FBL Financial Group Inc. reported net income for the third quarter of $20.5 million, or 76 cents per share, a decrease from net income of $27.1 million, or 86 cents per share, in the third quarter of 2011. Operating income, however, increased to $18.7 million from $16.3 million in the year-ago quarter. The financial results reflect “sound fundamentals” of Farm Bureau Life Insurance Co. and execution of the company’s capital management plans, CEO James Brannen said in a release. Life insurance premiums collected increased 11 percent, while annuity premiums collected declined 18 percent, reflecting the focus on life insurance sales and the suspension of certain annuity products due to the low interest rate environment, the company said.