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FBL Financial reports first-quarter net loss


FBL Financial Group Inc. on Thursday reported a net loss for the first quarter of $2.5 million, or 10 cents per common share, compared with net income of $34.0 million, or $1.37 per diluted common share, for the first quarter of 2019. Adjusted operating income totaled $19.6 million for the first quarter of 2020, compared with $25.9 million a year ago. “FBL Financial Group’s first quarter financial results were negatively impacted by financial market performance related to the COVID-19 pandemic,” Dan Pitcher, CEO, said in a statement. “At the same time, we returned $50 million to shareholders via repurchases and the payment of a special dividend of $1.50 per share and our increased quarterly dividend of $0.50 per share. While we had a negative impact to earnings this quarter, we entered this challenging time from a position of financial strength.” During the quarter, the company transitioned to a mostly work-from-home environment in a matter of days, with minimal interruption to supporting its agents, advisers and clients, Pitcher said. 

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