The IPOX® Watch: F&G Annuities & Life, Inc.
COMPANY DESCRIPTION
Founded in 1959 as a life insurance company and headquartered in Des Moines, IA, F&G Annuities & Life, Inc., is the life insurance and annuity unit spin-off of Fidelity National Financial. F&G offers annuities and life insurance solutions including fixed deferred annuities (fixed indexed annuity, multi-year guaranteed annuity), pension risk transfer, life insurance (indexed universal life) and funding agreements (funding agreement backed notes, federal home loan bank) through both retail and institutional channels.
BUSINESS MODEL
F&G Annuities & Life, Inc., generates revenue from life insurance, annuity and other product sales, interest and dividends received, as well as investment income earned.
SPIN-OFF HISTORY
On 12/01/2022, F&G Annuities & Life, Inc., completed the spin-off from Fidelity National Financial, Inc (FNF) and began trading on the NYSE. FNF shareholders received 68 F&G common stock for every 1,000 FNF shares held as of 11/22/2022 (the record date). FNF will retain control of F&G through an approximately 85% equity ownership stake. The retail annuity and life insurance company fell on first day of regular-way trading from its when-issued trading level to $19.13 (-16.79%).
F&G Annuities & Life Inc., was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 06/20/2023 and has gained +39.55% since addition to the indexes.
