On December 31, 2025, Fidelity National completed a special dividend distributing approximately 16 million F&G shares to its shareholders, representing about 12% of F&G’s outstanding stock and approximately $500 million of value. Following the distribution, Fidelity National retains control of F&G through an estimated 70% equity stake.

The distribution triggered a $471 million noncash deferred income tax charge due to the reduction of Fidelity National’s ownership of F&G below 80%, reflecting the accumulated difference between book and tax basis. This charge has no impact on current cash, operations, or liquidity but represents a potential future tax obligation if additional shares are sold or distributed.

F&G Annuities & Life achieved record assets under management before flow reinsurance of $73.1 billion at the end of Q4, up 12% year-over-year. Gross sales reached $3.4 billion for the quarter and $14.6 billion for the full year 2025, driven by strong retail annuity and institutional inflows.

Fidelity National’s retention of a 70% stake ensures ongoing strategic control over F&G while enabling return of capital to shareholders. Future distributions or sales of F&G shares could trigger additional tax liabilities, and sustained AUM growth will be critical to F&G’s revenue and margin expansion.