|Three months ended September 30,|
|Net income attributable to FBL||$||20,476||$||27,069|
|Net income from continuing operations||20,487||15,714|
|Earnings per common share (assuming dilution):|
|Net income from continuing operations||0.76||0.50|
FBL Financial Group, Inc. (NYSE: FFG): Financial Highlights(Dollars in thousands, except per share data)
FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL for the third quarter of 2012 of $20.5 million, or $0.76 per diluted common share compared to $27.1 million, or $0.86 per diluted common share, for the third quarter of 2011. Net income from continuing operations for the third quarter of 2012 was $20.5 million, or $0.76 per diluted common share compared to $15.7 million, or $0.50 per diluted common share, for the third quarter of 2011. Operating Income (1) . Operating income totaled $18.7 million, or $0.70 per common share, for the third quarter of 2012, compared to $16.3 million, or $0.52 per common share, for the third quarter of 2011. Third quarter 2012 operating income reflects strong underlying results, increased investment fee income and the unfavorable impact of $0.13 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. "I am pleased to report another quarter of strong financial results with net income of $0.76 per share and operating income of $0.70 per share. This reflects the sound fundamentals of Farm Bureau Life Insurance Company and the execution of our capital management plans. Given the challenges of the macroeconomic environment, we continue to maintain a strong capital position, prudently manage expenses and emphasize life insurance sales, which were up 11 percent during the quarter," said James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. "The ongoing repurchase of FBL Financial Group stock, with 0.9 million shares repurchased during the third quarter, results in year-to-date repurchases of 5.0 million shares. This is significant as it is 16 percent of our total common shares outstanding as of the beginning of the year."