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FBL Financial Group Reports Fourth Quarter 2012 Results

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

Financial Highlights(Dollars in thousands, except per share data)
  Three months ended December 31,
2012   2011
Net income (loss) attributable to FBL $ 22,586   $ (47,620 )
Operating income 24,180 20,335
Earnings per common share (assuming dilution):
Net income (loss) 0.86 (1.55 )
Operating income   0.93     0.65  

FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL for the fourth quarter of 2012 of $22.6 million, or $0.86 per diluted common share compared to a loss of $47.6 million, or $1.55 per diluted common share, for the fourth quarter of 2011.

Operating Income (1) . Operating income totaled $24.2 million, or $0.93 per common share, for the fourth quarter of 2012, compared to $20.3 million, or $0.65 per common share, for the fourth quarter of 2011. Fourth quarter 2012 operating income reflects strong underlying results, increased investment fee income, increased equity income and the benefit of $0.04 per share from unlocking assumptions used in the calculation of deferred acquisition costs. 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.

"I am very pleased to report that FBL Financial Group delivered another strong quarter of financial results with net income of $0.86 per share and operating income of $0.93 per share. These results cap off a very positive year for FBL Financial Group, reflecting the steady growth of Farm Bureau Life Insurance Company as well as the continued execution of our capital management plans," said James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. "Given the macroeconomic environment, we are maintaining a robust capital position, prudently managing expenses and emphasizing life insurance sales, with life premiums collected up 23 percent during the quarter and 11 percent for the year. We are well positioned as we move forward in 2013, focused on our Farm Bureau marketplace."

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