuities & Life, Inc. Issuer Credit / Default Rating Not Rated BBB- BBB Ba1 Outlook Stable Stable Stable Senior Unsecured Notes (2028 maturity) Not Rated BBB- BBB- Not Rated 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 Positive Stable Stable Senior Unsecured Notes (2025 maturity) (a) BBB- BBB BBB Baa2 Outlook Positive Stable Operating Subsidiary Ratings Fidelity & Guaranty Life Insurance Company Financial Strength Rating A- A- A- A3 Outlook Positive Stable Stable Stable Fidelity & Guaranty Life Insurance Company of New York Financial Strength Rating A- A- A- Not Rated Outlook Positive 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 (a) Explicitly guaranteed by parent Fidelity National Financial, Inc. upon acquisition of F&G on June 1, 2020 (b) Reflects Moody's rating update as published on July 20, 2023 F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 13

 
GAAP Net Reserve Summary Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Fixed indexed annuities $ 26,501 $ 25,749 $ 24,688 $ 23,473 $ 23,038 $ 26,501 $ 23,038 Fixed rate annuities 6,053 5,955 5,637 5,607 5,260 6,053 5,260 Single premium immediate annuity and other 1,694 1,768 1,711 1,705 1,840 1,694 1,840 Indexed universal and other life 2,139 2,027 1,926 1,824 1,829 2,139 1,829 Funding agreements 4,756 4,751 4,595 4,604 4,608 4,756 4,608 Pension risk transfer 2,879 2,463 2,172 1,890 1,434 2,879 1,434 Total product reserves $ 44,022 $ 42,713 $ 40,729 $ 39,103 $ 38,009 $ 44,022 $ 38,009 Annuity Account Balance Rollforward (a) Three months ended Six months ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Annuity balances at beginning of period: $ 31,312 $ 30,403 $ 29,514 $ 28,478 $ 27,331 $ 30,403 $ 26,673 Net deposits 1,499 1,638 1,661 1,598 1,673 3,137 2,746 Surrenders, withdrawals, deaths, etc. Fixed index annuities (606) (501) (528) (429) (472) (1,107) (873) Fixed rate annuities (274) (271) (278) (171) (124) (545) (262) Total Surrender, withdrawals, deaths, etc. (880) (772) (806) (600) (596) (1,652) (1,135) Net flows 619 866 855 998 1,077 1,485 1,611 Premium and interest bonuses 22 21 23 19 21 43 43 Fixed interest credited and index credits 96 64 57 58 91 160 233 Guaranteed product rider fees (46) (42) (46) (39) (42) (88) (82) Account balance at end of period $ 32,003 $ 31,312 $ 30,403 $ 29,514 $ 28,478 $ 32,003 $ 28,478 (a) The rollforward reflects the vested account balance of our fixed index annuities and fixed rate annuities, net of reinsurance. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 14

 
Annuity Liability Characteristics Fixed Annuities Account Value Fixed Index Annuities Account Value SURRENDER CHARGE PERCENTAGES: June 30, 2023 No surrender charge $ 335 $ 2,410 0.0% < 2.0% 12 232 2.0% < 4.0% 49 1,120 4.0% < 6.0% 1,113 2,561 6.0% < 8.0% 1,467 4,463 8.0% < 10.0% 2,920 9,427 10.0% or greater — 5,894 $ 5,896 $ 26,107 Fixed Annuities Account Value Fixed Index Annuities Account Value CREDITED RATE (INCLUDING BONUS INTEREST) VS. ULTIMATE MINIMUM GUARANTEED RATE DIFFERENTIAL: June 30, 2023 No differential $ 479 $ 1,381 0.0% - 1.0% 595 1,133 1.0% - 2.0% 1,496 144 2.0% - 3.0% 1,810 132 3.0% - 4.0% 821 376 4.0% - 5.0% 695 27 Allocated to index strategies — 22,914 $ 5,896 $ 26,107 F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 15

 
Summary of Invested Assets by Asset Class June 30, 2023 December 31, 2022 Amortized Cost Fair Value Percent Amortized Cost Fair Value Percent Fixed maturity securities, available for sale: United States Government full faith and credit $ 213 $ 211 — % $ 34 $ 32 — % United States Government sponsored entities 41 37 — % 46 42 — % United States municipalities, states and territories 1,792 1,558 3 % 1,695 1,410 3 % Foreign Governments 211 170 — % 185 148 — % Corporate securities: Finance, insurance and real estate 7,071 6,222 14 % 5,969 5,085 12 % Manufacturing, construction and mining 1,055 893 2 % 896 737 2 % Utilities, energy and related sectors 2,704 2,180 5 % 2,915 2,275 6 % Wholesale/retail trade 2,501 2,065 5 % 2,535 2,008 5 % Services, media and other 4,160 3,406 7 % 3,564 2,794 7 % Hybrid securities 747 677 1 % 781 705 2 % Non-agency residential mortgage-backed securities 2,080 1,974 4 % 1,585 1,479 4 % Commercial mortgage-backed securities 4,307 3,949 9 % 3,309 3,036 7 % Asset-backed securities 8,573 8,057 18 % 7,749 7,245 18 % CLO securities 4,919 4,783 10 % 4,460 4,222 10 % Total fixed maturity securities, available for sale $ 40,374 $ 36,182 78 % $ 35,723 $ 31,218 76 % Equity securities 872 756 2 % 992 823 2 % Limited partnerships: Private equity 1,175 1,175 3 % 1,129 1,129 3 % Real assets 438 435 1 % 436 431 1 % Credit 988 988 2 % 867 867 2 % Limited partnerships 2,601 2,598 6 % 2,432 2,427 6 % Commercial mortgage loans 2,457 2,144 5 % 2,406 2,083 5 % Residential mortgage loans 2,619 2,377 5 % 2,148 1,892 5 % Other (primarily derivatives and company owned life insurance) 1,411 1,419 3 % 1,137 809 2 % Short term investments 347 347 1 % 1,556 1,556 4 % Total investments (a) $ 50,681 $ 45,823 100 % $ 46,394 $ 40,808 100 % (a) Asset duration of 5.1 years and 4.9 years vs. liability duration of 5.1 years and 5.1 years for the periods ending June 30, 2023 and December 31, 2022, respectively. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 16

 
Credit Quality of Fixed Maturity Securities June 30, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 23,055 64 % BBB 2 11,261 31 % BB 3 1,531 4 % B 4 187 1 % CCC 5 69 — % CC and lower 6 79 — % Total $ 36,182 100 % Credit Quality of Asset-Backed Securities June 30, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 6,247 77 % BBB 2 1,365 17 % BB 3 366 5 % B 4 47 1 % CCC 5 8 — % CC and lower 6 24 — % Total $ 8,057 100 % Credit Quality of CLO Securities June 30, 2023 NRSRO Rating NAIC Designation Fair Value Percent AAA/AA/A 1 $ 2,968 62 % BBB 2 1,374 29 % BB 3 384 8 % B 4 19 — % CCC 5 — — % CC or lower 6 38 1 % Total $ 4,783 100 % F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 17

 
Top 5 Reinsurers June 30, 2023 Financial Strength Rating Parent Company/Principal Reinsurers Reinsurance Recoverable (a) AM Best S&P Fitch Moody's Aspida Life Re Ltd $ 4,857 A- — — — Wilton Re 1,157 A+ — A — Somerset Reinsurance Ltd 543 A- BBB+ — — London Life Reinsurance Co. 103 A+ — — — Security Life of Denver 88 — — A- Baa1 (a) 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, 2023 (All periods are unaudited) 18

 
Shareholder Information NYSE: FG Common Stock Information High Low Close 2022 Fourth Quarter - period from 12/1/2022 to 12/30/2022 $ 22.12 $ 17.34 $ 20.01 2023 First Quarter $ 24.41 $ 15.56 $ 18.12 Second Quarter $ 24.78 $ 14.93 $ 24.78 Quarterly Cash Dividend History Ex-Dividend Date Record Date Payable Date Amount per Share 2023 First Quarter - Inaugural Dividend 1/13/2023 1/17/2023 1/31/2023 $ 0.20 Second Quarter 6/15/2023 6/16/2023 6/30/2023 $ 0.20 Third Quarter 9/14/2023 9/15/2023 9/29/2023 $ 0.20 Corporate Headquarters: Research Analyst Coverage: F&G Annuities & Life, Inc. John Campbell 801 Grand Avenue Stephens, Inc. Suite 2600 (501) 377-6362 Des Moines, IA 50309 john.campbell@stephens.com Investor Contact: Lisa Foxworthy-Parker SVP, Investor & External Relations Investor.relations@fglife.com (515) 330-3307 Transfer Agent: Continental Stock Transfer & Trust Company 1 State Street, 30th Floor New York, NY 10004 Phone: (212) 509-4000 http://www.continentalstock.com F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 19

 
Non-GAAP Financial Measures Definitions The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) 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 effect of changes in fair value of the reinsurance related embedded derivative; (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 (“VODA”)) recognized as a result of acquisition activities; (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “non-recurring,” “infrequent” or “unusual items”: 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) 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 Net Earnings per Common Share Adjusted net earnings per common share is calculated as adjusted net earnings divided by the weighted-average common 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 Net Earnings per Diluted Share Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the 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 Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, 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. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 20

 
Non-GAAP Financial Measures Definitions (continued) Adjusted Return on Average Equity excluding AOCI Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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 (loss). Assets Under Management (AUM) AUM uses the following components: (i) total invested assets at amortized cost, excluding derivatives, net of reinsurance qualifying for risk transfer in accordance with GAAP; (ii) related party loans and investments; (iii) accrued investment income; (iv) the net payable/receivable for the purchase/sale of investments; and (v) 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 rate of return on assets available for reinvestment. 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 assets available for reinvestment. Book Value per Share excluding AOCI Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) 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 Equity excluding AOCI Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 21

 
Non-GAAP Financial Measures Definitions (continued) Total Capitalization excluding AOCI Total Capitalization excluding AOCI is based on Total Equity and the total aggregate principal amount of debt and 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 to help assess the capital position of the Company. Total Debt-to-Capitalization excluding AOCI Debt-to-capital ratio excluding AOCI 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. 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. F&G Annuities & Life, Inc. Financial Supplement - June 30, 2023 (All periods are unaudited) 22

 
F&G Investor Update Summer 2023

 
Disclaimer & Forward-Looking Statements 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; 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 the Company’s Form 10-K and other filings with the Securities and Exchange Commission. F&G Investor Update | Summer 2023 2

 
Non-GAAP Financial 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 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 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. F&G Investor Update | Summer 2023 3

 
Strong Start In First Half of 2023 ✓ Record organic growth in higher rate environment ✓ Record assets under management, driven by positive net flows and net debt proceeds ✓ Diversified, high quality investment portfolio well matched to liabilities ✓ Consistent economics over time despite short-term volatility in earnings ✓ Strong balance sheet with financial flexibility ✓ Returned capital to shareholders ✓ Continued rating upgrades F&G Investor Update | Summer 2023 4 1H23 Gross Sales $6.3B + 11% YoY 1H23 Net Sales $4.4B On Plan Record AUM1 $46.3B + 15% YoY Portfolio Quality1 95% Investment grade As expected 1H23 Adjusted ROA, ex significant items 116 bps > 100 bps Target since 1Q22 1H23 Capital Return to Shareholders $41M Dividends & Repurchases Moody’s ‘A3’ Financial Strength Rating Upgraded 7/2023 Book Value Per Share ex AOCI1 $40.70 Shares trading below intrinsic value 1As of June 30, 2023

 
($M) - except per share data and ROA Quarterly Year-to-Date Period ended June 30 2Q22 2Q23 1H22 1H23 Gross sales $3,073 $3,008 $5,662 $6,289 Net sales $2,529 $2,212 $4,882 $4,421 Assets under management (AUM) $40,322 $46,260 $40,322 $46,260 Adjusted return on assets (ROA) 1.23% 0.62% 1.23% 0.62% Net earnings (loss) $385 $130 $624 ($65) Net earnings (loss) per diluted share $3.60 $1.04 $5.89 ($0.52) Adjusted net earnings (ANE) $155 $79 $235 $140 Adjusted net earnings per diluted share $1.45 $0.63 $2.22 $1.12 Weighted average diluted shares 107 125 106 125 Adjusted ROA – ex significant items 1.10% 1.16% 1.10% 1.16% ANE – ex significant items $113 $129 $211 $260 ANE per diluted share – ex significant items $1.06 $1.03 $1.99 $2.08 Second Quarter Financial Highlights F&G expects steady and growing adjusted net earnings over time, excluding significant items which include short-term mark-to-market effects F&G Investor Update | Summer 2023 5 ANE ($M) and Per Share 2Q22 2Q23 Favorable / (Unfavorable) ($M) Per share ($M) Per share Actuarial assumption update 66 $0.62 0 $0.00 CLO redemption gains & bond prepay income 6 $0.05 5 $0.04 Alternatives investment short-term returns versus long-term return expectations (30) ($0.28) (55) ($0.44) ANE ($M) and Per Share 1H22 1H23 Favorable / (Unfavorable) ($M) Per share ($M) Per share Actuarial assumption update 66 $0.62 0 $0.00 CLO redemption gains & bond prepay income 24 $0.23 5 $0.04 Tax valuation allowance expense (38) ($0.36) (37) ($0.30) Alternatives investment short-term returns versus long-term return expectations (28) ($0.26) (88) ($0.70) Significant Items – Year-to-Date Significant Items – Quarterly Financial Highlights

 
About F&G Snapshot Our Product Lines Fixed Deferred Annuities • Fixed indexed annuity (FIA) • 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) Background Five Distinct Distribution Channels Retail Channels • Independent insurance agents (IMOs) • Broker Dealers • Banks Institutional Channels • Pension risk transfer • Funding agreements Financial Strength Ratings A- Positive A.M. Best A- Stable S&P Global A- Stable Fitch Ratings A3 Stable Moody’s F&G Investor Update | Summer 2023 6 • 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 ~85% ownership • Headquartered in Des Moines, IA; >1,000 employees • Ranking as a Top Workplaces company for 5 consecutive years

 
v Track Record of Success We have delivered consistent top line growth and return on assets across varying market cycles, and we expect to continue to outperform the rest of the market, especially in a rising rate environment v Targeting Large and Growing Markets Our long-standing relationships with multiple distribution channels, durable investment edge, and track record of attracting top talent give us a sustainable competitive advantage Superior Ecosystem Compelling Investment Case for F&G F&G is a nationwide leader in the large markets we play in, and 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 F&G Investor Update | Summer 2023 7

 
How F&G Makes Money – Retained Sales Client deposits premium with F&G 1 F&G invests in high quality and well diversified portfolio 2 F&G’s yield outpaces cost of funds and expenses 3 F&G’s AAUM growth drives earnings 4 Spectrum of client needs met (accumulation, income & wealth transfer), with no principal loss F&G’s strategic partnership with Blackstone provides a competitive advantage Product margin is the difference between portfolio earned yield and cost of funds F&G expects steady and growing earnings over time, excluding short-term mark-to-market effects Gross Sales Assets Under Management Product Margin, Net of Expenses Spread-Based Earnings F&G Investor Update | Summer 2023 8

 
How F&G Makes Money – Flow Reinsurance Client deposits premium with F&G 1 F&G expands flow relationships given high market demand 2 F&G onboards new business at lower marginal cost of capital 3 F&G enhances cash flow, diversifies earnings & increases ROE 4 Spectrum of client needs met (accumulation, income & wealth transfer), with no principal loss F&G continues to expand flow relationships through new partners &/or adding new products Lower capital requirement on ceded new business, while allocating capital to highest returning retained business F&G receives stream of ceding commissions and expense allowances on ceded new business Gross Sales Flow Reinsurance Capital “Light”, Enhanced Returns Fee-Based Earnings F&G Investor Update | Summer 2023 9

 
How F&G Makes Money – Owned Distribution F&G takes equity stake in independent agent distribution 1 F&G earns dividend stream on “capital light” distribution 2 F&G generates higher margins at lower marginal cost of capital 3 F&G diversifies earnings through accretive owned distribution 4 F&G’s deep distribution relationships, long-term focus and product expertise provide ‘win win’ F&G receives dividend income stream from ownership stake as share of earnings Partnership grants access to higher margins and preferred shelf space within capital “light” distribution F&G expects at-scale distribution to trade at higher multiple relative to Life & Annuity Investment in Owned Distribution Dividend Income Stream Capital “Light”, Greater Margin Potential Higher Multiple Earnings F&G Investor Update | Summer 2023 10

 
Weighted average time remaining in surrender charge period 6 Years % Surrender protected 91% Average remaining surrender charge (% of account value) 7% % Subject to market value adjustment (MVA) 73% Average cost of options/interest credited 2.5% Distance to guaranteed minimum crediting rates 150 bps We Have A Clean & Profitable Inforce Book Our inforce liabilities are surrender charge protected and our asset and liability cash flows are well matched; our inforce book does not contain typical problematic legacy business • Our liability profile drives our investment strategy • Retail fixed annuities are 91% surrender protected • 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 GAAP Net Reserves1 1As of June 30, 2023 60% 14% 11% 7% 4% 4% Fixed Indexed Annuities Fixed Rate Annuities Funding Agreements Pension Risk Transfer Life Immediate Annuities $44.0B F&G Investor Update | Summer 2023 11 Fixed Annuity Metrics1

 
We Are Playing In High Growth Markets … U.S. Consumer Savings1 Certificate of Deposit2 Retail Life & Annuities3 Pension Risk Transfer4 Funding Agreements6 $862B $600B $326B $245B $176B 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 1Personal savings in the U.S. per Federal Reserve Bank of St. Louis as of June 2023 22018 USD held in CD Accounts <$100K per Federal Reserve Bank of St. Louis 32022 U.S. retail life sales (annualized premium) and U.S. individual annuity sales per LIMRA 4Value of U.S. pension risk transfer (PRT) assets held with all current PRT writers per LIMRA 1Q23 Pension Risk Transfer Survey 5U.S. Pension Risk Transfer Market Posts Record-Breaking 2021 per Pensions & Investments, Source Legal & General, February 8, 2022 6Board of Governors of the Federal Reserve System, Funding Agreement-Backed Securities (FABS) as of March 31,2023 Consumers increasingly rely on personal savings for retirement income Many of these consumers would be better served by fixed annuity products Untapped demand for permanent life insurance, especially in the Middle Market Transaction volume likely to increase5 F&G Investor Update | Summer 2023 12

 
… And We’re Winning … Annual Gross Sales by Retail Channel and Institutional Market ($B) 1CAGR reflects 2018-2022 annual periods 2018 2019 2020 2021 2022 2023F Funding Agreements Agent PRT Broker Dealer Bank $9.6B $4.5B $3.9B $3.4B • FNF and F&G Merger • F&G ratings upgrades (June 2020) $11.3B +35% CAGR1 F&G Investor Update | Summer 2023 13

 
43% 28% 4% 13% 12% $11.3B 39% 41% 1% 7% 12% $6.3B (6 Mos.) 84% 5% 7% 4% $4.5B … And Significantly Diversifying Our Business Note: Reflects Gross Sales 41% 33% 7% 7% 12% $6.3B (6 Mos.) FY2022 Sales 1H23 Sales C h a n n e l & M a rk e t P ro d u c t 41% 33% 1% 13% 12% $11.3B 77% 17% 1% 5% $4.5B FY2020 Sales F&G Investor Update | Summer 2023 14 Bank Broker Dealer Agent Funding Agreements Pension Risk Transfer (PRT) Multi-year Guaranteed Annuity (MYGA) Indexed Universal Life (IUL) Funding Agreements Fixed Indexed Annuity (FIA) Pension Risk Transfer (PRT)

 
High Quality & Well-Diversified Portfolio Investment Portfolio by Asset Class1 Investment Portfolio by NAIC Designation1 1GAAP Fair Values as of June 30, 2023 (ex. portion of deferred annuities to Kubera Somerset and Aspida Re) 2Other consists of ICOLI, FHLB stock, LIHTC, Real Estate Owned (REO) properties, options, swaps and common stocks 29% Corporates 24% Structured Securities 14% Private Origination 11% Mortgage Loans 6% Alts/Equity 4% Municipal 3% Prf/Hybrid 3% EMD 3% Other ² 2% Cash 1% Gov't & Treasury $42B 59% NAIC 1 27% NAIC 2 3% NAIC 3 1% NAIC 4, 5, & 6 6% LP 2% Other ² 2% Cash $42B F&G Investor Update | Summer 2023 15 Portfolio conservatively positioned & well-matched to liability profile • Fixed income is 95% investment grade • Modest average credit-related impairments of 5 bps over the last 3 years, below our pricing assumption CMBS/CML portfolios are high quality, with moderate leverage and diversified across property types • CMBS, CMLs and Alternative LPs comprise 20% of total portfolio, with only 2.5% in office

 
Structured Credit Portfolio1,2 56% Residential 21% Multifamily 10% Industrial 7% Office 2% Retail 2% Student Housing 2% Other ³ Our Investment Portfolio Key Attributes 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) Private Origination Portfolio1,2 1GAAP Fair Values as of June 30, 2023 (ex. portion of deferred annuities to Kubera Somerset and Aspida Re) 2Excludes $4B of alternatives/equity, FHLB, call options and cash 3Other consists of data center, mixed use and hotel properties 74% Corporates 9% Municipal 8% Prf/Hybrid 7% EMD 2% Gov't & Treasury $17B 39% CLOs 34% CMBS 14% ABS 12% Non Agency RMBS 1% Agency RMBS $10B Mortgage Loans1,2 $5B 46% Corporate Lending 27% Private Specialty Finance 24% Asset Backed & Consumer Loans 3% Triple Net Lease $6B F&G Investor Update | Summer 2023 16

 
Our Proven Track Record of Profitable Growth Gross Sales ($B) Average Assets Under Management (AAUM) ($B) Adjusted Net Earnings ($M) 6.1 8.5 3.7 5.1 3.5 2.8 2.0 1.2 9.6 11.3 5.7 6.3 2021 2022 1H22 1H23 Institutional Markets Retail Channels Net Sales 8.7 9.0 4.9 4.4 +11% VPY18% VPY 31.9 40.1 38.4 44.9 2021 2022 1H22 1H23 +17% VPY26% VPY Ending AUM 36.5 43.6 40.3 46.3 640 353 235 140 2021 2022 1H22 1H23 Significant Income & Expense Items ANE ex Significant Items F&G Investor Update | Summer 2023 17 For further details on significant items, see page 5

 
Our Proven Track Record: Sales 18F&G Investor Update | Summer 2023 Sales are managed to profitability & capital targets • Retail sales > $2B for 5th consecutive quarter, reflecting higher rates and consumers seeking principal protection • 2Q23 reflects a ‘reset’ following 1Q23 record inflows from U.S. regional bank crisis • Institutional markets reflect healthy pension risk transfer pipeline, although markets remain challenging for funding agreement-backed notes • Net sales reflect third party flow reinsurance; increased from 50% to 75% for MYGA sales in 3Q22 • Ending assets under management at $46.3B, driven by net new business flows, stable inforce and net debt proceeds Gross Sales ($B) 6.1 8.5 1.5 2.2 2.3 2.5 2.8 2.3 3.5 2.8 1.1 0.9 0.6 0.2 0.5 0.7 9.6 11.3 2.6 3.1 2.9 2.7 3.3 3.0 2021 2022 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Institutional markets Retail channels Net Sales 8.7 9.0 2.4 2.5 2.2 1.9 2.2 2.2 AUM 36.5 43.6 38.6 40.3 42.0 43.6 45.4 46.3

 
Our Proven Track Record: Adj. Net Earnings 19F&G Investor Update | Summer 2023 F&G expects steady and growing adjusted net earnings over time, excluding significant income and expense items • Excluding significant items, adjusted net earnings reflect asset growth, expanding product margins, disciplined expense management and higher interest expense on debt • Significant items include items not consistent period to period, including alternative investments short-term mark- to-market movement, although underlying economics have not changed • For further details on significant items, see page 5 Adjusted Net Earnings (ANE) ($M) 640 353 80 155 (12) 130 61 79 2021 2022 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Significant Income & Expense Items ANE ex Significant Items Net Earnings (Loss) 1,232 635 239 385 187 (176) (195) 130 AUM ($B) 36.5 43.6 38.6 40.3 42.0 43.6 45.4 46.3 AAUM ($B) 31.9 40.1 37.5 38.4 39.3 40.1 44.4 44.9 Adj. ROA 2.00% 0.88 0.85% 1.23% 0.76% 0.88% 0.55% 0.62% Adj. ROA ex significant items 0.93% 1.18% 1.05% 1.10% 1.11% 1.18% 1.18% 1.16%

 
Book Value Per Share Rollforward 20F&G Investor Update | Summer 2023 BVPS ex AOCI at $40.70 per share in 2Q23 vs. $39.94 per share in 1Q23, ↑ 2% or $0.76 per share • $0.64 per share increase due to underlying business performance • ($0.32) per share from capital actions; primarily common dividends • No change in total share count from repurchases due to rounding (M’s) • $0.44 per share increase due to mark- to-market movements which are unrealized and point in time BVPS ex. AOCI1 – 3/31/2023 to 6/30/2023 $39.94 $40.58 $40.26 $40.70 0.63 0.01 (0.32) 0.44 $39.40 $39.60 $39.80 $40.00 $40.20 $40.40 $40.60 $40.80 1Q23 ANE Other 2Q23 Before MTM & Capital Actions Capital Actions 2Q23 Before MTM MTM Movements 2Q23 Equity ex. AOCI1 ($M) 5,033 79 1 5,113 (41) 5,072 56 5,128 Shares O/S (M) 126 126.4 (0.8) 125.6 126 1Excluding accumulated other comprehensive income (ex AOCI) Underlying Business Performance Market Movements Capital Actions

 
Stable and Strong Capital Profile 21F&G Investor Update | Summer 2023 GAAP Capitalization ex AOCI1 ($M) 4,201 5,223 5,128 950 1,100 1,565 5,151 6,323 6,693 2021 2022 1H23 Debt Equity ex. AOCI Adj. Debt to Capital % 18% 17% 23% 1Excluding accumulated other comprehensive income (ex AOCI) Solid F&G capitalization; debt-to-capitalization ratio in line with long term target of 25% • 1H23 capital markets highlights, as planned: • $500M issuance of 7.40% senior unsecured notes due 2028 in January to support future growth & liquidity • Revolving credit facility upsized by $115M, from $550M to $665M in February; $515M drawn on June 30 • $25M share repurchase program authorized in March; $16.4M repurchased at average price of $20.79 in 2Q23

 
Our Strong Capitalization Supports Growth & Distributable Cash 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 $41M of capital to shareholders in 2Q23, including $25M common dividends and $16M share repurchases 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% ► Maintain solvency and capital targets in line with ratings Share Repurchase Efficient means of returning cash to shareholders when shares trade at discount to intrinsic value F&G Investor Update | Summer 2023 22

 
SECTION Appendix - Investments F&G Investor Update | Summer 2023 23

 
Structured Credit – Why We Like It 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 CLO Top 10 Industries2 CMBS by Property Type1 ABS Top 10 Collateral Type1 1GAAP Fair Values as of June 30, 2023 (ex. portion of deferred annuities to Kubera Somerset and Aspida Re) 2Par values as of June 30, 2023 (ex. portion of deferred annuities to Kubera Somerset and Aspida Re) 13% Royalty & Licensing 11% NAV Lending 9% Broadly Diversified 8% Home Improvement 8% Residential Solar 7% Aviation 6% Telecommunications 5% Student Loan 4% Structured Settlements 4% Manufactured Housing 25% All Other (< Top 10) $5B F&G Investor Update | Summer 2023 24 39% Multifamily 18% Office 14% Hospitality 9% Retail 7% Industrial 7% Defeased 4% Other 1% Self-Storage 1% Life Science $3B 13% High Tech 12% Healthcare & Pharmaceuticals 9% Banking, Finance, Insurance & Real Estate 7% Services: Business 5% Media: Broadcasting & Subscription 5% Hotels, Gaming & Leisure 4% Telecommunications 4% Construction & Building 4% Capital Equipment 4% Chemicals, Plastics & Rubber 33% Other $4B

 
F&G CLO Portfolio Overview • Highly diversified portfolio with ample par subordination • Blackstone’s broad & deep understanding of the asset class, and ability to do loan level underwriting, distinguishes F&G’s portfolio from its peers F&G CLO Portfolio Composition Note: As of June 30, 2023 1Reflects the weighted average par subordination of the CLO portfolio (% of Fair value as of June 30, 2023) Investment Grade Par Subordination 45% 27% 19% 14% 7% F&G Investor Update | Summer 2023 25 6% 9% 52% 30% 3% AAA AA A BBB BB and Below Credit Quality 97% investment grade Capital Efficiency 1.44 Average NAIC rating Market Value $3.7B1 CLO portfolio Structural Protection 19% par subordination1 47 9 29

 
0.7% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.0% 0.5% 1.0% 100% Issuer 1 Issuer 2 Issuer 3 Issuer 4 Issuer 5 Issuer 6 Issuer 7 Issuer 8 Issuer 9 Issuer 10 Other 10.5% 3.3% 2.9% 2.7% 2.5% 2.4% 2.2% 2.1% 2.1% 2.1% 0.0% 5.0% 10.0% 15.0% 70.0% Manager 1 Manager 2 Manager 3 Manager 4 Manager 5 Manager 6 Manager 7 Manager 8 Manager 9 Manager 10 Other F&G CLO Overview: Look Through Analysis Portfolio focused on high quality CLO securities backed by highly diversified pool of loans Note: As of June 30, 2023 IndustriesCompaniesCLO Managers 97 CLO managers 1,872 Companies 25 Industries 67.1% F&G Investor Update | Summer 2023 26 12.6% 12.4% 8.9% 7.4% 4.9% 4.8% 4.3% 4.3% 4.0% 3.7% 0.0% 5.0% 10.0% 15.0% 40.0% Industry 1 Industry 2 Industry 3 Industry 4 Industry 5 Industry 6 Industry 7 Industry 8 Industry 9 Industry 10 Other 32.7%95.0%

 
U.S. CLO Impairment Frontier • CLO debt is well insulated from higher defaults and lower recovery rates • BBB CLOs can withstand an annualized default of 9.6% (that would have to occur every year) assuming a 64.3% average long-term loan recovery rate U.S. CLO Impairment Frontier (First-loss scenarios among CLO tranches) Note: Reflects Blackstone Credit’s views and beliefs as of June 30, 2023. Source: U.S. J.P. Morgan as of June 30, 2023 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 Libor + 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 1998-2023 for the long-term average time period. Average recovery rate is representative of first-lien loans as of June 30, 2023 F&G Investor Update | Summer 2023 27

 
Duration 3.9 years Quality 1.3 Average NAIC rating Market Value $9.3B Real estate portfolio Weighted Average Life 5.6 years Portfolio Spotlight: Real Estate Debt BREDS (Blackstone Real Estate Debt Strategies) has assembled a high-quality portfolio with diversified exposure across asset classes and properties Note: As of June 30, 2023 35% CMBS 15% RMBS 27% RML 20% CML 3% NNN $9B F&G Investor Update | Summer 2023 28

 
Portfolio Spotlight: CMBS & RMBS By Asset Type By Property Type By NAIC Rating F&G Investor Update | Summer 2023 29 12% 29% 13% 21% 7% 18% 0% 20% 40% 60% 80% 100% Q2'23 Conduit (Below A) RMBS Conduit (A or above) SASB Agency CRE CLOs 56% 13% 10% 6% 5% 5% 5% 0% 20% 40% 60% 80% 100% Q2'23Multifamily Office Hotel Retail Industrial Defeased Other 85% 9% 5% 1% 0% 20% 40% 60% 80% 100% Q2'23 1 2 3 4 5 2Q23 2Q23 2Q Note: GAAP Fair Values as of June 30, 2023

 
CMBS Portfolio Overview Prudent asset selection has led to more multifamily exposure and less retail vs. Conduit CMBS market averages Portfolio Construction Comparison1 Note: As of June 30, 2023 1BAML Conduit Data as of June 30, 2023 39% 9% 14% 25% Multifamily Retail F&G Portfolio Post-Crisis Conduit CMBS Credit Quality 88% Investment grade (NRSRO) Quality 1.3 Average NAIC rating Market Value $3.4B CMBS portfolio Credit focus A- NRSRO rating F&G Investor Update | Summer 2023 30

 
Portfolio Spotlight: CMLs By State By Underlying Property Type By Loan-To-Value % 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% • 77 holdings, with average loan size of $27M Note: Par Values as of June 30, 2023 24% CA 12% FL 6% NY 6% TX 5% NJ 5% GA 4% CT 38% Other $2B 13% LTV < 50% 32% LTV 50% to 60% 54% LTV 60% to 70% 1% LTV > 70% $2B 47% Multifamily 23% Industrial 16% Office 5% Retail 4% Student Housing 3% Data Center 2% Other $2B F&G Investor Update | Summer 2023 31

 
Portfolio Spotlight: Alternatives • Commitments to Blackstone and non-Blackstone alternatives total $4.4B • Funded ~$2.6B or approximately 6% of total portfolio • The portfolio is well-diversified by underlying asset type, vintage year and geography • Only 2.6% of Alternative LPs portfolio in office Historical Performance Note: GAAP Fair Values as of March 31, 2023 9.5% 5.4% 31.0% 3.7% 0.3% 2019 2020 2021 2022 1Q23 F&G Investor Update | Summer 2023 32

 
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Moreover, the actual investments to be made by a Fund or any other future fund will be made under different market conditions from those investments presented or referenced in the Materials and may differ substantially from the investments presented herein as a result of various factors. Prospective investors should also note that the selected investment examples, case studies and/or transaction summaries presented or referred to herein have involved Blackstone professionals who will be involved with the management and operations of a Fund as well as other Blackstone personnel who will not be involved in the management and operations of such Fund. Certain investment examples described herein may be owned by investment vehicles managed by Blackstone and by certain other third-party equity partners, and in connection therewith Blackstone may own less than a majority of the equity securities of such investment. Further investment details are available upon request. Conflicts of Interest. There may be occasions when a Fund’s general partner and/or the investment advisor, and their affiliates will encounter potential conflicts of interest in connection with such Fund’s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of such Fund’s limited partner group. There can be no assurance that the Sponsor will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to the Partnership. F&G Investor Update | Summer 2023 33

 
Blackstone Related Important Disclosures (cont.) Diversification; Potential Lack Thereof. Diversification is not a guarantee of either a return or protection against loss in declining markets. The number of investments which a Fund makes may be limited, which would cause the Fund’s investments to be more susceptible to fluctuations in value resulting from adverse economic or business conditions with respect thereto. There is no assurance that any of the Fund’s investments will perform well or even return capital; if certain investments perform unfavorably, for the Fund to achieve above-average returns, one or a few of its investments must perform very well. There is no assurance that this will be the case. In addition, certain geographic regions and/or industries in which the Fund is heavily invested may be more adversely affected from economic pressures when compared to other geographic regions and/or industries. Epidemic / Pandemic. 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Blackstone Related Important Disclosures (cont.) Images. The Materials contain select images of certain investments that are provided for illustrative purposes only and may not be representative of an entire asset or portfolio or of a Fund’s entire portfolio. Such images may be digital renderings of investments rather than actual photos. Index Comparison. The volatility and risk profile of the indices presented is likely to be materially different from that of a Fund. In addition, the indices employ different investment guidelines and criteria than a Fund and do not employ leverage; as a result, the holdings in a Fund and the liquidity of such holdings may differ significantly from the securities that comprise the indices. The indices are not subject to fees or expenses and it may not be possible to invest in the indices. The performance of the indices has not been selected to represent an appropriate benchmark to compare to a Fund’s performance, but rather is disclosed to allow for comparison of a Fund’s performance to that of well-known and widely recognized indices. A summary of the investment guidelines for the indices presented are available upon request. In the case of equity indices, performance of the indices reflects the reinvestment of dividends. Leverage; Borrowings Under a Subscription Facility. A Fund may use leverage, and a Fund may utilize borrowings from Blackstone Inc. or under its subscription-based credit facility in advance of or in lieu of receiving investors’ capital contributions. The use of leverage or borrowings magnifies investment, market and certain other risks and may be significant. 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In addition, policies and procedures maintained by Blackstone to deter the inappropriate sharing of material non-public information may limit the ability of Blackstone personnel to share information with personnel in Blackstone’s other business groups, which may ultimately reduce the positive synergies expected to be realized by a Fund as part of the broader Blackstone investment platform. No Assurance of Investment Return. Prospective investors should be aware that an investment in a Fund is speculative and involves a high degree of risk. There can be no assurance that a Fund will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met (or that the returns will be commensurate with the risks of investing in the type of transactions described herein). 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Non-GAAP measures (including, but not limited to, time weighted gross and net returns, including income and appreciation, across all time periods) are estimates based on information available to Blackstone as of the date cited, including information received from third parties. There may not be uniform methods for calculating such measures and such methods are subject to change over time. Blackstone believes that such non-GAAP measures constitute useful methods to convey information to current and prospective investors that Blackstone believes is relevant and meaningful in understanding and/or evaluating the fund or investment in question. However, such non-GAAP measures should not be considered to be more relevant or accurate than GAAP methodologies and should not be viewed as alternatives to GAAP methodologies. In addition, third party information used to calculate such non-GAAP measures is believed to be reliable, but no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates take any responsibility for any such information. Opinions. Opinions expressed reflect the current opinions of Blackstone as of the date appearing in the Materials only and are based on Blackstone’s opinions of the current market environment, which is subject to change. Certain information contained in the Materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. F&G Investor Update | Summer 2023 35

 
Blackstone Related Important Disclosures (cont.) Reliance on Key Management Personnel. The success of a Fund will depend, in large part, upon the skill and expertise of certain Blackstone professionals. In the event of the death, disability or departure of any key Blackstone professionals, the business and the performance of a Fund may be adversely affected. Some Blackstone professionals may have other responsibilities, including senior management responsibilities, throughout Blackstone and, therefore, conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance- based compensation). Russian Invasion of Ukraine. On February 24, 2022, Russian troops began a full-scale invasion of Ukraine and, as of the date of this Material, the countries remain in active armed conflict. Around the same time, the United States, the United Kingdom, the European Union, and several other nations announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, Russia-backed separatist regions in Ukraine, and certain banks, companies, government officials, and other individuals in Russia and Belarus. The ongoing conflict and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally (including in the countries in which the Fund invests), and therefore could adversely affect the performance of the Fund’s investments. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict, and as a result, could present material uncertainty and risk with respect to the Fund and the performance of its investments and operations, and the ability of the Fund to achieve its investment objectives. Similar risks will exist to the extent that any portfolio entities, service providers, vendors or certain other parties have material operations or assets in Russia, Ukraine, Belarus, or the immediate surrounding areas. Target Allocations. There can be no assurance that a Fund will achieve its objectives or avoid substantial losses. Allocation strategies and targets depend on a variety of factors, including prevailing market conditions, investment availability and Blackstone’s allocation procedures. There is no guarantee that such strategies and targets will be achieved and any particular investment may not meet the target criteria. 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. Trends. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. F&G Investor Update | Summer 2023 36

 
SECTION 37 Appendix - Finance F&G Investor Update | Summer 2023

 
Scalable ROA Model (ex Significant Items) – 1H23 510 bps 273 bps 121 bps 116 bps1,2 Portfolio Earned Yield Cost of Funds Expenses (Operating, Interest & Taxes) Adjusted Net Earnings excluding significant items Unique Investment Capabilities Attractively Priced Liabilities Scalable Operating Platform Strong Earnings Growth Potential Overall Product Margin3: 2.37% 4 $260M 1 2 3 4 As a rule of thumb, target ROA of 100 bps, excluding significant items 1 2 3$1,147M $613M $274M F&G Investor Update | Summer 2023 38 1Adjusted return on assets (ROA) excluding significant items in bps 2See discussion of significant income and expense items in the Appendix 3Overall Product margin = portfolio earned yield – cost of funds

 
ANE – Significant Income and Expense Items1 1Refer to “Non-GAAP Financial Measures Definitions” F&G Investor Update | Summer 2023 39 Significant Income and Expense Items Reflected in ANE Alternatives Long-term Expected Return Not Reflected in ANE Weighted Average Diluted Shares Outstanding Three months ended June 30, 2023 Adjusted net earnings of $79 million for the three months ended June 30, 2023 included $82 million of investment income from alternative investments and $5 million of bond prepay income. Alternative investments investment income based on management's long-term expected return of approzimately 10% was $137 million. $87 $137 125 June 30, 2022 Adjusted net earnings of $155 million for the three months ended June 30, 2022 included $70 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, and $6 million of CLO redemption gains and other income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $100 million. $142 $100 107 Six months ended June 30, 2023 Adjusted net earnings of $140 million for the six months ended June 30, 2023 included $181 million of investment income from alternative investments and $5 million of bond prepay income, offset by $37 million tax valuation allowance expense. Alternative investments investment income based on management's long-term expected return of approximately 10% was $269 million. $149 $269 125 June 30, 2022 Adjusted net earnings of $235 million for the six months ended June 30, 2022 included $172 million of investment income from alternative investments, $66 million gain from actuarial assumption updated, $24 million income of CLO redemption gains and other investment income, partially offset by $38 million tax valuation allowance expense. Alternative investments investment income based on management's long-term expected return of approximately 10% was $200 million. $224 $200 106

 
ANE – Significant Income and Expense Items1 (cont.) 1Refer to “Non-GAAP Financial Measures Definitions” F&G Investor Update | Summer 2023 40 Significant Income and Expense Items Reflected in ANE Alternatives Long-term Expected Return Not Reflected in ANE Weighted Average Diluted Shares Outstanding Three months ended June 30, 2023 Adjusted net earnings of $79 million for the three months ended June 30, 2023 included $82 million of investment income from alternative investments and $5 million of bond prepay income. Alternative investments investment income based on management's long-term expected return of approzimately 10% was $137 million. $87 $137 125 March 31, 2023 Adjusted net earnings of $61 million for the three months ended March 31, 2023 included $99 million of investment income from alternative investments, partially offset by $37 million tax valuation allowance. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $132 million. $62 $132 125 December 31, 2022 Adjusted net earnings of $130 million for the three months ended December 31, 2022 included $41 million of investment income from alternative investments and $58 million one-time tax benefit from carryback of capital losses. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $113 million. $99 $113 125 September 30, 2022 Adjusted net loss of $12 million for the three months ended September 30, 2022 included $11 million of investment loss from alternative investments and $11 million of other net expense items. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $106 million. ($22) $106 125 June 30, 2022 Adjusted net earnings of $155 million for the three months ended June 30, 2022 included $70 million of investment income from alternative investments, $66 million gain from actuarial assumption updates, and $6 million of CLO redemption gains and other income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $100 million. $142 $100 107 March 31, 2022 Adjusted net earnings of $80 million for the three months ended March 31, 2022 included $102 million of investment income from alternative investments, $18 million income of CLO redemption gains and other investment income, partially offset by $38 million tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $100 million. $82 $100 105

 
Non-GAAP Measure Reconciliations (a)Refer to “Non-GAAP Financial Measures Definitions” (b)For the year ended December 31, 2021, reflects a one-time favorable adjustment to benefits and other changes in policy reserves resulting from an actuarial system conversion at September 31, 2021, which reflects modeling enhancement and other refinements of $435M F&G Investor Update | Summer 2023 41 Year ended Three months ended December 31, 2021 December 31, 2022 March 31, 2022 June 30, 2022 September 30, 2022 Decembr 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Net earnings (loss) $1,232 $635 $239 $385 $187 ($176) ($195) $130 $624 ($65) Non-GAAP adjustments (a): Recognized (gains) and losses, net Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets (56) 446 105 161 70 110 48 27 266 75 Change in allowance for expected credit losses (5) 24 — 7 6 11 8 20 7 28 Change in fair value of reinsurance related embedded derivatives (34) (352) (122) (141) (94) 5 19 (17) (263) 2 Change in fair value of other derivatives and embedded derivatives (14) (1) — (4) (7) 10 (1) — (4) (1) Recognized (gains) losses, net (109) 117 (17) 23 (25) 136 74 30 6 104 Market related liability adjustments (233) (534) (190) (324) (237) 217 244 (102) (514) 142 Purchase price amortization 26 21 6 5 5 5 5 6 11 11 Transaction costs and other non-recurring items (b) (430) 10 — 4 4 2 2 — 4 2 Income taxes on non-GAAP adjustments 154 104 42 62 54 (54) (69) 15 104 (54) Adjusted net earnings (loss) (a) $640 $353 $80 $155 ($12) $130 $61 $79 $235 $140 Alternatives investment short-term returns versus long-term return expections (261) 217 (2) 30 117 72 33 55 28 88 Other significant (income) expense items (83) (99) 20 (72) 11 (58) 37 (5) (52) 32 Adjusted net earnings excluding significant items $296 $471 $98 $113 $116 $144 $131 $129 $211 $260 Six months ended

 
Non-GAAP Measures and Definitions F&G Investor Update | Summer 2023 42 DEFINITIONS The following represents the definitions of non-GAAP measures used by F&G: Adjusted Net Earnings Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) 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 effect of changes in fair value of the reinsurance related embedded derivative; (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 (“VODA”)) recognized as a result of acquisition activities; (iv) Transaction costs: the impacts related to acquisition, integration and merger related items; (v) Other “non-recurring,” “infrequent” or “unusual items”: 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) 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 Net Earnings per Common Share Adjusted net earnings per common share is calculated as adjusted net earnings divided by the weighted-average common 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.

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Summer 2023 43 Adjusted Net Earnings per Diluted Share Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the 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 Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, 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 Equity excluding AOCI Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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 (loss). Assets Under Management (AUM) AUM uses the following components: (i) total invested assets at amortized cost, excluding derivatives, net of reinsurance qualifying for risk transfer in accordance with GAAP; (ii) related party loans and investments; (iii) accrued investment income; (iv) the net payable/receivable for the purchase/sale of investments; and (v) 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 rate of return on assets available for reinvestment.

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Summer 2023 44 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 assets available for reinvestment. Book Value per Share excluding AOCI Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) 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 Equity excluding AOCI Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve months 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.

 
Non-GAAP Measures and Definitions (cont.) F&G Investor Update | Summer 2023 45 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. Yield on AAUM Yield on AAUM is calculated by dividing annualized 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. Total Capitalization excluding AOCI Total Capitalization excluding AOCI is based on Total Equity and the total aggregate principal amount of debt and 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 to help assess the capital position of the Company. Total Debt-to-Capitalization excluding AOCI Debt-to-capital ratio excluding AOCI 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.

 
F&G Annuities & Life Announces Quarterly Cash Dividend of $0.20 Des Moines, Iowa, August 8, 2023 /PRNewswire/ – F&G Annuities & Life, Inc. (NYSE: FG), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share of common stock. The dividend will be payable September 29, 2023, to stockholders of record as of September 15, 2023. About F&G F&G Annuities & Life, Inc. 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 www.fglife.com. SOURCE F&G Annuities & Life, Inc. Contact: Lisa Foxworthy-Parker SVP of Investor & External Relations 515.330.3307 Investor.relations@fglife.com

 
v3.23.2
Cover
Jun. 30, 2023
Apr. 20, 2023
Cover [Abstract]    
Document Type 8-K  
Document Period End Date Aug. 08, 2023  
Entity Registrant Name F&G Annuities & Life, Inc.  
Entity File Number   001-41490
Entity Incorporation, State or Country Code   DE
Entity Tax Identification Number   85-2487422
Entity Address, Address Line One 801 Grand Avenue  
Entity Address, Address Line Two Suite 2600  
Entity Address, City or Town Des Moines  
Entity Address, State or Province IA  
Entity Address, Postal Zip Code 50309  
City Area Code 515  
Local Phone Number 330-3340  
Written Communications   false
Soliciting Material   false
Pre-commencement Tender Offer   false
Pre-commencement Issuer Tender Offer   false
Title of 12(b) Security   F&G Common Stock, $0.001 par value
Trading Symbol   FG
Security Exchange Name   NYSE
Entity Emerging Growth Company   false
Entity Central Index Key 0001934850  
Amendment Flag false  
Entity Addresses [Line Items]    
Document Period End Date Aug. 08, 2023  
Entity Central Index Key 0001934850  
Amendment Flag false  
Entity Address, City or Town Des Moines  
Entity Address, Address Line One 801 Grand Avenue  
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