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FBL reports lower first-quarter earning

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FBL Financial Group Inc. on Thursday reported first-quarter net income of $16.6 million, or 53 cents per share, compared with $25.1 million, or 80 cents per share, for the first quarter of 2011.

Excluding the effect of realized gains and losses on investments and derivatives, the net impact of discontinued operations and the loss on debt redemption, net income would have been $19.5 million, or 63 cents per share, compared with $18.8 million, or 60 cents per share, for the first quarter of 2011. The company repurchased 3.2 million shares of stock during the quarter, and premiums collected by its Farm Bureau life insurance business increased by 9 percent. 

However, annuity premiums collected declined 8 percent, reflecting the suspension of certain annuity products due to the low interest rate environment, the company said. A 10 a.m. conference call will be webcast live this morning, and a replay will be available at www.fblfinancial.com.