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TheStreet Open House

FBL Financial Group Reports Fourth Quarter 2011 Results

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

Financial Highlights    

(Dollars in thousands, except per share data)

     
Three months ended December 31,
2011       2010
Net income (loss) attributable to FBL $ (60,329 )       $ 51,632
Operating income 21,831 21,682
Earnings per common share (assuming dilution):
Net income (loss) (1.96 ) 1.67
Operating income     0.70         0.70
 

FBL Financial Group, Inc. (NYSE: FFG) today reported a net loss for the fourth quarter of 2011 of $60.3 million, or $1.96 per diluted common share, due to one-time charges relating to the previously announced sale of its subsidiary, EquiTrust Life Insurance Company. This loss compares to net income of $51.6 million, or $1.67 per diluted common share, for the fourth quarter of 2010.

Operating Income (1) . Operating income totaled $21.8 million, or $0.70 per common share, for the fourth quarter of 2011, compared to $21.7 million, or $0.70 per common share, for the fourth quarter of 2010. 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, the change in net unrealized gains and losses on derivatives, the net impact of discontinued operations and the loss on debt redemption. For further information on this non-GAAP financial measure, please refer to Note (1) and the reconciliation provided within this release.

"FBL Financial Group closed 2011 with the successful sale of EquiTrust Life, allowing us to reduce the risk of the overall enterprise, increase our financial flexibility and enable capital management," said James E. Hohmann, Chief Executive Officer of FBL Financial Group, Inc. "As a result, we increased our dividend in the fourth quarter, began to repurchase FBL stock and redeemed $225 million of debt. Going forward, this divestiture allows us to have greater focus on our attractive Farm Bureau niche market."

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