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.