Leena Punjabi
About Leena Punjabi
Leena Punjabi is Executive Vice President and Chief Investment Officer (CIO) of F&G, serving as EVP CIO since March 2023 (SVP CIO Jan 2021–Mar 2023; joined F&G in 2019 as VP Asset Management) and is age 46. She oversees F&G’s investment portfolios in partnership with Blackstone Insurance Solutions; prior to F&G, she spent 13 years at Mercer as a Principal advising insurers and corporate pensions . Company performance during her tenure includes adjusted net earnings of $546m in 2024, $335m in 2023 and $353m in 2022, cumulative TSR value of initial $100 at 228.18 in 2024, 247.92 in 2023, and 104.60 in 2022, record AUM of $65.3bn (retained AUM $53.8bn) and RBC ratio >410% as of 12/31/2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| F&G Annuities & Life | EVP, Chief Investment Officer | Mar 2023–present | Oversees investment portfolios in partnership with Blackstone Insurance Solutions |
| F&G Annuities & Life | SVP, Chief Investment Officer | Jan 2021–Mar 2023 | Led portfolio oversight; long-term incentives aligned to ANE performance |
| F&G Annuities & Life | VP, Asset Management | 2019–2021 | Asset management leadership; progressed into CIO |
| Mercer | Principal | ~13 years prior to 2019 | Advised insurance companies and corporate pension plans on investments |
| Blackstone ISG-I Advisors / FGL NY | Agreement signatory | 2024 | Signed investment management agreement as EVP CIO (role execution evidence) |
External Roles
No public company directorships or external board roles disclosed for Punjabi .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $410,577 | $485,577 |
| Stock Awards ($) (grant-date fair value) | $650,004 | $715,018 |
| Non-Equity Incentive ($) | $718,510 | $922,596 |
| All Other Compensation ($) | $24,045 | $25,095 |
| Total ($) | $1,803,136 | $2,148,286 |
- All Other Compensation detail (2024): 401(k) match $17,250, profit sharing $6,900, long-term insurance premium $945; no ESPP match reported for Punjabi .
Performance Compensation
Annual Incentive Plan (EIP)
- Structure: 80% weight on Financial Plan (Sales and Adjusted Net Earnings excluding SIE), 20% weight on Corporate Initiatives .
- Target bonus: 100% of base salary for Punjabi .
- 2024 payout: Company bonus pool at 190% of target; Punjabi’s actual bonus was $922,596 (190% of her target) .
| Component | Weighting | Target (as % of base salary) | 2024 payout (% of target) | 2024 actual ($) |
|---|---|---|---|---|
| Total EIP | — | 100% | 190% | $922,596 |
| Financial Plan (Sales, ANE) | 80% | — | — | — |
| Corporate Initiatives | 20% | — | — | — |
Long-Term Incentives (Performance-Vesting Restricted Stock)
| Grant date | Shares | Fair value ($) | Performance metric | Vesting schedule |
|---|---|---|---|---|
| Nov 8, 2024 | 15,527 | $715,018 | 2025 Adjusted Net Earnings | 33.33% on Nov 8, 2025; 33.33% on Nov 8, 2026; 33.34% on Nov 8, 2027 |
| Nov 15, 2023 | 16,006 | $650,004 | 2024 Adjusted Net Earnings | Equal installments Nov 15, 2024; Nov 15, 2025 |
| Prior award (c) | 4,588 | Market value $190,127 at $41.44 close | Prior-year ANE target | Vest Dec 1, 2025 |
- Company does not grant stock options currently; Punjabi has no F&G option grants; legacy FNF options are not listed for her .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Apr 28, 2025) | 67,064 shares |
| Shares outstanding (as of Apr 28, 2025) | 134,820,676 |
| Ownership as % of outstanding | ~0.05% (67,064 / 134,820,676) |
| Unvested F&G awards at 12/31/2024 | 4,588 (vest 12/1/2025), 10,671 (vest 11/15/2025 and 11/15/2026), 15,527 (vest 11/8/2025–11/8/2027) |
| Options (exercisable / unexercisable) | None disclosed for Punjabi |
| Stock ownership guidelines | NEOs: 2× base salary; compliance required within 4 years |
| Compliance status | As of 12/31/2024, each NEO and director exceeded guidelines (aggregate insider ownership ~2.1%) |
| Hedging/pledging policy | Prohibits hedging, short-term/speculative trades, and pledging without approval |
| Clawback policy | 3-year lookback if restatement; no clawbacks in 2024 |
Insider filings:
- Form 5 for fiscal year 2023 reported 30,046 shares beneficially owned at 12/31/2023, with 44 shares acquired (J code adjustment) and 63 shares forfeited for taxes on vesting of accrued dividends; filed 02/14/2024 .
Lock-up:
- Punjabi signed the offering lock-up agreement in connection with the March 24, 2025 common stock offering (8,000,000 shares; 4,500,000 resold to FNF) .
Employment Terms
Severance plan coverage (Punjabi is a participant):
- Termination without cause (pre-CoC): 2 weeks of base salary per full year of service, minimum 4 weeks .
- Termination without cause within 12 months post-Change in Control: 52 weeks base salary, target annual bonus, pro-rated target bonus, and 12 months subsidized COBRA; estimated payout table below .
| Termination trigger | Severance (salary) ($) | Severance (bonus) ($) | Equity vesting ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Involuntary termination without cause | $96,154 | — | — | $21,036 | $117,190 |
| Voluntary termination | — | — | — | $19,231 | $19,231 |
| Change in Control | $500,000 | $1,000,000 | $1,275,772 | $26,454 | $2,802,226 |
Other benefits:
- No defined benefit pension; eligible for deferred compensation plans, but no 2024 balances reported for Punjabi in FGAL/FNF/FGLH deferred compensation tables .
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Adjusted Net Earnings ($m) | 353 | 335 | 546 |
| Cumulative TSR — value of $100 | 104.60 | 247.92 | 228.18 |
- Strategic context: Record AUM $65.3bn (retained AUM $53.8bn) and RBC ratio >410% as of 12/31/2024; gross sales grew from $4.5bn in 2020 to $15.3bn in 2024 .
- Investment governance: Partnership with Blackstone; Punjabi presented Investments Overview at 2023 Investor Day (management team and investment edge) .
Compensation Committee & Peer Context
- Compensation Committee: Independent directors John D. Rood (Chair) and Douglas K. Ammerman; oversight of incentive compensation and clawback policy .
- Consultant: Strategic Compensation Group; structure deemed well-balanced; NEO total direct compensation near 50th percentile of peer data; base salaries slightly below median .
- Peer group examples: Brighthouse Financial, Equitable Holdings, Jackson Financial, Lincoln National, Principal, Voya Financial, Globe Life, Unum, Primerica, American Equity Investment Life, etc. .
Vesting Schedules and Insider Selling Pressure
- Scheduled vesting for Punjabi: 4,588 shares on Dec 1, 2025; 10,671 across Nov 15, 2025 and Nov 15, 2026; 15,527 across Nov 8, 2025/2026/2027, each subject to ANE performance where applicable .
- Lock-up agreement executed for March 24, 2025 offering; typical lock-ups limit near-term discretionary sales; presence indicates alignment with offering controls .
Investment Implications
- Pay-for-performance alignment: Punjabi’s incentives are tied to Adjusted Net Earnings and corporate initiatives; 2024 EIP paid at 190% of target amid higher ANE and enterprise growth, reinforcing linkage of variable pay to financial outcomes .
- Equity alignment with guardrails: Meaningful unvested awards and ownership guidelines met; hedging/pledging prohibited and clawback in place, lowering misalignment risk and discouraging speculative trading .
- Event-driven economics: Change-in-control terms for Punjabi total ~$2.8m with equity acceleration, indicating moderate CoC sensitivity; scheduled vesting over 2025–2027 may create periodic liquidity windows but awards are performance-gated to ANE targets .
- Execution track record: Company-level ANE expansion, strong AUM and RBC, and investment partnership with Blackstone during her CIO tenure support confidence in investment execution; continued performance-vesting design focuses incentives on sustained earnings quality .