NYSE:FFG

Stock Analysis Report

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Executive Summary

FBL Financial Group, Inc., through its subsidiaries, sells individual life insurance and annuity products. More Details


Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

How has FBL Financial Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FFG's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.5%

FFG

-0.6%

US Insurance

-1.3%

US Market


1 Year Return

-15.6%

FFG

-12.8%

US Insurance

18.5%

US Market

Return vs Industry: FFG underperformed the US Insurance industry which returned -12.8% over the past year.

Return vs Market: FFG underperformed the US Market which returned 18.5% over the past year.


Shareholder returns

FFGIndustryMarket
7 Day-1.5%-0.6%-1.3%
30 Day0.7%1.9%5.3%
90 Day34.9%-1.7%7.5%
1 Year-6.8%-15.6%-10.4%-12.8%21.3%18.5%
3 Year-23.6%-37.2%-0.6%-7.8%42.4%32.9%
5 Year4.3%-23.0%35.7%18.6%84.2%63.5%

Price Volatility Vs. Market

How volatile is FBL Financial Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is FBL Financial Group undervalued compared to its fair value and its price relative to the market?

44.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FFG ($49.24) is trading below our estimate of fair value ($87.87)

Significantly Below Fair Value: FFG is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FFG is poor value based on its PE Ratio (14.6x) compared to the US Insurance industry average (14.1x).

PE vs Market: FFG is good value based on its PE Ratio (14.6x) compared to the US market (19x).


Price to Earnings Growth Ratio

PEG Ratio: FFG is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: FFG is good value based on its PB Ratio (0.8x) compared to the US Insurance industry average (0.9x).


Next Steps

Future Growth

How is FBL Financial Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

17.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FFG's forecast earnings growth (17.4% per year) is above the savings rate (2.2%).

Earnings vs Market: FFG's earnings (17.4% per year) are forecast to grow slower than the US market (22.2% per year).

High Growth Earnings: FFG's earnings are forecast to grow, but not significantly.

Revenue vs Market: FFG's revenue (3.6% per year) is forecast to grow slower than the US market (10.1% per year).

High Growth Revenue: FFG's revenue (3.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FFG's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has FBL Financial Group performed over the past 5 years?

-0.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FFG has high quality earnings.

Growing Profit Margin: FFG's current net profit margins (11.7%) are lower than last year (13.9%).


Past Earnings Growth Analysis

Earnings Trend: FFG's earnings have declined by 0.6% per year over the past 5 years.

Accelerating Growth: FFG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FFG had negative earnings growth (-19.4%) over the past year, making it difficult to compare to the Insurance industry average (-3.3%).


Return on Equity

High ROE: FFG's Return on Equity (5.3%) is considered low.


Next Steps

Financial Health

How is FBL Financial Group's financial position?


Financial Position Analysis

Short Term Liabilities: FFG's short term assets ($239.0M) do not cover its short term liabilities ($387.0M).

Long Term Liabilities: FFG's short term assets ($239.0M) do not cover its long term liabilities ($8.8B).


Debt to Equity History and Analysis

Debt Level: FFG's debt to equity ratio (5.3%) is considered satisfactory.

Reducing Debt: FFG's debt to equity ratio has reduced from 8.4% to 5.3% over the past 5 years.

Debt Coverage: FFG's debt is well covered by operating cash flow (266.8%).

Interest Coverage: FFG's interest payments on its debt are well covered by EBIT (20.2x coverage).


Balance Sheet


Next Steps

Dividend

What is FBL Financial Group current dividend yield, its reliability and sustainability?

7.11%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FFG's dividend (7.11%) is higher than the bottom 25% of dividend payers in the US market (1.64%).

High Dividend: FFG's dividend (7.11%) is in the top 25% of dividend payers in the US market (4.68%)


Stability and Growth of Payments

Stable Dividend: FFG's dividend payments have been volatile in the past 10 years.

Growing Dividend: FFG's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (58.2%), FFG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FFG's dividends in 3 years are forecast to be covered by earnings (73.5% payout ratio).


Next Steps

  • Explore strong dividend paying companies in the Insurance industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure


CEO

Dan Pitcher (58 yo)

0.75

Tenure

US$1,184,229

Compensation

Mr. Daniel David Pitcher, also known as Dan, serves as Chief Executive Officer and Director of FBL Financial Group, Inc. since January 01, 2020. He served as Chief Operating Officer of Property Casualty Co ...


CEO Compensation Analysis

Compensation vs Market: Dan's total compensation ($USD1.18M) is below average for companies of similar size in the US market ($USD4.48M).

Compensation vs Earnings: Dan's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Daniel Pitcher
CEO & Director0.75yrUS$1.18m0.025%
$ 299.7k
Donald Seibel
CFO & Treasurer8.17yrsUS$1.18m0.058%
$ 699.1k
Jeffrey Whitehead
Chief Investment Officer0.33yrno datano data
Anthony Aldridge
Chief Accounting Officer3.58yrsno data0.0026%
$ 31.0k
Casey Decker
Chief Information Officer4.33yrsno data0.0040%
$ 48.0k
Nicholas Gerhart
Chief Administrative Officer3.75yrsno data0.00086%
$ 10.3k
Kathleen Till Stange
Vice President of Corporate & Investor Relationsno datano datano data
Lori Geadelmann
General Counsel2.58yrsno data0.0023%
$ 27.7k
Ronald Mead
Vice President of Sales & Distribution0.58yrno data0.0040%
$ 47.8k
Daniel Koster
Vice President of Marketing & Agency Services0.58yrno data0.0069%
$ 82.7k
Kelli Eddy
Chief Operating Officer of Life Companies1.17yrsno datano data
Jay Seiboldt
Chief Operating Officer of Property Casualty Companies0.58yrno data0.0010%
$ 12.4k

1.2yrs

Average Tenure

55.5yo

Average Age

Experienced Management: FFG's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Daniel Pitcher
CEO & Director0.75yrUS$1.18m0.025%
$ 299.7k
Roger Brooks
Independent Director11.42yrsUS$100.50k0.012%
$ 140.2k
Craig Hill
Chairman of the Board8.83yrsUS$75.13k0.0041%
$ 49.2k
Paul Larson
Independent Vice Chairman & Lead Director3.42yrsUS$114.00k0.026%
$ 312.8k
Paul Juffer
Independent Director3.42yrsUS$103.00kno data
Kevin Paap
Director2.92yrsUS$75.57k0.014%
$ 162.4k
Joe Heinrich
Director7.42yrsUS$54.00kno data
Scott VanderWal
Director9.42yrsUS$78.73k0.0082%
$ 98.5k
Richard Felts
Director5.58yrsUS$83.30kno data
Bryan Searle
Director0.67yrno data0.00082%
$ 9.8k

4.5yrs

Average Tenure

59yo

Average Age

Experienced Board: FFG's board of directors are considered experienced (4.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

FBL Financial Group, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: FBL Financial Group, Inc.
  • Ticker: FFG
  • Exchange: NYSE
  • Founded: 1945
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: US$1.201b
  • Shares outstanding: 24.38m
  • Website: https://www.fblfinancial.com

Number of Employees


Location

  • FBL Financial Group, Inc.
  • 5400 University Avenue
  • West Des Moines
  • Iowa
  • 50266-5997
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FFGNYSE (New York Stock Exchange)YesClass A Common StockUSUSDJul 1996

Biography

FBL Financial Group, Inc., through its subsidiaries, sells individual life insurance and annuity products. The Annuity segment sells various traditional annuity products that primarily consist of fixed rat ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/21 00:33
End of Day Share Price2020/10/20 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.