DES
MOINES, Iowa, Nov. 8, 2022
/PRNewswire/ -- F&G Annuities & Life, Inc. ("F&G" or
"the Company"), an operating segment of Fidelity National
Financial, Inc. (NYSE: FNF) ("FNF") and a leading provider of
annuity and life insurance products, today announced that its Board
of Directors has approved the initiation of a dividend program
pursuant to which the Company intends to pay quarterly cash
dividends on its common stock at an initial aggregate amount of
approximately $100 million per year,
commencing in early 2023.
F&G intends to pay regular quarterly dividends with all
future dividend payments subject to quarterly review and approval
by its Board of Directors and any required regulatory approvals,
based on the Company's view of the prevailing and prospective
macroeconomic conditions, regulatory landscape and business
performance. The Company will announce the record date and payment
date for each future dividend following completion of the relevant
fiscal quarter and expects future dividends to be paid in the third
month of each subsequent quarter.
Chris Blunt, President and Chief
Executive Officer of F&G stated, "At this time, we are on track
to complete the pro rata distribution of approximately 15% of the
shares of common stock of F&G to FNF shareholders and F&G's
listing on the New York Stock Exchange ("NYSE") under the symbol
"FG" during the fourth quarter of 2022, subject to customary
approvals. Our Board's decision to initiate a dividend
program reflects our confidence in F&G's operating performance,
as well as our commitment to drive shareholder value by returning
capital to shareholders while maintaining a strong balance sheet to
support the growth of our business. Going forward, we believe that
we have reached an inflection point which positions investors to
capitalize on the cash flow potential of our profitable inforce
book and the upside from our multi-channel new business
platform."
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 www.fglife.com.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading
provider of title insurance and transaction services to the real
estate and mortgage industries. FNF is the nation's largest title
insurance company through its title insurance underwriters -
Fidelity National Title, Chicago Title, Commonwealth Land Title,
Alamo Title and National Title of New
York - that collectively issue more title insurance policies
than any other title company in the
United States. More information about FNF can be found at
www.fnf.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Statements that are
not historical facts, including statements regarding our
expectations, hopes, intentions or strategies regarding the future
are forward-looking statements, including the ability to complete
the separation and distribution and list on the NYSE.
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 and the potential impact of the
consummation of the F&G transaction on relationships, including
with employees, suppliers, customers and competitors; our ability
to successfully realize the anticipated benefits of the separation
and distribution; the ability to satisfy any necessary conditions
(including any applicable regulatory approvals) to consummate the
separation and distribution within the estimated timeframe or at
all; the final terms and conditions of the separation and
distribution, including the nature of agreements and arrangements
between FNF and F&G following any such transaction, the costs
of any such transaction, and the nature and amount of indebtedness
incurred by F&G; changes in general economic, business,
political crisis, war and COVID-19 conditions, including changes in
the financial markets; weakness or adverse changes in the level of
real estate activity, which may be caused by, among other things,
high or increasing interest rates, a limited supply of mortgage
funding or a weak U.S. economy; our potential inability to find
suitable acquisition candidates; our dependence on distributions
from our title insurance underwriters as a main source of cash
flow; significant competition that F&G and our operating
subsidiaries face; compliance with extensive government regulation
of our operating subsidiaries; and other risks detailed in the
"Statement Regarding Forward-Looking Information," "Risk Factors"
and other sections of FNF's Form 10-K and other filings with the
Securities and Exchange Commission (SEC).
FNF-G
Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
515.330.3307
Investor.relations@fglife.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fg-annuities--life-inc-initiates-quarterly-cash-dividend-program-301672144.html
SOURCE Fidelity & Guaranty Life; Fidelity National
Financial, Inc.