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F&G Annuities & Life FG Universal life — Deferred Policy Acquisition Cost

Other product segments

Indexed annuities
$2.35B+14.7%
Fixed rate annuities
$363M-11.9%

Similar metrics at other companies

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FNFUniversal Life — Deferred Policy Acquisition Cost
$1.08B+29.1%
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PRUGuaranteed Universal Life — Deferred Policy Acquisition Cost
$545M+3.8%
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PRUVariable Universal Life — Deferred Policy Acquisition Cost
$5.07B+10.9%
Brighthouse Financial logo
BHFUniversal Life Insurance — Deferred Policy Acquisition Cost
$307M-5.0%
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CRBGLife Insurance — Deferred Policy Acquisition Cost
$4.19B+1.1%
Lincoln National logo
LNCTraditional Life — Deferred Policy Acquisition Cost
$1.27B-3.7%

Other financials

Income statement

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Revenue$1.4B+4.2%
Net income-$76.0M-290%
EPS (diluted)-$0.62-338%

Balance sheet

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Cash & equivalents$2.1B+11.6%
Total debt$2.3B+0.3%
Total equity$4.6B+3.9%
Total assets$103.59B+12.8%

Cash flow

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Operating cash flow$1.5B-8.2%

Valuation

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Market cap$3.87B-22.0%
Enterprise value$4.01B-24.7%
P/E9.3×-5.3×
P/S0.6×-0.3×

Profitability

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Net margin6.9%+0.4pp

Returns & leverage

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Return on equity9.2%+0.8pp
Debt / equity0.5×0.0×

Where this comes from

Reported directly by F&G Annuities & Life in its filing.

Tagged under the XBRL concept us-gaap:DeferredPolicyAcquisitionCosts.

The source filing: F&G Annuities & Life’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:08 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q3 2026
Accession
0001934850-26-000085
Line itemIndexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2026$2,205$402$1,021$3,628
Capitalization25016146412
Amortization(110)(55)(32)(197)
Balance at June 30, 2026$2,345$363$1,135$3,843
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2025$1,874$376$781$3,031
Capitalization26287138487
Amortization(92)(51)(24)(167)

Item 1. Condensed Consolidated Financial Statements:

FAQ

What is F&G Annuities & Life's universal life — deferred policy acquisition cost?
F&G Annuities & Life (FG) reported universal life — deferred policy acquisition cost of $1.14B in Q2 2026.
How has F&G Annuities & Life's universal life — deferred policy acquisition cost changed year-over-year?
F&G Annuities & Life's universal life — deferred policy acquisition cost increased by 26.8% year-over-year, from $895M to $1.14B.
What is the long-term trend for F&G Annuities & Life's universal life — deferred policy acquisition cost?
Over 3 years (2022 to 2025), F&G Annuities & Life's universal life — deferred policy acquisition cost has grown at a 49.1% compound annual growth rate (CAGR), from $1.12B to $3.71B.
What does universal life — deferred policy acquisition cost mean?
This represents the unamortized balance of costs directly associated with the successful acquisition of new universal life insurance policies, such as commissions and underwriting expenses. These costs are capitalized on the balance sheet and amortized over the life of the policies to match expenses with related revenues. It serves as a measure of the investment made in growing the insurance book of business.

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