FGL Holdings, the parent company of annuity provider and life insurer Fidelity & Guaranty Life in Des Moines, on Wednesday reported a first-quarter net loss available to common shareholders of $346 million, or $1.62 per share. The loss was primarily driven by $379 of unfavorable mark-to-market adjustments. Total annuity sales for the quarter were $1.045 billion in the first quarter, in line with the prior-year quarter and a 13% increase over the sequential quarter. Average assets under management were $28.9 billion, up 12% from a year ago, primarily due to net new business asset flows  “Coming into the COVID-19 health crisis, our capital and liquidity position was strong and it remains so at the end of the quarter,” FGL President and CEO Chris Blunt said in an earnings release. “First quarter sales results include [fixed indexed annuity] sales at record quarterly levels. While GAAP earnings experienced volatility caused by mark-to-market impacts, we expanded underlying spread in the quarter. F&G is financially strong and well positioned to execute on our long-term strategy.” Regarding its previously announced $2.7 billion merger with Fidelity National Financial Inc., Blunt said the company is making progress toward a targeted closing by the end of the second quarter and no later than the beginning of the third quarter of 2020.