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