FBL Financial fourth-quarter earnings see boost from corporate tax cut
FBL Financial Group Inc. reported net income attributable to FBL Financial Group for the fourth quarter of 2017 of $108.5 million, or $4.33 per common share, compared with $26.9 million, or $1.07 per common share, for the fourth quarter of 2016. Non-GAAP operating income, which excludes the effects of tax changes and gains and losses on investments and derivatives, totaled $24.8 million for the fourth quarter, compared with $25.6 million for the fourth quarter of 2016. Fourth quarter 2017 earnings per share reflect a one-time benefit from the Tax Cuts and Jobs Act of 2017 of $85.8 million due to the remeasurement of net deferred tax liabilities using the reduced corporate tax rate. Full-year net income attributable to FBL was $194.3 million, compared with $107.2 million. Non-GAAP operating income for the year was $4.32 per share, compared with $4.25 for 2006. “Fourth quarter 2017 earnings results cap off a year in which FBL Financial Group achieved record highs in full year net income and non-GAAP operating income per share. At the same time we maintained a strong capital position and distributed $81 million to our shareholders in 2017 via special and regular dividends,” CEO James Brannen said in a statement.