FBL earnings dip in third quarter
BPC Staff Nov 3, 2017 | 7:16 pm
1 min read time
151 wordsAll Latest News, Banking and Finance, InsuranceFBL Financial Group Inc. reported third-quarter net income of $27.1 million, or $1.08 per share, compared with $30 million, or $1.20 per share, for the third quarter of 2016. Earnings were lower primarily because of higher than usual life insurance claims, the West Des Moines-based parent of Farm Bureau Life Insurance Co. said in a release. Operating income — which excludes the impact of realized investment gains and losses and the change in unrealized gains and losses on derivatives — totaled $25.8 million, or $1.03 per share, down from $28.9 million, or $1.15 per share, for the year-ago quarter. “FBL Financial Group’s third quarter 2017 earnings results were solid, but below our expectations,” CEO James Brannen said in a release. “This was due primarily to mortality experience, which can fluctuate on a quarterly basis. With the first nine months of the year completed, I am pleased with our year-to-date results.”