F&G Annuities & Life lays off 192 in bid to ‘efficiently scale’ business

Image shows a cartoon man at an office desk — F&G Annuities & Life lays off 192 people in both its Des Moines, Iowa headquarters, as well as some remote positions.

By John Hilton

F&G Annuities & Life laid off 192 employees across both its home offices in Des Moines, Iowa, and remote functions.

The news comes three weeks after F&G reported first-quarter earnings per share of $0.72, falling well short of analysts’ expectations. The EPS miss came despite a substantial increase in revenue: $2.18 billion against a forecast of $1.37 billion.

The company also reported a record $67.4 billion in assets under management, a 169% increase year-over-year. But the inconsistent results sent investors into sell mode and shares dropped about 12% overnight.

F&G shares are down nearly 35% in six months.

Of the layoffs, a company spokesperson said, “This is in alignment with the company’s goals to efficiently scale the business and ensure our long-term success. We are providing support to impacted team members, including a comprehensive separation benefits package.”

Meanwhile, Sheryl Moore, a longtime Des Moines-area entrepreneur and owner of Moore Market Intelligence and Wink, Inc. lamented the loss of industry jobs. A Tuesday posting on Moore’s popular LinkedIn page attracted several insurance industry job listings.

“I am hurting for my community,” Moore told InsuranceNewsNet. “That is a lot of people who are already dealing with an increased cost of living. Now they need to find a way to put food on the table again.”

F&G is a subsidiary of Fidelity National Financial, which acquired a controlling interest in the company. Blackstone, one of the world’s largest private equity firms, manages a substantial portion of F&G’s investment portfolio.

In a March 2024 interview with InsuranceNewsNet Publisher Paul Feldman, F&G CEO Chris Blunt touted the insurer's fast growth and potential to grab more life and annuity market share.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.