MEDIUMBuilt-inProduct / Revenue mix
46%
FIAs
“10-K Item 1: 'FIAs generated approximately 46% of our gross sales'”
FG · Concentration risk · 10-K extracted
F&G Annuities & Life (FG) concentration risks
Updated
The most significant concentration F&G Annuities & Life discloses is FIAs at 46%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: F&G Annuities & Life’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH0
MEDIUM3
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
40%
top five states (CA, FL, PA, TX, NJ)
“10-K Item 1A: 'our top five states for the distribution of our products were California, Florida, Pennsylvania, Texas and New Jersey, which together accounted for 40% of our premiums'”
MEDIUMOutside partyCounterparty
Aspida Re
“10-K Item 1A: 'Aspida Re, Wilton Re, Somerset and Everlake represent our largest third-party reinsurance counterparty exposures'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile spans three dimensions — product, geography, and reinsurance counterparty — all of which are structural in character rather than idiosyncratic bets. On the product side, fixed indexed annuities (FIAs) generated approximately 46% of gross sales, a medium share by disclosed size. This reflects the strategic composition of the product mix rather than reliance on any single client, and its structural character means it is expected to persist absent a deliberate product-line shift. Geographically, the top five states — California, Florida, Pennsylvania, Texas, and New Jersey — together accounted for 40% of premiums, also a medium-share exposure. This is characteristic of the domestic life and annuity market, where distribution tends to cluster around population centers, and it does not imply dependence on any single market in an idiosyncratic sense. The more distinct risk in the profile is the reinsurance counterparty exposure. The filing names Aspida Re, Wilton Re, Somerset, and Everlake as the largest third-party reinsurance relationships, a medium-share exposure by disclosed size but one with a dependency character — terms are governed by formal agreements, and disruption to any of these arrangements could affect claims-paying capacity. On balance, the profile is diffuse and well-disclosed, with no single exposure dominating; the reinsurance layer warrants monitoring for counterparty creditworthiness.
For the engine’s reasoning on FG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Insurance - Life
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNO | CNO Financial Group, Inc. | 1 | 1 | 1 | 3 |
| AFL | AFLAC Incorporated | 1 | 0 | 0 | 1 |
| FG● | F&G Annuities & Life, Inc. | 0 | 3 | 0 | 3 |
| GL | Globe Life Inc. | 0 | 2 | 0 | 2 |
| BHF | Brighthouse Financial, Inc. | 0 | 0 | 0 | 0 |
| BHFAP | Brighthouse Financial, Inc. - D | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.