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FBL Financial Posts Q2 2009 Results

Net income of $24.4 million or $0.81 per diluted common share

FBL Financial Group, a holding company which underwrites and distributes life insurance, annuities and mutual funds, has reported a net income for the second quarter of 2009 of $24.4 million, or $0.81 per diluted common share.

This compares to a net loss of $16.6 million, or $0.56 per diluted common share, for the second quarter of 2008.

The operating income totalled $25.8 million for the second quarter of 2009, as compared to $21.1 million in the second quarter of 2008. The operating income per common share totaled $0.86 in the second quarter of 2009, a 23% increase over the $0.70 reported in the in the second quarter of 2008.

As of June 30, 2009, the book value per share of FBL Financial Group common stock totaled $19.39, an increase of 129% from $8.46 at December 31, 2008. The premiums and product charges for the second quarter of 2009 increased 33% to $93.9 million, from $70.6 million in the second quarter of 2008.

The benefits and expenses totalled $268.2 million in the second quarter of 2009, an increase from $170.4 million in the second quarter of 2008. Mortality experience was within a normal range with death benefits totaling $24.5 million in the second quarter of 2009, compared to $24.6 million in the second quarter of 2008.