The business behind the dividend
| Measure | FG | Median | Formula |
|---|---|---|---|
| Return on equity | 5.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 4.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -4.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | Median |
|---|---|---|---|---|---|---|
| Return on equity | 5.5% | 16.2% | -1.9% | 26.4% | 24.6% | 16.2% |
| Operating margin | — | — | -0.8% | 33.8% | 39.1% | 33.8% |
| Net margin | 4.6% | 11.1% | -1.3% | 27.0% | 31.2% | 11.1% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, F&G Annuities & Life pays out less than 75 of them. The median for that group is 30.6%, against this company’s 48.4%.
Closest on GAAP earnings
- CASS Information Systems (CASS) 47.9%
- First Bancorp (FNLC) 47.9%
- Perella Weinberg Partners (PWP) 48.3%
- Heritage Financial (HFWA) 49.0%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →