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October 29, 2009 at 08:00 PM
EMC National Life Company has agreed to recapture a block of annuities and life insurance policies with reserves totaling $250 million from FBL Financial Group Inc.
The business includes annuities, universal life and permanent life insurance company originally written by one of the companies that merged to form EMC, Urbandale, Iowa, in 2003, according to FBL, West Des Moines, Iowa (NYSE:FFG).
The effective date of the deal would be Oct. 1, and FBL and EMC hope to close on it Friday.
The deal should help EquiTrust Life Insurance Company, an FBL subsidiary, record an after-tax gain of $9 million on a Generally Accepted Accounting Principles basis and an after-tax gain of $20 million on a statutory basis, FBL says.
