West Des Moines-based FBL Financial Group Inc. said net income dropped to $20.3 million, or 73 cents per share, in the quarter ended June 30 from $36.2 million, or $1.16 per share in the year-ago quarter. "We've been addressing the challenges of the low interest rate environment from several aspects, including emphasizing life insurance sales while deliberately reducing annuity sales," CEO James Brannen said in a news release. He also noted that the company repurchased 900,000 shares of stock during the quarter. So far this year, FBL has bought back 13 percent of total common shares outstanding as of the beginning of the year