F&G Annuities & Life, Inc. (FG) — ESG & Values Scores

Environment story

F&G Annuities & Life, Inc. discloses minimal environmental data in its 10-K filing. No quantified Scope 1, 2, or 3 emissions are reported. The company does not disclose a net-zero target date or committed decarbonization initiatives. Environmental commitments are not evident from the available filings. The company faces indirect climate transition risk through its investment portfolio exposure to fixed-income and equity securities, which could be negatively impacted by climate change (both physical and transition risk) as acknowledged in the Risk Factors. No material resource controversies, toxic waste issues, or water consumption disputes are disclosed. The absence of affirmative environmental commitments and emissions disclosure results in a below-average environmental score.

Criticisms on file

No disclosed Scope 1, 2, or 3 emissions; no net-zero target or decarbonization roadmap disclosed in 10-K.
Source: FG_10k.txt - Risk Factors section; entire filing lacks Environmental, Social, Governance (ESG) disclosure section typical of large public insurers.
Climate change acknowledged as material risk to investment portfolio but no mitigation strategy disclosed beyond general portfolio monitoring.
Source: FG_10k.txt - 'Our business could be materially and adversely affected by the occurrence of a catastrophe...the value of our investment portfolio may decrease if the securities in which we invest are negatively impacted by climate change (both transition risk and physical risk).'

Disclosed initiatives

Investment Portfolio Climate Risk Monitoring

Company acknowledges climate change transition and physical risk as potential negative factors affecting investment securities valuations; maintains investment portfolio with exposure to fixed-income, equity and derivative instruments subject to climate-related market volatility.

Social story

F&G does not disclose comprehensive diversity, pay equity, or labor-relations data in the 10-K filing examined. No CEO-to-median-worker pay ratio is provided. The company makes general statements about attracting and retaining key employees and employees in sales, distribution, actuarial, investment, finance, and IT roles, but provides no quantified diversity metrics for workforce or leadership. No union-suppression activities, major strikes, or labor litigation are disclosed in the 10-K. Supply-chain ethics audits or forced-labor disclosures are absent. The company acknowledges reliance on independent marketing organizations (IMOs) and third-party service providers but does not detail labor or ethical audit findings. Remote work practices are noted as ongoing (post-pandemic), but no associated labor safety or wellbeing data is disclosed.

Criticisms on file

No diversity metrics (gender, race, ethnicity) disclosed for workforce or leadership in 10-K filing.
Source: FG_10k.txt - Risk Factors section mentions need to 'attract and retain qualified employees' including 'senior management, sales and distribution professionals, actuarial, investment and finance professionals and information technology professionals' but no quantified diversity data provided.
CEO-to-median-worker pay ratio not disclosed; no pay equity audits or commitments documented in filing.
Source: FG_10k.txt - entire filing does not include executive compensation or workforce pay data.
Remote work environment creates heightened cybersecurity and employee safety risks; acknowledged but no mitigation measures detailed.
Source: FG_10k.txt - 'A significant number of our employees continue to work from home and we believe this will continue into 2026 and future years. The remote work environment puts greater demands on our technological systems, puts us at greater risk of cybersecurity incidents and adds complexity to our programs that are designed to protect private data.'

Disclosed initiatives

Acquisition of IMO Platforms for Distribution Diversity

F&G has established a subsidiary focused on acquiring minority and/or majority ownership stakes in indexed universal life and annuity Independent Marketing Organizations (IMOs) to diversify earnings and distribution channels; acquisitions include stakes in Syncis Holdings, DCMT Worldwide, Roar, and PALH.

Intended to diversify earnings and reach underserved market segments; creates operational and integration risks.
Vendor Management Program

Company maintains a formal vendor management program with continuous lifecycle management for all third-party providers, including initial risk assessment, due diligence based on risk tier, contract management, ongoing monitoring, and offboarding.

Designed to manage third-party performance and ensure compliance with service level agreements; addresses operational and compliance risks from outsourcing.

Governance story

F&G's governance structure and practices are not comprehensively disclosed in the 10-K examined. Board independence percentage, share structure (single-class vs. dual-class), and lobbying expenditures are not reported in the filing. The company is organized as a holding company with insurance subsidiaries and maintains debt instruments with restrictive covenants and financial limitations, suggesting structured board-level and creditor oversight. Significant regulatory scrutiny exists regarding the DOL's fiduciary rules, which remain subject to ongoing litigation; the company has implemented compliance programs for IRA sales (PTE 84-24) but faces uncertainty around expanded fiduciary liability. No material antitrust, consumer-safety, or financial-fraud regulatory proceedings are disclosed; however, the company is subject to ongoing insurance regulatory audits and examinations by state insurance authorities. No explicit governance controversies (shareholder litigation, board disputes, or executive misconduct) are noted. Investment advisor concentration risk is notable: F&G relies heavily on Blackstone ISG-I Advisors (BIS) with a long-term omnibus termination side letter restricting investment manager changes until June 2029, creating governance concentration.

Criticisms on file

Board independence percentage and share structure (single-class vs. dual-class voting) not disclosed in 10-K filing.
Source: FG_10k.txt - entire filing lacks governance section with board composition and voting structure details.
DOL fiduciary rule litigation risk: New Fiduciary Rule effective date stayed by federal courts; outcome uncertain; adverse ruling could materially harm insurance agent distribution and compliance burden.
Source: FG_10k.txt - 'The DOL's New Fiduciary Rule, which was scheduled to become effective on September 23, 2024, has been challenged. On July 25, 2024...the United States District Court for the Eastern District of Texas issued an order staying the effective date of the DOL's New Fiduciary Rule...In November 2025, the DOL moved to voluntarily dismiss their appeals and the Fifth Circuit agreed and remanded the cases to the District Courts. The DOL has moved the District Courts to allow until March 2026 to determine their position and next steps with the cases.'
Investment advisor concentration: F&G is bound by omnibus termination side letter with Blackstone ISG-I Advisors (BIS) through June 1, 2029, restricting ability to appoint or change investment managers without BIS consent; governance concentration risk.
Source: FG_10k.txt - 'We have a long-term contractual relationship with BIS that limits our ability to terminate this relationship or retain another investment manager without BIS's consent...Under an omnibus termination side letter among us, FNF and BIS, we have agreed with BIS not to allow other investment managers to be appointed or retained to provide investment management or advisory services to our annuity and life insurance subsidiaries without BIS's consent.'
Cybersecurity incident (June 2023 MOVEit): Third-party vendor PBI was victim of zero-day vulnerability affecting F&G data; no F&G systems directly compromised but highlights vendor governance and data-security risks.
Source: FG_10k.txt - 'In June 2023, we were notified that PBI Research Services (PBI), a third-party vendor to F&G, was the victim of the security incident associated with the MOVEit file transfer system...The incident did not affect any F&G systems, including any of F&G's financial systems. In addition, the incident did not affect F&G's ability to serve its customers.'
Regulatory uncertainty: NAIC considering reforms to cybersecurity regulations, RBC requirements, and life insurance reserves; company's capital and financial strength dependent on evolving regulatory frameworks.
Source: FG_10k.txt - 'The NAIC continues to work to reform state regulation in various areas, including comprehensive reforms relating to cybersecurity regulations, best interest standards, RBC and life insurance reserves.'

Disclosed initiatives

Compliance Program for DOL Fiduciary Rule (PTE 84-24)

Company designed and launched compliance program in January 2022 requiring all agents selling IRA products to submit acknowledgment with each IRA application indicating satisfaction of PTE 84-24 requirements on precautionary basis.

Mitigates prohibited transaction risk under ERISA; ensures compliance with insurance-agent fiduciary exemption disclosure requirements.
Formal Vendor Management Program

Company maintains continuous lifecycle vendor management for third-party providers including initial risk assessment, due diligence, contract management, ongoing monitoring, and termination/offboarding.

Designed to mitigate operational and regulatory risks from third-party service providers; includes compliance and data destruction protocols.
Risk Management Policies and Procedures

Company has developed risk management policies and procedures designed to manage material risks within established risk appetites and risk tolerances; includes credit surveillance, quantitative credit screens, and credit watchlist management.

Addresses investment credit risk, counterparty risk, and operational risk; subject to limitations in capturing unanticipated risks.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of F&G Annuities & Life, Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open F&G Annuities & Life, Inc. in the app for interactive charts and portfolio building.

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