Fidelity National Prepares to Spin Off Part of Annuity Unit
May 3, 2022 by Allison Bell
Fidelity National Financial is preparing to give a 15% stake in its F&G Annuities & Life subsidiary — the unit that holds Fidelity & Guaranty Life Insurance Co. — to its shareholders.
Fidelity National is the Jacksonville, Florida-based title insurer that acquired F&G in June 2020.
F&G is a Des Moines, Iowa-based life and annuity issuer that has focused on selling nonvariable indexed annuities, multiyear guaranteed annuities and fixed indexed universal life insurance.
Mike Nolan, Fidelity National’s CEO, said in a comment, included in the partial spinoff announcement, that the F&G deal has worked out better than Fidelity National had expected, but that Fidelity National’s share price does not reflect how well F&G has been doing.
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