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FBL Reports Lower 1st Quarter Net Income

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NU Online News Service, May 6, 2003, 10:34 a.m. EDT – FBL Financial Group Inc., West Des Moines, Iowa, is reporting $12 million in net income for the first quarter on $143 million in revenue, compared with $14 million in net income on $134 million in revenue for the first quarter of 2002.

FBL, the parent of Farm Bureau Life Insurance Company, suffered $11 million in investment and derivatives losses during the quarter, but it says results benefited from a 90% increase in fixed annuity profits.