Christopher O. Blunt
About Christopher O. Blunt
Christopher O. Blunt, 62, is Chief Executive Officer and a Class III director of F&G Annuities & Life (FG). He joined F&G in 2019 after 34 years in insurance, investment management, and marketing, with prior roles including CEO of Blackstone Insurance Solutions (2018), senior leadership at New York Life (President, $500B Investment Group; Co‑President, Insurance & Agency Group), and senior distribution/marketing roles at Merrill Lynch Investment Managers and Goldman Sachs Asset Management; he holds a BA (University of Michigan) and an MBA in finance (Wharton) . Company performance under FNF ownership has featured strong growth and balance sheet quality: sales grew from $4.5B (2020) to $15.3B (2024), AUM reached $65.3B (Dec 31, 2024), RBC >410%, with significant non‑GAAP Adjusted Net Earnings (ANE) improvement in 2024, and TSR since listing indexed well above $100 initial baseline (see tables below) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Insurance Solutions | Chief Executive Officer | Jan 2018 – Dec 2018 | Led Blackstone’s insurance platform build‑out; recruited from New York Life . |
| New York Life | President, $500B Investment Group; Co‑President, Insurance & Agency Group (incl. U.S. Life, Seguros Monterrey, AARP Direct) | “Nearly 13 years” (prior to 2018) | Ran investment management and insurance franchises at scale . |
| Merrill Lynch Investment Managers | Chief Marketing Officer – Americas | Part of 16 years in senior investment management roles | Led distribution/marketing for MLIM . |
| Goldman Sachs Asset Management | Managing Director, National Sales Manager | Part of 16 years in senior investment management roles | Built national distribution for GSAM . |
External Roles
No current public company board roles for Mr. Blunt were disclosed beyond FG director service .
Board Service & Governance
- Role: Class III director; standing for re‑election to 2028; serves concurrently as CEO; not listed on standing board committees -.
- Independence: Not independent due to executive role; FG is a “controlled company” (FNF owns ~82%); committees (Compensation and Nominating/Governance) are currently composed of independent directors despite exemptions; Audit Committee fully independent as required .
- Board leadership: Chair and CEO roles are separated (Executive Chairman: William P. Foley II), which mitigates CEO/Chair concentration risk .
- Attendance: Board met 4x in 2024; all directors attended ≥75% of board/committee meetings; none attended the 2024 annual meeting .
- Director pay: Mr. Blunt received no additional compensation for director service in 2024 .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base salary paid ($) | 800,000 | 557,693 | 540,385 |
| Base salary rate ($) | — | — | 550,000 (effective 2024; +10% vs 2023 rate) |
| Target annual bonus (% of base) | — | — | 200% |
| All other compensation ($) | 204,176 | 84,045 | 83,888 |
| Notable perquisites | — | — | Executive life/benefits and ESPP; eligible private air travel perq with tax gross‑up up to $350,000/year, but no usage in 2024 |
Perquisite detail, 2024: 401(k) match $17,250; profit sharing $6,900; ESPP match earnings $47,019; plus other items as disclosed .
Performance Compensation
Annual Incentive Plan (EIP) – 2024
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Financial plan (Sales; Adjusted Net Earnings excluding SIE) | 80% | Board‑approved annual business plan | Achieved above plan (company bonus pool factor) | 190% of target (company bonus pool) |
| Corporate initiatives (growth/diversification, engagement, modernization) | 20% | Objectives set annually | Achieved above plan (company bonus pool factor) | 190% of target (company bonus pool) |
| CEO target and payout | — | 200% of base ($1,080,770) | Company factor 190% | Actual bonus $2,053,462 |
Long‑Term Incentives (Performance‑Vesting Restricted Stock)
| Grant date | Shares | Grant‑date fair value ($) | Vesting schedule | Performance metric |
|---|---|---|---|---|
| Nov 8, 2024 | 184,582 | 8,500,001 | 33.33% on Nov 8, 2025; 33.33% on Nov 8, 2026; 33.34% on Nov 8, 2027 (subject to FY2025 metric) | 2025 Adjusted Net Earnings (ANE) |
| Prior FG awards outstanding | 91,744 | 3,801,871 (FV at $41.44) | Vests Dec 1, 2025 | Performance restricted |
| 131,331 | 5,442,357 (FV at $41.44) | Vests Nov 15, 2025 & Nov 15, 2026 | Performance restricted |
Options: FG does not currently grant stock options; CEO holds legacy FNF options (184,585 exercisable at $39.10, expiring 12/21/2025) .
Multi‑Year CEO Compensation (Total)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock awards ($) | 6,176,211 | 8,000,008 | 8,500,001 |
| Non‑equity incentive ($) | 3,200,000 | 1,951,924 | 2,053,462 |
| Total compensation ($) | 10,380,387 | 10,593,670 | 11,177,736 |
Compensation positioning: 2024 NEO total direct compensation generally near 50th percentile of the peer group; base salaries slightly below median, supporting emphasis on variable pay . Peer group includes large life/annuity insurers and brokers (e.g., LNC, EQH, PFG, VOYA, GL, BHF) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common) | 849,860 shares as of Apr 28, 2025 (less than 1% of outstanding) . |
| Unvested FG performance stock (at 12/31/2024) | 91,744 ($3.80m FV), 131,331 ($5.44m FV), 184,582 ($7.65m FV) at $41.44/share reference price . |
| Options | FNF options: 184,585 exercisable @ $39.10; expire 12/21/2025 . |
| 2024 liquidity events | Options exercised: 305,182 shares ($4,851,736 value realized); FG stock vested: 159,061 shares ($7,296,852 value) . |
| Ownership guidelines | CEO: 5× base salary; all NEOs/directors exceeded guidelines as of Dec 31, 2024 . |
| Hedging/pledging | Hedging prohibited; pledging/margin requires approval; no pledging disclosed for Mr. Blunt in the proxy . |
| Group ownership | Officers and directors collectively held ~2.8M shares (~2.1% of outstanding) as of Apr 28, 2025 . |
Note: Exercise/vesting events create potential supply but do not necessarily imply open‑market sales; monitor future Form 4s around scheduled vest dates (Nov 8, 2025/2026/2027; Dec 1, 2025; Nov 15, 2025/2026) and the 12/21/2025 option expiry .
Employment Terms
| Provision | Key terms |
|---|---|
| Employment agreement effective | Feb 6, 2019 . |
| Termination without cause / Good reason | Cash severance equal to 3× base salary; acceleration of stock options; 18 months of benefits . |
| Change in control treatment | Acceleration of certain options upon termination without cause or for good reason within 12 months post‑CIC; estimated total upon CIC (as of 12/31/2024): $18,551,420, including $1,650,000 salary severance and $16,893,306 equity vesting . |
| Death/Disability | Estimated bonus component $1,100,000; benefits per table . |
| Clawback policy | Restatement‑based clawback of incentive compensation for 3 years; no clawbacks in 2024 . |
| Hedging/pledging policy | Hedging prohibited; pledging requires approval . |
| Private aircraft perquisite | Eligible up to $350,000 per year with tax gross‑up; no reimbursement claimed in 2024 . |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR – $100 initial value | 104.60 | 247.92 | 228.18 |
| Net income (loss), $mm | 635 | (58) | 622 |
| Adjusted Net Earnings (ANE), $mm | 353 | 335 | 546 |
| Sales (company context) | — | — | $15.3B FY2024; up from $4.5B FY2020 |
Highlights: AUM reached $65.3B (Dec 31, 2024), retained AUM $53.8B; RBC >410% (target 400%+); strong credit quality (96% NAIC 1–2 fixed maturities) .
Compensation Structure Analysis
- Mix and at‑risk pay: CEO target bonus at 200% of base; 2024 payout at 190% of target on company results. LTI fully in performance‑vesting RS (one‑year ANE metric gate with 3‑year vest), no new options granted—shifts risk toward more certain RSU structures vs. options; potential for higher realizable pay if share price appreciates but less convexity than options .
- Year‑over‑year shifts: CEO base salary rate +10% in 2024 (market adjustment); stock award value $8.5M in 2024 vs $8.0M (2023) and $6.18M (2022); bonus cyclicality aligned with company factor and ANE/Sales performance .
- Metric rigor: Short‑term metrics focus on Sales and ANE (non‑GAAP) plus strategic initiatives; long‑term gate uses next‑year ANE, followed by time‑based vesting—less multi‑year performance measurement stringency vs. 3‑year performance cycles, but does create annual accountability to ANE .
- Red flags/mitigants: Controlled company with extensive interlocks to FNF; however, separate Chair/CEO and independent comp/nom‑gov committees; restatement clawback in place; hedging prohibited; tax gross‑up aircraft perquisite exists, though unused in 2024 .
Related Party & Governance Context
- Control/ownership: FNF owns ~110.94M shares (~82%); FG completed 8.0M common stock offering in Mar 2025 with 4.5M resold to FNF; FNF invested $250M in Jan 2024 via 6.875% Series A mandatory convertible preferreds (mandatory convert Jan 15, 2027, 0.9456–1.1111 conversion ratio) .
- Interlocks/transactions: Numerous overlapping directors/officers with FNF; BIS (Blackstone) IMAs and MVB/BilCar fee arrangements tied to AUM; these primarily involve the Executive Chairman’s affiliates, not Mr. Blunt directly .
Director Compensation (for context)
Non‑employee directors received $100k annual cash retainers (committee retainers vary) and a restricted stock grant of 6,515 shares in 2024; Mr. Blunt (as CEO) received no additional director compensation .
Say‑on‑Pay & Peer Benchmarking
- 2025 proposal includes advisory vote on NEO compensation; compensation philosophy emphasizes performance‑dependent pay; Strategic Compensation Group serves as independent advisor; peer group spans large life/annuity/broker peers; 2024 positioning near market median .
Investment Implications
- Alignment: High equity exposure (significant unvested performance RS) and stringent stock ownership (5× salary) support alignment; CEO and insiders collectively own ~2.8M shares (~2.1%) .
- Execution levers/risks: 2025 ANE outcome gates 2024 LTI vesting; close monitoring of ANE trajectory, sales growth, and credit trends is warranted given ANE’s central role in pay and potential vesting outcomes .
- Trading signals: Expect potential supply around scheduled vest dates (Nov 8, 2025/2026/2027; Dec 1, 2025; Nov 15, 2025/2026) and FNF option expiry (12/21/2025); 2024 option exercise and sizable vest realizations highlight prior liquidity events—watch Form 4s around these dates .
- Governance: Controlled company structure and related‑party ecosystem (FNF, BIS/MVB/BilCar) elevate governance risk; separation of Chair/CEO, independent key committees, and clawback/anti‑hedging policies partly mitigate concerns .
- Pay‑for‑performance: 2024 bonus at 190% reflects strong plan execution; LTI design with one‑year ANE gate plus 3‑year vesting is less rigorous than full 3‑year performance cycles, but maintains continuous performance gating and retention; overall pay mix remains performance‑tilted near market median .
Appendix: Pay vs Performance and Company Metrics
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR – $100 initial value | 104.60 | 247.92 | 228.18 |
| Net income (loss), $mm | 635 | (58) | 622 |
| Adjusted Net Earnings (ANE), $mm | 353 | 335 | 546 |
| AUM, $bn (context) | — | — | 65.3 (12/31/2024) |
| Sales, $bn (context) | — | — | 15.3 FY2024 (vs $4.5 FY2020) |
| RBC ratio (primary opco) | — | — | >410% (12/31/2024) |