F&G Annuities & Life has cut 192 jobs across its Des Moines headquarters and remote operations. The move comes after the company reported first-quarter earnings per share of $0.72, missing analysts’ expectations despite a significant revenue increase. The company’s revenue surged to $2.18 billion, exceeding the forecasted $1.37 billion, and assets under management reached a record $67.4 billion, a 169% year-over-year increase. However, the mixed results led to a 12% overnight drop in F&G shares, which have now fallen nearly 35% over six months.
Company Statement and Industry Reaction
A company spokesperson explained that the layoffs align with F&G’s goals to efficiently scale its business and ensure long-term success. The affected employees will receive a comprehensive separation benefits package. Sheryl Moore, owner of Moore Market Intelligence and Wink, Inc., expressed concern about the impact on the local community, stating, “I am hurting for my community.” Moore’s LinkedIn post about the layoffs attracted several insurance industry job listings.
Background and Ownership
F&G is a subsidiary of Fidelity National Financial, which acquired a controlling interest in the company. Blackstone, a major private equity firm, manages a substantial portion of F&G’s investment portfolio. In a recent interview, F&G CEO Chris Blunt highlighted the company’s rapid growth and potential to capture more market share in the life and annuity sectors.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. Hilton reported on the company’s earnings miss and subsequent layoffs, providing context on the industry’s challenges and F&G’s position within it.
