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Raymond James downgraded FBL Financial Group from Outperform to Underperform
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4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
4 - FBL FINANCIAL GROUP INC (0001012771) (Issuer)
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AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" (Excellent) of Farm Bureau Life Insurance Company (FBL). Concurrently, AM Best has affirmed the Long-Term ICR of "bbb+" (Good) of FBL Financial Group, Inc. (FBL Financial) (NYSE:FFG), the holding company of FBL. The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in West Des Moines, IA. The ratings reflect FBL's balance sheet strength, which AM Best assesses very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. FBL's risk-adjusted capitalization is assess
Farm Bureau Property & Casualty Insurance Company ("FBPCIC") today announced that it has completed its transaction with FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group" or "the Company"). Under the terms of the previously announced agreement, FBPCIC acquired the outstanding shares of FBL Financial Group Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation ("IFBF") owned prior to the transaction for $61.00 per share in cash. As a result of the closing, FBL Financial Group common stock will no longer trade on the New York Stock Exchange prior to the opening of the market on May 26, 2021. IFBF will continue to be the majority owner of the Company
FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group" or "the Company") today announced that, based on the preliminary voting results from a special meeting of shareholders held today, FBL Financial Group's shareholders have approved the previously announced transaction under which Farm Bureau Property & Casualty Insurance Company ("FBPCIC") will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation ("IFBF"), for $61.00 per share in cash. "Throughout this process, the Special Committee was singularly focused on maximizing value for FBL Financial Group's unaffiliated sharehold
FBPCIC and IFBF to Take FBL Financial Group Private for $61 Per Share in Cash Farm Bureau Property & Casualty Insurance Company ("FBPCIC") and FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group" or "the Company") today announced that they have agreed to amend their previously-announced definitive merger agreement, dated January 11, 2021. Pursuant to the amended definitive agreement (the "Merger Agreement"), FBPCIC increased the offer price to acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation ("IFBF") currently own to $61.00 per share in cash. The amendment was approved by the Boards
Company Highlights First quarter 2021 net income attributable to FBL Financial Group of $27.7 million, or $1.13 per diluted common share. First quarter 2021 adjusted operating income(1) of $23.5 million, or $0.96 per diluted common share. FBL Financial Group, Inc. (NYSE:FFG) today reported net income attributable to FBL Financial Group for the first quarter of 2021 of $27.7 million, or $1.13 per diluted common share, compared to a net loss of $2.5 million, or $0.10 per diluted common share, for the first quarter of 2020. Adjusted operating income(1) totaled $23.5 million, or $0.96 per common share, for the first quarter of 2021, compared to $19.6 million, or $0.79 per common share,
FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group" or "the Company") today convened and then adjourned the Special Meeting of Shareholders of the Company (the "Special Meeting") to approve, among other things, the proposal to adopt the definitive agreement (the "Merger Agreement") pursuant to which Farm Bureau Property & Casualty Insurance Company ("FBPCIC") would acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation ("IFBF"), for $56.00 per share in cash. Following a vote by shareholders in favor of the proposal to adjourn the Special Meeting to solicit additional proxies,
Majority of Independent Proxy Advisory Firms Recommend Shareholders Vote FOR the Proposed Transaction FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group" or "the Company") today announced that independent proxy advisory firm Egan-Jones Proxy Services ("Egan-Jones") has recommended that FBL Financial Group's shareholders vote "FOR" the previously announced definitive agreement pursuant to which Farm Bureau Property & Casualty Insurance Company ("FBPCIC") will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation, for $56.00 per share in cash. Consistent with the recommendati
FBL Financial Group Special Committee Reminds Shareholders to Vote "FOR" the Proposed Transaction on the WHITE Proxy Card FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group" or "the Company") today announced that it has received the necessary approvals from the Financial Industry Regulatory Authority ("FINRA") in relation to its proposed transaction with Farm Bureau Property & Casualty Insurance Company ("FBPCIC"), and that the proposed transaction has now received all regulatory approvals required for closing. Under the terms of the proposed transaction, FBPCIC would acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares own
Criticizes FBL's Dismissive Response to ISS Recommendation AGAINST Transaction Urges Shareholders to Vote AGAINST Transaction NEW YORK, April 23, 2021 (GLOBE NEWSWIRE) -- Capital Returns Management, LLC (together with its affiliates, "Capital Returns"), beneficial owner of 200,000 shares of Class A common stock of FBL Financial Group, Inc. ("FBL" or the "Company") (NYSE:FFG), today issued a letter to the Special Committee of the Board of Directors of FBL, urging it to negotiate with Farm Bureau Property & Casualty Insurance Company ("FBPCIC") for a fair price in the proposed merger with FBL (the "Merger"). In the letter, Capital Returns argues: "[The Special Committee] should be using
Leading Proxy Advisory Firm Glass Lewis Recommends FBL Shareholders Vote "FOR" Proposed Transaction Special Committee Urges Shareholders to Vote "FOR" the Proposed Transaction on the WHITE Proxy Card to Lock In Compelling, Certain Value FBL Financial Group, Inc. (NYSE:FFG) ("FBL Financial Group") today sent the following letter to shareholders regarding the previously announced definitive agreement under which Farm Bureau Property & Casualty Insurance Company ("FBPCIC") will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation, for $56.00 per share in cash: April 20, 2021 Dear
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WEST DES MOINES, Iowa--(BUSINESS WIRE)--Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) and FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today announced that they have reached a definitive agreement under which FBPCIC will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation (“IFBF”) currently own for $56.00 per share in cash. Following the unanimous recommendation of the Special Committee of the FBL Financial Group, Inc. Board made up of independent and unaffiliated directors, the transaction was unanimously approved by FBL Financial Group’
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Company Highlights First quarter 2021 net income attributable to FBL Financial Group of $27.7 million, or $1.13 per diluted common share. First quarter 2021 adjusted operating income(1) of $23.5 million, or $0.96 per diluted common share. FBL Financial Group, Inc. (NYSE:FFG) today reported net income attributable to FBL Financial Group for the first quarter of 2021 of $27.7 million, or $1.13 per diluted common share, compared to a net loss of $2.5 million, or $0.10 per diluted common share, for the first quarter of 2020. Adjusted operating income(1) totaled $23.5 million, or $0.96 per common share, for the first quarter of 2021, compared to $19.6 million, or $0.79 per common share,
In recommending AGAINST the transaction ISS agreed with Capital Returns that the process was suboptimal, the valuation is uncompelling, and the downside risk to rejecting the transaction is low. NEW YORK, April 16, 2021 (GLOBE NEWSWIRE) -- Capital Returns Management, LLC (together with its affiliates, "Capital Returns"), beneficial owner of 147,752 shares of Class A common stock of FBL Financial Group, Inc. ("FBL" or the "Company") (NYSE:FFG), today issued the following statement welcoming the recommendation from leading proxy advisory firm Institutional Shareholder Services ("ISS") that shareholders vote AGAINST the proposed merger of FBL with Farm Bureau Financial Property & Casualty In
WEST DES MOINES, Iowa--(BUSINESS WIRE)--FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today sent a letter to shareholders urging them to vote “FOR” the previously announced definitive agreement under which Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation (“IFBF”), for $56.00 per share in cash. The full text of the letter from the Special Committee of the Board of Directors of FBL Financial Group is below: March 17, 2021 Dear Fellow Shareholder, On January 11, 2021, FBL
WEST DES MOINES, Iowa--(BUSINESS WIRE)--FBL Financial Group, Inc. (NYSE: FFG) today announces that its Board of Directors has declared a quarterly cash dividend of $0.52 per share, payable on March 31, 2021 to Class A and Class B common stockholders of record as of March 15, 2021. This represents a 4.0% increase from the prior quarterly dividend of $0.50 per share paid in December 2020. FBL Financial Group is a holding company with the purpose to protect livelihoods and futures. Operating under the consumer brand name Farm Bureau Financial Services, its affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau a
WEST DES MOINES, Iowa--(BUSINESS WIRE)--FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the fourth quarter of 2020 of $27.8 million, or $1.14 per diluted common share, compared to net income of $34.7 million, or $1.40 per diluted common share, for the fourth quarter of 2019. Adjusted operating income(1) totaled $27.3 million, or $1.11 per common share, for the fourth quarter of 2020, compared to $34.8 million, or $1.41 per common share, for the fourth quarter of 2019. Fourth quarter 2020 earnings reflect: Unfavorable mortality results largely due to claims related to COVID-19 Higher equity income Favorable market perfor