.floatimg-left-hort { float:left; } .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 12px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 12px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 12px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;}
West Des Moines-based FBL Financial Group Inc. recently filed a quarterly statement with the Securities and Exchange Commission detailing its financial results for the three months ending Dec. 31, 2009. Included in the report was a summary of the company’s investment portfolio as of that date, including these points:

• The value of FBL’s investment portfolio increased 7.4 percent to $11.7 billion compared with $10.9 billion a year earlier. Fixed-maturity holdings had unrealized gains of $252 million and unrealized losses of $726 million. Equity securities had unrealized gains of $2.5 million and unrealized losses of $4.7 million.

• “During 2009, investment grade fixed maturity securities with a carrying value totaling $307.3 million were downgraded to non-investment grade primarily due to deteriorating financial conditions of the underlying issuers or collateral. During the latter half of 2009, we took steps to reduce the credit risk and portfolio capital charges through selective sales of lower rated securities.

• “The unrealized losses on corporate securities represent 31.2 percent of our total unrealized losses. The largest losses were in the finance sector ($999.6 million carrying value and $152.5 million unrealized loss).

• “The unrealized losses on residential mortgage-backed securities represent 19.6 percent of our total unrealized losses, and were caused primarily by concerns regarding mortgage defaults on … risky mortgages.

• “The unrealized losses on commercial mortgage-backed securities represent 11.8 percent of our total unrealized losses, and were caused primarily by spread widening and industry concerns regarding the potential for future commercial mortgage defaults.

• “The unrealized losses on asset-backed securities represent 13.5 percent of our total unrealized losses, and were caused primarily by concerns regarding mortgage defaults on subprime and home equity loans.

• “The unrealized losses on state, municipal and other government (bonds) represent 21.4 percent of our total unrealized losses, and were primarily caused by general spread widening, concerns regarding the future of the monoline bond insurers and concerns regarding the impact of the recession on municipalities.”