F&G Annuities & Life, Inc. current report, 30 June 2023

F&G Annuities & Life, Inc. Form 8-K Summary

Business context and reporting period

F&G Annuities & Life, Inc. filed this Current Report on Form 8-K dated June 30, 2023, under Item 8.01, Other Events. The filing concerns a cybersecurity incident involving PBI Research Services, a third-party vendor that supports insurance-industry regulatory processes, including identifying deaths of insured persons.

Financial and operating metrics

The filing does not provide revenue, earnings, cash flow, margin, debt, liquidity, or other financial metrics. F&G stated that the incident did not affect its systems, financial systems, or ability to serve customers.

Material changes and unusual events

  • PBI’s MOVEit file transfer system was accessed through a widely reported zero-day vulnerability, and an unauthorized party acquired data from the system.
  • F&G understands that personal information, including Social Security numbers and dates of birth, was affected for approximately 873,000 policyholders or other insurance customers.
  • The investigation remains ongoing, including efforts to identify affected individuals and determine whether other F&G vendors were impacted.
  • PBI advised that the incident was contained and that the MOVEit vulnerability was addressed and remediated.

Outlook, risks, and contingencies

F&G expects to notify affected individuals and relevant regulators and to provide resources such as credit monitoring and identity-theft restoration services. The Company is assessing remediation costs, notification expenses, and other potential liabilities. At the filing date, F&G did not believe the incident would have a material impact on its business, operations, or financial condition, but the ultimate impact was not yet clear.

Key facts for investors to verify

  • Final number and identities of affected policyholders and customers.
  • Whether additional third-party vendors or F&G data were affected.
  • Total remediation, notification, credit-monitoring, legal, regulatory, and other related costs.
  • Any subsequent claims, regulatory actions, litigation, or insurance recoveries.
  • Whether the incident ultimately has a material effect on F&G’s financial results or operations.