FBL Financial Group, Inc (FFG) has reported an 1.88 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $26.43 million, or $1.05 a share in the quarter, compared with $25.95 million, or $1.04 a share for the same period last year. Revenue during the quarter went up marginally by 1.25 percent to $181.92 million from $179.67 million in the previous year period. Net premium earned for the quarter declined 3.40 percent or $1.70 million to $48.43 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $147.98 million, or 305.54 percent of premium earned from $145.31 million or 289.82 percent of premium earned in the last year period. Operating income for the quarter was $33.94 million, compared with $34.35 million in the previous year period. Life insurance division has clocked in a premium of $48.43 million on net basis during the quarter, down 3.40 percent or $1.70 million.
Net investment income was at $100.99 million for the quarter, up 2.65 percent or $2.61 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 3.88 percent or $1.09 million to $29.20 million. The company has booked a loss on investments of $0.47 million in the quarter compared with a loss of $0.61 million for the previous year period.
"FBL Financial Group delivered excellent financial results in first quarter 2017 with net income of $1.05 per share and operating income of $1.08 per share," said James P. Brannen, chief executive officer of FBL Financial Group, Inc. "This reflects our discipline to profitably grow our business while serving the needs of the Farm Bureau market. In addition to growing earnings, in the first quarter of 2017 we returned more than $48 million to shareholders with the payment of a special dividend of $1.50 per share and our increased regular quarterly dividend of $0.44 per share."
Liabilities outpace assets growth
Total assets increased 4.62 percent or $427.07 million to $9,662.94 million on Mar. 31, 2017. On the other hand, total liabilities were at $8,480.24 million as on Mar. 31, 2017, up 5.18 percent or $417.52 million from year-ago. Return on assets stood at 0.29 percent in the quarter, down 0.01 from 0.29 percent in the last year period. At the same time, return on equity was at 2.23 percent in the quarter, up 0.02 from 2.21 percent in the last year period.
Investments move up marginally
Investments stood at $8,280.51 million as on Mar. 31, 2017, up 4.88 percent or $385.39 million from year-ago. Meanwhile, yield on investments went down 3 basis points to 1.22 percent in the quarter. Total debt was stable over the past one year at $97 million on Mar. 31, 2017. Shareholders equity stood at $1,182.70 million as on Mar. 31, 2017, up 0.81 percent or $9.54 million from year-ago. As a result, debt to equity ratio was almost stable at 0.08 percent in the quarter, when compared with the last year period.
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