Michael Bailey will join F&G Annuities & Life as Executive Vice President and Chief Financial Officer effective August 3, 2026, bringing nearly three decades of actuarial and financial leadership from the life and annuity industry. The appointment comes as F&G executes a planned leadership transition that includes the promotion of Conor Murphy to Chief Executive Officer and President on June 30, 2026, succeeding retiring CEO Chris Blunt.
Bailey's hiring was announced on June 16, 2026, alongside the broader executive reshuffle. He reports directly to Murphy and arrives at the Iowa-based insurer from Corebridge Financial, where he most recently served as Retail Chief Financial Officer overseeing financial reporting, capital and expense management, and reinsurance for individual retirement, group retirement and life insurance businesses. F&G did not disclose use of an external search firm in the appointment. Mark Wiltse, the company's Chief Accounting Officer, will serve as interim CFO during the transition period.
Bailey brings 27 years of experience spanning multiple insurance powerhouses, including 13 years at Corebridge and AIG where he held senior leadership positions globally. At AIG, he served as Chief Financial Officer of Global Life and Health, and as Chief Finance Actuary for Life Insurance and Employee Benefits. Before his tenure in the commercial insurance sector, Bailey held senior finance roles at MetLife and Milliman. The appointment comes with a $550,000 base salary, 100 percent target annual bonus, a $620,000 cash sign-on bonus, a $620,000 performance-based restricted stock award, and a recommended annual equity award of $1.1 million subject to committee approval.
F&G Annuities & Life, headquartered in Des Moines and traded on the New York Stock Exchange under ticker FG, operates as a leading provider of insurance solutions serving retail annuity and life customers alongside institutional clients. The company has experienced significant growth under Blunt's leadership since 2019, nearly tripling assets under management, according to company disclosures. The organization spans retail annuity and life insurance markets with both spread-based and fee-based product offerings. Blunt remains with the company as a director and will lead Peak Altitude Equity, F&G's owned distribution subsidiary, where he will oversee exploration of strategic alternatives to maximize value.
Bailey's appointment appears designed to strengthen F&G's capital and financial reporting capabilities as the company pursues a strategic shift toward higher-margin, fee-based business models while disciplining growth in spread-based products. The CFO hire signals continuity in execution under new leadership; Murphy's comments at the time of transition emphasized the importance of maintaining momentum in assets under management while building a more sustainable liability structure. The timing of Bailey's onboarding in early August provides a transition window under interim leadership, suggesting deliberate succession planning ahead of potential strategic moves around Peak Altitude and the company's evolving product diversification.
