F&G Annuities & Life, Inc. (FG) has faced challenges over the past year, with shares declining by about 11%. The decline has been attributed to concerns regarding the company's exposure to private credit and potential losses. Despite these challenges, analysts believe that F&G remains significantly undervalued, trading well below its book value. The company's investment portfolio is conservatively structured, with 97% of its holdings in investment-grade fixed income, minimizing risks associated with alternative investments. Furthermore, there are strategic opportunities for the Peak unit that could unlock additional value and diversify revenue streams. Analysts maintain a 'Strong Buy' rating for FG, with a price target of $35, supported by strong sales performance and disciplined capital return strategies. As market fears dissipate, F&G Annuities & Life is positioned for potential recovery and growth.