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FBL Financial Group Reports Second Quarter 2013 Results

Stocks in this article: FFG

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

Financial Highlights(Dollars in thousands, except per share data)

     
  Three months ended June 30,
2013   2012
Net income attributable to FBL $ 29,587   $ 20,291
Operating income 25,637 19,917
Earnings per common share (assuming dilution):
Net income 1.13 0.73
Operating income   0.98     0.72
 

FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL for the second quarter of 2013 of $29.6 million, or $1.13 per diluted common share compared to $20.3 million, or $0.73 per diluted common share, for the second quarter of 2012.

Operating Income (1) . Operating income totaled $25.6 million, or $0.98 per common share, for the second quarter of 2013, compared to $19.9 million, or $0.72 per common share, for the second quarter of 2012. Second quarter 2013 operating income reflects:

  • Strong underlying results from Farm Bureau Life
  • Investment fee income of $0.04 per share, primarily due to higher than expected bond calls and prepayments
  • Favorable mortality experience (approximately $0.04 per share better than that expected for each remaining quarter of 2013)
  • Increased equity income due to favorable stock market performance and benefits from low income housing tax credit investments (approximately $0.03 per share better than that expected for each remaining quarter of 2013)
  • The favorable impact of $0.01 per share from unlocking assumptions used in the calculation of deferred acquisition costs, value of insurance in force acquired and unearned revenue reserves

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.

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