WEST DES MOINES, Iowa--(BUSINESS WIRE)--FBL Financial Group, Inc. (NYSE: FFG) today announces a 14 percent increase in its quarterly cash dividend to $0.40 per share, a special cash dividend of $2.00 per share and a new Class B director.
“FBL Financial Group is committed to returning cash to shareholders given our strong and consistent operating results and ample excess capital,” said James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. “The payment of a special cash dividend and increasing the regular quarterly cash dividend demonstrate our confidence in Farm Bureau Life Insurance Company’s strong capital position and financial strength.”
Quarterly Dividend Increase to $0.40 Per Share. FBL Financial Group’s Board of Directors has declared a quarterly cash dividend of $0.40 per share, payable on March 31, 2015 to Class A and Class B common stockholders of record as of March 16, 2015. This represents a 14 percent increase from the prior quarterly dividend of $0.35 per share paid in December 2014, and reflects an annual indicated dividend rate of $1.60 per share. Based on this dividend rate, FBL’s indicated dividend yield is currently 2.8 percent.
Special Cash Dividend of $2.00 Per Share. FBL Financial Group’s Board of Directors has declared a special cash dividend of $2.00 per share, payable on March 26, 2015 to Class A and Class B common stockholders of record as of March 16, 2015. The total amount of the special cash dividend payment is estimated to be approximately $49 million.
New Class B Director Named. Richard Felts has been named to FBL Financial Group’s Board of Directors as a Class B Director, effective March 5, 2015. Felts is President of the Kansas Farm Bureau. Felts was elected to the Kansas Farm Bureau Board in 2001 and prior to becoming President, served as Vice President of the Kansas Farm Bureau from 2011 to 2014.
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.