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8-K - FBL FINANCIAL GROUP INC | a2010operatingincomebysegm.htm |
FBL Financial Group, Inc. | |||||||||||||||||||
Consolidated Statements of Operating Income (Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | YTD 2010 | |||||||||||||||
Operating revenues: | |||||||||||||||||||
Interest sensitive product charges | $ | 23,734 | $ | 24,045 | $ | 22,715 | $ | 23,338 | $ | 93,832 | |||||||||
Traditional life insurance premiums | 39,245 | 42,791 | 38,721 | 41,299 | 162,056 | ||||||||||||||
Net investment income | 78,337 | 80,053 | 80,208 | 81,976 | 320,574 | ||||||||||||||
Other income | 3,017 | 3,935 | 3,559 | 3,778 | 14,289 | ||||||||||||||
Total operating revenues | 144,333 | 150,824 | 145,203 | 150,391 | 590,751 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||
Interest sensitive product benefits | 43,114 | 45,429 | 42,352 | 46,102 | 176,997 | ||||||||||||||
Traditional life insurance benefits | 37,307 | 31,211 | 35,242 | 33,409 | 137,169 | ||||||||||||||
Policyholder dividends | 4,673 | 4,387 | 4,193 | 4,318 | 17,571 | ||||||||||||||
Underwriting, acquisition and insurance expenses: | |||||||||||||||||||
Commission expense, net of deferrals | 3,767 | 3,283 | 3,405 | 3,498 | 13,953 | ||||||||||||||
Amortization of deferred acquisition costs | 10,805 | 18,801 | 5,445 | 8,041 | 43,092 | ||||||||||||||
Amortization of value of insurance in force acquired | 552 | 593 | 406 | 32 | 1,583 | ||||||||||||||
Other underwriting expenses | 15,851 | 15,342 | 15,464 | 14,770 | 61,427 | ||||||||||||||
Total underwriting, acquisition and insurance expenses | 30,975 | 38,019 | 24,720 | 26,341 | 120,055 | ||||||||||||||
Interest expense | 2,396 | 2,395 | 2,377 | 2,398 | 9,566 | ||||||||||||||
Other expenses | 4,494 | 5,275 | 4,455 | 5,558 | 19,782 | ||||||||||||||
Total benefits and expenses | 122,959 | 126,716 | 113,339 | 118,126 | 481,140 | ||||||||||||||
21,374 | 24,108 | 31,864 | 32,265 | 109,611 | |||||||||||||||
Income taxes | (7,240 | ) | (7,757 | ) | (10,675 | ) | (11,267 | ) | (36,939 | ) | |||||||||
Net loss (income) attributable to noncontrolling interest | 14 | 39 | 26 | (1 | ) | 78 | |||||||||||||
Equity income, net of related income taxes | 545 | 708 | 1,521 | 685 | 3,459 | ||||||||||||||
Operating income | 14,693 | 17,098 | 22,736 | 21,682 | 76,209 | ||||||||||||||
Realized gains/losses on investments, net of offsets | (467 | ) | (644 | ) | (506 | ) | 7,516 | 5,899 | |||||||||||
Change in net unrealized gains/losses on derivatives, net of offsets | 333 | 697 | 1,110 | 153 | 2,293 | ||||||||||||||
Net impact of discontinued operations | 3,462 | 5,172 | 5,337 | 22,281 | 36,252 | ||||||||||||||
Net income attributable to FBL Financial Group, Inc. | $ | 18,021 | $ | 22,323 | $ | 28,677 | $ | 51,632 | $ | 120,653 | |||||||||
Operating income per common share - assuming dilution | $ | 0.48 | $ | 0.56 | $ | 0.74 | $ | 0.70 | $ | 2.48 | |||||||||
Earnings per common share - assuming dilution | $ | 0.59 | $ | 0.73 | $ | 0.93 | $ | 1.67 | $ | 3.92 |
FBL Financial Group, Inc. | ||||||||||||||||||||
Statements of Pre-tax Operating Income (Unaudited) | ||||||||||||||||||||
Annuity Segment | ||||||||||||||||||||
Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | 2010 YTD | ||||||||||||||||
Pre-tax Operating Income | (Dollars in thousands, except per share data) | |||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Interest sensitive product charges | $ | 125 | $ | 151 | $ | 158 | $ | 123 | $ | 557 | ||||||||||
Net investment income | 40,307 | 41,880 | 42,212 | 42,533 | 166,932 | |||||||||||||||
Other income | — | 6 | 1 | 3 | 10 | |||||||||||||||
Total operating revenues | 40,432 | 42,037 | 42,371 | 42,659 | 167,499 | |||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Interest sensitive product benefits | 24,247 | 25,288 | 24,927 | 24,418 | 98,880 | |||||||||||||||
Underwriting, acquisition and insurance expenses: | ||||||||||||||||||||
Amortization of deferred acquisition costs | 2,513 | 2,959 | 172 | 2,969 | 8,613 | |||||||||||||||
Amortization of value of insurance in force acquired | 21 | 80 | (92 | ) | (1,027 | ) | (1,018 | ) | ||||||||||||
Other underwriting expenses | 2,121 | 2,272 | 2,215 | 2,130 | 8,738 | |||||||||||||||
Total underwriting, acquisition and insurance expenses | 4,655 | 5,311 | 2,295 | 4,072 | 16,333 | |||||||||||||||
Total benefits and expenses | 28,902 | 30,599 | 27,222 | 28,490 | 115,213 | |||||||||||||||
Pre-tax operating income | $ | 11,530 | $ | 11,438 | $ | 15,149 | $ | 14,169 | $ | 52,286 |
FBL Financial Group, Inc. | |||||||||||||||||||
Statements of Pre-tax Operating Income (Unaudited) | |||||||||||||||||||
Life Insurance Segment | |||||||||||||||||||
Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | 2010 YTD | |||||||||||||||
Pre-tax Operating Income | (Dollars in thousands, except per share data) | ||||||||||||||||||
Operating revenues: | |||||||||||||||||||
Interest sensitive product charges | $ | 11,413 | $ | 11,364 | $ | 11,008 | $ | 11,554 | $ | 45,339 | |||||||||
Traditional life insurance premiums | 39,245 | 42,791 | 38,721 | 41,299 | 162,056 | ||||||||||||||
Net investment income | 32,618 | 33,102 | 33,229 | 33,465 | 132,414 | ||||||||||||||
Other income | 26 | 210 | 35 | 45 | 316 | ||||||||||||||
Total operating revenues | 83,302 | 87,467 | 82,993 | 86,363 | 340,125 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||
Interest sensitive product benefits: | |||||||||||||||||||
Interest credited | 7,300 | 7,325 | 7,322 | 7,497 | 29,444 | ||||||||||||||
Death benefits | 6,081 | 6,759 | 6,151 | 7,352 | 26,343 | ||||||||||||||
Total interest sensitive product benefits | 13,381 | 14,084 | 13,473 | 14,849 | 55,787 | ||||||||||||||
Traditional life insurance benefits: | |||||||||||||||||||
Death benefits | 17,756 | 12,496 | 14,929 | 13,599 | 58,780 | ||||||||||||||
Surrender and other benefits | 9,810 | 9,690 | 9,522 | 8,145 | 37,167 | ||||||||||||||
Increase in traditional life future policy benefits | 9,741 | 9,025 | 10,791 | 11,666 | 41,223 | ||||||||||||||
Total traditional life insurance benefits | 37,307 | 31,211 | 35,242 | 33,410 | 137,170 | ||||||||||||||
Policyholder dividends | 4,673 | 4,387 | 4,193 | 4,318 | 17,571 | ||||||||||||||
Underwriting, acquisition and insurance expenses: | |||||||||||||||||||
Commission expense, net of deferrals | 2,970 | 2,617 | 2,634 | 2,850 | 11,071 | ||||||||||||||
Amortization of deferred acquisition costs | 5,950 | 6,697 | 6,305 | 4,882 | 23,834 | ||||||||||||||
Amortization of value of insurance in force acquired | 531 | 513 | 498 | 1,059 | 2,601 | ||||||||||||||
Other underwriting expenses | 7,595 | 8,619 | 8,715 | 8,487 | 33,416 | ||||||||||||||
Total underwriting, acquisition and insurance expenses | 17,046 | 18,446 | 18,152 | 17,278 | 70,922 | ||||||||||||||
Total benefits and expenses | 72,407 | 68,128 | 71,060 | 69,855 | 281,450 | ||||||||||||||
Pre-tax operating income | $ | 10,895 | $ | 19,339 | $ | 11,933 | $ | 16,508 | $ | 58,675 |
FBL Financial Group, Inc. | ||||||||||||||||||||
Statements of Pre-tax Operating Income (Loss) (Unaudited) | ||||||||||||||||||||
Corporate and Other | ||||||||||||||||||||
Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | 2010 YTD | ||||||||||||||||
Pre-tax Operating Income (Loss) | (Dollars in thousands, except per share data) | |||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Interest sensitive product charges | $ | 12,196 | $ | 12,530 | $ | 11,549 | $ | 11,661 | $ | 47,936 | ||||||||||
Net investment income | 5,412 | 5,071 | 4,767 | 5,978 | 21,228 | |||||||||||||||
Other income | 2,991 | 3,719 | 3,523 | 3,730 | 13,963 | |||||||||||||||
Total operating revenues | 20,599 | 21,320 | 19,839 | 21,369 | 83,127 | |||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Interest sensitive product benefits | 5,486 | 6,057 | 3,952 | 6,835 | 22,330 | |||||||||||||||
Underwriting, acquisition and insurance expenses: | ||||||||||||||||||||
Commission expense, net of deferrals | 797 | 666 | 771 | 648 | 2,882 | |||||||||||||||
Amortization of deferred acquisition costs | 2,342 | 9,145 | (1,032 | ) | 190 | 10,645 | ||||||||||||||
Other underwriting expenses | 6,135 | 4,451 | 4,534 | 4,152 | 19,272 | |||||||||||||||
Total underwriting, acquisition and insurance expenses | 9,274 | 14,262 | 4,273 | 4,990 | 32,799 | |||||||||||||||
Interest expense | 2,396 | 2,395 | 2,377 | 2,398 | 9,566 | |||||||||||||||
Other expenses | 4,494 | 5,275 | 4,455 | 5,558 | 19,782 | |||||||||||||||
Total benefits and expenses | 21,650 | 27,989 | 15,057 | 19,781 | 84,477 | |||||||||||||||
(1,051 | ) | (6,669 | ) | 4,782 | 1,588 | (1,350 | ) | |||||||||||||
Net loss (income) attributable to noncontrolling interest | 14 | 39 | 26 | (1 | ) | 78 | ||||||||||||||
Equity income (loss), before tax | 839 | 1,089 | 2,340 | 1,053 | 5,321 | |||||||||||||||
Pre-tax operating income (loss) | $ | (198 | ) | $ | (5,541 | ) | $ | 7,148 | $ | 2,640 | $ | 4,049 |