Net Income per common share
Net income in 2011 includes a loss of $90.1 million, or $2.93 per share, related to the sale of EquiTrust Life Insurance Company and related debt redemption. This subsidiary was sold to reduce risk of the overall enterprise, increase financial flexibility and enable capital management.
Operating Income per common share
Operating income remained strong in 2011, growing 5% to $81.8 million, or $2.61 per share, reflecting the sound fundamentals and growing business of Farm Bureau Life.
FBL's total capitalization is nearly $1.6 billion. Senior notes were redeemed on January 30, 2012, resulting in a pro forma debt-to-total capitalization ratio, with equity credit for trust preferreds, of 3.9%.
Farm Bureau Life is well-capitalized with excellent company action level risk based capital, or RBC, of 465%, an improvement from 2010 and well above target levels.
Book Value per common share
GAAP book value grew by 13% in 2011 reflecting solid earnings and improving investment valuations.
Investments By Type
At December 31, 2011, FBL's investments totaled $6.4 billion and are well diversified by individual issue and industry.
Investments By Quality
FBL's investment portfolio quality is high with 95% of the securities being investment grade.