F&G Annuities & Life life insurance

Overview

F&G Annuities & Life is a Des Moines, Iowa, insurer best known for fixed indexed annuities and indexed universal life (IUL). Its main insurance company is Fidelity & Guaranty Life Insurance Company; Fidelity & Guaranty Life Insurance Company of New York serves New York. F&G is publicly traded on the New York Stock Exchange under the ticker FG, but it is controlled by Fidelity National Financial (FNF), the large title insurance company, which owned about 70% of its common stock after a share distribution on December 31, 2025.

The Fidelity National Financial group, which for life insurance purposes is F&G, ranked #44 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $814.0 million in premiums and a 0.52% share. Annuities are the larger business: F&G reports gross sales of $14.6 billion in 2025, up from $4.5 billion in 2020, about 778,000 policyholders and roughly 145,000 pension plan participants. In life insurance it focuses on IUL for middle-income households, sold largely through network marketing groups, and it says it ranked seventh in U.S. IUL sales for the first nine months of 2025, according to Wink's sales report.

History

Fidelity & Guaranty Life was founded in 1959 in Maryland and began business in 1960 as the life insurance arm of United States Fidelity and Guaranty Company (USF&G), a Baltimore property-casualty insurer. The St. Paul Companies bought USF&G in 1998 and in 2001 sold the life company to London-based Old Mutual, which renamed it OM Financial Life Insurance Company.

In April 2011 Old Mutual sold the business to Harbinger Group, and the company took back the Fidelity & Guaranty Life name. It went public in December 2013. After a planned sale to China's Anbang fell through, CF Corporation, a blank-check company led by Chinh Chu and William Foley, bought it on November 30, 2017, creating FGL Holdings. FNF, where Foley is chairman, acquired FGL Holdings on June 1, 2020.

Under FNF the company rebranded as F&G, and its ratings rose: S&P and Fitch upgraded it to A- in June 2020, Moody's to A3 in July 2023 and AM Best to A in January 2024. FNF distributed about 15% of F&G's shares to its own shareholders in December 2022, when F&G began trading as FG, and another 12% on December 31, 2025, leaving FNF with about 70%. Chris Blunt retired as CEO effective June 30, 2026; Conor Murphy, formerly CEO of Resolution Life US, became CEO and president. Blunt continues to run Peak Altitude Equity, an F&G subsidiary that owns stakes in the marketing organizations that sell F&G products.

F&G uses reinsurance heavily. Almost all life policies it issued before March 1, 2010 are reinsured with Wilton Re under a 100% quota share agreement, and it reinsures portions of its annuity business with other carriers and offshore affiliates. Policyholders keep dealing with F&G under these arrangements.

Life insurance products

F&G describes itself as specializing in IUL. Its two main policies are F&G Pathsetter, aimed at building cash value, and F&G Everlast, aimed at affordable lifelong protection. Both credit interest from a fixed-rate account or market-index strategies such as the S&P 500, with a cap on gains and protection against losses from market declines, and both let you choose a level death benefit or one that adds the account value. Living benefits can accelerate part of the death benefit after a qualifying critical, chronic or terminal illness. F&G says qualified applicants can be approved through a streamlined process without a medical exam, physician statements or phone interviews.

F&G does not publish term life, whole life or final expense products on its consumer site. IUL is complex: its illustrated returns depend on assumptions and are limited by industry rules, and policies can lapse if crediting falls short and premiums are not adjusted. IUL pros and cons: what the sales pitch leaves out and IUL illustrations and Actuarial Guideline 49 explain the trade-offs.

Other products

Most of F&G's business is retirement products: fixed indexed annuities, registered index-linked annuities and multi-year guaranteed annuities, sold through independent agents, banks and broker-dealers. It also writes pension risk transfer group annuities, with $9.1 billion of cumulative pension obligations taken on by the end of 2025, and funding agreements for institutional investors.

Buying and service

You cannot buy F&G products directly. Life insurance and annuities are sold by independent agents, who usually work through independent marketing organizations, and annuities are also sold at banks and broker-dealers; the website has a tool to find a financial professional. F&G's life sales lean on network marketing groups, which recruit agents from local and cultural communities. Because F&G also owns stakes in some of these distributors through Peak Altitude, ask your agent which companies they can offer.

Policyholders can manage policies online at mypolicy.fglife.com. The F&G Service Center handles individual life and annuity policies at 888-513-8797, Monday through Friday, 8 a.m. to 6 p.m. Eastern; fax 800-281-5777; mail to P.O. Box 81497, Lincoln, NE 68501-1497. Pension risk transfer certificate holders use a separate PRT Service Center at 833-418-1940.

Claims

F&G does not publish a separate death claims line. Beneficiaries should call the Service Center at 888-513-8797 to report a death and request claim forms, or write to the Lincoln, Nebraska, service address. Expect to provide a certified death certificate and a completed claimant statement for each beneficiary. The claims guide explains the general process.

Ratings and reputation

AM Best affirmed the A (Excellent) financial strength rating of Fidelity & Guaranty Life Insurance Company and its New York subsidiary on March 31, 2026, with a stable outlook, assessing the balance sheet as strong. As of F&G's annual report filed in February 2026, S&P rated the insurance company A- (Strong), Fitch A- (Strong) and Moody's A3, all with stable outlooks. These ratings are solid but below those of the largest mutual insurers.

F&G was not ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study. F&G discloses ordinary-course litigation in its SEC filings, including a commission dispute with an insurance distribution consultant in federal court in Texas; it says it does not expect pending cases to have a material effect.

Who it suits

F&G suits buyers who want indexed universal life or an indexed or fixed annuity through an independent agent, particularly middle-income families reached through the network marketing groups F&G works with. It does not suit people who want term or guaranteed whole life, want to buy online, or prefer a simple product with fully guaranteed values.

• Strengths: a large, growing IUL and annuity writer with ratings upgraded since 2020 and AM Best's A affirmed in March 2026; no-exam approval for qualified IUL applicants; a separate New York company; public SEC reporting gives more transparency than privately held peers.
• Weaknesses: no term, whole life or final expense products; sold only through agents, with life sales relying heavily on recruiting-based network marketing groups; controlled by FNF, so major decisions rest with one shareholder; ratings in the A- to A range, below top-tier insurers, and heavy use of reinsurance.

How to contact F&G