Fidelity National Financial (FNF) has set the final distribution ratio for a special stock distribution that will transfer 12% of its subsidiary, F&G Annuities & Life, Inc., to FNF shareholders. The distribution will consist of 16,280,204 shares of F&G common stock, with each FNF shareholder receiving six F&G shares for every 100 FNF shares held as of the record date. Fractional shares will be paid in cash. The record date is 4:30 p.m. ET on December 17 2025, and the shares will be distributed on December 31 2025. The transaction is structured as a taxable distribution and is expected to be treated as a dividend for U.S. federal income‑tax purposes.
The move is part of FNF’s strategy to unlock value by expanding F&G’s public float from roughly 18% to 30% while maintaining majority ownership of about 70%. By increasing the float, FNF aims to enhance liquidity for F&G investors and attract greater institutional ownership, thereby improving market depth and potentially supporting a stronger share price for the subsidiary without diluting FNF’s control.
F&G’s business remains focused on annuities, life insurance, and pension risk‑transfer solutions. In 2024, the company reported gross sales of $15.3 billion, a 16% increase over 2023, and its assets under management reached $71.4 billion by the end of Q3 2025. Adjusted net earnings for 2024 were $546 million, or $4.30 per share, compared with $335 million, or $2.68 per share, in 2023. These figures underscore the growth trajectory that underpins the confidence in the distribution.
FNF previously distributed approximately 15% of F&G shares in November 2022, and this current distribution represents a subsequent step in its capital‑allocation plan. The company’s broader strategy includes returning capital to shareholders through dividends and buybacks while investing in technology and expansion initiatives, positioning FNF to support both its core insurance operations and its subsidiary’s growth.
Christopher Blunt, F&G’s chief executive officer, said the distribution would “increase F&G’s public float from approximately 18% today to approximately 30% after the distribution, strengthening our positioning within the equity markets and facilitating greater institutional ownership.” The announcement signals confidence in F&G’s growth prospects and reflects FNF’s commitment to delivering value to its shareholders.
The distribution will alter the ownership composition of F&G, giving FNF shareholders direct exposure to the annuity and life‑insurance business without requiring any action on their part. Because FNF retains majority control, the move does not dilute its ownership stake, but it does provide a more liquid and diversified investment vehicle for existing shareholders.
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