What You Need to Know
- Fidelity National, a title insurer, is giving some F&G stock to its own investors.
- F&G sales of annuities and indexed universal life are booming.
- The life and annuity issuer posted a profit in the third quarter.
A midsize annuity issuer — F&G Annuities & Life — could get its own listing on the New York Stock exchange Dec. 1.
Fidelity National Financial, the publicly traded, Jacksonville, Florida-based title insurer that now owns F&G, announced Thursday that it will give F&G a separate identity by distributing 15% of F&G’s stock to investors who own Fidelity National stock on Nov. 22.
Fidelity National will keep an 85% stake in F&G.
F&G shares will trade under the stock symbol “FG.”
What It Means
F&G executives may soon have an easier time getting the attention of securities analysts, business news organizations and your clients.
The History
Fidelity National acquired F&G in June 2020. Company executives have said that they are happy with F&G’s performance but would like to see F&G’s success getting more attention from investors.
The Earnings
Fidelity National has been talking about the partial F&G spinoff since April.
The company announced the executive dates for the F&G stock distribution earlier this week, after posting F&G’s earnings for the third quarter, which ended Sept. 30.