FBL Financial Group Inc. recorded a net loss of $1.5 million, or 5 cents per diluted share, for the first quarter, compared with net income of $6.4 million, or 21 cents per share, in the first quarter of 2008, the company reported Thursday. The West Des Moines-based insurer had operating income of $7.9 million in the first quarter, compared with $15.1 million in the same year-ago quarter. FBL said that the surrender of annuities, which saw a sudden increase in late 2008 and earlier this year, has declined to $96 million in April from $253 million in January. As of March 31, the company had excess capital of $155 million. In addition, FBL said it had paid a $60 million line of credit, giving it access to additional liquidity; had liquidity of nearly $395 million in the form of short-term investments at the end of the quarter; and did not have any debt due until 2011.

Donald Fletcher of Liberty, Mo., has been elected chair of the Drake University board of trustees. Richard Hartig and Kermit Sutton have been elected to the board. All are Drake graduates. Fletcher, who replaced James Hubbell III as chair, retired in 2005 as president of the personal expression group at Hallmark Cards Inc. Hartig is CEO of Dubuque-based Hartig Drug Co., which operates traditional drug stores and a long-term care pharmacy. Sutton was an associate, partner and of counsel for Whitfield & Eddy PLC in Des Moines. He now operates the Sutton Co. in Naples, Fla.

Bike to Work Week kicks off Saturday at the Downtown Farmers Market and culminates Friday, May 15, with “Handlebar Happy Hour” at el Bait Shop. To date, more than 1,880 workers representing 586 employers in Greater Des Moines and elsewhere in Iowa have registered. A variety of events are planned for the week. Participants must register to eligible for prizes. The event is organized to bring attention to bicycling, its advantages for workers and businesses and to advance discussions regarding bicycle safety and public policy. Registration deadline is Thursday. Click here to register and obtain more information.

GMAC LLC, the one-time finance arm of General Motors Corp. and an entity that became a bank only after a nod of approval earlier this year from the federal government, apparently needs a taxpayer bailout to survive, The New York Times reported after the government released the results of its stress tests on banks receiving bailout funds. Federal regulators said GMAC must raise $11.5 billion to say afloat, an amount that is roughly half of its current equity, the Times reported. GMAC, which has been designated as the lender of choice for dealerships and buyers of both General Motors and Chrysler LLC vehicles, already has received $5 billion from the federal government.