Fidelity & Guaranty Life has reported a net income to $42.7m in Q1 2014, compared to a net income of $110.6m in the same quarter last year.

Total annuity sales for the period were $540.6m, an increase of 119% from $247.3m in the first quarter of fiscal 2013.

The company attributed the rise in annuity sales to high sales for both fixed index and multi-year guarantee product offerings.

During the quarter, Fidelity & Guaranty Life Insurance Company redomesticated to Iowa, and moved its headquarters to the state.

FGL chief executive officer Lee Launer said that the company recorded the strongest sales within the last seven quarters, as it launched products targeting the needs of the underserved middle market.

"We are also pleased with the warm reception we received in Iowa with our redomestication, allowing us to further expand upon our growth plans," Launer added.

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