Efforts to limit investor-owned life insurance transactions affected domestic life results at American International Group Inc. during the first quarter.

AIG, New York, is reporting $4.1 billion in net income for the first quarter on $31 billion in revenue, up from $3.2 billion in net income on $27 billion in revenue for the first quarter of 2006.

Most foreign life and retirement product lines and regions performed well, but the domestic retirement business experienced a drop in deposits and an increase in surrenders, and sales of individual retail life products with periodic premium payment schedules fell 43%, to $118 million.

Sales of single-deposit life products fell 13%, to $66 million.

AIG expected that changes in pricing and underwriting aimed at rooting out IOLI arrangements would lead to a drop in domestic retail life sales, the company says.

In other earnings news:

- FBL Financial Group Inc., West Des Moines, Iowa, is reporting $24 million in net income for the first quarter on $216 million in revenue, compared with $28 million in net income on $216 million in revenue for the first quarter of 2006.

Sales of life insurance increased slightly, but sales of traditional annuities fell, FBL says.

- National Western Life Insurance Company, Austin, Texas, is reporting $19 million in net income for the first quarter on $114 million in revenue, compared with $14 million in net income on $136 million in revenue for the first quarter of 2006.

- Kansas City Life Insurance Company, Kansas City, Mo., is reporting $8.3 million in net income for the first quarter on $113 million in revenue, up from $7.2 million in net income on $111 million in revenue for the first quarter of 2006.

Premiums from accident and health products increased 2%, and new group dental sales were up 12%, the company says.

- Scottish Re Group Ltd., Hamilton, Bermuda, is reporting a $33 million net loss for the first quarter on $606 million in revenue, compared with $14 million in net income on $578 million in revenue for the first quarter of 2006.

Although the company reported a loss, mortality in North America was favorable, the company says.

- Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, a reinsurer that has shut down its operations, is reporting $58,948 in net income for the first quarter on $723,465 in revenue, up from a net loss of $355,552 on $211,950 in revenue for the first quarter of 2006.

Annuity and Life Re is continuing to negotiate with a possible buyer of its U.S. insurance company, the company says.

- Conseco Inc., Carmel, Ind., is reporting $10 million in net income for the first quarter on $1.1 billion in revenue, compared with $65 million in net income on $1.1 billion in revenue for the first quarter of 2006.

Bankers Life unit sales of life insurance and Medicare private fee-for-service coverage were strong, but Bankers Life sales of annuities and Medicare supplement insurance dropped, and Conseco Insurance Group unit sales of Medicare supplement and Medicare drug plan products were down. Conseco Insurance Group sales of annuities and specified disease products were up, the company says.

- Universal American Financial Corp., Rye Brook, N.Y., is reporting $4.4 million in net income for the first quarter on $618 million in revenue, up from $7 million in net income on $316 million in revenue for the first quarter of 2006.

Enrollment in the company’s Medicare private fee-for-service program group rapidly, the company says.

- Independence Holding Company, Stamford, Conn., a medical stop-loss carrier that is building a medical insurance business, is reporting $4.6 million in net income for the first quarter on $109 million in revenue, up from $4 million in net income on $87 million in revenue for the first quarter of 2006.

- WellCare Health Plans Inc., Tampa, Fla., is reporting $25 million in net income for the first quarter on $1.2 billion in revenue, up from $17 million in net income on $730 million in revenue for the first quarter of 2006.

The Medicaid and Medicare plan administrator ended the quarter administering health coverage for 1.3 million people, up from 839,000 a year earlier.