F&G Annuities & Life is a U.S. insurance company that sells fixed annuities and life insurance, primarily to middle-income Americans nearing or in retirement. F&G's core product is the fixed indexed annuity (FIA), which credits returns tied to a market index while protecting principal from losses. F&G also sells multi-year guarantee annuities (MYGAs), which offer a fixed rate for a set period; registered index-linked annuities (RILAs), which offer higher potential returns in exchange for some downside risk; indexed universal life (IUL) insurance targeting multicultural communities; pension risk transfer (PRT) group annuities that take pension obligations off corporate balance sheets; and funding agreements for institutional investors. F&G distributes retail products through roughly 300 independent marketing organizations representing about 173,000 agents, banks and broker-dealers, and network marketing groups. F&G earns money primarily through investment spread — collecting premiums, investing them in fixed income, and paying policyholders a credited rate below the portfolio yield. Blackstone manages roughly 78% of F&G's investment portfolio, sourcing private credit assets to generate higher yields than comparable public bonds. F&G uses flow reinsurance extensively to reduce capital consumption, ceding portions of new policies to third-party reinsurers and converting spread income into capital-light fee income. F&G also holds stakes in several IMOs and annuity distributors to capture distribution economics. Management targets growing fee-based earnings to 25% of adjusted net earnings by 2028, up from roughly 15% currently.