Fidelity National Financial, Inc. FNF → F&G Annuities & Life, Inc. FG
| Parent | Fidelity National Financial, Inc. FNF |
|---|---|
| Spinco | F&G Annuities & Life, Inc. FG |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 68 F&G shares for every 1,000 Fidelity National Financial shares |
| Parent retains | 85% |
| Checked against EDGAR | 2026-08-22 |
Data trap
Only about 15 percent of this company was distributed. Fidelity National Financial retained roughly 85 percent, so the initial free float was around 18.8 million shares against 125 million outstanding — treating the outstanding count as tradable supply overstates it nearly sevenfold. The share count also drifts: 125,000,000 at September 30, 2022 in the capitalisation table against 126,409,904 at year end after restricted-share grants, and no filing states a count as of the distribution date itself.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-03-16Separation announced
- 2022-08-31Form 10 filed
- 2022-11-10Form 10 last amended
- 2022-11-18Form 10 effective
- 2022-11-22Record date
- 2022-11-21When-issued trading opens
- 2022-12-01Distribution
- 2023-02-22First standalone earnings
- —Index inclusion announced
Performance since separation
| F&G Annuities & Life, Inc. since separation | +17.98% |
|---|---|
| Fidelity National Financial, Inc. over the same window | +22.73% |
| S&P 500 (SPY) over the same window | +87.96% |
| Russell 2000 (IWM) over the same window | +60.44% |
| Excess over the S&P 500 | -69.98% |
| Excess over the Russell 2000 | -42.46% |
Measured from the first regular-way close on or after the distribution — 2022-12-01 at 19.13 — to 2026-08-21 at 22.57. Window: 3.7 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -18.26% |
|---|---|
| Combined (Fidelity National Financial, Inc. + F&G Annuities & Life, Inc.), pre-distribution to now | +25.86% |
| Combined excess over the S&P 500 | -61.96% |
| Combined excess over the Russell 2000 | -34.23% |
Combined treats a pre-spin holding as 68 F&G shares for every 1,000 Fidelity National Financial shares valued at the parent's last close before regular post-spin trading resumed — 2022-11-30 at 38.80 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2022-08-31 · 0001628280-22-024082Initial Form 10 registration statement
- 10-12B/Afiled 2022-11-10 · 0001628280-22-029379Final amendment, which unusually still carries its information statement
- 8-Kfiled 2022-11-18 · 0001628280-22-030432Form 10 declared effective; final information statement with the 68-per-1,000 ratio and the 85 percent retention
- 8-Kfiled 2022-12-01 · 0001628280-22-031154Completion: regular-way trading began December 1, 2022
- 10-Kfiled 2023-02-27 · 0001934850-23-000016First annual report
Notes
Fidelity National Financial's partial distribution of its annuities and life insurance business, retaining control. The distribution took effect at 12:01 a.m., before the open, so December 1 is itself the first regular-way session. Classified non-focus-increasing: title insurance and life insurance are different four-digit codes but the same two-digit insurance group, and the parent kept control besides.