h digitalfootprint web 728x90

FBL Financial reports lower third-quarter earnings


FBL Financial Group Inc. on Thursday reported net income attributable to FBL Financial Group for the third quarter of 2020 of $21 million, or 85 cents per diluted common share, compared with net income of $25.1 million, or $1.01 per share, for the third quarter of 2019. Adjusted operating income, which excludes realized gains and losses on investments, totaled $19.8 million, or 80 cents per share, compared with $25.2 million, or $1.02 per share, a year ago. Premiums and product charges for the third quarter of 2020 totaled $83.2 million, up from $78.1 million in last year’s third quarter. Total life insurance premiums collected increased 3% while annuity premiums collected decreased 19%, reflecting the impact of lower market interest rates. “FBL Financial Group’s third-quarter financial results exhibit several positives including growth in life insurance sales, actions to lower expenses, and an excellent capital position,” said Daniel Pitcher, CEO. “These positives were offset by the impact of unlocking actuarial assumptions, increased death benefits and pressure on spread income from the decline in investment yields.” The West Des Moines-based insurance company operates under the brand name Farm Bureau Financial Services.

Facebook Notice for EU! You need to login to view and post FB Comments!

raymondjames brd 020623 300x250