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FBL Financial Group (NYSE: FFG) urges shareholders to vote 'FOR' its proposed acquisition by Farm Bureau Property & Casualty Insurance Company at $56.00 per share. This represents a 50% premium over the company's stock price before the initial offer and a 19% increase from the original proposal of $47.00. The transaction, which requires majority approval from unaffiliated shareholders, is positioned as a strong opportunity amid challenging market conditions, including low interest rates and losses in the Wealth Management sector. Shareholders will also receive dividends until the transaction closes.
FBL Financial Group, Inc. (NYSE: FFG) has declared a quarterly cash dividend of $0.52 per share, which is a 4.0% increase from the previous dividend of $0.50 paid in December 2020. This dividend is payable on March 31, 2021, to stockholders of record as of March 15, 2021. FBL Financial Group operates under the Farm Bureau Financial Services brand, providing a range of financial products including life insurance, annuities, and wealth management services.
FBL Financial Group reported a net income of $27.8 million for Q4 2020, a decline from $34.7 million in Q4 2019. Adjusted operating income fell to $27.3 million from $34.8 million year-over-year. Key factors included claims from COVID-19, lower mortality results, and decreased annuity premiums by 35%. Equity income rose significantly to $6.1 million, aided by a $4.3 million gain from an investment partnership. The company announced a definitive agreement for Farm Bureau Property & Casualty to acquire all outstanding shares at $56.00 per share, marking a 50% premium.
FBL Financial Group, Inc. (NYSE: FFG) will announce its fourth quarter 2020 earnings on February 4, 2021, approximately 15 minutes after market close. The earnings release will be available on the company's website. Following a merger agreement announced on January 11, 2021, FBL Financial Group will not hold a conference call for these results. The company operates under the Farm Bureau Financial Services brand, offering life insurance, annuities, and investment products, alongside managing property-casualty insurance companies for a fee.
FBL Financial Group (NYSE: FFG) has agreed to be acquired by Farm Bureau Property & Casualty Insurance Company (FBPCIC) for $56.00 per share in cash, representing a 50% premium over its unaffected share price of $37.25. The transaction, valued at approximately $528 million, was unanimously approved by the FBL Board following a detailed review. The deal requires regulatory approval and a majority vote from unaffiliated shareholders. Closing is anticipated in the first half of 2021, after which FBL common stock will cease to trade on the NYSE.
On December 1, 2020, Capital Returns Management, a major stakeholder in FBL Financial Group (FFG), submitted a letter to the Special Committee of FFG's Board. Capital Returns criticized Farm Bureau Property and Casualty Insurance Company's take-private offer of $47 per share as significantly undervalued, advocating for a price of at least $70 per share based on comparable transactions. They emphasized FFG's competitive advantages and warned the Committee to handle potential conflicts of interest carefully to protect unaffiliated shareholders.
FBL Financial Group (NYSE: FFG) has declared a quarterly cash dividend of $0.50 per share. This dividend is set to be payable on December 31, 2020, to shareholders recorded as of December 15, 2020. FBL Financial operates under the brand name Farm Bureau Financial Services, providing a range of financial products including life insurance, annuities, and investment services. The company also manages property-casualty insurance companies for a management fee, reflecting a stable revenue stream.
FBL Financial Group reported a net income of $21.0 million, or $0.85 per diluted share, for Q3 2020, down from $25.1 million or $1.01 per share in Q3 2019. The adjusted operating income was $19.8 million, reflecting a $0.22 per share impact from unlocking actuarial assumptions. Premiums and product charges rose to $83.2 million. While net investment income increased to $105.9 million, total benefits and expenses rose to $174.3 million, led by a rise in death benefits. Share repurchases amounted to 160,556 shares, with $26.3 million remaining in the repurchase program.
Farm Bureau Financial Services announced a significant expansion in its Wealth Management division, now employing 30 Wealth Management Advisors. This growth reflects the brand's commitment to enhancing services across 14 states, particularly in the Midwest and western regions. The new advisors, who have joined from various reputable firms, are equipped to support clients in financial planning and investment strategies. This initiative includes enhanced support structures and resources for advisors, alongside a virtual training program initiated in response to the Coronavirus pandemic.
FBL Financial Group (NYSE: FFG) announced that its Board's Special Committee has retained Sidley Austin LLP and Barclays Capital Inc. for a non-binding acquisition proposal from Farm Bureau Property & Casualty Insurance Company (FBPCIC). The proposal, received on September 4, 2020, seeks to acquire all outstanding shares of Class A and B common stock not owned by FBPCIC. The Board has not made any decisions regarding the proposal, and no assurances are given that an agreement will be reached. The company advises caution for shareholders considering trading.
