2 models fit F&G Annuities & Life Inc. Common Stock and they agree: 2 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Bronze40
Valued as an insurer: Residual income, P/E comparison, and Dividend discount.
ACCE opinionF&G Annuities & Life Inc. Common Stock (FG)
Fair value (2 models)
$31.30
ACCE price target
$21.00
Rating
Undervalued
Horizon
12 months
Fair value published on 16 Oct 2026, 00:00 CEST; previously $30.90 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 15:04 CEST.
Price used: $20.66 at the close on 23 Oct 2026, 22:00 CEST.
Models: Dividend discount, P/E comparison, and Residual income.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
34.0% below
+51.5% to fair value
ACCE score
45
out of 100
Analysts
0% buy
2 covering
P/E
6.8x
forward 4.5x
1-year return
-29.6%
Dividend yield
4.66%
F&G Annuities & Life Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
F&G Annuities & Life sells fixed indexed and fixed-rate deferred annuities, plus life insurance, mainly through independent marketing organizations and banks, and reinsures a large share of its in-force book to Fidelity & Guaranty Life Re. The advantage is a distribution-heavy annuity franchise in a market where demand for guaranteed-income products has been strong, and a sub-5x forward earnings multiple that leaves room for error. Revenue grew 4.2% and return on equity is 9.2%, but operating margin is negative at -3.7%, so the reported earnings base is noisy and the valuation is only as good as the earnings quality behind it. The score of 45/100 and absence from any major index argue for a light, watchlist-level look before committing research time. The question to answer is whether the spread between product margins and hedging costs is holding up, which the operating line alone cannot tell us.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapsed year over year
Earnings are down 64.2% YoY while revenue grew 4.2%, and operating margin is negative at -3.7%. Net margin of +6.9% rests on a line that is shrinking fast.
high
Score down 22 points in 90 days
The ACCE score fell from 67 to 45 over 90 days, with the momentum subscore at just 17 and growth at 28. The deterioration is recent and broad.
moderate
Elevated short interest
Short interest stands at 12.2% of float. Insiders bought $0.56M across the last 10 disclosures and sold nothing, which runs against the short thesis.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-10-19 · prices to Oct 23, 2026
Why it could do well
Trailing earnings multiple of 6.5x and forward multiple of 4.9x sit well below the sector median forward P/E of 11.8x.
The model fair value of $31.30 implies the shares trade 34.0% below that consensus, and the valuation models in the consensus are 2 of 3.
Trailing free cash flow of $4.7B against a share price of $20.66 implies a free cash flow yield of 182.1%, and the dividend yield is 5.1%.
Why it could disappoint
Latest quarterly earnings per share missed expectations, coming in at 0.65 against 0.78 expected, a surprise of -16.7%.
Return on equity of 9.2% and return on invested capital of 3.1% are thin for a business that has to earn a return on the capital it holds.
No analysts rate the stock Buy or Strong Buy, and the analysts' mean price target of $24.00 is only 21.3% above the share price.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where FG's valuation models land
Price
$20.66
Model fair value
$31.30
Model range
$28.58 to $34.47
Fair value $31.30
Price $20.66
The price is below the whole model range.
Model
Fair value
Upside
Dividend discount
P/E comparison
Residual income
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Quality
INVESTOR
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