Fidelity & Guaranty Life terminates Anbang Insurance merger

|By:, SA News Editor

In an update to a review of strategic alternatives, Fidelity & Guaranty Life (FGL +1.6%) says it's terminated its merger deal with Anbang Insurance Group.

"We have determined that it is no longer in the best interests of FGL's shareholders to continue to pursue the transaction with Anbang," says CEO Chris Littlefield.

The company says it's been continuing to explore and negotiate with other parties, as permitted under its deal with Anbang -- but the official termination of the deal frees it to enter into a different transaction.

"Our business remains strong, we continue to focus on delivering on our plan for the year and our distribution partners and employees continue to be committed to our success," Littlefield says. "FGL is an attractive platform and we are well positioned to realize value for our shareholders as our Board continues to evaluate strategic alternatives."

Shares are up another 0.7% after hours.