Fidelity National Financial Inc., a title insurance company, today announced its intention to distribute a dividend of 15% of the common stock of its wholly owned subsidiary F&G Annuities & Life Inc., which is based in Des Moines. The transaction will effectively take F&G public and is a move that will increase the company’s future value, leaders of both companies said. Chris Blunt, president and CEO of F&G, will remain in his present role, and no changes are expected to FNF’s or F&G’s strategy, operations or management teams. In a press release, Jacksonville, Fla.-based FNF said that it will retain control of F&G through an 85% ownership stake and that it “remains committed to F&G’s growth and long-term success.” The distribution was approved by FNF’s board of directors on Monday. The separation is intended to be structured as a taxable dividend to FNF shareholders and is targeted to be completed in the third quarter of 2022. Since FNF’s acquisition of F&G in June 2020, F&G has raised assets under management to $36.5 billion, a 38% increase, which “has exceeded all of our expectations,” said FNF Chairman William Foley II. “While this has played out much better than we had expected, the market has not recognized the value creation that has taken place at F&G,” Foley said. “We believe that the best way to unlock this value is to publicly list F&G through a dividend to our shareholders.” F&G has gone from a $4 billion annual sales retail annuity carrier offering one product through one channel, to a more than $10 billion annual sales insurer offering life, annuities and institutional products across five different channels, Blunt said. “This transition to being a publicly traded company is a vote of confidence for our business, our future potential, and all of our employees who have worked so hard here at F&G to make this success a reality,” he said. A Business Record story about F&G’s growth strategy can be found at this link.