F&G Annuities & Life annuities

Overview

F&G Annuities & Life is a Des Moines, Iowa, insurer that writes mostly annuities through its main company, Fidelity & Guaranty Life Insurance Company, and Fidelity & Guaranty Life Insurance Company of New York. It is publicly traded (NYSE: FG) but controlled by Fidelity National Financial (FNF), the title insurance company, which owned about 70% of its common stock after a share distribution on December 31, 2025. The Fidelity National Financial group ranked #14 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with about $11.80 billion in premiums and a 2.80% market share.

F&G sells through independent agents who usually work with independent marketing organizations, and through banks and broker-dealers. It does not sell directly to consumers. F&G reported $14.6 billion of gross sales across its products in 2025, up from $4.5 billion in 2020. Conor Murphy became chief executive on June 30, 2026, succeeding Chris Blunt. F&G's indexed universal life business and company history are covered in our F&G Annuities & Life profile.

Annuities it sells

F&G's product suite for financial professionals sorts its fixed indexed annuities by goal:

• Growth-focused FIAs: FG AccumulatorPlus (7- and 10-year versions), F&G Power Accumulator (7 and 10), F&G Flex Accumulator and Performance Pro. F&G's own pages say index-linked interest is never credited below zero, but caps and other limits restrict the upside.
• Income-focused FIAs: F&G Safe Income Advantage, Accelerator Plus (10 and 14) and F&G 1-2-3. F&G describes FIAs with a guaranteed minimum withdrawal benefit that pays lifetime income; optional riders for lifetime income, a set growth rate, wealth transfer and healthcare carry extra fees. These work much like a GLWB.
• Legacy-focused FIA: Prosperity Elite (7, 10 and 14), designed for leaving money to heirs.
• Multi-year guaranteed annuity: FG Guarantee-Platinum in 3-, 5- and 7-year versions; see Multi-year guaranteed annuities (MYGAs): how they work.
• Registered index-linked annuity: F&G Confidence Builder, F&G's first RILA, launched in February 2024 and distributed by its affiliated broker-dealer, F&G Securities. It uses buffers, so you absorb index losses beyond the buffer you choose.
• Income annuity: FG Immediate-Income, a single premium immediate annuity.
• New York: the New York company sells FGNY Index-Choice 10.

F&G says many of its annuities include, at no extra charge, riders that allow penalty-free access to all of your money for a terminal illness or nursing home or home health care, subject to state availability. Most contracts also allow a yearly penalty-free withdrawal. Withdrawals above that during the surrender period may face surrender charges and a market value adjustment. F&G also writes pension risk transfer group annuities for employers, a separate institutional business.

Ownership and reinsurance

F&G has had several owners: USF&G, The St. Paul Companies, Old Mutual, Harbinger Group, and CF Corporation, before FNF bought it in 2020. FNF's control means one shareholder has the final say on major decisions, but F&G's public listing also brings quarterly SEC reporting that privately held annuity writers do not provide.

F&G describes a "capital-light" strategy that relies on reinsurance to fund growth. Its life profile notes that it reinsures portions of its annuity business with other carriers and offshore affiliates. Effective August 1, 2025, it began ceding a share of its new fixed indexed annuity sales on a quota share basis to a new reinsurance vehicle backed by about $1 billion of anticipated commitments from Blackstone-managed funds; Artemis reports the vehicle, Fort Greene Re, is based in the Cayman Islands. F&G called the deal part of its "strategic relationship with Blackstone," which also manages part of its investments. Reinsurance does not change your contract, and F&G remains responsible to you, but buyers who care about where risk sits should read Offshore reinsurance and Bermuda: why it matters to policyholders.

F&G also owns stakes in some of the marketing organizations that sell its products, through its subsidiary Peak Altitude Equity. If an agent recommends F&G, it is reasonable to ask which other carriers they can offer.

Financial strength

AM Best affirmed the A (Excellent) financial strength rating of Fidelity & Guaranty Life Insurance Company and its New York company on March 31, 2026, with a stable outlook. F&G's ratings page lists S&P Global at A- (Strong, September 2025), Fitch at A- (Strong, October 2025) and Moody's at A3 (October 2025), all with stable outlooks. Those ratings have risen since FNF bought the company but remain below the strongest annuity writers.

If an insurer fails, state guaranty associations protect annuity values up to set limits that vary by state; check yours with the state guaranty association coverage lookup.

Who it suits

F&G suits savers who work with an independent agent and want a fixed indexed annuity built for growth, lifetime income or a legacy, or a straightforward 3- to 7-year MYGA, from a company with public financial reporting. It fits less well people who want top-tier ratings, who want to buy directly, or who prefer a simple product: many F&G FIAs come in 10- and 14-year versions, and income and legacy riders add fees and terms that are hard to compare. Ask for the surrender schedule, rider charges and the difference between any income value and your cash value, and see best interest rules for annuity sales.

• Strengths: A broad FIA lineup sorted by goal, plus a MYGA, a RILA and an immediate annuity; ratings upgraded since 2020 and AM Best's A affirmed in March 2026; no-cost access riders for terminal illness and care on many contracts; New York company; SEC reporting.
• Weaknesses: Ratings in the A- to A range; heavy reliance on reinsurance, including an offshore Blackstone-backed vehicle; controlled by one shareholder; long surrender periods on several FIAs; part-owned distribution through Peak Altitude.

How to contact F&G