FBL Financial Group, Inc (FFG) has reported 12.60 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $30.02 million, or $1.20 a share in the quarter, compared with $26.66 million, or $1.06 a share for the same period last year.
Revenue during the quarter grew 3.30 percent to $181.28 million from $175.49 million in the previous year period. Net premium earned for the quarter went up marginally by 2.06 percent or $0.96 million to $47.68 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $141.31 million, or 296.37 percent of premium earned from $140.10 million or 299.87 percent of premium earned in the last year period. Operating income for the quarter was $39.97 million, compared with $35.40 million in the previous year period. Life insurance division has clocked in a premium of $47.68 million on net basis during the quarter, up 2.06 percent or $0.96 million.
Net investment income was at $103.51 million for the quarter, up 7.96 percent or $7.63 million from year-ago period. Meanwhile, income from fees and commission for the quarter declined 13.41 percent or $4.01 million to $25.85 million. The company has recorded a gain on investments of $0.62 million in the quarter compared with a loss of $0.51 million for the previous year period.
"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."
Assets outpace liabilities growth
Total assets increased 6.10 percent or $555.75 million to $9,668.54 million on Sep. 30, 2016. On the other hand, total liabilities were at $8,354.20 million as on Sep. 30, 2016, up 5.14 percent or $408.71 million from year-ago. Return on assets stood at 0.32 percent in the quarter, up 0.02 from 0.31 percent in the last year period. At the same time, return on equity was almost stable at 2.28 percent in the quarter, when compared with the last year period.
Investments move up
Investments stood at $8,343.88 million as on Sep. 30, 2016, up 7.78 percent or $601.96 million from year-ago. Meanwhile, yield on investments was almost stable at 1.24 percent in the quarter, when compared with the last year period. Total debt was stable over the past one year at $97 million on Sep. 30, 2016. Shareholders equity stood at $1,314.34 million as on Sep. 30, 2016, up 12.60 percent or $147.03 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.07 percent in the quarter from 0.08 percent in the last year period.
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