F&G Annuities & Life (NYSE: FG) announced a partnership with Voya Financial that will make the company’s fixed‑indexed annuities, registered index‑linked annuities and multi‑year guaranteed annuities available through Voya’s wealth‑management platform. The deal gives Voya’s financial professionals access to FG’s products and the educational resources that support advisor and client outcomes, while allowing FG to broaden its distribution moat without building a new sales channel.
The partnership builds on Voya’s recently launched WealthPath platform, which integrates financial planning, investment strategy execution and relationship management for advisors. By adding FG’s suite of annuity solutions to WealthPath, Voya can deepen its retirement offering and provide advisors with a broader range of fee‑based products that align with FG’s capital‑light strategy. FG’s focus on fixed‑indexed annuities—products that combine growth potential with downside protection—complements Voya’s goal of expanding its fee‑based revenue streams.
F&G’s financial performance in the most recent quarter provides context for the partnership. The company reported record assets under management of $73.1 billion for 2025, a 12% year‑over‑year increase, while its adjusted net earnings for Q4 2025 were $0.91 per share, missing analyst expectations of $1.57 per share. Revenue for the quarter reached $2.3 billion, beating the $1.49 billion consensus estimate, but the earnings miss was driven by lower-than‑expected returns on alternative investments.
The earnings miss reflects a broader challenge for FG: its exposure to private credit and alternative investments has become a headwind, as lower returns in those asset classes eroded profitability. Despite the revenue beat, the shortfall in earnings highlights the volatility of FG’s investment portfolio and underscores the importance of the partnership, which is expected to generate fee‑based income that is less sensitive to market swings.
Conor Murphy, President and Chief Financial Officer of F&G, said, "We are thrilled to partner with Voya to bring F&G's suite of annuity solutions to their wealth management business. This collaboration represents an important opportunity to serve more Americans as they plan for their financial futures. Voya's commitment to customer centricity and financial confidence aligns perfectly with F&G's mission of helping people turn their aspirations into reality." John Brett, President of Wealth Management at Voya, added, "We look forward to bringing our scale and advisor acumen to this collaboration. This relationship enhances our ability to deliver impactful, well‑designed solutions that help clients address a wide range of retirement and investment needs."
Investors have expressed concern about FG’s valuation and its exposure to private credit, which has tempered enthusiasm for the partnership. The earnings miss in Q4 2025 has led analysts to focus on the company’s risk profile, while the partnership is viewed as a positive step toward a more stable fee‑based revenue base.
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