F&G Buys 30 Percent Ownership Stake In Freedom Equity

F&G, an arm of Fidelity National Financial (FNF), and a provider of annuities and life insurance, on Friday said it acquired a 30 percent ownership stake in Freedom Equity Group or FEG, a Life IMO and longtime F&G partner.

This equity stake is an extension of F&G's overall diversification strategy. With the investment in FEG, F&G intends to expand its life business with continued penetration of multi-cultural segments in the U.S., the acquirer said in a statement.

The latest move also brings new distribution capacity for F&G to fuel growth in middle market indexed universal life (IUL) sales.

"This partnership will help address the risk and retirement needs of a vastly underserved market reaching more communities while creating additional opportunities for individuals to build their own businesses as agents," said John Phelps, EVP and Chief Distribution Officer at F&G.

On NYSE, Fidelity National Financial closed at $46.99 per share on Thursday, a rise of 2.04 percent, compared to its previous close of $46.05 per share.

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