FBL Financial Group on Friday reported lower third-quarter net income, but still managed to beat analysts’ projections by 3 cents per share.

The West Des Moines-based financial holding company recorded net income of $20.5 million, or 76 cents per share, down from $27.1 million, or 86 cents per share, in the third quarter of 2011. Analysts for Street.com had forecast a consensus 73 cents per share.

Net income from continuing operations for the third quarter was $20.5 million, or 76 cents per share, compared with  $15.7 million, or 50 cents per share, in the third quarter of 2011.

Operating income totaled $18.7 million, or 70 cents per share, for the quarter that ended on Sept. 30, compared with  $16.3 million, or 52 cents per share, for the same quarter of 2011.

Third-quarter operating income reflected strong underlying results, increased investment fee income and the unfavorable impact of 13 cents per share from assumptions used in the calculation of deferred acquisition costs, value of insurance in force acquired, and unearned revenue reserves.

James Brannen, chief executive officer of FBL Financial, said the net income and operating income figures posted for the quarter represent the sound fundamentals of the holding company’s primary operating subsidiary, Farm Bureau Life Insurance Co.

“Given the challenges of the macroeconomic environment, we continue to maintain a strong capital position, prudently manage expenses and emphasize life insurance sales, which were up 11 percent during the quarter,” Brannen said. “The ongoing repurchase of FBL Financial Group stock, with 900,000 shares repurchased during the third quarter, results in year-to-date repurchases of 5 million shares.

“This is significant as it is 16 percent of our total common shares outstanding as of the beginning of the year.”