Financial Supplement

2012 First Quarter Report

Corporate Headquarters	FBL Financial Group, Inc.
	5400 University Avenue
	West Des Moines, Iowa 50266-5997
	(515) 225-5400
Financial Inquiries	For more information contact:
	Jim Brannen
	Chief Financial Officer
	Jim.Brannen@FBLFinancial.com
	(515) 225-5631
	Don Seibel
	Vice President - Finance
	Don.Seibel@FBLFinancial.com
	(515) 226-6399
	Kathleen Till Stange
	Investor Relations Vice President
	Kathleen.TillStange@FBLFinancial.com
	(515) 226-6780
Internet Information	FBL Financial Group, Inc.
	www.fblfinancial.com
Stock Symbol	NYSE: FFG
Transfer Agent	Computershare/BNY Mellon
	c/o Computershare/BNY Mellon Shareowner Services
	Shareholder Relations Department
	P.O. Box 358015
	Jersey City, NJ 07310-1900
	www.bnymellon.com/shareowner

FBL Financial Group, Inc.
Financial Supplement (Unaudited)
March 31, 2012
Table of Contents/Notes
Consolidated Financial Statements:
Consolidated Balance Sheets	2
Consolidated Statements of Comprehensive Income	4
Consolidated Statements of Operating Income, last five quarters	5
Financial Information by Segment:
Segment Information	6
Consolidating Statements of Pre-tax Operating Income	7
Statements of Pre-tax Operating Income (Loss), last five quarters:
Annuity Segment	9
Life Insurance Segment	10
Corporate and Other Segment	12
Deferred Acquisition Costs by Segment	13
Collected Premiums, last five quarters	15
Parent Company Liquidity	16
Other Information	17

NOTE 1: Effective January 1, 2012, we retrospectively adopted new accounting guidance related to accounting for costs associated with acquiring or renewing insurance contracts. All periods herein reflect the impact of this adoption.

NOTE 2: On December 30, 2011, we sold our wholly owned subsidiary, EquiTrust Life Insurance Company (EquiTrust Life). While we sold our entire equity interest in EquiTrust Life, another subsidiary, Farm Bureau Life Insurance Company is reinsuring a limited portion of the EquiTrust Life business related to variable universal life and variable annuity products distributed through various unaffiliated third parties, as well as a small amount of fixed life and annuity products.

In accordance with mandatory redemption provisions of the underlying notes, we redeemed $225.0 million of our long-term debt. Redemptions include $50.0 million of our senior notes with affiliates on December 30, 2011 and our $175.0 million public senior notes on January 30, 2012. In addition, we began repurchasing stock in the fourth quarter of 2011 under a stock repurchase plan approved by the Board of Directors.

Additional information regarding the impact of adopting the new accounting guidance, the sale of EquiTrust Life and our capital management initiatives can be found in our filings with the SEC.

NOTE 3: In addition to net income (loss), we have consistently used operating income (loss), a non-GAAP financial measure common in the life insurance industry, as a primary economic measure to evaluate our financial performance. Operating income (loss) for the periods presented equals net income (loss) adjusted to eliminate the impact of realized gains and losses on investments, changes in net unrealized gains and losses on derivatives, discontinued operations and loss on debt redemption associated with disposed operations.

We use operating income, in addition to net income (loss), to measure our performance since realized gains and losses on investments and the change in net unrealized gains and losses on derivatives can fluctuate greatly from quarter to quarter. Also, the discontinued operations and loss on debt redemption are nonrecurring items. These fluctuations make it difficult to analyze core operating trends. A view of our operating performance without the impact of these mismatches and nonrecurring items enhances the analysis of our results. We use operating income for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community.

NOTE 4: Certain financial information presented herein may not add due to rounding.

1

FBL Financial Group, Inc.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)

	March 31, 2012		December 31, 2011
Assets
Investments:
Fixed maturity securities - available for sale, at fair value (amortized cost: 2012 - $5,341,307; 2011 - $5,189,994)	$	5,742,044	$	5,570,550
Equity securities - available for sale, at fair value (cost: 2012 - $51,448; 2011 - $55,697)	54,221		57,432
Mortgage loans	532,555		552,359
Real estate	4,672		2,541
Policy loans	173,277		172,368
Short-term investments	31,590		41,756
Other investments	368		189
Total investments	6,538,727		6,397,195
Cash and cash equivalents	302,836		296,339
Restricted debt defeasance trust assets	—		211,627
Securities and indebtedness of related parties	73,898		64,516
Accrued investment income	73,355		67,200
Amounts receivable from affiliates	5,885		3,942
Reinsurance recoverable	100,393		94,685
Deferred acquisition costs	248,751		260,256
Value of insurance in force acquired	26,442		25,781
Current income taxes recoverable	13,273		16,334
Other assets	80,523		67,590
Assets held in separate accounts	655,755		603,903
Total assets	$	8,119,838	$	8,109,368

2

FBL Financial Group, Inc.

Consolidated Balance Sheets (Continued)

(Dollars in thousands)

	March 31, 2012		December 31, 2011
Liabilities and stockholders' equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	3,850,220	$	3,744,857
Traditional life insurance and accident and health products	1,415,168		1,401,995
Other policy claims and benefits	43,170		40,488
Supplementary contracts without life contingencies	361,890		359,663
Advance premiums and other deposits	217,579		211,573
Amounts payable to affiliates	631		713
Short-term debt payable to non-affiliates	—		174,258
Long-term debt payable to affiliates	49,971		49,968
Long-term debt payable to non-affiliates	97,000		97,000
Stock repurchase obligation	112,538		—
Deferred income taxes	103,909		100,341
Other liabilities	99,239		122,180
Liabilities related to separate accounts	655,755		603,903
Total liabilities	7,007,070		6,906,939
Stockholders' equity:
FBL Financial Group, Inc. stockholders' equity:
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares	3,000		3,000
Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 26,502,769 shares in 2012 and 29,457,644 shares in 2011	122,238		129,684
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 1,192,990 shares	7,522		7,522
Accumulated other comprehensive income	180,839		177,845
Retained earnings	799,074		884,263
Total FBL Financial Group, Inc. stockholders' equity	1,112,673		1,202,314
Noncontrolling interest	95		115
Total stockholders' equity	1,112,768		1,202,429
Total liabilities and stockholders' equity	$	8,119,838	$	8,109,368

3

FBL Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands, except per share data)

	Three months ended March 31,
	2012			2011
Revenues:
Interest sensitive product charges	$	25,232		$	24,129
Traditional life insurance premiums	43,123			41,387
Net investment income	86,888			83,785
Net realized capital gains on sales of investments	879			2,260
Total other-than-temporary impairment losses	(11,301		)	(5,727		)
Non-credit portion in other comprehensive income	9,779			3,575
Net impairment losses recognized in earnings	(1,522		)	(2,152		)
Other income	5,005			4,999
Total revenues	159,605			154,408
Benefits and expenses:
Interest sensitive product benefits	49,082			46,621
Traditional life insurance benefits	39,111			36,598
Policyholder dividends	4,244			4,300
Underwriting, acquisition and insurance expenses	32,727			33,251
Interest expense	1,982			2,388
Loss on debt redemption	33			—
Other expenses	5,790			4,881
Total benefits and expenses	132,969			128,039
	26,636			26,369
Income taxes	(8,758		)	(8,318		)
Equity income, net of related income taxes	1,621			731
Net income from continuing operations	19,499			18,782
Discontinued operations:
Loss on sale of subsidiary	(2,252		)	—
Income (loss) from discontinued operations, net of tax	(680		)	6,267
Total income (loss) from discontinued operations	(2,932		)	6,267
Net income	16,567			25,049
Net loss attributable to noncontrolling interest	20			2
Net income attributable to FBL Financial Group, Inc.	$	16,587		$	25,051
Comprehensive income	$	19,561		$	41,795
Earnings per common share:
Income from continuing operations	$	0.64		$	0.61
Income (loss) from discontinued operations	(0.10		)	0.20
Earnings per common share	$	0.54		$	0.81
Earnings per common share - assuming dilution:
Income from continuing operations	$	0.63		$	0.60
Income (loss) from discontinued operations	(0.10		)	0.20
Earnings per common share - assuming dilution	$	0.53		$	0.80
Cash dividends per common share	$	0.1000		$	0.0625

4

FBL Financial Group, Inc.
Consolidated Statements of Operating Income
(Dollars in thousands, except per share data)
	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012
Operating revenues:
Interest sensitive product charges	$	24,112		$	24,053		$	24,792		$	24,136		$	25,139
Traditional life insurance premiums	41,387			44,139			40,342			42,651			43,123
Net investment income	83,706			86,685			85,987			86,485			86,412
Other income	4,999			3,980			4,856			3,866			5,005
Total operating revenues	154,204			158,857			155,977			157,138			159,679
Benefits and expenses:
Interest sensitive product benefits	46,685			48,261			49,369			47,765			49,079
Traditional life insurance benefits	36,598			37,717			35,598			39,053			39,319
Policyholder dividends	4,300			4,356			4,109			4,265			4,244
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	6,361			6,596			5,150			5,844			5,699
Amortization of deferred acquisition costs	8,376			7,980			11,452			7,115			7,486
Amortization of value of insurance in force acquired	360			(6,172		)	1,405			(297		)	687
Other underwriting expenses	17,824			18,727			17,885			19,638			18,147
Total underwriting, acquisition and insurance expenses	32,921			27,131			35,892			32,300			32,019
Interest expense	2,388			2,153			1,983			2,008			1,982
Other expenses	4,881			6,001			4,886			4,884			5,790
Total benefits and expenses	127,773			125,619			131,837			130,275			132,433
	26,431			33,238			24,140			26,863			27,246
Income taxes	(8,340		)	(9,907		)	(8,122		)	(6,766		)	(8,971		)
Net loss (income) attributable to noncontrolling interest	2			18			1			(27		)	20
Equity income, net of related income taxes	731			57			231			265			1,621
Operating income	18,824			23,406			16,250			20,335			19,916
Realized gains/losses on investments, net of offsets	(243		)	111			(820		)	(5,031		)	(249		)
Change in net unrealized gains/losses on derivatives, net of offsets	203			725			285			(281		)	(126		)
Net impact of discontinued operations	6,267			11,997			11,354			(41,079		)	(2,932		)
Loss on debt redemption	—			—			—			(21,564		)	(22		)
Net income (loss) attributable to FBL Financial Group, Inc.	$	25,051		$	36,239		$	27,069		$	(47,620	)	$	16,587
Operating income per common share - assuming dilution	$	0.60		$	0.75		$	0.52		$	0.65		$	0.64
Earnings (loss) per common share - assuming dilution	$	0.80		$	1.16		$	0.86		$	(1.55	)	$	0.53
Weighted average common shares outstanding (in thousands):
Basic	30,612			30,733			30,803			30,746			30,527
Effect of dilutive securities	510			474			463			509			479
Diluted	31,122			31,207			31,266			31,255			31,006
Operating return on equity, excluding AOCI - last twelve months (1)	10.7		%	11.5		%	10.7		%	7.6		%	7.8		%
Operating return on equity, including AOCI - last twelve months (1)	10.2		%	10.8		%	9.8		%	6.8		%	6.8		%

(1) Return on equity has not been restated to reflect the impact of discontinued operations or the retrospective adoption of new accounting guidance for periods prior to Q4 2011.

5

FBL Financial Group, Inc.

Segment Information

We analyze operations by reviewing financial information regarding our primary products that are aggregated into the Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company.

The Annuity segment primarily consists of fixed rate annuities and supplementary contracts (some of which involve life contingencies). Fixed rate annuities provide for tax-deferred savings and supplementary contracts provide for the systematic repayment of funds that accumulate interest. Fixed rate annuities consist primarily of flexible premium deferred annuities, but also include single premium deferred and immediate contracts. With fixed rate annuities, we bear the underlying investment risk and credit interest to the contracts at rates we determine, subject to interest rate guarantees.

The Life Insurance segment consists of whole life, term life and universal life policies. These policies provide benefits upon the death of the insured and may also allow the customer to build cash value on a tax-deferred basis.

The Corporate and Other segment consists of the following corporate items and products/services that do not meet the quantitative threshold for separate segment reporting:

• investments and related investment income not specifically allocated to our product segments;

• interest expense;

• closed blocks of variable annuity, variable universal life insurance and accident and health insurance products;

• advisory services for the management of investments and other companies;

• marketing and distribution services for the sale of mutual funds and insurance products not issued by us; and

• leasing services, primarily with affiliates.

We analyze our segment results based on pre-tax operating income (loss). Accordingly, income taxes are not allocated to the segments. In addition, operating results are reported net of transactions between the segments.

6

FBL Financial Group, Inc.

Consolidating Statements of Pre-tax Operating Income

Quarter Ended March 31, 2012	Annuity		Life Insurance			Corporate & Other			Consolidated
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	206	$	13,189		$	11,744		$	25,139
Traditional life insurance premiums	—		43,123			—			43,123
Net investment income	45,978		33,846			6,588			86,412
Other income	3		(53		)	5,055			5,005
Total operating revenues	46,187		90,105			23,387			159,679
Benefits and expenses:
Interest sensitive product benefits	25,535		15,385			8,159			49,079
Traditional life insurance benefits	—		39,319			—			39,319
Policyholder dividends	—		4,244			—			4,244
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	718		4,019			962			5,699
Amortization of deferred policy acquisition costs	2,293		5,246			(53		)	7,486
Amortization of value of insurance in force acquired	33		654			—			687
Other underwriting expenses	4,873		11,875			1,399			18,147
Total underwriting, acquisition and insurance expenses	7,917		21,794			2,308			32,019
Interest expense	—		—			1,982			1,982
Other expenses	—		—			5,790			5,790
Total benefits and expenses	33,452		80,742			18,239			132,433
	12,735		9,363			5,148			27,246
Net loss attributable to noncontrolling interest	—		—			20			20
Equity income, before tax	—		—			111			111
Pre-tax operating income	$	12,735	$	9,363		$	5,279		$	27,377

7

FBL Financial Group, Inc.

Consolidating Statements of Pre-tax Operating Income (Continued)

Quarter Ended March 31, 2011	Annuity			Life Insurance		Corporate & Other		Consolidated
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	161		$	11,945	$	12,006	$	24,112
Traditional life insurance premiums	—			41,387		—		41,387
Net investment income	43,460			33,776		6,470		83,706
Other income	—			97		4,902		4,999
Total operating revenues	43,621			87,205		23,378		154,204
Benefits and expenses:
Interest sensitive product benefits	24,717			15,100		6,868		46,685
Traditional life insurance benefits	—			36,598		—		36,598
Policyholder dividends	—			4,300		—		4,300
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	1,072			3,937		1,352		6,361
Amortization of deferred acquisition costs	1,804			5,533		1,039		8,376
Amortization of value of insurance in force acquired	(150		)	510		—		360
Other underwriting expenses	2,802			10,654		4,368		17,824
Total underwriting, acquisition and insurance expenses	5,528			20,634		6,759		32,921
Interest expense	—			—		2,388		2,388
Other expenses	—			—		4,881		4,881
Total benefits and expenses	30,245			76,632		20,896		127,773
	13,376			10,573		2,482		26,431
Net loss attributable to noncontrolling interest	—			—		2		2
Equity income, before tax	—			—		1,124		1,124
Pre-tax operating income	$	13,376		$	10,573	$	3,608	$	27,557

8

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Annuity Segment
	Q1 2011				Q2 2011			Q3 2011			Q4 2011			Q1 2012
Pre-tax Operating Income				(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	161			$	154		$	182		$	167		$	206
Net investment income	43,460				46,506			45,635			46,373			45,978
Other income	—				1			—			1			3
Total operating revenues	43,621				46,661			45,817			46,541			46,187
Benefits and expenses:
Interest sensitive product benefits	24,717				25,200			25,336			25,234			25,535
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	1,072				892			740			724			718
Amortization of deferred acquisition costs	1,804				2,365			2,004			2,743			2,293
Amortization of value of insurance in force acquired	(150		)		317			440			(363		)	33
Other underwriting expenses	2,802				2,863			2,768			2,869			4,873
Total underwriting, acquisition and insurance expenses	5,528				6,437			5,952			5,973			7,917
Total benefits and expenses	30,245				31,637			31,288			31,207			33,452
Pre-tax operating income	$	13,376			$	15,024		$	14,529		$	15,334		$	12,735
Selected balance sheet data, securities at cost:
Assets:
Investments	$	3,136,065			$	3,248,310		$	3,297,875		$	3,298,442		$	3,405,435
Deferred acquisition costs	74,565				76,154			77,416			78,102			80,766
Value of insurance in force acquired	12,269				11,952			11,496			11,852			11,819
Liabilities and equity:
Liabilities:
Interest sensitive product reserves	$	2,674,844			$	2,748,421		$	2,784,995		$	2,812,666		$	2,906,991
Other insurance reserves	371,179				374,781			376,592			378,319			379,977
Allocated equity, excluding AOCI	242,997				249,218			252,082			254,602			256,383
Other data:
Number of direct contracts	53,608				53,881			53,839			53,894			54,091
Portfolio yield net of assumed defaults	5.70		%		5.75		%	5.72		%	5.65		%	5.55		%
Credited rate	3.43				3.42			3.32			3.32			3.32
Spread on fixed annuities at end of quarter (1)	2.27		%		2.33		%	2.40		%	2.33		%	2.23		%
Interest sensitive reserve activity:
Individual deferred annuity reserve:
Balance, beginning of period	$	1,974,661			$	2,043,957		$	2,102,447		$	2,143,378		$	2,182,809
Deposits	116,089				99,347			68,463			65,867			107,172
Withdrawals, surrenders and death benefits	(41,443		)		(37,930		)	(28,773		)	(29,344		)	(33,066		)
Net flows	74,646				61,417			39,690			36,523			74,106
Policyholder interest	16,895				17,104			17,367			17,403			17,729
Annuitizations and other	(22,245		)		(20,031		)	(16,126		)	(14,495		)	(22,069		)
Balance, end of period	2,043,957				2,102,447			2,143,378			2,182,809			2,252,575
Other interest sensitive reserves	630,887				645,974			641,617			629,857			654,416
Total interest sensitive product reserves	$	2,674,844			$	2,748,421		$	2,784,995		$	2,812,666		$	2,906,991

(1) Point-in-time spread at the balance sheet date used by management for decision making, which differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

9

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Life Insurance Segment
	Q1 2011			Q2 2011			Q3 2011		Q4 2011		Q1 2012
Pre-tax Operating Income			(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	11,945		$	12,103		$	12,474	$	12,624	$	13,189
Traditional life insurance premiums	41,387			44,139			40,342		42,651		43,123
Net investment income	33,776			33,842			33,979		33,402		33,846
Other income	97			60			124		11		(53		)
Total operating revenues	87,205			90,144			86,919		88,688		90,105
Benefits and expenses:
Interest sensitive product benefits:
Interest credited	7,613			7,682			7,211		7,213		7,141
Death benefits	7,487			8,024			9,320		7,814		8,244
Total interest sensitive product benefits	15,100			15,706			16,531		15,027		15,385
Traditional life insurance benefits:
Death benefits	17,713			16,023			16,531		19,212		18,406
Surrender and other benefits	10,216			9,123			8,543		7,978		8,657
Increase in traditional life future policy benefits	8,669			12,571			10,524		11,863		12,256
Total traditional life insurance benefits	36,598			37,717			35,598		39,053		39,319
Policyholder dividends	4,300			4,356			4,109		4,265		4,244
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	3,937			4,540			3,442		4,155		4,019
Amortization of deferred acquisition costs	5,533			3,609			4,877		4,023		5,246
Amortization of value of insurance in force acquired	510			(6,489		)	965		66		654
Other underwriting expenses	10,654			11,383			10,863		12,026		11,875
Total underwriting, acquisition and insurance expenses	20,634			13,043			20,147		20,270		21,794
Total benefits and expenses	76,632			70,822			76,385		78,615		80,742
Pre-tax operating income	$	10,573		$	19,322		$	10,534	$	10,073	$	9,363
Selected balance sheet data, securities at cost:
Assets:
Investments	$	2,175,151		$	2,208,177		$	2,212,936	$	2,224,280	$	2,215,738
Deferred acquisition costs	177,597			181,208			182,384		187,113		190,953
Value of insurance in force acquired	20,751			27,241			26,275		26,210		25,597
Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	632,454		$	636,791		$	642,362	$	647,711	$	652,427
Other insurance reserves	1,502,695			1,516,521			1,533,024		1,549,886		1,566,750
Allocated equity, excluding AOCI	271,429			273,434			280,450		286,067		277,192

10

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Life Insurance Segment (Continued)
	Q1 2011				Q2 2011			Q3 2011			Q4 2011			Q1 2012
				(Dollars in thousands)
Other data:
Number of direct policies - traditional life	348,942				350,219			350,372			352,274			352,336
Number of direct policies - universal life	57,320				57,498			57,520			58,115			58,618
Direct face amounts - traditional life	$	36,474,946			$	37,090,827		$	37,586,036		$	38,235,322		$	38,552,018
Direct face amounts - universal life	$	5,305,213			$	5,387,097		$	5,392,760		$	5,481,755		$	5,538,683
Portfolio yield net of assumed defaults	6.13		%		6.08		%	6.06		%	5.97		%	5.93		%
Credited rate	4.29				4.29			4.30			4.26			4.16
Spread on universal life at end of quarter (1)	1.84		%		1.79		%	1.76		%	1.71		%	1.77		%
Interest sensitive reserve activity:
Balance, beginning of period	$	630,956			$	632,454		$	636,791		$	642,362		$	647,711
Deposits	14,840				16,677			15,745			16,492			17,363
Withdrawals and surrenders	(6,115		)		(5,683		)	(5,651		)	(4,634		)	(6,531		)
Net flows	8,725				10,994			10,094			11,858			10,832
Policyholder interest	6,476				6,482			6,450			6,469			6,370
Policy charges	(12,261		)		(12,660		)	(12,840		)	(13,187		)	(12,898		)
Benefits and other	(1,442		)		(479		)	1,867			209			412
Balance, end of period	$	632,454			$	636,791		$	642,362		$	647,711		$	652,427

(1) Point-in-time spread at the balance sheet date used by management for decision making, which differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

11

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Loss)
Corporate and Other
	Q1 2011				Q2 2011			Q3 2011			Q4 2011			Q1 2012
Pre-tax Operating Income (Loss)				(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	12,006			$	11,796		$	12,136		$	11,345		$	11,744
Net investment income	6,470				6,337			6,373			6,710			6,588
Other income	4,902				3,919			4,732			3,854			5,055
Total operating revenues	23,378				22,052			23,241			21,909			23,387
Benefits and expenses:
Interest sensitive product benefits	6,868				7,355			7,502			7,504			8,159
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	1,352				1,164			968			965			962
Amortization of deferred acquisition costs	1,039				2,007			4,572			349			(53		)
Other underwriting expenses	4,368				4,481			4,254			4,743			1,399
Total underwriting, acquisition and insurance expenses	6,759				7,652			9,794			6,057			2,308
Interest expense	2,388				2,153			1,983			2,008			1,982
Other expenses	4,881				6,001			4,886			4,884			5,790
Total benefits and expenses	20,896				23,161			24,165			20,453			18,239
	2,482				(1,109		)	(924		)	1,456			5,148
Net loss (income) attributable to noncontrolling interest	2				18			1			(27		)	20
Equity income (loss), before tax	1,124				88			(409		)	(409		)	111
Pre-tax operating income (loss)	$	3,608			$	(1,003	)	$	(1,332	)	$	1,020		$	5,279
Selected balance sheet data, securities at cost:
Assets:
Investments	$	523,074			$	469,288		$	472,571		$	492,182		$	514,044
Deferred acquisition costs	105,364				103,849			100,150			99,916			99,542
Separate account assets	695,777				681,996			574,374			603,903			655,755
Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	257,953			$	262,501		$	277,215		$	284,480		$	290,802
Other insurance reserves	93,489				96,617			94,716			93,826			99,256
Separate account liabilities	695,777				681,996			574,374			603,903			655,755
Allocated equity, excluding AOCI	503,595				532,684			549,722			480,800			395,259
Rollforward of separate account balances:
Beginning separate account balance	$	675,586			$	695,777		$	681,996		$	574,374		$	603,903
Net premiums	8,659				8,616			(3,178		)	2,881			5,061
Net investment income (loss)	32,281				2,014			(84,033		)	44,758			65,617
Charges, benefits and surrenders	(20,749		)		(24,411		)	(20,411		)	(18,110		)	(18,826		)
Ending separate account balance	$	695,777			$	681,996		$	574,374		$	603,903		$	655,755
Other data:
Number of direct contracts - variable annuity	18,199				17,805			17,442			14,915			14,627
Number of direct policies - variable universal life	54,667				53,897			53,119			49,198			48,794
Direct face amounts - variable universal life	$	6,876,212			$	6,762,676		$	6,661,581		$	6,061,761		$	6,065,488

12

FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment
	Q1 2011				Q2 2011			Q3 2011			Q4 2011			Q1 2012
				(Dollars in thousands)
Annuity
Balance - beginning of period	$	71,842			$	74,565		$	76,154		$	77,416		$	78,102
Capitalization:
Commissions	4,557				3,839			2,889			3,039			4,537
Expenses	348				327			266			373			426
Total capitalization	4,905				4,166			3,155			3,412			4,963
Amortization - operating basis, before impact of unlocking	(1,804		)		(2,365		)	(2,410		)	(2,743		)	(2,293		)
Amortization - unlocking, operating basis	—				—			406			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(378		)		(212		)	111			17			(6		)
Balance - end of period	$	74,565			$	76,154		$	77,416		$	78,102		$	80,766
Life Insurance
Balance - beginning of period	$	176,419			$	177,597		$	181,208		$	182,384		$	187,113
Capitalization:
Commissions	4,372				4,538			3,950			5,445			5,924
Expenses	2,059				2,373			2,015			2,791			2,507
Deferral of sales inducements	682				247			105			587			578
Total capitalization	7,113				7,158			6,070			8,823			9,009
Amortization - operating basis, before impact of unlocking	(5,670		)		(3,790		)	(3,155		)	(4,094		)	(5,340		)
Amortization - unlocking, operating basis	—				—			(1,763		)	—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(265		)		243			24			—			171
Balance - end of period	$	177,597			$	181,208		$	182,384		$	187,113		$	190,953
Corporate and Other
Balance - beginning of period	$	105,369			$	105,364		$	103,849		$	100,150		$	99,916
Capitalization:
Commissions	736				612			373			240			315
Deferral of sales inducements	36				4			2			15			12
Total capitalization	772				616			375			255			327
Amortization - operating basis, before impact of unlocking	(1,060		)		(1,182		)	(5,406		)	(366		)	8
Amortization - unlocking, operating basis	—				(850		)	819			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	283				(99		)	513			(123		)	(709		)
Balance - end of period	$	105,364			$	103,849		$	100,150		$	99,916		$	99,542

13

FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment (Continued)
	Q1 2011				Q2 2011			Q3 2011			Q4 2011			Q1 2012
				(Dollars in thousands)
Total
Balance - beginning of period	$	353,630			$	357,526		$	361,211		$	359,950		$	365,131
Capitalization:
Commissions	9,665				8,989			7,212			8,724			10,776
Expenses	2,407				2,700			2,281			3,164			2,933
Deferral of sales inducements	718				251			107			602			590
Total capitalization	12,790				11,940			9,600			12,490			14,299
Amortization - operating basis, before impact of unlocking	(8,534		)		(7,337		)	(10,971		)	(7,203		)	(7,625		)
Amortization - unlocking, operating basis	—				(850		)	(538		)	—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(360		)		(68		)	648			(106		)	(544		)
Balance - end of period	357,526				361,211			359,950			365,131			371,261
Impact of realized/unrealized gains/losses in AOCI	(34,371		)		(54,698		)	(107,099		)	(104,875		)	(122,510		)
Deferred acquisition costs	$	323,155			$	306,513		$	252,851		$	260,256		$	248,751

14

FBL Financial Group, Inc.
Collected Premiums
	Q1 2011				Q2 2011			Q3 2011			Q4 2011			Q1 2012
				(Dollars in thousands)
Annuity
Individual:
First year	$	73,715			$	64,225		$	39,907		$	38,866		$	57,802
Renewal	42,915				36,515			29,742			27,362			49,716
Total individual	116,630				100,740			69,649			66,228			107,518
Group	2,844				4,045			5,586			3,434			2,298
Total Annuity	119,474				104,785			75,235			69,662			109,816
Life Insurance
Direct:
Universal life:
First year	2,711				4,015			4,526			3,636			4,014
Renewal	11,747				12,417			10,992			12,155			13,109
Total universal life	14,458				16,432			15,518			15,791			17,123
Participating whole life:
First year	2,839				3,300			2,461			2,863			3,061
Renewal	24,105				25,480			22,857			23,800			24,520
Total participating whole life	26,944				28,780			25,318			26,663			27,581
Term life and other:
First year	2,688				2,970			2,694			2,892			2,976
Renewal	16,559				17,093			17,176			17,795			18,075
Total term life and other	19,247				20,063			19,870			20,687			21,051
Total direct life insurance	60,649				65,275			60,706			63,141			65,755
Reinsurance	(5,311		)		(5,095		)	(4,901		)	(4,996		)	(5,406		)
Total Life Insurance	55,338				60,180			55,805			58,145			60,349
Corporate and Other
Variable, net of reinsurance	23,822				20,446			19,451			16,147			19,974
Accident and health, net of reinsurance	69				34			39			261			58
Total Corporate and Other	23,891				20,480			19,490			16,408			20,032
Collected premiums from continuing operations	198,703				185,445			150,530			144,215			190,197
Collected premiums from discontinued operations	186,528				190,628			142,429			149,292			—
Total collected premiums	$	385,231			$	376,073		$	292,959		$	293,507		$	190,197

15

FBL Financial Group, Inc.
Parent Company Liquidity
	January - March 2012			April - December 2012
	Actual			Projected (4)			Total
	(Dollars in thousands)
Total cash and invested assets, beginning of period	$	239,440		$	220,564		$	239,440
Sources:
Investment income	53			1,000			1,053
Management fees from subsidiaries and affiliates	1,208			3,600			4,808
Total sources	1,261			4,600			5,861
Uses:
Repurchase of common stock	(212		)	(112,500		)	(112,712		)
Net cost from EquiTrust Life sale (1)	—			(9,300		)	(9,300		)
Interest expense	(5,458		)	(5,900		)	(11,358		)
Stockholders' dividends (2)	(3,100		)	(8,100		)	(11,200		)
General expenses	(2,595		)	(7,300		)	(9,895		)
Total uses	(11,365		)	(143,100		)	(154,465		)
Other, net (3)	(8,772		)	4,200			(4,572		)
Total cash and invested assets, end of period	$	220,564		$	86,264		$	86,264

(1)	Net cost represents settlement of the final purchase price from the estimated cash transferred at December 30, 2011 due to post-closing adjustments based on a final statutory net worth reconciliation.
(2)	The projected dividends are based on quarterly rates of $0.0075 per Series B redeemable preferred share and $0.10 per common share. The common stock dividend rate must be approved quarterly by the Board of Directors.
(3)	Other fluctuates from period to period are primarily due to the issuance of shares of company stock, primarily from option exercises, and the timing of settlements of amounts due to/from affiliates and external parties.
(4)	Based on best estimates at March 31, 2012; actual results may differ materially. Projected sources and uses for the remainder of 2012 exclude the impact of additional stock repurchases or long-term investment of the EquiTrust Life sale proceeds.

16

FBL Financial Group, Inc.
Other Information
	March 31,				June 30,			September 30,			December 31,			March 31,
	2011				2011			2011			2011			2012
				(Dollars in thousands, except per share data)
Capitalization:
Senior notes with affiliates, due 2015	$	100,000			$	99,927		$	99,932		$	49,968		$	49,971
Senior notes, due 2014	75,185				75,171			75,156			75,142			—
Senior notes, due 2017	99,006				99,041			99,079			99,116			—
Trust preferred securities, due 2047	97,000				97,000			97,000			97,000			97,000
Total debt	371,191				371,139			371,167			321,226			146,971
Preferred stock	3,000				3,000			3,000			3,000			3,000
Common stockholders' equity, excluding AOCI	1,018,021				1,055,336			1,082,254			1,021,469			928,834
Total capitalization, excluding AOCI	1,392,212				1,429,475			1,456,421			1,345,695			1,078,805
Accumulated other comprehensive income	63,435				120,041			230,174			177,845			180,839
Total capitalization, including AOCI	$	1,455,647			$	1,549,516		$	1,686,595		$	1,523,540		$	1,259,644
Common shares outstanding	31,134,662				31,206,396			31,237,734			30,650,634			27,695,759
Book Value per Share:
Excluding AOCI	$	32.70			$	33.82		$	34.65		$	33.33		$	33.54
Including AOCI	34.73				37.66			42.01			39.13			40.07
Debt-to-Capital Ratio:
Excluding AOCI	26.7		%		26.0		%	25.5		%	23.9		%	13.6		%
Including AOCI	25.5				24.0			22.0			21.1			11.7
Debt-to-Capital Ratio with 100% Credit for Trust Preferred Securities:
Excluding AOCI	19.7		%		19.2		%	18.8		%	16.7		%	4.6		%
Including AOCI	18.8				17.7			16.3			14.7			4.0
Class A Common Ownership:
Iowa Farm Bureau Federation	51.4		%		51.3		%	51.3		%	52.2		%	55.7		%
Other Farm Bureau entities	7.3				7.3			7.3			7.5			5.8
Public	41.3				41.4			41.4			40.3			38.5
	100.0		%		100.0		%	100.0		%	100.0		%	100.0		%

17

FBL Financial Group, Inc.
Other Information (Continued)
	March 31,		June 30,		September 30,		December 31,		March 31,
	2011		2011		2011		2011		2012
Quality of Fixed Maturity Securities: (1)
AAA, AA, A	62.4	%	63.3	%	64.6	%	64.2	%	64.0	%
BBB	30.9		30.4		29.6		30.8		31.2
BB	4.1		3.9		3.7		2.7		2.5
<BB	2.6		2.4		2.1		2.3		2.3
Investment by Type: (1)
Fixed maturity securities	59.9	%	60.6	%	61.1	%	63.1	%	63.1	%
Residential mortgage-backed	14.9		15.4		14.9		10.6		10.7
Commercial mortgage-backed	8.0		8.1		8.4		7.7		7.5
Other asset-backed	3.8		4.1		4.1		5.7		6.5
Mortgage loans	9.3		9.1		8.9		8.6		8.1
Equity securities	0.6		0.6		0.6		0.9		0.8
Other	3.5		2.1		2.0		3.4		3.3
Agent Strength Totals:
8-state Farm Bureau Property & Casualty channel	1,187		1,190		1,258		1,225		1,226
7 life-only states	793		707		713		712		709
Total	1,980		1,897		1,971		1,937		1,935
(1) Periods prior to December 31, 2011 have not been restated for impact of the EquiTrust Life sale.

18