Moody's Upgrades Financial Strength Ratings of F&G Annuities & Life's Operating Companies to 'A3'

DES MOINES, Iowa, July 21, 2023 /PRNewswire/ -- Moody's Investors Service ("Moody's") announced it has upgraded the insurance financial strength (IFS) ratings of F&G Annuities & Life, Inc.'s (NYSE: FG) ("F&G" or the "Company") insurance subsidiaries to 'A3' from 'Baa1'.  Concurrently, Moody's has also upgraded the long-term issuer rating of F&G Annuities & Life, Inc. to 'Ba1' from 'Ba2'.  The rating outlook for F&G and subsidiaries is 'Stable'.

Chris Blunt, President and Chief Executive Officer of F&G, stated, "We are pleased that Moody's has upgraded F&G's insurance subsidiaries to an 'A3' rating, recognizing the financial strength and stability of F&G's business as we execute on our diversified growth strategy which resulted in record total gross sales of over $11 billion and record assets under management of $43.6 billion at year-end 2022.  With this rating upgrade by Moody's, we have successfully attained cumulative financial strength ratings of 'A3' and 'A-' across all current participating rating agencies, which recognizes our proven track record, balance sheet strength, financial transparency and commitment to achieving upgrades over time."  

Moody's is one of the four major credit agencies utilized by F&G to provide an independent assessment of the Company's financial strength.  The full list of F&G and associated entities receiving upgrade is available on the Moody's website.

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. 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.

Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
515.330.3307
[email protected]

SOURCE Fidelity & Guaranty Life