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Article: FBL Financial Group Announces Reinsurance Transaction.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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FBL Financial Group, Inc. (NYSE: FFG) announced an agreement with EMC National Life Company (EMCNL), whereby EMCNL will recapture a block of annuities and life insurance policies with reserves totaling $250 million. The effective date for this transaction is October 1, 2009 with a planned closing by October 30, 2009.
As a result of this recapture transaction, FBL Financial Group subsidiary EquiTrust Life Insurance Company expects to record an after-tax gain of $9 million on a generally accepted accounting principles basis and an after-tax gain of $20 million on a statutory basis. The forgone after-tax GAAP earnings from this block of business, after reinvestment ...