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FBL Financial Group Reports Third Quarter 2011 Results

FBL Financial Group, Inc. (NYSE: FFG):
Financial Highlights

(Dollars in thousands, except per share data)
    Three months ended September 30,
2011     2010
Net income attributable to FBL $ 27,566     $ 28,677
Operating income 24,778 30,187
Earnings per common share (assuming dilution):
Net income 0.88 0.93
Operating income     0.79       0.98

FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL for the third quarter of 2011 of $27.6 million, or $0.88 per diluted common share, compared to net income attributable to FBL of $28.7 million, or $0.93 per diluted common share, for the third quarter of 2010.

Operating Income (1) . Operating income totaled $24.8 million, or $0.79 per common share, for the third quarter of 2011, compared to $30.2 million, or $0.98 per common share, for the third quarter of 2010. Third quarter 2011 operating income compared to the prior year period was adversely impacted by equity market performance and mortality experience, partially offset by improved spreads. Operating income differs from the GAAP measure, net income attributable to FBL Financial Group, in that it excludes the impact of realized gains and losses on investments and the change in net unrealized gains and losses on derivatives. For further information on this non-GAAP financial measure, please refer to Note (1) and the reconciliation provided within this release.

"FBL Financial Group delivered solid third quarter results with net income of $0.88 per share and operating income of $0.79 per share," said James E. Hohmann, Chief Executive Officer of FBL Financial Group, Inc. "Despite challenging economic conditions, we've been proactive in our approach to increase profitability. These results show FBL's continued momentum and resilience."

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