F&G Annuities & Life, Inc. Announces Equity Investment in Life IMO SYNCIS

Rhea-AI Summary

On January 31, 2023, F&G Annuities & Life (NYSE: FG) announced its acquisition of a 49% equity stake in SYNCIS, a prominent independent marketing organization. This partnership aims to diversify F&G's earnings and expand its presence in underserved markets, particularly within the middle-income demographic. SYNCIS has been a key distribution partner for nearly 15 years and significantly contributes to F&G's ranking as a top indexed universal life provider. The investment aligns with F&G's growth strategy following its recent spinoff, focusing on meeting the demand for permanent life insurance among multicultural and middle-market segments.

Positive

• Acquisition of 49% stake in SYNCIS enhances F&G's market reach.
• Partnership targets underserved middle-income markets and increases accessibility.
• Investment aligns with F&G's strategy to diversify earnings post-spinoff.

Negative

• None.

Provides F&G with 49% Ownership Stake of SYNCIS

Validates Diversification Strategy to Expand Owned Distribution While Boosting Presence in Underserved Markets

DES MOINES, Iowa , Jan. 31, 2023 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G"), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that a subsidiary of F&G has acquired a 49% equity ownership stake in SYNCIS, a top independent marketing organization (IMO) and longtime F&G partner. 

SYNCIS has been a leading distribution partner of F&G for nearly 15 years, as well as a contributing factor to F&G's rank as a top 3 indexed universal life (IUL) provider in number of policies issued in 2022¹. SYNCIS' mission is to help families and businesses attain vital financial protection to secure their financial future. SYNCIS' overall success and growth has expanded its reach into additional cultural segments within the middle-income market throughout the United States.

Chris Blunt, President and Chief Executive Officer of F&G, commented, "F&G's equity stake in SYNCIS aligns with our growth strategy to diversify earnings and further integrates our partnership to meet the untapped demand for permanent life insurance in multi-cultural and middle-market segments. Our investment in SYNCIS reflects the strategy as part of our recent partial spinoff, which transitioned F&G back to a public company, and is accretive to our shareholders while benefiting underserved markets."

"F&G has a long history with SYNCIS, and SYNCIS has been an integral part of our IUL sales growth for more than a decade," said John Phelps, Executive Vice President and Chief Distribution Officer of F&G. "This partnership will accelerate our ability to address the risk and retirement needs of multiple underserved segments in the marketplace today. Our joint efforts to make financial products and services more accessible to middle income families, while creating additional opportunities for individuals and small business owners to build their own careers as agents, supports our mission to help people turn their aspirations into reality."

About F&G

F&G Annuities & Life, Inc. 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. For more information, please visit fglife.com.

¹LIMRA U.S. Retail Individual Insurance Sales Participant Report; YTD 3Q22 fixed indexed universal life insurance sales 

Investor Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307

Media Contact:
Karen Pevenstein
Karen.Pevenstein@fglife.com
617.312.3922

View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-inc-announces-equity-investment-in-life-imo-syncis-301734068.html

SOURCE F&G Annuities & Life, Inc.

FAQ

What recent investment did F&G make in SYNCIS?

F&G acquired a 49% equity ownership stake in SYNCIS on January 31, 2023.

How does F&G's investment in SYNCIS impact its market strategy?

The investment supports F&G's strategy to diversify earnings and enhance its presence in underserved markets.

What is the significance of SYNCIS to F&G's business?

SYNCIS has been a key distribution partner for F&G for nearly 15 years, contributing to its success in indexed universal life insurance.

How does F&G plan to serve middle-income families with its investment?

The investment aims to improve access to permanent life insurance for multicultural and middle-market segments.