A.M. Best Upgrades Financial Strength Rating of F&G Annuities & Life's Primary Operating Companies to 'A'; Outlook Stable

DES MOINES, Iowa, Jan. 12, 2024 /PRNewswire/ -- A.M. Best announced it has upgraded the financial strength ratings of F&G's primary operating companies, Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, to 'A' (Excellent) from 'A-' (Excellent).  Concurrently, A.M. Best has also upgraded the long-term issuer credit rating (ICR) of Fidelity & Guaranty Life Holdings, Inc. to 'bbb' (Good) from 'bbb-' (Good).  The rating outlook for F&G and its subsidiaries is 'Stable'.

"We are excited that A.M. Best has upgraded F&G's insurance subsidiaries to an 'A' rating, which we believe recognizes our proven track record, balance sheet strength, financial transparency and commitment to achieving rating upgrades over time," said Chris Blunt, President and Chief Executive Officer.  "Looking forward, we are well positioned to expand our reach as a leading 'A' rated provider of insurance solutions as we execute on our diversified growth strategy, with multiple levers to grow our business and expand our profitability and returns."  

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

About F&G
F&G 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
[e-mail]

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SOURCE F&G Annuities & Life, Inc.

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