F&G Annuities & Life Announces Chief Financial Officer Transition
Rhea-AI Summary
F&G Annuities & Life (NYSE: FG) has announced key executive changes effective April 1, 2025. Current CFO Wendy Young will transition to the newly created position of Chief Liability Officer, where she will lead liability management, reinsurance activities, and offshore entities. Conor Murphy has been appointed as the new Chief Financial Officer.
The organizational restructuring comes as F&G has experienced significant growth, more than doubling its assets under management through product diversification and distribution expansion. Murphy brings extensive industry experience, having previously served as President and CEO of Resolution Life US and held executive positions at Brighthouse Financial and MetLife.
CEO Chris Blunt emphasized that these changes are designed to effectively manage the company's growth and scale while maximizing profitability and return on equity for long-term shareholder value.
Positive
- Company has more than doubled assets under management
- Expansion of business model to include flow reinsurance and owned distribution
- Strategic organizational restructuring to support growth
Negative
- None.
News Market Reaction
On the day this news was published, FG declined 8.72%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
~ Wendy Young to Assume Role as Chief Liability Officer ~
~ Conor Murphy Appointed Chief Financial Officer ~
Chris Blunt, Chief Executive Officer of F&G, commented, "Over the last five years we have experienced phenomenal growth having more than doubled our assets under management as we diversified our products and distribution, while also expanding our business model to include accretive flow reinsurance and our owned distribution strategy. Critical to our ongoing success and execution is ensuring that we have the people in place to effectively manage our growth as we continue to scale our Company. As a result, we are evolving our organizational structure and have appointed Wendy Young to a newly created position where she will lead all aspects of F&G's liability management, reinsurance activities and our offshore entities. Wendy's deep knowledge of F&G as well as her prior work as CEO of our
Mr. Blunt continued, "I am also very pleased to welcome Conor Murphy to F&G as our next Chief Financial Officer. Conor brings extensive experience having held a variety of executive roles at industry leading insurance companies. Conor's experience is a perfect match for our newly defined Chief Financial Officer role which will oversee our financial management as well as helping to guide our business and strategic capital allocation as we continue to scale our Company to maximize our profitability and return on equity and deliver long-term shareholder value."
Mr. Blunt concluded, "As you can see, these are two very important roles that will report to me and require two uniquely qualified executives. I look forward to partnering with Wendy and Conor as they step into these positions and am thankful to have such an accomplished team as we continue to build an industry leading business."
Mr. Murphy is an experienced executive with extensive industry experience having previously served as President and CEO of Resolution Life US. Prior to Resolution Life, Mr. Murphy spent five years as Executive Vice President and Chief Operating Officer at Brighthouse Financial (BHF) where he oversaw the company's operations during the transition from MetLife, as well as managing the company's life and annuity businesses including product development, pricing and underwriting. Mr. Murphy was also responsible for BHF's strategy and finance functions including serving as interim CFO. Prior to joining BHF, Mr. Murphy held multiple senior positions at MetLife over his 17-year tenure including being MetLife's first European CFO as well as CFO of
About F&G
F&G Annuities and 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
Forward-Looking Statements
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes", "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in "Risk Factors" and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC).
Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307
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SOURCE F&G Annuities & Life, Inc.
FAQ
When will Conor Murphy become CFO of F&G Annuities & Life (FG)?
What is Wendy Young's new role at F&G (FG)?
What is Conor Murphy's previous experience before joining F&G (FG)?
How much has F&G (FG) grown in recent years?
