WEST DES MOINES, Iowa--(BUSINESS WIRE)--
FBL Financial Group, Inc. (NYSE: FFG) today announced that its
Board of Directors has increased the quarterly cash dividend to common
stockholders to $0.35 per share. FBL Financial Group’s Board of
Directors has also authorized a plan for FBL to repurchase $50 million
of its Class A common stock.
“2013 was a record earnings year for FBL Financial Group and our
business continues to grow and generate excess capital. This increase in
dividend to a full-year indicated dividend rate of $1.40 reflects
confidence in our business and our desire to return cash to FBL’s
shareholders,” said James P. Brannen, Chief Executive Officer of FBL
Financial Group, Inc. “Additionally, the $50 million stock repurchase
authorization affords us the flexibility to repurchase FBL shares from
time to time as we deem appropriate.”
Dividend. The quarterly cash dividend of $0.35 represents an
increase of $0.20 per share, or 133%, from the previous quarterly
dividend of $0.15 per common share, and is FBL’s third dividend increase
over the past year. The quarterly dividend will be payable on March 31,
2014 to Class A and Class B common shareholders of record as of March
14, 2014. There are 24,787,511 shares of Class A common stock and 11,413
shares of Class B common stock outstanding, for a total of 24,798,924
common shares outstanding.
Stock Repurchase. The Board of Directors has approved a plan to
repurchase up to $50 million of FBL’s Class A common stock. This
repurchase plan will commence upon the earlier of the completion of the
current $30 million repurchase plan or its expiration on March 31, 2014.
Currently, there is approximately $20.3 million remaining under the $30
million repurchase program. The new repurchase plan authorizes FBL
Financial Group to make repurchases in the open market or through
privately negotiated transactions, with the timing and terms of the
purchases to be determined by management based on market conditions.
Completion of the program is dependent on market conditions and other
factors. There is no guarantee as to the exact timing of any repurchases
or the number of shares, if any, that FBL Financial Group will
repurchase. The share repurchase program may be modified or terminated
by FBL Financial Group at any time without prior notice.
Certain statements in this release concerning FBL Financial Group's
prospects for the future are forward-looking statements intended to
qualify for the “safe harbor” from liability established by the Private
Securities Litigation Reform Act. These statements generally can be
identified by their context, including terms such as “believes,”
“anticipates,” “expects,” or similar words. These statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the forward-looking
statement. These risks and uncertainties are detailed in FBL Financial
Group's reports filed with the Securities and Exchange Commission and
include, but are not limited to, difficult conditions in financial
markets and the economy, lack of liquidity and access to capital,
investment valuations, interest rate changes, changes in laws and
regulations, competitive factors, relationships with Farm Bureau
organizations, differences between actual claims experience and
underwriting assumptions, the ability to attract and retain sales
agents, adverse results from litigation and a decrease in ratings. These
forward-looking statements are based on assumptions which FBL Financial
Group believes to be reasonable; however, no assurance can be given that
the assumptions will prove to be correct.
FBL Financial Group is a holding company whose purpose is to protect
livelihoods and futures. Its primary operating subsidiary, Farm Bureau
Life Insurance Company, underwrites and markets a broad range of life
insurance and annuities to individuals and businesses, which are
distributed by multiline exclusive Farm Bureau agents. In addition, FBL
Financial Group manages all aspects of two Farm Bureau affiliated
property-casualty insurance companies for a management fee. FBL
Financial Group, headquartered in West Des Moines, Iowa, is traded on
the New York Stock Exchange under the symbol FFG. For more information,
please visit www.fblfinancial.com.
FBL Financial Group, Inc.
Kathleen Till Stange, 515-226-6780
& Investor Relations Vice President
Source: FBL Financial Group, Inc.