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February 07, 2002 at 07:00 PM
NU Online News Service, Feb. 7, 3:48 p.m. – FBL Financial Group Inc., West Des Moines, Iowa, is reporting $7.4 million in net income for the fourth quarter of 2001 on $114 million in revenue, compared with $9.7 million in net income on $89 million in revenue for the fourth quarter of 2000.
Operating income, which excludes losses on investments and other losses and charges, increased to $14 million, from $13 million.
FBL, the parent company of Farm Bureau life insurance operations in Iowa, Kansas and elsewhere, sells fixed and variable life insurance and annuities.
Thanks to acquisitions and internal growth, revenue from new sales increased to $1.9 million, from $1.4 million, for term life; to $21 million, from $7 million, for individual fixed annuities; and to $12 million, from $4.9 million, for variable annuities. But sales of variable life insurance fell to $2.9 million, from $3.1 million, the company says.
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