FBL Financial Group, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenues were $182,175,000 against $181,920,000 a year ago. Net investment income was $101,022,000 against $100,994,000 a year ago. Net income was $23,608,000 against $26,435,000 a year ago. Net income attributable to company was $23,631,000 against $26,433,000 a year ago. Earnings per common share - assuming dilution was $0.94 against $1.05 a year ago. Non-gaap operating income was $27,633,000 against $26,988,000 a year ago. Non-gaap operating income per common share - assuming dilution was $1.1 against $1.08 a year ago. Book value per share of $50.78.

For the final nine months of 2018, non-GAAP operating income is expected to compare favorably to the non-GAAP operating income for the final nine months of 2017, due primarily to the impact of the Tax Act on FBL Financial Group's effective tax rate. The benefit of the lower effective tax rate is expected to be partially offset by decreases in non-GAAP pre-tax operating income in the Corporate segment. The Corporate segment results in the final nine months of 2018 are expected to be negatively impacted, relative to the comparable period in 2017, by the impact of less favorable equity market performance on the closed-block variable business and lower equity income from low income housing tax credit (LIHTC) investments. The company currently expects income from low income housing tax partnerships in the final nine months of 2018 to be approximately $3 million less than that earned over the final nine months of 2017.

For the full year 2018, the company expects effective income tax rate to be between 17.5% and 18.5% for full year 2018.