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FBL Financial swings into the black following year-ago net loss


FBL Financial Group Inc. on Monday reported first-quarter net income of $27.7 million, or $1.13 per diluted common share, compared with a net loss of $2.5 million, or 10 cents per diluted common share, for the first quarter of 2020. Adjusted operating income totaled $23.5 million, or 96 cents per share, compared with $19.6 million, or 79 cents per share, a year ago. First quarter 2021 earnings reflect higher equity income; favorable market performance resulting in lower amortization of acquisition costs on the closed block of variable business; the benefit of other investment-related income; death benefits in line with expectations; and a lower effective tax rate, the company said in an earnings release. FBL’s CEO, Dan Pitcher, said that the company “delivered solid earnings” for the quarter and that adjusted operating income “exceeded our expectations.”

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