Major Sales Milestone Driven by Significant
PRT Deals
DES
MOINES, Iowa, Sept. 1,
2022 /PRNewswire/ -- F&G Annuities & Life,
Inc. (F&G or the Company), an operating segment of Fidelity
National Financial, Inc. (NYSE:FNF) and a leading provider of
insurance solutions serving retail annuity and life customers and
institutional clients, recently closed two pension risk transfer
(PRT) transactions propelling cumulative sales from F&G's
Institutional Markets to nearly $5
billion since the channel launched in June 2021.
Institutional Markets transactions include PRT and funding
agreements.
During August, F&G closed PRT transactions representing
$620 million in pension obligations
and 13,000 certificate holders, including a first repeat client
transaction. Since launching last year, the Company has now
closed 10 total PRT deals resulting in $2.3
billion in sales and 44,000 total participants who will
receive their pension payments from F&G.
"In just over a year, F&G's institutional business continues
to experience strong growth as evidenced by this significant sales
milestone," said Scott Cochran,
President of Institutional and New Markets at F&G. "Our PRT
deals this year have already exceeded total PRT sales from 2021,
thanks in part to our deeply experienced team and overall ability
to leverage our financial and investment strengths. We are
excited for continued momentum in the institutional business as
part of our diversified growth strategy which complements our
growing retail channels."
F&G's nearly $5 billion in
institutional sales has also been driven by continued opportunistic
growth in the funding agreement backed note (FABN) market,
resulting in $700 million in sales
during the first half of 2022, despite elevated capital market
volatility this year.
About F&G
F&G is part of the FNF family of
companies. F&G 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.
"F&G" is the marketing name for Fidelity & Guaranty Life
Insurance Company issuing insurance in the United States outside of New York. Life insurance and annuities issued
by Fidelity & Guaranty Life Insurance Company, Des Moines, IA.
Media Contact:
Karen
Pevenstein
Karen.Pevenstein@fglife.com
617.312.3922
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SOURCE Fidelity & Guaranty Life; Fidelity National
Financial, Inc.