FBL Financial reports first-quarter earnings
FBL Financial Group Inc. reported first-quarter net income attributable to the company of $23.6 million, or 94 cents per share, compared with $26.4 million, or $1.05 per diluted common share, for the first quarter of 2017. Premiums collected in the first quarter of 2018 totaled $169.7 million compared with $169.9 million in the first quarter of 2017. Annuity premiums collected in the quarter decreased 3 percent, while life insurance premiums collected increased 4 percent. Non-GAAP operating income for the final nine months of 2018 is expected to compare favorably to the non-GAAP operating income for the final nine months of 2017, due primarily to the impact of the Tax Cut and Jobs Act on the company’s effective tax rate. FBL repurchased 99,312 shares of its Class A common stock during the first quarter, and in March the company announced the authorization of a new stock repurchase program for up to $50 million.