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.
About F&G
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).
Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307
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SOURCE F&G Annuities & Life, Inc.
