Earnings: FBL, Brown, Others

Several more life insurers reported earnings this week.

FBL Financial Group Inc., West Des Moines, Iowa

4 Q 2008 Results

NET INCOME: $19 million loss

DERIVATIVES RESULTS: $37 million loss

NET REALIZED CAPITAL CHANGE: $26 million

REVENUE: $200 million

4 Q 2007 Results

NET INCOME: $12 million

DERIVATIVES RESULTS: $52 million loss

NET REALIZED CAPITAL CHANGE: $775,000

REVENUE: $187 million

- FBL says it maintained solid capital levels partly by slowing the pace of growth at its EquiTrust Life unit. “The EquiTrust Life independent channel had $204.2 million of premiums collected in the fourth quarter of 2008, a decrease of 60% from the fourth quarter of 2007, reflecting the deliberate slowdown in sales in order to preserve capital,” the company says.

- Premiums collected by FBL’s Farm Bureau Life distribution channel increased 21%, to $136 million. Sales of traditional annuities increased 144%, and sales of traditional and universal life insurance increased 3%.

- The derivatives losses are the result of changes in the values of the underlying market indices, not with any writedowns in asset values as a result of credit concerns, the company says.

Ohio National Mutual Holdings Inc., Cincinnati

4 Q 2008 Results

NET INCOME: $146 million

REVENUE: $1.2 billion

4 Q 2007 Results

NET INCOME: $116 million