F&G Annuities & Life Announces New Three-Year, $25 Million Share Repurchase Program

DES MOINES, Iowa, March 21, 2023 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G" or the "Company"), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that its Board of Directors has approved a new three-year stock repurchase program, effective March 21, 2023, under which the Company may repurchase up to $25 million of FG common stock. Purchases may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions through March 21, 2026.

Chris Blunt, President and Chief Executive Officer of F&G, commented, "As we have executed on our business plan to double assets under management and earnings per share by expanding our business into new channels of distribution in advance of our original target timeframe, the market has been slow to recognize the value that has been created.  As a result, our Board of Directors has authorized a $25 million share repurchase program to take advantage of our shares currently trading at a significant discount to intrinsic value.  Our share repurchase plan will complement our Board's recent $100 million annual dividend authorization which, taken together, demonstrates our commitment to creating shareholder value through a healthy return of capital to our shareholders."

About F&G
F&G Annuities & Life, Inc. 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.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not related to present facts or current conditions or that are not historical facts, as well as statements that address activities, events, or developments that F&G anticipates will or may occur in the future, including, but not limited to, such things as the anticipated timing and closing of the offering of the notes, the use of net proceeds from the offering of the notes and other such matters. You can identify forward-looking statements by words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "predict," "project," "seek," "outlook," "future," "will," "would," "should," "could," "may," "can have," "likely" and similar terms. Forward-looking statements include statements based on management's current expectations and assumptions about future events. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond F&G's control, that could cause actual results to differ materially from those in or implied by the forward-looking statements. Factors that may cause such differences include the risks and uncertainties described in F&G's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. F&G disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, changes in assumptions or otherwise.

SOURCE FGL Holdings

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