FBL FINANCIAL GROUP INC

CIK:0001012771|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Interest sensitive product charges	$ 32,741	$ 31,720
Traditional life insurance premiums	52,010	49,308
Net investment income	100,111	74,917
Net realized capital losses	(869)	(13,401)
Change in allowance for credit losses on investments	1,113	(12,261)
Other income	6,320	4,980
Total revenues	191,426	135,263
Benefits and expenses:
Interest sensitive product benefits	60,503	44,351
Traditional life insurance benefits	49,848	46,208
Policyholder dividends	1,605	2,529
Underwriting, acquisition and insurance expenses	38,274	39,421
Interest expense	1,213	1,213
Other expenses	12,463	7,421
Total benefits and expenses	163,906	141,143
Income before equity method investments, income taxes and noncontrolling interest	27,520	(5,880)
Income tax (expense) benefit	(3,687)	3,081
Equity income, net of related income taxes	3,780	228
Net income (loss)	27,613	(2,571)
Net loss attributable to noncontrolling interest	67	56
Net income (loss) attributable to FBL Financial Group, Inc.	$ 27,680	$ (2,515)
Earnings (loss) per common share	$ 1.13	$ (0.10)
Earnings (loss) per common share - assuming dilution	$ 1.13	$ (0.10)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income (loss)	$ 27,613	$ (2,571)
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	42,561	40,980
Charges for mortality, surrenders and administration	(33,564)	(33,127)
Net realized (gains) losses on investments	(244)	25,662
Change in fair value of derivatives	(12,901)	1,567
Increase in liabilities for life insurance and other future policy benefits	17,728	21,183
Deferral of acquisition costs	(9,166)	(9,155)
Amortization of deferred acquisition costs and value of insurance in force	8,554	9,597
Change in reinsurance recoverable	5,902	688
Provision for deferred income taxes	(2,785)	(6,958)
Other	(7,244)	(20,186)
Net cash provided by operating activities	36,454	27,680
Sales, maturities or repayments:
Fixed maturities - available for sale	175,847	120,845
Equity securities	1,366	699
Mortgage loans	41,331	35,295
Derivative instruments	4,753	9,451
Policy loans	11,992	9,913
Securities and indebtedness of related parties	10,458	841
Other long-term investments	482	1,333
Acquisitions:
Fixed maturities - available for sale	(312,081)	(203,333)
Equity securities	(1,608)	(2,149)
Mortgage loans	(40,200)	(15,750)
Derivative instruments	(4,669)	(5,804)
Policy loans	(7,906)	(10,551)
Securities and indebtedness of related parties	(10,766)	(3,990)
Other long-term investments	(6,114)	(6,100)
Short-term investments, net change	20,810	(17,715)
Purchases and disposals of property and equipment, net	(3,768)	(1,763)
Net cash used in investing activities	(120,073)	(88,778)
Financing activities
Contract holder account deposits	259,492	271,542
Contract holder account withdrawals	(105,235)	(170,003)
Dividends paid	(12,724)	(49,371)
Proceeds from issuance of short-term debt	0	10,000
Issuance or repurchase of common stock, net	29	(762)
Other financing activities	29	(61)
Net cash provided by financing activities	141,591	61,345
Increase in cash and cash equivalents	57,972	247
Cash and cash equivalents at beginning of period	12,882	17,277
Cash and cash equivalents at end of period	70,854	17,524
Supplemental disclosures of cash flow information
Interest	(1,213)	(1,213)
Income taxes	$ (37)	$ (1,915)

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments:
Fixed maturities - available for sale, at fair value (amortized cost 2021 - $7,322,930, 2020 - $7,179,303; and allowance for credit losses 2021 - $3,737, 2020 -$4,882)	$ 8,028,083	$ 8,283,687
Equity securities at fair value (cost: 2021 - $83,432, 2020 - $82,999)	88,564	88,281
Mortgage loans, net of allowance for credit losses (2021 - $1,585, 2020 - $1,553)	992,938	994,101
Real estate	955	955
Policy loans	191,580	195,666
Short-term investments	42,252	63,062
Other investments, net of allowance for credit losses (2021 - $929, 2020 - $929)	68,424	58,258
Total investments	9,412,796	9,684,010
Cash and cash equivalents	70,854	12,882
Securities and indebtedness of related parties	90,722	88,445
Accrued investment income	74,997	70,278
Amounts receivable from affiliates	2,677	3,257
Reinsurance recoverable	108,640	115,168
Deferred acquisition costs	282,682	176,085
Value of insurance in force acquired	2,239	2,304
Current income taxes recoverable	12,232	16,732
Other assets	155,996	152,929
Assets held in separate accounts	686,968	674,182
Total assets	10,900,803	10,996,272
Future policy benefits:
Interest sensitive products	5,874,009	5,725,725
Traditional life insurance and accident and health products	1,899,626	1,890,547
Other policy claims and benefits	49,969	57,438
Supplementary contracts without life contingencies	266,905	274,469
Advance premiums and other deposits	285,569	271,082
Amounts payable to affiliates	203	406
Long-term debt	97,000	97,000
Deferred income taxes	150,654	211,180
Other liabilities	100,012	102,127
Liabilities related to separate accounts	686,968	674,182
Total liabilities	9,410,915	9,304,156
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
Accumulated other comprehensive income	370,060	587,279
Retained earnings	965,643	950,687
Total FBL Financial Group, Inc. stockholders’ equity	1,489,909	1,692,099
Noncontrolling interest	(21)	17
Total stockholders’ equity	1,489,888	1,692,116
Total liabilities and stockholders’ equity	10,900,803	10,996,272
Common Class A
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	151,134	151,061
Common Class B
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	$ 72	$ 72