FBL Financial Group Inc. (NYSE:FFG) Q3 2019 Earnings Conference Call Transcript
Nov 01, 2019 • 11:00 am ET
Good day and welcome to the FBL Financial Group Third Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]
Please note this event is being recorded.
I would now like to turn the conference over to Kathleen Till Stange. Please go ahead.
Kathleen Till Stange
Thank you, and welcome to FBL Financial Group's third quarter 2019 earnings conference call. Presenting on today's call are Jim Brannen, Chief Executive Officer; Kelli Eddy, Chief Operating Officer, Life Companies; and Don Seibel , Chief Financial Officer. Also present and available to answer your questions are Charlie Happel, Chief Investment Officer and Scott Stice, Chief Marketing Officer.
Certain statements made today may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties are detailed in FBL's reports filed with the SEC and are based on assumptions which FBL believes to be reasonable, however, no assurance can be given that the assumptions will prove to be correct. FBL disclaims any obligation to update forward-looking statements after this date. Comments during this call include certain non-GAAP financial measures. Where applicable, these items are reconciled to GAAP in our third quarter earnings release and financial supplement, both of which may be found on our website fblfinancial.com. Today's call is being simulcast on FBL's website. An audio replay and a transcript of the prepared comments may be found on our website shortly after the call.
With that, it is now my pleasure to turn the call over to CEO, Jim Brannen.
James P. Brannen
Thanks, Kathleen and thank you to everyone on the call. I'm glad you're able to join us today. FBL Financial Group reported net income of $1.01 per share and adjusted operating income of $1.02 per share for the third quarter of 2019. These results were below our expectations. Earnings results were negatively impacted by the unlocking of actuarial assumptions, higher mortality benefits and lower spread income. Don's going to cover those financial results in detail. I'll begin by discussing sales, our agents and our wealth management advisors and then I'll ask our new Chief Operating Officer Kelli Eddy to share a few comments.
Life sales continued their positive momentum. Life premium collected for the third quarter 2019 totaled $75 million, up 1.6% from the third quarter of 2018. This growth was driven by strong increases in universal life and term life sales. Universal life premium collected increased 6.8% for the quarter, while term life premium collected increased 3.3%. Life insurance in force totaled than $65 billion as of third quarter end. Life insurance sales allow us to meet the needs of our clients, while providing us long-term profit stream with additional profit components that are not spread related.
Annuity sales stabilized in the third quarter and were essentially flat compared