Business Watch: Fidelity & Guaranty net income climbs
August 6, 2014 by Register staff
Fidelity & Guaranty Life reported a 6.2 percent increase in net income for the third quarter.
The Des Moines-based annuities and life insurance company said net income rose to $56.5 million, or 97 cents a share, for the quarter ending June 30. That is up from $53.2 million, or $1.13 a share, for the same quarter a year ago.
The company had 58.4 million outstanding shares during the third quarter, compared with 47 million outstanding shares the same time last year.
Fidelity & Guaranty’s annuity sales rose 45 percent year-over-year to $391.7 million, up from $270.5 million.
The company’s adjusted operating income rose 151 percent to 35.2 million in the third quarter, up from $14 million a year prior.
Fidelity & Guaranty Life released its earnings after the market closed Wednesday. Its shares closed down 12 cents to $21.39 Wednesday.
