DES MOINES, Iowa, Nov. 13, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) today announced its intent to enter into an agreement under which Fidelity National Financial, Inc. (FNF) will make an investment of approximately $250 million in F&G. FNF held approximately 85% ownership in F&G as of September 30, 2023.
The net proceeds from the investment will be used to support the growth of assets under management, as F&G capitalizes on its current momentum and attractive opportunities in the market.
F&G’s Board of Directors has formed a Special Committee comprised of independent members of the Board (the Special Committee) to begin evaluation and negotiation of terms for the investment. F&G’s Special Committee will retain an independent financial advisor, as well as legal counsel. The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate the terms and conditions of the investment on an arm’s length basis.
The transaction is expected to close in late 2023 or early 2024, subject to customary closing conditions. The Company does not intend to comment on or disclose further developments regarding the Special Committee’s work unless and until it deems further disclosure is appropriate or required.
This press release is for informational purposes and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
F&G Annuities and Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: diversion of management’s attention; the ability of the FNF and F&G special committees to negotiate mutually acceptable terms for the investment; the potential impact of the consummation of further investment by FNF in F&G on relationships, including with employees, suppliers, customers and competitors; our ability to successfully realize the anticipated benefits of the investment; general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in “Risk Factors” and other sections of F&G’s Form 10-K and other filings with the Securities and Exchange Commission (SEC).
SVP of Investor & External Relations
SOURCE F&G Annuities & Life, Inc.