0001012771-16-000070.txt : 20161103 0001012771-16-000070.hdr.sgml : 20161103 20161103162141 ACCESSION NUMBER: 0001012771-16-000070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20161103 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20161103 DATE AS OF CHANGE: 20161103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FBL FINANCIAL GROUP INC CENTRAL INDEX KEY: 0001012771 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 421411715 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11917 FILM NUMBER: 161971902 BUSINESS ADDRESS: STREET 1: 5400 UNIVERSITY AVE CITY: WEST DES MOINES STATE: IA ZIP: 50266 BUSINESS PHONE: 5152255400 8-K 1 pressrelease8k2016q3.htm 8-K Document


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): November 3, 2016

FBL Financial Group, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Iowa
1-11917
42-1411715
(State of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
 
 
5400 University Avenue, West Des Moines, Iowa
50266-5997
(Address of principal executive offices)
 
(Zip Code)
(515) 225-5400
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02. Results of Operations and Financial Condition

On November 3, 2016, FBL Financial Group, Inc. issued a news release reporting its financial results for the three months ended September 30, 2016. The news release is furnished as Exhibit 99.1 hereto and the Financial Supplement as Exhibit 99.2 hereto. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FBL FINANCIAL GROUP, INC.
Registrant

Date: November 3, 2016

/s/ Donald J. Seibel
Donald J. Seibel
Chief Financial Officer


EXHIBIT INDEX

Exhibit No:    Description
Exhibit 99.1    News release of the registrant dated November 3, 2016
Exhibit 99.2    Financial Supplement for the quarter ended September 30, 2016





 EX-99.1 2 exh991newsrelease2016q3.htm EXHIBIT 99.1 Exhibit












FOR IMMEDIATE RELEASE
CONTACT:
Thursday, November 3, 2016
Kathleen Till Stange, V.P. Corporate & Investor Relations
 
(515) 226-6780, Kathleen.TillStange@FBLFinancial.com

FBL Financial Group Reports Third Quarter 2016 Results

West Des Moines, Iowa, November 3, 2016 -

Financial Highlights
(Dollars in thousands, except per share data)
 
Three months ended September 30,
 
2016
 
2015
Net income attributable to FBL Financial Group
$
30,017

 
$
26,659

Operating income
28,882

 
27,284

Earnings per common share (assuming dilution):
 
 
 
Net income
1.20

 
1.06

Operating income
1.15

 
1.09

    

FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the third quarter of 2016 of $30.0 million, or $1.20 per diluted common share, compared to $26.7 million, or $1.06 per diluted common share, for the third quarter of 2015. Operating income(1) totaled $28.9 million, or $1.15 per common share, for the third quarter of 2016, compared to $27.3 million, or $1.09 per common share, for the third quarter of 2015. Third quarter 2016 results reflect:
•
A growing book of profitable business
•
The favorable impact of $0.02 per share from unlocking assumptions used in the calculation of deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and certain reserves on interest sensitive products
•
The benefit of other investment-related income of $0.09 per share, primarily in the Annuity segment
•
Unfavorable mortality results, primarily in the Corporate & Other segment

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 and the change in net unrealized gains and losses on derivatives. For further information on this non-GAAP financial measure, please refer to Note (1) and the reconciliation provided within this release.




"FBL Financial Group’s third quarter results reflect strong financial performance, with a 13 percent increase in net income to $1.20 per share and a 6 percent increase in operating income to $1.15 per share," said James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. “These results reflect focus on our Farm Bureau niche market and support of our exclusive Farm Bureau agency force. We are benefiting from our balanced life and annuity in force business, which provides earnings stability, and are successfully addressing the continued challenges of the low interest rate environment."

Product Revenues. Premiums and product charges for the third quarter of 2016 totaled $73.5 million compared to $76.6 million in the third quarter of 2015. Interest sensitive product charges decreased 13 percent while traditional life insurance premiums increased two percent during the quarter. Premiums collected(2) in the third quarter of 2016 totaled $156.4 million compared to $184.0 million in the third quarter of 2015. Annuity premiums collected decreased 25 percent while life insurance premiums collected decreased one percent.

Investment Income. Net investment income in the third quarter of 2016 totaled $103.5 million, compared to $95.9 million in the third quarter of 2015. The increase is due to an increase in average invested assets, partially offset by lower investment yields. The annualized yield earned on average invested assets, with securities at amortized cost, was 5.43 percent for the nine months ended September 30, 2016, compared to 5.58 percent for the nine months ended September 30, 2015. At September 30, 2016, 96 percent of the fixed maturity securities in FBL Financial Group's investment portfolio were investment grade debt securities.

Benefits and Expenses. Benefits and expenses totaled $141.3 million in the third quarter of 2016, compared to $140.1 million in the third quarter of 2015. Death benefits, net of reinsurance and reserves released, totaled $27.4 million in the third quarter of 2016, compared to $26.9 million in the third quarter of 2015. By its nature, mortality experience can fluctuate from quarter to quarter.

Unlocking. During the third quarter of 2016, FBL Financial Group unlocked the assumptions used in the calculation of deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and certain reserves on interest sensitive products. This unlocking resulted in a pre-tax favorable impact of $0.7 million, or $0.02 per share after-tax.

Net Realized Gains/Losses on Investments. In the third quarter of 2016, FBL Financial Group recognized net realized gains on investments of $0.6 million.

Stock Repurchases. During the third quarter of 2016, FBL Financial Group did not repurchase any of its Class A or Class B common stock. FBL Financial Group has $49.5 million remaining under its current stock repurchase program.

Capital and Book Value. As of September 30, 2016, the book value per share of FBL Financial Group common stock totaled $52.72, compared to $45.61 at December 31, 2015. Book value per share, excluding accumulated other comprehensive income(3), totaled $40.94 at September 30, 2016, compared to $40.99 at December 31, 2015. The September 30, 2016 company action level risk based capital ratio of FBL Financial Group's wholly owned subsidiary, Farm Bureau Life Insurance Company, was approximately 547 percent.

Further Financial Information. Further information on FBL Financial Group's financial results, including results by segment, may be found in FBL Financial Group's financial supplement, available on its website, www.fblfinancial.com.




Conference Call. FBL Financial Group will hold a conference call with investors tomorrow, November 4, 2016, at 11:00 a.m. Eastern Time. The call will be webcast and a replay will be available on FBL Financial Group's website.

Certain statements in this release concerning FBL Financial Group's prospects for the future are forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act. These statements generally can be identified by their context, including terms such as “believes,” “anticipates,” “expects,” or similar words. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statement. These risks and uncertainties are detailed in FBL Financial Group's reports filed with the Securities and Exchange Commission and include, but are not limited to, changes in interest rates, difficult conditions in financial markets and the economy, lack of liquidity and access to capital, investment valuations, competitive factors, a decrease in ratings, changes in laws and regulations, differences between actual claims experience and underwriting assumptions, relationships with Farm Bureau organizations, the ability to attract and retain sales agents and adverse results from litigation. These forward-looking statements are based on assumptions which FBL Financial Group believes to be reasonable; however, no assurance can be given that the assumptions will prove to be correct. FBL Financial Group undertakes no obligation to update any forward-looking statements.

FBL Financial Group is a holding company whose purpose is to protect livelihoods and futures. Its primary operating subsidiary, Farm Bureau Life Insurance Company, underwrites and markets a broad range of life insurance and annuities to individuals and businesses, which are distributed by multiline exclusive Farm Bureau agents. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. FBL Financial Group, headquartered in West Des Moines, Iowa, is traded on the New York Stock Exchange under the symbol FFG. For more information, please visit www.fblfinancial.com.

- FINANCIAL INFORMATION AND NOTES FOLLOW -



FBL Financial Group, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)

 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Interest sensitive product charges
$
25,851

 
$
29,856

 
$
82,989

 
$
86,250

Traditional life insurance premiums
47,682

 
46,719

 
147,425

 
142,758

Net investment income
103,514

 
95,882

 
302,621

 
292,144

Net realized capital gains (losses) on sales of investments
646

 
(93
)
 
(33
)
 
7,509

 
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
(25
)
 
(559
)
 
(3,769
)
 
(719
)
Non-credit portion in other comprehensive income (loss)
—

 
146

 
1,522

 
146

Net impairment losses recognized in earnings
(25
)
 
(413
)
 
(2,247
)
 
(573
)
 
 
 
 
 
 
 
 
Other income
3,616

 
3,543

 
11,480

 
12,097

Total revenues
181,284

 
175,494

 
542,235

 
540,185

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Interest sensitive product benefits
65,882

 
53,940

 
178,860

 
163,121

Traditional life insurance benefits
42,121

 
41,604

 
130,059

 
131,967

Policyholder dividends
2,459

 
2,885

 
8,014

 
8,802

Underwriting, acquisition and insurance expenses
25,785

 
36,176

 
102,437

 
107,535

Interest expense
1,213

 
1,213

 
3,638

 
3,637

Other expenses
3,854

 
4,277

 
12,647

 
13,425

Total benefits and expenses
141,314

 
140,095

 
435,655

 
428,487

 
39,970

 
35,399

 
106,580

 
111,698

Income taxes
(13,091
)
 
(11,520
)
 
(34,637
)
 
(36,057
)
Equity income, net of related income taxes
3,128

 
2,761

 
8,393

 
6,932

Net income
30,007

 
26,640

 
80,336

 
82,573

Net loss attributable to noncontrolling interest
10

 
19

 
7

 
49

Net income attributable to FBL Financial Group, Inc.
$
30,017

 
$
26,659

 
$
80,343

 
$
82,622

 
 
 
 
 
 
 
 
Earnings per common share - assuming dilution
$
1.20

 
$
1.06

 
$
3.21

 
$
3.30

 
 
 
 
 
 
 
 
Weighted average common shares
24,990,441

 
24,923,202

 
24,977,342

 
24,926,188

Effect of dilutive securities
39,075

 
79,850

 
46,757

 
93,275

Weighted average common shares - diluted
25,029,516

 
25,003,052

 
25,024,099

 
25,019,463

 
 
 
 
 
 
 
 




(1) Reconciliation of Net Income Attributable to FBL Financial Group to Operating Income - Unaudited

In addition to net income, FBL Financial Group has consistently utilized operating income, a non-GAAP financial measure common in the life insurance industry, as a primary economic measure to evaluate its financial performance. Operating income equals net income attributable to FBL Financial Group adjusted to eliminate the impact of realized gains and losses on investments and changes in net unrealized gains and losses on derivatives. FBL Financial Group uses operating income, in addition to net income, to measure its performance since realized gains and losses on investments and the change in net unrealized gains and losses on derivatives can fluctuate greatly from quarter to quarter. These fluctuations make it difficult to analyze core operating trends. This non-GAAP measure is used for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community. FBL Financial Group believes the combined presentation and evaluation of operating income, together with net income, provides information that may enhance an investor's understanding of FBL Financial Group's underlying results and profitability. A reconciliation is provided in the following table:
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands,
except per share data)
Net income attributable to FBL Financial Group
$
30,017

 
$
26,659

 
$
80,343

 
$
82,622

Adjustments:
 
 
 
 
 
 
 
Net realized gains/losses on investments (a)
(402
)
 
307

 
1,142

 
(4,421
)
Change in net unrealized gains/losses on derivatives (a)
(733
)
 
318

 
(609
)
 
703

Operating income
$
28,882

 
$
27,284

 
$
80,876

 
$
78,904

 
 
 
 
 
 
 
 
Operating income per common share - assuming dilution
$
1.15

 
$
1.09

 
$
3.23

 
$
3.15

 
 
 
 
 
 
 
 
 
(a) Net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired and income taxes attributable to these items.

(2) Premiums Collected - Net statutory premiums collected, a measure of sales production, is a non-GAAP measure and includes premiums collected from annuities and universal life-type products. For GAAP reporting, these premiums received are not reported as revenues.

(3) Reconciliation of Book Value Per Share Excluding Accumulated Other Comprehensive Income - Unaudited
 
September 30,
2016
 
December 31,
2015
Book value per share
$
52.72

 
$
45.61

Less: Per share impact of accumulated other comprehensive income
11.78

 
4.62

Book value per share, excluding accumulated other comprehensive income
$
40.94

 
$
40.99


Book value per share excluding accumulated other comprehensive income is a non-GAAP financial measure. Accumulated other comprehensive income totaled $292.8 million at September 30, 2016 and $114.5 million at December 31, 2015. Since accumulated other comprehensive income fluctuates from quarter to quarter due to unrealized changes in the fair value of investments caused principally by changes in market interest rates, FBL Financial Group believes this non-GAAP financial measure provides useful supplemental information.





FBL Financial Group, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)

 
September 30,
2016
 
December 31,
2015
Assets
 
 
 
Investments
$
8,343,882

 
$
7,722,753

Cash and cash equivalents
65,386

 
29,490

Deferred acquisition costs
215,230

 
335,783

Other assets
438,315

 
418,721

Assets held in separate accounts
605,729

 
625,257

Total assets
$
9,668,542

 
$
9,132,004

 
 
 
 
Liabilities and stockholders' equity
 
 
 
Liabilities
 
 
 
Future policy benefits
$
6,692,087

 
$
6,401,481

Other policy funds, claims and benefits
625,584

 
638,362

Debt
97,000

 
112,000

Other liabilities
333,802

 
220,430

Liabilities related to separate accounts
605,729

 
625,257

Total liabilities
8,354,202

 
7,997,530

 
 
 
 
Stockholders' equity
 
 
 
FBL Financial Group, Inc. stockholders' equity:
 
 
 
Preferred stock
3,000

 
3,000

Class A common stock
152,102

 
149,248

Class B common stock
72

 
72

Accumulated other comprehensive income
292,828

 
114,532

Retained earnings
866,285

 
867,574

Total FBL Financial Group, Inc. stockholders' equity
1,314,287

 
1,134,426

Noncontrolling interest
53

 
48

Total stockholders' equity
1,314,340

 
1,134,474

Total liabilities and stockholders' equity
$
9,668,542

 
$
9,132,004

 
 
 
 
Common shares outstanding
24,874,659

 
24,808,176


####






 EX-99.2 3 invsupp2016q3.htm EXHIBIT 99.2 Exhibit




FBL FINANCIAL GROUP, INC.
INVESTOR SUPPLEMENT
Third Quarter









coverpicture2a01.jpg








fbllogo2a01.jpg







 
 
Corporate Headquarters
FBL Financial Group, Inc.
 
5400 University Avenue
 
West Des Moines, Iowa 50266-5997
 
(515) 225-5400
Financial Inquiries
For more information contact:
 
Jim Brannen
 
Chief Executive Officer
 
Jim.Brannen@FBLFinancial.com
 
(515) 225-5631
 
 
 
Don Seibel
 
Chief Financial Officer
 
Don.Seibel@FBLFinancial.com
 
(515) 226-6399
 
 
 
Kathleen Till Stange
 
Vice President Corporate & Investor Relations
 
Kathleen.TillStange@FBLFinancial.com
 
(515) 226-6780
Internet Information
FBL Financial Group, Inc.
 
www.fblfinancial.com
Stock Symbol
NYSE: FFG
Transfer Agent
American Stock Transfer & Trust Company, LLC
 
6201 15th Avenue
 
Brooklyn, NY 11219
 
http://www.amstock.com
 
 

















FBL Financial Group, Inc.
 
 
Financial Supplement (Unaudited)
 
 
September 30, 2016
 
 
Table of Contents/Notes
 
 
 
 
 
Consolidated Financial Statements:
 
 
Consolidated Balance Sheets
 
Consolidated Statements of Comprehensive Income
 
Consolidated Statements of Operating Income, last five quarters
 
Financial Information by Segment:
 
 
Segment Information
 
Consolidating Statements of Pre-tax Operating Income
 
Statements of Pre-tax Operating Income, last five quarters:
 
 
Annuity Segment
 
Life Insurance Segment
 
Corporate and Other Segment
 
Deferred Acquisition Costs by Segment
 
Impact of Unlocking on Pre-tax Operating Income
 
Collected Premiums, last five quarters
 
Other Information
 

NOTE 1: In addition to net income, we have consistently used operating income, a non-GAAP financial measure common in the life insurance industry, as a primary economic measure to evaluate our financial performance. Operating income for the periods presented equals net income adjusted to eliminate the impact of realized gains and losses on investments and changes in net unrealized gains and losses on derivatives.

We use operating income, in addition to net income, to measure our performance since realized gains and losses on investments and the change in net unrealized gains and losses on derivatives can fluctuate greatly from quarter to quarter. These fluctuations make it difficult to analyze core operating trends. A view of our operating performance without the impact of these items enhances the analysis of our results. We use operating income for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community.

NOTE 2: Certain financial information presented herein may not add due to rounding.


1



FBL Financial Group, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)

 
September 30,
2016
 
December 31,
2015
Assets
 
 
 
Investments:
 
 
 
Fixed maturities - available for sale, at fair value (amortized cost: 2016 - $6,559,492; 2015 - $6,379,919)
$
7,217,595

 
$
6,637,776

Equity securities - available for sale, at fair value (cost: 2016 - $129,321; 2015 - $116,336)
136,977

 
121,667

Mortgage loans
781,517

 
744,303

Real estate
1,955

 
1,955

Policy loans
188,536

 
185,784

Short-term investments
8,960

 
28,251

Other investments
8,342

 
3,017

Total investments
8,343,882

 
7,722,753

 
 
 
 
Cash and cash equivalents
65,386

 
29,490

Securities and indebtedness of related parties
135,084

 
134,570

Accrued investment income
84,672

 
78,274

Amounts receivable from affiliates
5,272

 
2,834

Reinsurance recoverable
107,044

 
103,898

Deferred acquisition costs
215,230

 
335,783

Value of insurance in force acquired
22,300

 
20,913

Current income taxes recoverable
—

 
2,421

Other assets
83,943

 
75,811

Assets held in separate accounts
605,729

 
625,257

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
9,668,542

 
$
9,132,004




2



FBL Financial Group, Inc.
Consolidated Balance Sheets (Continued)
(Dollars in thousands)

 
September 30,
2016
 
December 31,
2015
Liabilities and stockholders' equity
 
 
 
Liabilities:
 
 
 
Future policy benefits:
 
 
 
Interest sensitive products
$
5,008,877

 
$
4,764,159

Traditional life insurance and accident and health products
1,683,210

 
1,637,322

Other policy claims and benefits
33,774

 
44,157

Supplementary contracts without life contingencies
330,996

 
339,929

Advance premiums and other deposits
260,814

 
254,276

Amounts payable to affiliates
771

 
575

Short-term debt payable to non-affiliates
—

 
15,000

Long-term debt payable to non-affiliates
97,000

 
97,000

Current income taxes
11,259

 
—

Deferred income taxes
231,148

 
135,063

Other liabilities
90,624

 
84,792

Liabilities related to separate accounts
605,729

 
625,257

Total liabilities
8,354,202

 
7,997,530

 
 
 
 
Stockholders' equity:
 
 
 
FBL Financial Group, Inc. stockholders' equity:
 
 
 
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares
3,000

 
3,000

Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 24,863,246 in 2016 and 24,796,763 shares in 2015
152,102

 
149,248

Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2016 and 2015
72

 
72

Accumulated other comprehensive income
292,828

 
114,532

Retained earnings
866,285

 
867,574

Total FBL Financial Group, Inc. stockholders' equity
1,314,287

 
1,134,426

Noncontrolling interest
53

 
48

Total stockholders' equity
1,314,340

 
1,134,474

Total liabilities and stockholders' equity
$
9,668,542

 
$
9,132,004




3



FBL Financial Group, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in thousands, except per share data)

 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Interest sensitive product charges
$
25,851

 
$
29,856

 
$
82,989

 
$
86,250

Traditional life insurance premiums
47,682

 
46,719

 
147,425

 
142,758

Net investment income
103,514

 
95,882

 
302,621

 
292,144

Net realized capital gains (losses) on sales of investments
646

 
(93
)
 
(33
)
 
7,509

 
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
(25
)
 
(559
)
 
(3,769
)
 
(719
)
Non-credit portion in other comprehensive income
—

 
146

 
1,522

 
146

Net impairment losses recognized in earnings
(25
)
 
(413
)
 
(2,247
)
 
(573
)
Other income
3,616

 
3,543

 
11,480

 
12,097

Total revenues
181,284

 
175,494

 
542,235

 
540,185

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Interest sensitive product benefits
65,882

 
53,940

 
178,860

 
163,121

Traditional life insurance benefits
42,121

 
41,604

 
130,059

 
131,967

Policyholder dividends
2,459

 
2,885

 
8,014

 
8,802

Underwriting, acquisition and insurance expenses
25,785

 
36,176

 
102,437

 
107,535

Interest expense
1,213

 
1,213

 
3,638

 
3,637

Other expenses
3,854

 
4,277

 
12,647

 
13,425

Total benefits and expenses
141,314

 
140,095

 
435,655

 
428,487

 
39,970

 
35,399

 
106,580

 
111,698

Income taxes
(13,091
)
 
(11,520
)
 
(34,637
)
 
(36,057
)
Equity income, net of related income taxes
3,128

 
2,761

 
8,393

 
6,932

Net income
30,007

 
26,640

 
80,336

 
82,573

Net loss attributable to noncontrolling interest
10

 
19

 
7

 
49

Net income attributable to FBL Financial Group, Inc.
$
30,017

 
$
26,659

 
$
80,343

 
$
82,622

 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to FBL Financial Group, Inc.
$
46,723

 
$
24,018

 
$
258,639

 
$
(6,228
)
 
 
 
 
 
 
 
 
Earnings per common share
$
1.20

 
$
1.07

 
$
3.21

 
$
3.31

Earnings per common share - assuming dilution
$
1.20

 
$
1.06

 
$
3.21

 
$
3.30

 
 
 
 
 
 
 
 
Cash dividends per common share
$
0.42

 
$
0.40

 
$
1.26

 
$
1.20

Special cash dividend per common share
$
—

 
$
—

 
$
2.00

 
$
2.00



4



FBL Financial Group, Inc.
Consolidated Statements of Operating Income
(Dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Operating revenues:
 
 
 
 
 
 
 
 
 
Interest sensitive product charges
$
29,861

 
$
28,339

 
$
28,111

 
$
28,994

 
$
25,897

Traditional life insurance premiums
46,719

 
48,198

 
50,138

 
49,605

 
47,682

Net investment income
98,253

 
98,434

 
97,318

 
99,137

 
101,333

Other income
3,543

 
3,534

 
3,639

 
4,225

 
3,616

Total operating revenues
178,376

 
178,505

 
179,206

 
181,961

 
178,528

 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
Interest sensitive product benefits
55,516

 
55,105

 
53,253

 
57,035

 
65,221

Traditional life insurance benefits
41,604

 
44,178

 
44,565

 
43,394

 
42,121

Policyholder dividends
2,885

 
3,026

 
3,040

 
2,515

 
2,459

Underwriting, acquisition and insurance expenses:
 
 
 
 
 
 
 
 
 
Commission expense, net of deferrals
5,243

 
5,532

 
5,797

 
5,683

 
5,407

Amortization of deferred acquisition costs
9,504

 
8,767

 
9,550

 
11,352

 
(989
)
Amortization of value of insurance in force acquired
667

 
585

 
552

 
749

 
547

Other underwriting expenses
21,108

 
21,100

 
21,952

 
21,334

 
20,471

Total underwriting, acquisition and insurance expenses
36,522

 
35,984

 
37,851

 
39,118

 
25,436

Interest expense
1,213

 
1,213

 
1,212

 
1,213

 
1,213

Other expenses
4,277

 
4,082

 
4,358

 
4,435

 
3,854

Total benefits and expenses
142,017

 
143,588

 
144,279

 
147,710

 
140,304

 
36,359

 
34,917

 
34,927

 
34,251

 
38,224

Income taxes
(11,855
)
 
(11,529
)
 
(11,270
)
 
(11,176
)
 
(12,480
)
Net loss (income) attributable to noncontrolling interest
19

 
5

 
9

 
(12
)
 
10

Equity income, net of related income taxes
2,761

 
2,591

 
2,652

 
2,613

 
3,128

Operating income
27,284

 
25,984

 
26,318

 
25,676

 
28,882

 
 
 
 
 
 
 
 
 
 
Realized gains/losses on investments, net of offsets
(307
)
 
4,077

 
(397
)
 
(1,147
)
 
402

Change in net unrealized gains/losses on derivatives, net of offsets
(318
)
 
844

 
25

 
(149
)
 
733

Net income attributable to FBL Financial Group, Inc.
$
26,659

 
$
30,905

 
$
25,946

 
$
24,380

 
$
30,017

 
 
 
 
 
 
 
 
 
 
Operating income per common share - assuming dilution
$
1.09

 
$
1.04

 
$
1.05

 
$
1.02

 
$
1.15

Earnings per common share - assuming dilution
$
1.06

 
$
1.23

 
$
1.04

 
$
0.97

 
$
1.20

 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding (in thousands):
 
 
 
 
 
 
 
 
 
Basic
24,923

 
24,921

 
24,950

 
24,988

 
24,990

Effect of dilutive securities
80

 
75

 
58

 
42

 
40

Diluted
25,003

 
24,996

 
25,008

 
25,030

 
25,030

 
 
 
 
 
 
 
 
 
 
Operating return on equity, excluding AOCI - last twelve months
10.9
%
 
10.6
%
 
10.9
%
 
10.6
%
 
10.6
%
Operating return on equity, including AOCI - last twelve months
8.8
%
 
8.9
%
 
9.1
%
 
8.9
%
 
8.8
%



5



FBL Financial Group, Inc.
Segment Information

We analyze operations by reviewing financial information regarding our primary products that are aggregated into the Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company.

The Annuity segment primarily consists of fixed rate annuities and supplementary contracts (some of which involve life contingencies). Fixed rate annuities provide for tax-deferred savings and supplementary contracts provide for the systematic repayment of funds that accumulate interest. Fixed rate annuities consist primarily of flexible premium deferred annuities, but also include single premium deferred and immediate contracts. With fixed rate annuities, we bear the underlying investment risk and credit interest to the contracts at rates we determine, subject to interest rate guarantees. The annuity segment also includes index annuities. With index annuity products, we bear the underlying investment risk and credit interest in an amount equal to a percentage of the gain in a specified market index, subject to minimum guarantees.

The Life Insurance segment consists of whole life, term life and universal life policies. These policies provide benefits upon the death of the insured and may also allow the customer to build cash value on a tax-deferred basis.

The Corporate and Other segment consists of the following corporate items and products/services that do not meet the quantitative threshold for separate segment reporting:
•
 
investments and related investment income not specifically allocated to our product segments;
•
 
interest expense;
•
 
closed blocks of variable annuity, variable universal life insurance and accident and health insurance products;
•
 
advisory services for the management of investments and other companies;
•
 
marketing and distribution services for the sale of mutual funds and insurance products not issued by us; and
•
 
leasing services, primarily with affiliates.

We analyze our segment results based on pre-tax operating income. Accordingly, income taxes are not allocated to the segments. In addition, operating results are reported net of transactions between the segments.

6



FBL Financial Group, Inc.
Consolidating Statements of Pre-tax Operating Income

Quarter Ended September 30, 2016
Annuity
 
Life Insurance
 
Corporate & Other
 
Consolidated
 
(Dollars in thousands)
Operating revenues:
 
 
 
 
 
 
 
Interest sensitive product charges
$
894

 
$
14,210

 
$
10,793

 
$
25,897

Traditional life insurance premiums
—

 
47,682

 
—

 
47,682

Net investment income
53,945

 
39,227

 
8,161

 
101,333

Other income
—

 
(89
)
 
3,705

 
3,616

Total operating revenues
54,839

 
101,030

 
22,659

 
178,528

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Interest sensitive product benefits
29,637

 
25,345

 
10,239

 
65,221

Traditional life insurance benefits
—

 
42,121

 
—

 
42,121

Policyholder dividends
—

 
2,459

 
—

 
2,459

Underwriting, acquisition and insurance expenses:
 
 
 
 
 
 
 
Commission expense, net of deferrals
507

 
4,229

 
671

 
5,407

Amortization of deferred policy acquisition costs
2,231

 
(2,788
)
 
(432
)
 
(989
)
Amortization of value of insurance in force acquired
170

 
377

 
—

 
547

Other underwriting expenses
5,219

 
14,042

 
1,210

 
20,471

Total underwriting, acquisition and insurance expenses
8,127

 
15,860

 
1,449

 
25,436

Interest expense
—

 
—

 
1,213

 
1,213

Other expenses
—

 
—

 
3,854

 
3,854

Total benefits and expenses
37,764

 
85,785

 
16,755

 
140,304

 
17,075

 
15,245

 
5,904

 
38,224

Net loss attributable to noncontrolling interest
—

 
—

 
10

 
10

Equity loss, before tax
—

 
—

 
(695
)
 
(695
)
Pre-tax operating income
$
17,075

 
$
15,245

 
$
5,219

 
$
37,539


7



FBL Financial Group, Inc.
Consolidating Statements of Pre-tax Operating Income (Continued)


Quarter Ended September 30, 2015
Annuity
 
Life Insurance
 
Corporate & Other
 
Consolidated
 
(Dollars in thousands)
Operating revenues:
 
 
 
 
 
 
 
Interest sensitive product charges
$
542

 
$
16,998

 
$
12,321

 
$
29,861

Traditional life insurance premiums
—

 
46,719

 
—

 
46,719

Net investment income
52,873

 
37,743

 
7,637

 
98,253

Other income
—

 
(29
)
 
3,572

 
3,543

Total operating revenues
53,415

 
101,431

 
23,530

 
178,376

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Interest sensitive product benefits
26,490

 
19,548

 
9,478

 
55,516

Traditional life insurance benefits
—

 
41,604

 
—

 
41,604

Policyholder dividends
—

 
2,885

 
—

 
2,885

Underwriting, acquisition and insurance expenses:
 
 
 
 
 
 
 
Commission expense, net of deferrals
441

 
4,065

 
737

 
5,243

Amortization of deferred acquisition costs
1,477

 
147

 
7,880

 
9,504

Amortization of value of insurance in force acquired
288

 
379

 
—

 
667

Other underwriting expenses
4,957

 
14,448

 
1,703

 
21,108

Total underwriting, acquisition and insurance expenses
7,163

 
19,039

 
10,320

 
36,522

Interest expense
—

 
—

 
1,213

 
1,213

Other expenses
—

 
—

 
4,277

 
4,277

Total benefits and expenses
33,653

 
83,076

 
25,288

 
142,017

 
19,762

 
18,355

 
(1,758
)
 
36,359

Net loss attributable to noncontrolling interest
—

 
—

 
19

 
19

Equity loss, before tax
—

 
—

 
(1,035
)
 
(1,035
)
Pre-tax operating income (loss)
$
19,762

 
$
18,355

 
$
(2,774
)
 
$
35,343



8



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Annuity Segment
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Pre-tax Operating Income
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Operating revenues:
 
 
 
 
 
 
 
 
 
Interest sensitive product charges
$
542

 
$
714

 
$
942

 
$
932

 
$
894

Net investment income
52,873

 
52,068

 
51,237

 
53,022

 
53,945

Total operating revenues
53,415

 
52,782

 
52,179

 
53,954

 
54,839

 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
Interest sensitive product benefits
26,490

 
28,251

 
26,486

 
27,591

 
29,637

Underwriting, acquisition and insurance expenses:
 
 
 
 
 
 
 
 
 
Commission expense, net of deferrals
441

 
452

 
570

 
523

 
507

Amortization of deferred acquisition costs
1,477

 
2,701

 
2,338

 
3,905

 
2,231

Amortization of value of insurance in force acquired
288

 
206

 
175

 
372

 
170

Other underwriting expenses
4,957

 
4,903

 
5,462

 
5,215

 
5,219

Total underwriting, acquisition and insurance expenses
7,163

 
8,262

 
8,545

 
10,015

 
8,127

Total benefits and expenses
33,653

 
36,513

 
35,031

 
37,606

 
37,764

Pre-tax operating income
$
19,762

 
$
16,269

 
$
17,148

 
$
16,348

 
$
17,075

 
 
 
 
 
 
 
 
 
 
Selected balance sheet data, securities at amortized cost:
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Investments
$
4,042,178

 
$
4,075,702

 
$
4,087,708

 
$
4,146,239

 
$
4,248,096

Deferred acquisition costs
85,271

 
85,819

 
87,245

 
87,405

 
88,342

Value of insurance in force acquired
5,299

 
5,088

 
4,917

 
4,544

 
4,374

 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Interest sensitive product reserves
$
3,516,729

 
$
3,550,364

 
$
3,586,694

 
$
3,704,266

 
$
3,744,876

Other insurance reserves
373,950

 
370,326

 
373,341

 
368,083

 
366,899

Allocated equity, excluding AOCI
260,675

 
262,686

 
249,482

 
256,558

 
259,042

 
 
 
 
 
 
 
 
 
 
Other data:
 
 
 
 
 
 
 
 
 
Number of direct contracts
52,999

 
53,319

 
53,253

 
53,455

 
53,410

 
 
 
 
 
 
 
 
 
 
Portfolio yield net of assumed defaults
4.87
%
 
4.84
%
 
4.79
%
 
4.79
%
 
4.74
%
Credited rate
2.79

 
2.79

 
2.78

 
2.76

 
2.72

Spread on individual annuities at end of quarter (1)
2.08
%
 
2.05
%
 
2.01
%
 
2.03
%
 
2.02
%
 
 
 
 
 
 
 
 
 
 
Interest sensitive reserve activity:
 
 
 
 
 
 
 
 
 
Individual annuity reserve:
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
2,667,088

 
$
2,729,891

 
$
2,787,002

 
$
2,827,976

 
$
2,895,799

Deposits
97,494

 
88,090

 
83,578

 
96,890

 
73,240

Withdrawals, surrenders and death benefits
(38,006
)
 
(37,526
)
 
(46,077
)
 
(38,190
)
 
(43,587
)
Net flows
59,488

 
50,564

 
37,501

 
58,700

 
29,653

 
 
 
 
 
 
 
 
 
 
Policyholder interest
18,088

 
19,248

 
17,898

 
18,356

 
19,083

Annuitizations and other
(14,773
)
 
(12,701
)
 
(14,425
)
 
(9,233
)
 
(7,718
)
Balance, end of period
2,729,891

 
2,787,002

 
2,827,976

 
2,895,799

 
2,936,817

Other interest sensitive reserves
786,838

 
763,362

 
758,718

 
808,467

 
808,059

Total interest sensitive product reserves
$
3,516,729

 
$
3,550,364

 
$
3,586,694

 
$
3,704,266

 
$
3,744,876


(1)
Point-in-time spread at the balance sheet date used by management for decision making, which differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

9



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Life Insurance Segment
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Pre-tax Operating Income
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Operating revenues:
 
 
 
 
 
 
 
 
 
Interest sensitive product charges
$
16,998

 
$
16,628

 
$
15,773

 
$
16,637

 
$
14,210

Traditional life insurance premiums
46,719

 
48,198

 
50,138

 
49,605

 
47,682

Net investment income
37,743

 
38,306

 
37,754

 
38,570

 
39,227

Other income
(29
)
 
(63
)
 
(62
)
 
(88
)
 
(89
)
Total operating revenues
101,431

 
103,069

 
103,603

 
104,724

 
101,030

 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
Interest sensitive product benefits:
 
 
 
 
 
 
 
 
 
Interest credited
8,692

 
8,309

 
8,266

 
8,130

 
7,886

Death benefits and other
10,856

 
10,576

 
8,803

 
12,169

 
17,459

Total interest sensitive product benefits
19,548

 
18,885

 
17,069

 
20,299

 
25,345

Traditional life insurance benefits:
 
 
 
 
 
 
 
 
 
Death benefits
21,768

 
20,489

 
21,123

 
20,019

 
19,259

Surrender and other benefits
7,242

 
7,018

 
8,641

 
8,215

 
8,234

Increase in traditional life future policy benefits
12,594

 
16,671

 
14,801

 
15,160

 
14,628

Total traditional life insurance benefits
41,604

 
44,178

 
44,565

 
43,394

 
42,121

Policyholder dividends
2,885

 
3,026

 
3,040

 
2,515

 
2,459

Underwriting, acquisition and insurance expenses:
 
 
 
 
 
 
 
 
 
Commission expense, net of deferrals
4,065

 
4,339

 
4,470

 
4,338

 
4,229

Amortization of deferred acquisition costs
147

 
6,202

 
5,224

 
4,878

 
(2,788
)
Amortization of value of insurance in force acquired
379

 
379

 
377

 
377

 
377

Other underwriting expenses
14,448

 
14,698

 
14,787

 
14,450

 
14,042

Total underwriting, acquisition and insurance expenses
19,039

 
25,618

 
24,858

 
24,043

 
15,860

Total benefits and expenses
83,076

 
91,707

 
89,532

 
90,251

 
85,785

Pre-tax operating income
$
18,355

 
$
11,362

 
$
14,071

 
$
14,473

 
$
15,245

 
 
 
 
 
 
 
 
 
 
Selected balance sheet data, securities at amortized cost:
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Investments
$
2,727,032

 
$
2,756,265

 
$
2,778,449

 
$
2,800,935

 
$
2,825,458

Deferred acquisition costs
245,016

 
248,333

 
249,640

 
252,481

 
262,803

Value of insurance in force acquired
19,291

 
18,912

 
18,535

 
18,158

 
17,781

 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
Liabilities: (1)
 
 
 
 
 
 
 
 
 
Interest sensitive reserves
$
850,808

 
$
859,582

 
$
865,923

 
$
875,067

 
$
889,645

Other insurance reserves
1,797,249

 
1,818,245

 
1,833,601

 
1,846,163

 
1,864,521

Allocated equity, excluding AOCI
327,310

 
332,956

 
369,480

 
372,927

 
379,540


 

10



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Life Insurance Segment (Continued)
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
 
 
(Dollars in thousands)
 
Other data:
 
 
 
 
 
 
 
 
 
Number of direct policies - traditional life
364,194

 
365,029

 
364,708

 
364,413

 
364,132

Number of direct policies - universal life
62,045

 
62,661

 
62,932

 
63,321

 
63,446

Direct face amounts - traditional life
$
46,960,976

 
$
47,490,316

 
$
47,869,724

 
$
48,244,884

 
$
48,668,224

Direct face amounts - universal life
$
6,515,708

 
$
6,616,049

 
$
6,525,769

 
$
6,751,098

 
$
6,782,177

 
 
 
 
 
 
 
 
 
 
Portfolio yield net of assumed defaults
5.22
%
 
5.21
%
 
5.21
%
 
5.23
%
 
5.20
%
Credited rate
3.81

 
3.81

 
3.82

 
3.76

 
3.76

Spread on universal life at end of quarter (2)
1.41
%
 
1.40
%
 
1.39
%
 
1.47
%
 
1.44
%
 
 
 
 
 
 
 
 
 
 
Interest sensitive reserve activity: (1)
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
844,306

 
$
850,808

 
$
859,582

 
$
865,923

 
$
875,067

Deposits
22,828

 
22,955

 
22,026

 
22,158

 
21,397

Withdrawals and surrenders
(7,868
)
 
(5,136
)
 
(6,738
)
 
(7,277
)
 
(4,569
)
Net flows
14,960

 
17,819

 
15,288

 
14,881

 
16,828

 
 
 
 
 
 
 
 
 
 
Policyholder interest
7,794

 
7,605

 
7,523

 
7,420

 
7,641

Policy charges
(16,647
)
 
(16,840
)
 
(16,900
)
 
(17,121
)
 
(17,158
)
Benefits and other
395

 
190

 
430

 
3,964

 
7,267

Balance, end of period
$
850,808

 
$
859,582

 
$
865,923

 
$
875,067

 
$
889,645


(1)
Reserves on riders in interest sensitive life insurance products are included in Other insurance reserves.
(2)
Point-in-time spread at the balance sheet date used by management for decision making with universal life (excluding products with a secondary guarantee) differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

11



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Corporate and Other
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Pre-tax Operating Income (Loss)
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenues:
 
 
 
 
 
 
 
 
 
 
Interest sensitive product charges
 
$
12,321

 
$
10,997

 
$
11,396

 
$
11,425

 
$
10,793

Net investment income
 
7,637

 
8,060

 
8,327

 
7,545

 
8,161

Other income
 
3,572

 
3,597

 
3,701

 
4,313

 
3,705

Total operating revenues
 
23,530

 
22,654

 
23,424

 
23,283

 
22,659

 
 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
Interest sensitive product benefits
 
9,478

 
7,969

 
9,698

 
9,145

 
10,239

Underwriting, acquisition and insurance expenses:
 
 
 
 
 
 
 
 
 
 
Commission expense, net of deferrals
 
737

 
741

 
757

 
822

 
671

Amortization of deferred acquisition costs
 
7,880

 
(136
)
 
1,988

 
2,569

 
(432
)
Other underwriting expenses
 
1,703

 
1,499

 
1,703

 
1,669

 
1,210

Total underwriting, acquisition and insurance expenses
 
10,320

 
2,104

 
4,448

 
5,060

 
1,449

Interest expense
 
1,213

 
1,213

 
1,212

 
1,213

 
1,213

Other expenses
 
4,277

 
4,082

 
4,358

 
4,435

 
3,854

Total benefits and expenses
 
25,288

 
15,368

 
19,716

 
19,853

 
16,755

 
 
(1,758
)
 
7,286

 
3,708

 
3,430

 
5,904

Net loss (income) attributable to noncontrolling interest
 
19

 
5

 
9

 
(12
)
 
10

Equity loss, before tax
 
(1,035
)
 
(1,296
)
 
(1,228
)
 
(1,446
)
 
(695
)
Pre-tax operating income (loss)
 
$
(2,774
)
 
$
5,995

 
$
2,489

 
$
1,972

 
$
5,219

 
 
 
 
 
 
 
 
 
 
 
Selected balance sheet data, securities at amortized cost:
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
Investments
 
$
581,838

 
$
627,598

 
$
605,772

 
$
610,526

 
$
604,570

Deferred acquisition costs
 
74,943

 
75,366

 
73,510

 
70,815

 
71,225

Separate account assets
 
617,172

 
625,257

 
607,739

 
603,706

 
605,729

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
Interest sensitive reserves
 
$
345,069

 
$
346,177

 
$
349,718

 
$
354,952

 
$
359,151

Other insurance reserves
 
97,130

 
94,411

 
96,202

 
95,241

 
93,099

Separate account liabilities
 
617,172

 
625,257

 
607,739

 
603,706

 
605,729

Allocated equity, excluding AOCI
 
406,733

 
421,252

 
365,230

 
368,838

 
379,877

 
 
 
 
 
 
 
 
 
 
 
Rollforward of separate account balances:
 
 
 
 
 
 
 
 
 
 
Beginning separate account balance
 
$
676,045

 
$
617,172

 
$
625,257

 
$
607,739

 
$
603,706

Net premiums
 
3,455

 
5,808

 
4,629

 
3,275

 
1,645

Net investment income (loss)
 
(45,356
)
 
19,291

 
(3,421
)
 
9,951

 
22,321

Charges, benefits and surrenders
 
(16,972
)
 
(17,014
)
 
(18,726
)
 
(17,259
)
 
(21,943
)
Ending separate account balance
 
$
617,172

 
$
625,257

 
$
607,739

 
$
603,706

 
$
605,729

 
 
 
 
 
 
 
 
 
 
 
Other data:
 
 
 
 
 
 
 
 
 
 
Number of direct contracts - variable annuity
 
11,455

 
11,292

 
11,098

 
10,948

 
10,657

Number of direct policies - variable universal life
 
41,148

 
40,693

 
40,204

 
39,736

 
39,275

Direct face amounts - variable universal life
 
$
5,089,925

 
$
5,030,731

 
$
4,962,001

 
$
4,901,960

 
$
4,839,145



12



FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
 
 
 (Dollars in thousands)
 
Annuity
 
 
 
 
 
 
 
 
 
Balance - beginning of period
$
83,156

 
$
85,271

 
$
85,819

 
$
87,245

 
$
87,405

Capitalization:
 
 
 
 
 
 
 
 
 
    Commissions
3,132

 
2,917

 
3,046

 
3,458

 
3,042

    Expenses
248

 
327

 
234

 
294

 
186

    Deferral of sales inducements
132

 
257

 
326

 
398

 
183

         Total capitalization
3,512

 
3,501

 
3,606

 
4,150

 
3,411

Amortization - operating basis, before impact of unlocking
(2,909
)
 
(2,722
)
 
(2,373
)
 
(2,740
)
 
(2,276
)
Amortization - unlocking, operating basis
1,419

 
—

 
—

 
(1,218
)
 
—

Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives
93

 
(231
)
 
193

 
(32
)
 
(198
)
Balance - end of period
$
85,271

 
$
85,819

 
$
87,245

 
$
87,405

 
$
88,342

 
 
 
 
 
 
 
 
 
 
Life Insurance
 
 
 
 
 
 
 
 
 
Balance - beginning of period
$
238,647

 
$
245,016

 
$
248,333

 
$
249,640

 
$
252,481

Capitalization:
 
 
 
 
 
 
 
 
 
    Commissions
4,392

 
6,786

 
4,236

 
4,844

 
4,609

    Expenses
2,077

 
2,340

 
2,267

 
2,277

 
2,358

    Deferral of sales inducements
125

 
585

 
279

 
250

 
146

         Total capitalization
6,594

 
9,711

 
6,782

 
7,371

 
7,113

Amortization - operating basis, before impact of unlocking
(4,637
)
 
(4,566
)
 
(5,411
)
 
(4,793
)
 
(4,770
)
Amortization - unlocking, operating basis
4,400

 
(1,833
)
 
—

 
(271
)
 
7,991

Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives
12

 
5

 
(64
)
 
534

 
(12
)
Balance - end of period
$
245,016

 
$
248,333

 
$
249,640

 
$
252,481

 
$
262,803

 
 
 
 
 
 
 
 
 
 
Corporate and Other
 
 
 
 
 
 
 
 
 
Balance - beginning of period
$
82,450

 
$
74,943

 
$
75,366

 
$
73,510

 
$
70,815

Capitalization:
 
 
 
 
 
 
 
 
 
    Commissions
139

 
156

 
158

 
186

 
108

    Deferral of sales inducements
1

 
19

 
6

 
4

 
3

         Total capitalization
140

 
175

 
164

 
190

 
111

Amortization - operating basis, before impact of unlocking
(3,513
)
 
(1,051
)
 
(2,023
)
 
(1,535
)
 
(1,207
)
Amortization - unlocking, operating basis
(4,375
)
 
1,220

 
—

 
(1,050
)
 
1,661

Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives
241

 
79

 
3

 
(300
)
 
(155
)
Balance - end of period
$
74,943

 
$
75,366

 
$
73,510

 
$
70,815

 
$
71,225


13



FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment (Continued)
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
 
 
 (Dollars in thousands)
 
Total
 
 
 
 
 
 
 
 
 
Balance - beginning of period
$
404,253

 
$
405,230

 
$
409,518

 
$
410,395

 
$
410,701

Capitalization:
 
 
 
 
 
 
 
 
 
    Commissions
7,663

 
9,859

 
7,440

 
8,488

 
7,759

    Expenses
2,325

 
2,667

 
2,501

 
2,571

 
2,544

    Deferral of sales inducements
258

 
861

 
611

 
652

 
332

         Total capitalization
10,246

 
13,387

 
10,552

 
11,711

 
10,635

Amortization - operating basis, before impact of unlocking
(11,059
)
 
(8,339
)
 
(9,807
)
 
(9,068
)
 
(8,253
)
Amortization - unlocking, operating basis
1,444

 
(613
)
 
—

 
(2,539
)
 
9,652

Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives
346

 
(147
)
 
132

 
202

 
(365
)
Balance - end of period
405,230

 
409,518

 
410,395

 
410,701

 
422,370

Impact of realized/unrealized losses in AOCI
(112,780
)
 
(73,735
)
 
(123,606
)
 
(191,075
)
 
(207,140
)
Deferred acquisition costs
$
292,450

 
$
335,783

 
$
286,789

 
$
219,626

 
$
215,230


14



FBL Financial Group, Inc.
Impact of Unlocking on Pre-tax Operating Income
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
 
 
 (Dollars in thousands)
 
Annuity Segment
 
 
 
 
 
 
 
 
 
Amortization of deferred sales inducements reported in interest sensitive product benefits
$
1

 
$
—

 
$
—

 
$
1

 
$
—

Amortization of deferred acquisition costs
1,418

 
—

 
—

 
(1,219
)
 
—

Amortization of value of insurance in force acquired
(52
)
 
—

 
—

 
(194
)
 
—

Changes in certain product reserves reported in interest sensitive product benefits
(722
)
 
—

 
—

 
—

 
—

Increase (decrease) to pre-tax operating income
$
645

 
$
—

 
$
—

 
$
(1,412
)
 
$
—

 
 
 
 
 
 
 
 
 
 
Life Segment
 
 
 
 
 
 
 
 
 
Amortization of unearned revenue reserve reported in interest sensitive product charges and other income
$
617

 
$
(365
)
 
$
—

 
$
114

 
$
(2,244
)
Amortization of deferred sales inducements reported in interest sensitive product benefits
(167
)
 
103

 
—

 
3

 
468

Amortization of deferred sales inducements reported in traditional life insurance benefits
262

 
(70
)
 
—

 
—

 
69

Amortization of deferred acquisition costs
4,305

 
(1,866
)
 
—

 
(274
)
 
7,453

Changes in certain product reserves reported in interest sensitive product benefits
(513
)
 
587

 
—

 
(3,211
)
 
(6,073
)
Increase (decrease) to pre-tax operating income
$
4,504

 
$
(1,611
)
 
$
—

 
$
(3,368
)
 
$
(327
)
 
 
 
 
 
 
 
 
 
 
Corporate and Other Segment
 
 
 
 
 
 
 
 
 
Amortization of unearned revenue reserve reported in interest sensitive product charges
$
607

 
$
(308
)
 
$
—

 
$
183

 
$
(419
)
Amortization of deferred sales inducements reported in interest sensitive product benefits
61

 
35

 
—

 
(13
)
 
67

Amortization of deferred acquisition costs
(4,436
)
 
1,185

 
—

 
(1,037
)
 
1,595

Changes in certain product reserves reported in interest sensitive product benefits
(1,078
)
 
—

 
—

 
(54
)
 
(230
)
Increase (decrease) to pre-tax operating income
$
(4,846
)
 
$
912

 
$
—

 
$
(921
)
 
$
1,013

 
 
 
 
 
 
 
 
 
 
Total impact of unlocking on pre-tax operating income
$
303

 
$
(699
)
 
$
—

 
$
(5,701
)
 
$
686


15



FBL Financial Group, Inc.
Collected Premiums
 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
 
 
 (Dollars in thousands)
 
Annuity
 
 
 
 
 
 
 
 
 
Individual:
 
 
 
 
 
 
 
 
 
Fixed rate:
 
 
 
 
 
 
 
 
 
First year
$
55,743

 
$
39,462

 
$
26,903

 
$
37,574

 
$
23,243

Renewal
19,868

 
22,628

 
27,583

 
23,096

 
18,420

Total fixed rate
75,611

 
62,090

 
54,486

 
60,670

 
41,663

Index annuity
22,351

 
26,005

 
29,137

 
36,716

 
31,578

Total individual
97,962

 
88,095

 
83,623

 
97,386

 
73,241

Group
4,009

 
1,467

 
2,052

 
3,061

 
2,757

Total Annuity
101,971

 
89,562

 
85,675

 
100,447

 
75,998

 
 
 
 
 
 
 
 
 
 
Life Insurance
 
 
 
 
 
 
 
 
 
Direct:
 
 
 
 
 
 
 
 
 
Universal life:
 
 
 
 
 
 
 
 
 
First year
6,377

 
5,498

 
3,385

 
3,971

 
4,902

Renewal
15,632

 
17,166

 
18,155

 
17,828

 
16,135

Total universal life
22,009

 
22,664

 
21,540

 
21,799

 
21,037

Participating whole life:
 
 
 
 
 
 
 
 
 
First year
3,726

 
4,161

 
5,171

 
3,789

 
4,050

Renewal
22,964

 
24,524

 
25,096

 
24,983

 
23,144

Total participating whole life
26,690

 
28,685

 
30,267

 
28,772

 
27,194

Term life and other:
 
 
 
 
 
 
 
 
 
First year
2,827

 
2,737

 
2,670

 
2,515

 
2,377

Renewal
22,607

 
23,517

 
24,451

 
24,261

 
24,066

Total term life and other
25,434

 
26,254

 
27,121

 
26,776

 
26,443

Total direct life insurance
74,133

 
77,603

 
78,928

 
77,347

 
74,674

Reinsurance
(5,974
)
 
(7,061
)
 
(7,215
)
 
(7,136
)
 
(7,404
)
Total Life Insurance
68,159

 
70,542

 
71,713

 
70,211

 
67,270

 
 
 
 
 
 
 
 
 
 
Corporate and Other
 
 
 
 
 
 
 
 
 
Variable, net of reinsurance
13,838

 
14,424

 
15,680

 
16,218

 
13,082

Accident and health, net of reinsurance
38

 
216

 
130

 
38

 
40

Total Corporate and Other
13,876

 
14,640

 
15,810

 
16,256

 
13,122

 
 
 
 
 
 
 
 
 
 
Total collected premiums
$
184,006

 
$
174,744

 
$
173,198

 
$
186,914

 
$
156,390





16



FBL Financial Group, Inc.
Other Information
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
December 31,
 
March 31,
 
June 30,
 
September 30,
 
2015
 
2015
 
2016
 
2016
 
2016
 
 
(Dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Capitalization:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
15,000

 
$
—

 
$
—

 
$
—

Trust preferred securities, due 2047
97,000

 
97,000

 
97,000

 
97,000

 
97,000

Total debt
97,000

 
112,000

 
97,000

 
97,000

 
97,000

 
 
 
 
 
 
 
 
 
 
Preferred stock
3,000

 
3,000

 
3,000

 
3,000

 
3,000

Common stockholders' equity, excluding AOCI
994,718

 
1,016,894

 
984,192

 
998,323

 
1,018,459

Total capitalization, excluding AOCI
1,094,718

 
1,131,894

 
1,084,192

 
1,098,323

 
1,118,459

 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income
169,560

 
114,532

 
185,918

 
276,122

 
292,828

Total capitalization, including AOCI
$
1,264,278

 
$
1,246,426

 
$
1,270,110

 
$
1,374,445

 
$
1,411,287

 
 
 
 
 
 
 
 
 
 
Common shares outstanding
24,777,925

 
24,808,176

 
24,852,306

 
24,860,675

 
24,874,659

 
 
 
 
 
 
 
 
 
 
Book Value per Share:
 
 
 
 
 
 
 
 
 
Excluding AOCI
$
40.15

 
$
40.99

 
$
39.60

 
$
40.16

 
$
40.94

Including AOCI
46.99

 
45.61

 
47.08

 
51.26

 
52.72

 
 
 
 
 
 
 
 
 
 
Debt-to-Capital Ratio:
 
 
 
 
 
 
 
 
 
Excluding AOCI
8.9
%
 
9.9
%
 
8.9
%
 
8.8
%
 
8.7
%
Including AOCI
7.7

 
9.0

 
7.6

 
7.1

 
6.9

 
 
 
 
 
 
 
 
 
 
Debt-to-Capital Ratio with 50% Credit for Trust Preferred Securities:
 
 
 
 
 
 
 
 
 
Excluding AOCI
4.4
%
 
4.9
%
 
4.5
%
 
4.4
%
 
4.3
%
Including AOCI
3.8

 
4.5

 
3.8

 
3.5

 
3.4

 
 
 
 
 
 
 
 
 
 
Class A Common Ownership:
 
 
 
 
 
 
 
 
 
Iowa Farm Bureau Federation
59.6
%
 
59.5
%
 
59.4
%
 
59.4
%
 
59.4
%
Public
40.4

 
40.5

 
40.6

 
40.6

 
40.6

 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 



17



FBL Financial Group, Inc.
Other Information (Continued)
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
December 31,
 
March 31,
 
June 30,
 
September 30,
 
2015
 
2015
 
2016
 
2016
 
2016
 
 
 
 
 
 
 
 
 
 
Investment by Type:
 
 
 
 
 
 
 
 
 
Fixed maturity securities
66.0
%
 
65.2
%
 
65.4
%
 
65.1
%
 
65.1
%
Residential mortgage-backed
6.0

 
6.0

 
5.8

 
5.3

 
5.2

Commercial mortgage-backed
7.2

 
7.2

 
7.3

 
7.6

 
7.4

Other asset-backed
7.5

 
7.6

 
7.5

 
8.3

 
8.8

Mortgage loans
9.0

 
9.6

 
9.6

 
9.3

 
9.4

Equity securities
1.6

 
1.6

 
1.7

 
1.7

 
1.6

Other
2.7

 
2.8

 
2.7

 
2.7

 
2.5

 
 
 
 
 
 
 
 
 
 
Quality of Fixed Maturity Securities:
 
 
 
 
 
 
 
 
 
AAA, AA, A
64.4
%
 
65.6
%
 
65.0
%
 
64.8
%
 
63.7
%
BBB
31.7

 
30.9

 
30.7

 
31.0

 
31.8

BB
2.8

 
2.4

 
2.8

 
2.8

 
3.0

<BB
1.1

 
1.1

 
1.5

 
1.4

 
1.5

 
 
 
 
 
 
 
 
 
 
Agent Strength Totals:
 
 
 
 
 
 
 
 
 
Full time agents and agency managers:
 
 
 
 
 
 
 
 
 
8-state Farm Bureau Property & Casualty channel
1,176

 
1,188

 
1,188

 
1,213

 
1,214

6 life partner states and Colorado
662

 
661

 
660

 
659

 
656

 
1,838

 
1,849

 
1,848

 
1,872

 
1,870

 
 
 
 
 
 
 
 
 
 
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Equity Income (Loss), net of related income taxes
 
 (Dollars in thousands)
 
Equity income (loss):
 
 
 
 
 
 
 
 
 
Low income housing tax credit partnerships
$
(1,554
)
 
$
(1,626
)
 
$
(1,539
)
 
$
(2,508
)
 
$
(1,811
)
Other equity method investments
519

 
330

 
311

 
1,062

 
1,116

 
(1,035
)
 
(1,296
)
 
(1,228
)
 
(1,446
)
 
(695
)
Income taxes:
 
 
 
 
 
 
 
 
 
Taxes on equity income (loss)
362

 
454

 
430

 
507

 
242

Investment tax credits
3,434

 
3,433

 
3,450

 
3,552

 
3,581

Equity income, net of related income taxes
$
2,761

 
$
2,591

 
$
2,652

 
$
2,613

 
$
3,128

 
 
 
 
 
 
 
 
 
 


18

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