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Fidelity & Guaranty Life Insurance Company
Fidelity & Guaranty Life Insurance Company originated in 1959 and now operates as the primary insurance subsidiary of F&G Annuities & Life, a public company...
Fidelity & Guaranty Life Insurance Company
Fidelity & Guaranty Life Insurance Company originated in 1959 and now operates as the primary insurance subsidiary of F&G Annuities & Life, a public company majority-owned by Fidelity National Financial (FNF). William P. Foley II chairs both entities, having built FNF into a title insurance giant before expanding into the annuity space. The Des Moines-based insurer sells fixed indexed annuities and life insurance products through independent marketing organizations and broker-dealers, generating a pool of long-dated liabilities that funds its general account investment activity. F&G manages a general account that allocates predominantly to fixed-income assets — investment-grade corporates, structured securities, and government bonds — alongside a growing alternative sleeve focused on commercial real estate debt and private credit. The firm originates commercial mortgage loans directly across the United States, concentrating on stabilized properties with strong borrower sponsorship. In 2024 F&G deepened its alternative reach through a flow reinsurance partnership with Ancient Financial Holdings LP, a vehicle associated with alternative asset manager Apollo Global Management (per F&G regulatory filings and Apollo disclosures, 2024). The partnership channels a portion of F&G's investment assets into Apollo-managed private credit and structured strategies. F&G's general account totals tens of billions in invested assets, though the firm does not publicize a single AUM figure. Its headquarters occupy leased space at 801 Grand Avenue in Des Moines, with additional teams supporting distribution and investment operations nationally. The Foley Family Charitable Foundation and the Folded Flag Foundation — which supports families of fallen special-operations service members — operate as associated philanthropic structures. In February 2024, F&G's parent F&G Annuities & Life reported full-year results showing gross annuity sales of $8.2 billion, confirming the scale of new policyholder flows available for investment (per F&G Annuities & Life earnings release, February 2024). F&G differs from a traditional family office or standalone asset manager: its capital base resets daily as policyholders purchase and surrender contracts, making liability duration matching the dominant constraint on portfolio construction. The Apollo reinsurance flow arrangement — a structural feature more common among European insurers — gives F&G access to institutional private-market origination while keeping its own general-account team lean, a departure from the fully internalized investment shops typical of large US life carriers.
General information
Firm type
Insurance
Year founded
1959
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Des Moines
Corporate office
801 Grand Avenue, Suite 2600, Des Moines, IA 50309, United States
Principals
Christopher Blunt
President and Chief Executive Officer
William P. Foley II
Executive Chairman
Sector focus
Frequently asked questions
Who runs investment decisions inside F&G?
Christopher Blunt serves as President and CEO of F&G, with William P. Foley II as Executive Chairman. Day-to-day general-account portfolio management operates under an internal investment team, while a portion of assets flows to Apollo Global Management through a strategic reinsurance partnership with Ancient Financial Holdings LP. Investment policy ultimately reports to the F&G board.
What is the reinsurance partnership with Apollo, and how does it affect F&G's investment strategy?
F&G established a flow reinsurance arrangement with Ancient Financial Holdings LP, an Apollo-affiliated vehicle. Under this structure, F&G cedes a defined portion of its annuity liabilities and corresponding assets to Apollo, which manages those assets within its private credit and structured securities platforms. The arrangement lets F&G offer crediting rates supported by Apollo's origination yield without building an in-house alternative-lending operation of comparable scale.
Which asset classes does F&G's general account invest in directly?
F&G's general account invests primarily in publicly traded and privately placed investment-grade corporate bonds, structured securities, and commercial mortgage loans. The firm originates commercial real estate loans directly, targeting stabilized multifamily, industrial, office, and retail properties in major US markets. The private credit exposure has grown substantially through the Apollo reinsurance flow.
Does F&G have a philanthropic structure, and how is it separated from the insurance company?
The Foley Family Charitable Foundation and the Folded Flag Foundation operate as associated entities. Folded Flag provides educational scholarships to families of fallen special-operations personnel. Both foundations are functionally separate from F&G's general account and are funded by Foley family contributions rather than insurance-company assets.
How is F&G related to Fidelity National Financial?
Fidelity National Financial (FNF), the largest title insurance company in the United States, owns a majority stake in F&G's public parent company, F&G Annuities & Life. William P. Foley II chairs both FNF and F&G, and the vertical relationship gives F&G access to FNF's real-estate transaction data and origination networks — a structural advantage when sourcing commercial mortgage loans.
What investment stages does F&G's commercial mortgage business target?
F&G originates senior commercial mortgage loans on stabilized, income-producing properties across the United States. The firm typically writes loans between $10 million and $75 million with loan-to-value ratios in the 55% to 70% range, focusing on borrowers with institutional track records. It does not engage in construction lending or ground-up development financing.
How does an annuity insurer's investment model differ from a family office's model?
An annuity insurer invests against a liability stack with specific duration and yield requirements tied to policyholder guarantees. F&G must maintain regulatory capital ratios and asset-liability matching profiles that a family office does not. The compensation structure rewards spread over liability costs rather than absolute return.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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