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Fidelity & Guaranty Life reports 2016 earnings, updates merger plans

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Fidelity & Guaranty Life, a leading provider of annuities and life insurance, reported net income of $30 million, or 52 cents per share, for its fiscal 2016 fourth quarter ended Sept. 30. The Des Moines-based insurer reported adjusted operating income of $40 million, or 69 cents per share, for the fourth quarter, compared with adjusted operating income of $42 million, or 72 cents per share, in the prior-year period. For the full fiscal year, net income was $97 million, compared with $118 million for fiscal 2015. In November 2015, FGL announced it had entered into a definitive merger agreement with Beijing-based Anbang Insurance Group Co. Ltd., which Anbang temporarily suspended earlier this year. Earlier this month, the companies announced they had extended the termination deadline for the merger to occur to Feb. 8, 2017. FGL moved its headquarters to Des Moines from Baltimore in 2013.