FBL Financial Group posts higher earnings, revenues

West Des Moines-based company recorded net income of $108.4 million

George Ford
Published: February 7 2014 | 2:14 pm - Updated: 29 March 2014 | 3:20 am in
Print Print

West Des Moines-based FBL Financial Group reported higher fourth-quarter earnings and revenues, reflecting a growing book of profitable business at FBL Life Insurance.

FBL Financial posted net income of net income $27 million, or $1.07 per common share, for the quarter that ended on Dec. 31,  compared with $22.6 million, or 86 cents per  common share, for the fourth quarter of 2012. Revenues reached $173 million in the final quarter of 2013, compared with $164.6 million in the final three months of 2012.

Operating income was $25.3 million, or $1 per common share, in the fourth quarter of 2013, compared with $24.2 million, or 93 cents per share, a year earlier.

Operating income excludes the impact of realized gains and losses on investments, the change in net unrealized gains and losses on derivatives, the net impact of discontinued operations, and the loss on debt redemption.

For all of 2013, FBL Financial recorded net income of $108.4 million, up from $79.9 million in 2012. Revenues totaled $691.2 million for all of 2013, an increase from $655.5 million in 2012.

Premiums and product charges for the fourth quarter totaled $73.3 million, compared with $70.5 million in the same quarter of 2012. Net investment income was $93.6 million in the fourth quarter of 2013, compared with $91.5 million in the fourth quarter of 2012.

"FBL Financial Group delivered very strong financial performance in the fourth quarter,” said FBL Chief Executive Officer James Brannen. “The results cap off a year where we achieved record highs in full- year net income and operating income, deployed excess capital with the payment of a $2 per share special dividend and the repurchase of 1.4 million shares, and maintained a very strong capital position.”

Have you found an error or omission in our reporting? Is there other feedback and/or ideas you want to share with us? Tell us here.

Comments



Featured Jobs from corridorcareers.com