West Des Moines-based FBL Financial Group Inc. today reported net income for third quarter 2008 of $11.2 million, or 37 cents per diluted common share, compared with net income of $16.5 million, or 54 cents per diluted common share, for third quarter 2007. The figures represent a 32 percent decline in profits.

“FBL’s operating results for the third quarter were solid, considering the current economic environment, and reflect increased death benefits and lower results from our variable segment due to the decline in the equity markets,” said Chief Executive Officer Jim Noyce. “We recently secured $100 million of debt capital from affiliated Farm Bureau entities. This financing bolsters FBL’s capital position and provides us with excess capital and increased financial flexibility.”

Premiums and product charges for the quarter increased 8 percent to $69.2 million. Traditional life insurance premiums increased 4 percent. Premiums collected totaled $650.9 million compared with $606.7 million in 2007.

Net investment income increased 16 percent to $181.9 million from $157 million in 2007. FBL recognized net losses on investments of $27.2 million compared with gains of $3.9 million a year ago.