10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
(Mark one)
[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2013
or
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from____________________ to____________________
Commission File Number: 1-11917

(Exact name of registrant as specified in its charter)
Iowa	42-1411715
(State of incorporation)	(I.R.S. Employer Identification No.)
5400 University Avenue, West Des Moines, Iowa	50266-5997
(Address of principal executive offices)	(Zip Code)
(515) 225-5400
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Class A common stock, without par value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer [ ] Smaller reporting company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of June 30, 2013, the aggregate market value of the registrant's Class A and B Common Stock held by non-affiliates of the registrant was $416,478,677 based on the closing sale price as reported on the New York Stock Exchange.

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the last practicable date:
Title of each class	Outstanding at February 18, 2014
Class A Common Stock, without par value	24,787,511
Class B Common Stock, without par value	11,413
DOCUMENTS INCORPORATED BY REFERENCE
Document	Parts Into Which Incorporated
Proxy statement for annual shareholders meeting on May 22, 2014	Part III

(This page has been left blank intentionally.)

FBL FINANCIAL GROUP, INC.
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2013
TABLE OF CONTENTS
PART I.
	Cautionary Statement Regarding Forward Looking Information	1
Item 1.	Business	2
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	20
Item 2.	Properties	20
Item 3.	Legal Proceedings	20
Item 4.	Mine and Safety Procedures	20
PART II.
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
Item 6.	Selected Consolidated Financial Data	24
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	57
Item 8.	Consolidated Financial Statements and Supplementary Data	58
	Management's Report on Internal Control Over Financial Reporting	58
	Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting	58
	Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements	59
	Consolidated Balance Sheets	60
	Consolidated Statements of Operations	62
	Consolidated Statements of Comprehensive Income	63
	Consolidated Statements of Changes in Stockholders' Equity	63
	Consolidated Statements of Cash Flows	64
	Notes to Consolidated Financial Statements	66
Item 9.	Changes In and Disagreements with Accountants on Accounting and Financial Disclosure	116
Item 9A.	Controls and Procedures	116
Item 9B.	Other Information	116
PART III.
	The information required by Items 10 through 14 is incorporated by reference from our definitive proxy statement to be filed with the Commission pursuant to Regulation 14A within 120 days after December 31, 2013.
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	117
	SIGNATURES	119
	Report of Independent Registered Public Accounting Firm on Schedules	120
	Schedule I - Summary of Investments - Other than Investments in Related Parties	121
	Schedule II - Condensed Financial Information of Registrant	122
	Schedule III - Supplementary Insurance Information	126
	Schedule IV - Reinsurance	128

(This page has been left blank intentionally.)

Cautionary Statement Regarding Forward Looking Information

This Form 10-K includes statements relating to anticipated financial performance, business prospects, new products and similar matters. These statements and others, which include words such as "expect," "anticipate," "believe," "intend" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. A variety of factors could cause our actual results and experiences to differ materially from the anticipated results or other expectations expressed in our forward-looking statements. The risks and uncertainties that may affect the operations, performance, development and results of our business include but are not limited to the following.

• Difficult conditions in the financial markets and the economy may materially adversely affect our business and results of operations.

• Adverse financial market conditions may significantly affect our liquidity, access to capital and cost of capital.

• Our valuation of fixed maturity securities may include methodologies, estimations and assumptions that are subject to differing interpretations and could result in changes to investment valuations that may materially adversely affect our results of operations or financial condition.

• Our investment portfolio is subject to credit quality risks that may diminish the value of our invested assets and affect our profitability and reported book value per share.

• Changing interest rates, market volatility and general economic conditions affect the risks and the returns on both our products and our investment portfolio.

• We face competition from companies having greater financial resources, more advanced technology systems, broader arrays of products, higher ratings and stronger financial performance, which may impair our ability to retain existing customers, attract new customers and maintain our profitability and financial strength.

• As a holding company, we depend on our subsidiaries for funds to meet our obligations, but our life insurance subsidiaries' ability to make distributions to us is limited by law, and could be affected by minimum risk-based capital requirements.

• A significant ratings downgrade may have a material adverse effect on our business.

• All segments of our business are highly regulated and these regulations or changes in them could affect our profitability.

• An inability to access Federal Home Loan Bank funding could adversely affect our profitability.

• Actual experience which differs from our assumptions regarding future persistency, mortality and interest rates used in pricing our products and calculating reserve amounts and deferred acquisition costs could have a material adverse impact on our financial results.

• We may be required to accelerate the amortization of deferred acquisition costs, which could adversely affect our results of operations or financial condition.

• Our earnings are influenced by our claims experience, which is difficult to estimate for future periods. If our future claims experience does not match our pricing assumptions or past results, our earnings could be materially adversely affected.

• Our reinsurance program involves risks because we remain liable with respect to the liabilities ceded to reinsurers if the reinsurers fail to meet the obligations assumed by them.

• Our business is highly dependent on our relationships with Farm Bureau organizations and could be adversely affected if those relationships became impaired.

• Our relationship with Farm Bureau organizations could result in conflicts of interests.

• Changes in federal tax laws may affect sales of our products and profitability.

• Our ability to maintain competitive costs is dependent upon the level of new sales and persistency of existing business.

• If we are unable to attract and retain agents, sales of our products and services may be reduced.

• Attracting and retaining employees who are key to our business is critical to our growth and success.

• Success of our business depends in part on effective information technology systems and on continuing to develop and implement improvements.

• We face risks relating to litigation, including the costs of such litigation, management distraction and the potential for damage awards, which may adversely impact our business.

See Part 1A, Risk Factors, for additional information.

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PART I

ITEM 1. BUSINESS

General

FBL Financial Group, Inc. (we or the Company) sells individual life insurance and annuity products principally under the consumer brand name Farm Bureau Financial Services. This brand identity is represented by the distribution channel of our subsidiary Farm Bureau Life Insurance Company (Farm Bureau Life). In addition, in the state of Colorado, we offer life and annuity products through Greenfields Life Insurance Company (Greenfields Life). As of December 31, 2013, these distribution channels consisted of 1,801 exclusive agents and agency managers. These agents and agency managers sell our products in the Midwestern and Western sections of the United States.

FBL Financial Group, Inc. was incorporated in Iowa in October 1993. Its life insurance subsidiary, Farm Bureau Life, began operations in 1945 and Greenfields Life, a subsidiary of Farm Bureau Life, was launched in early 2013. Several other subsidiaries support various functional areas and affiliates by providing investment advisory and marketing and distribution services. In addition, we manage all aspects of two Farm Bureau affiliated property-casualty insurance companies (Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company) which operate predominately in eight states in the Midwest and West.

FBL Financial Group, Inc. Business and Distribution Channels

FBL Financial Group, Inc.

COMPANY	Farm Bureau Life Insurance Company	Greenfields Life Insurance Company	Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company
RELATIONSHIP	Wholly-owned subsidiary	Subsidiary of Farm Bureau Life	Managed by FBL Financial Group. Underwriting results do not impact FBL Financial Group's results
BRAND
DISTRIBUTION	1,793 exclusive Farm Bureau agents and agency managers	New company in 2013; 8 exclusive agents and agency managers	1,121 exclusive Farm Bureau agents and agency managers (included under the 1,793 Farm Bureau Life agents)
PRODUCTS	A comprehensive line of life insurance, annuity and investment products	A comprehensive line of life insurance, annuity and investment products	A full line of personal and commercial property-casualty insurance products
TERRITORY	14 Midwestern and  Western states	Colorado	Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota and Utah

Investor information, including electronic versions of periodic reports filed on Forms 10-K, 10-Q and 8-K, and proxy material, are available free of charge through the Investor Relations section of our website at www.fblfinancial.com. These documents are posted to our website immediately after they are filed. Also available on our website are many corporate governance documents including a code of ethics for the Chief Executive Officer and senior financial officers, committee charters, corporate governance guidelines, director profiles and more. Product information may be found on our consumer websites, www.fbfs.com and www.greenfieldslife.com.

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Business Strategy

Our core business strategies leverage areas where we have competitive advantages. Our exclusive agent distribution channel enables deep customer engagement and long-term customer relationships. We benefit from close ties to the unique needs of the agricultural market and affinity with the Farm Bureau brand, and our cross-sell culture results in industry leading cross-sell rates.

Our 1,801 agents are multi-line agents who sell both property-casualty insurance products and life insurance and investment products. Having multi-line agents enhances our ability to develop a more comprehensive relationship with our customers and increases our ability to cross-sell our life insurance and annuity products to the pool of Farm Bureau property-casualty customers.

Our multi-line exclusive agent distribution channel is our foundation and we are defined by our service to the Farm Bureau niche marketplace. We capitalize on the Farm Bureau brand to grow our business and build upon our agricultural and rural market leadership. We focus on needs-based selling and have a broad portfolio of life insurance and annuity products so that we have products available to satisfy the needs of our agents and customers.

Because of their multi-line nature, our agents focus on cross-selling life insurance products to customers who already own a property-casualty policy issued by our property-casualty company partners. For example, in the eight-state region where we manage the affiliated property-casualty insurance companies and related field force (Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota and Utah), 24% of our property-casualty policyholders also own a Farm Bureau Life annuity or life product. We are considered among the best-in-industry in cross-sell rates. This percentage is and has historically been higher than the industry average for multi-line exclusive agents, which is 12% according to the most recent research by Life Insurance and Market Research Association (LIMRA). We believe there is further opportunity for growth from cross-selling as 71% of the Farm Bureau members in the eight-state region have a Farm Bureau property-casualty insurance product, while only 21% of Farm Bureau members in the eight-state region have a life insurance product with us.

We provide our agents with sales materials, the necessary training and a high level of sales support. In addition, throughout our marketing territory, certain agents are life and investment specialists who work as a resource to help their fellow agents with cross-selling techniques and client needs analysis.

Our sales model is designed so that our agents act like entrepreneurial business owners with a retail financial services business. Under this model our agents have sales and service associates who assist them and provide a variety of support for insurance sales and clients.

While we underwrite the majority of the products available for sale by our agents, we broker products sold by other carriers when we do not have the expertise, ratings or scale to compete efficiently in the marketplace. Examples of brokered products include variable products, long-term care insurance, health insurance and last survivor life policies. We earn fees from the sale of brokered products, a portion of which is passed on to the agents as commissions for the underlying sales.

Our growth has been augmented by our long and successful history of being a consolidator among Farm Bureau affiliated insurance companies. This has allowed us to grow to the operation we are today. While we believe further consolidation makes sense, this is a long-term strategy. By focusing on maintaining solid relationships with the leaders of these companies and the Farm Bureau organizations, we are prepared to react when opportunities arise.

Marketing and Distribution

Market Area

Sales through our distribution channels are currently conducted in 15 states which we characterize as follows: multi-line states (we own the Farm Bureau affiliated life company and manage the Farm Bureau affiliated property-casualty companies) - Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota and Utah; and life partner states (we own the Farm Bureau affiliated life company and non-owned/non-managed Farm Bureau affiliated property-casualty companies manage the exclusive multi-line agents) - Colorado, Idaho, Montana, North Dakota, Oklahoma, Wisconsin and Wyoming.

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Our target market is Farm Bureau members and "Middle America." We traditionally have been very strong in rural and small town markets and also have a presence in many small and mid-metro markets. This target market represents a relatively financially conservative and stable customer base. The financial needs of our target market tend to focus on security, insurance needs and retirement savings.

Affiliation with Farm Bureau

Many of our customers are members of Farm Bureau organizations affiliated with the American Farm Bureau Federation (American Farm Bureau). The American Farm Bureau is the nation's largest grassroots farm and ranch organization and has a current membership of 6.1 million member families. In order to market insurance products in a given state using the "Farm Bureau" and "FB" designations, related trademarks and service marks, a company must have an agreement with the state's Farm Bureau organization. Generally, these marketing rights have only been granted to companies owned by or closely affiliated with Farm Bureau organizations. For each of the states in our Farm Bureau marketing territory, we have the right to use the "Farm Bureau" name and "FB" logo for marketing life insurance and investment products.

All of the state Farm Bureau organizations in our marketing area are associated with the American Farm Bureau. The primary goal of the American Farm Bureau is to be the unified national voice of agriculture, working through its grassroots organization to enhance and strengthen the lives of rural Americans and to build strong, prosperous agricultural communities. There are currently Farm Bureau organizations in all 50 states and Puerto Rico, each with their own distinctive mission and goals. Within each state, Farm Bureau is organized at the county level. Farm Bureau programs include policy development, government relations activities, leadership development and training, communications, market education classes, commodity conferences and young farmer activities. Member services provided by Farm Bureau vary by state but often include programs such as risk management, alternative energy development and guidance on enhancing profitability. Other benefits of membership include newspaper and magazine subscriptions, as well as savings in areas such as health care, entertainment and automobile rebates. In addition, members have access to accidental death insurance, banking services, credit card programs, computerized farm accounting services, electronic information networks, feeder cattle procurement services, health care insurance, property-casualty insurance and financial services.

The American Farm Bureau may terminate our right to use the "Farm Bureau" and "FB" designations in our states (i) in the event of a material breach of the trademark license that we do not cure within 60 days, (ii) immediately in the event of termination by the American Farm Bureau of the state Farm Bureau's membership in the American Farm Bureau or (iii) in the event of a material breach of the state Farm Bureau organization's membership agreement with the American Farm Bureau, including by reason of the failure of the state Farm Bureau to cause us to adhere to the American Farm Bureau's policies.

We have royalty agreements with each state Farm Bureau organization in our Farm Bureau marketing territory giving us the right to use the Farm Bureau and FB designations in that particular state. Each state Farm Bureau organization in our Farm Bureau territory could terminate our right to use the Farm Bureau designations in that particular state without cause at the conclusion of the royalty agreements. The royalties paid to a particular state Farm Bureau organization are based on the sale of our products in the respective state. For 2013, royalty expense totaled approximately $2.3 million.

Our relationship with Farm Bureau provides a number of advantages. Farm Bureau organizations in our marketing territory tend to be well known and long established, have active memberships and provide a number of member benefits other than financial services. The strength of these organizations provides enhanced prestige and brand awareness for our products and increased access to Farm Bureau members, which results in a competitive advantage for us.

Our life insurance and investment products are available for sale to both members and non-members. Property-casualty products sold by the property-casualty insurance companies affiliated with Farm Bureau are available for sale to Farm Bureau members. Annual Farm Bureau memberships in our marketing territory average $60 and are available to individuals, families, partnerships or corporations.

We have service agreements with all of our property-casualty company partners in our marketing area, pursuant to which the property-casualty companies provide certain services, which include recruiting and training the shared agency force that sells both property-casualty products for that company and life products for us. The service agreements have expiration dates through December 31, 2022. In 2013, we paid $9.7 million for the services provided under these agreements.

Our Advisory Committee, which consists of executives of the property-casualty insurance company partners in our marketing territory, assists us in our relationships with the property-casualty organizations and the Farm Bureau organization leaders in their respective states. The Advisory Committee meets on a regular basis to coordinate efforts and issues involving the agency

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force and other matters. The Advisory Committee is an important contributor to our success in marketing products through our distribution system.

Royalty and property-casualty agreements vary in term and expiration date as shown below.

Royalty and Property-Casualty Service Agreements by State
State	Property-Casualty Service Agreement Expiration Date	Royalty Agreement Expiration Date	Percent of 2013 First Year Premiums Collected
Iowa	December 31, 2015	December 31, 2033	28.6	%
Kansas	December 31, 2015	December 31, 2033	17.0
Wyoming	December 31, 2021	December 31, 2021	8.3
Nebraska	December 31, 2015	December 31, 2033	7.5
Oklahoma	December 31, 2022	December 31, 2022	6.9
Idaho	December 31, 2021	December 31, 2021	5.4
Minnesota	December 31, 2015	December 31, 2033	5.1
Utah	December 31, 2015	December 31, 2033	3.9
New Mexico	December 31, 2015	December 31, 2033	3.4
Montana	December 31, 2021	December 31, 2021	3.2
Arizona	December 31, 2015	December 31, 2033	2.9
South Dakota	December 31, 2015	December 31, 2033	2.9
Wisconsin	December 31, 2020	December 31, 2020	2.3
North Dakota	December 31, 2021	December 31, 2021	1.8
Colorado	December 31, 2021	N/A	0.3
Other	N/A	N/A	0.5
			100.0	%

Agency Force

Our agency force is one of our most important competitive advantages. Our priority is to ensure that we have best-in-class distribution systems and support, including agent recruiting and retention, training and leadership.

Our life insurance and annuity products are marketed throughout our marketing territory by our exclusive agents. We have a written contract with each member of our agency force. The contracts cover a number of topics including privacy, compensation payments and reserving our ownership of customer lists.

Sales activities of our agents focus on personal contact and on cross-selling life and annuity products to the existing property-casualty customers. The Farm Bureau name recognition and access to Farm Bureau membership leads to additional customers, cross-selling of additional insurance products and increased retention.

Our agents are independent contractors and exclusive agents. In the multi-line states where we manage the Farm Bureau affiliated property-casualty companies, our agents are supervised by agency managers employed by the property-casualty companies which are under our direction. There are 1,121 agents and managers in our multi-line states. These agents market a full range of our life insurance and annuity products. They also market products for the property-casualty companies that we manage.

In our life partner states, our life insurance and annuity products are marketed by agents that we share with our property-casualty company partners in that state. There are 680 agents and managers in our life partner states. These agents market our life and annuity products and market the property-casualty products of that state's affiliated property-casualty company.

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We are responsible for product and sales training for all lines of business in our multi-line states, and for training the agency force in life insurance products and sales methods in our life partner states.

We structure our agents' life products compensation system to encourage production and persistency. Agents receive commissions for new life insurance and annuity sales and service fees on premium payments in subsequent years. Production bonuses are paid based on the premium level of new life business written in the prior 12 months and the persistency of the business written by the agent. Persistency is a common measure used in life insurance, which measures the quality and the consistent payment of premiums, and is included in calculating the bonus to either increase or decrease (or even eliminate) the agent's production bonus. We are willing to pay added incentives for higher volumes of business only as long as the business is profitable. Production bonuses allow agents to increase their compensation significantly.

The focus of agency managers is to recruit, train, supervise and retain agents to achieve high production levels of profitable business. Managers receive overwrite commissions on each agent's life insurance commissions which vary according to that agent's productivity level and persistency of business. Agent development is encouraged through a bonus structure that rewards goal attainment and agency growth. New agent development is also encouraged through financing arrangements and the annualization of commissions paid when a life policy is sold.

In order to further strengthen our distribution, current efforts are focused on making sure we have the systems and technology solutions in place to support our agents' sales and service processes. In addition, in order to increase an agent's opportunity for success, we have changed how we recruit and train new agents.

We have a variety of incentives and recognition programs to focus agents on production of quality life insurance business. Some recognition programs and incentives are jointly conducted with the property-casualty companies. These programs provide significant incentives for the most productive agents. Approximately 18% of our agents and agency managers qualify for our annual incentive trip. Agent recruiting, training, financing and compensation programs are designed to develop a productive agent for the long term. Our four-year agency force retention rate for 2013 was approximately 27%.

Business Segments

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.

See Note 13 to our consolidated financial statements included in Item 8 and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Segment Information" included in Item 7 for additional information regarding our financial results by operating segment. Included in the following discussion of our segments are details regarding premiums. We use premiums collected to measure the productivity of our exclusive agents. Premiums collected is not a measure used in financial statements prepared according to U.S. generally accepted accounting principles (GAAP). Note 13 to our consolidated financial statements also includes a discussion of the most comparable GAAP financial measures and, as applicable, a reconciliation to such GAAP measures.

Annuity Segment

We sell a variety of traditional annuity products through our exclusive agency force. The Annuity segment primarily consists of fixed rate and indexed annuities and supplementary contracts (some of which involve life contingencies). Traditional annuities provide for tax-deferred savings and supplementary contracts provide for the systematic repayment of funds that accumulate interest.

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Premiums Collected - Annuity Segment
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
First year - individual	$	139,156	$	166,230	$	216,713
Renewal - individual	111,585		138,191		136,534
Group	8,725		11,923		15,909
Total Annuity	$	259,466	$	316,344	$	369,156

We intentionally decreased the amount of annuity sales beginning in 2012 by suspending sales of certain products and reducing agent commission rates on certain products where it was difficult to achieve profitability targets during this period of low interest rates. We expect modest increases in annuity sales due to the recent rise in market interest rates and a renewed emphasis placed on sales of products with low guaranteed crediting rates. The amount of traditional annuity premiums collected is highly dependent upon the relationship between the current crediting rates on our products and the perceived security of our products compared to those of competing products. Average crediting rates on our individual deferred annuity contracts were 2.97% in 2013, 3.15% in 2012 and 3.36% in 2011. Traditional annuity premiums collected in our Farm Bureau market territory in 2013 were concentrated primarily in the states of Iowa (29%), Kansas (26%) and Wyoming (8%).

Fixed Rate Annuities

We offer annuities that are marketed to individuals in anticipation of retirement. We offer traditional annuities in the form of flexible premium deferred annuities (FPDA) that allow policyholders to make contributions over a number of periods. For traditional annuity products, policyholder account balances are credited interest at rates that we determine. The annuitant may elect to take the proceeds of the annuity either in a single payment or in a series of payments for life, for a fixed number of years, for a fixed amount, or a combination of these options.

In addition to FPDAs, we also market single premium deferred annuities (SPDA) and single premium immediate annuity (SPIA) products which feature a single premium paid when the contract is issued. Benefit payments and the surrender charge structure on SPDA contracts are similar to other fixed rate annuities. Benefit payments on SPIAs begin immediately after the issuance of the contract. Sales of the single premium fixed rate annuities are currently suspended due to the low interest rate environment.

Approximately 36% of our existing individual traditional annuity business, based on account balances, is held in qualified retirement plans. For the deferred annuity products, to further encourage persistency, a surrender charge is imposed against the policyholders' account balance for early termination of the annuity contract within a specified period after its effective date. The surrender structure varies by product, but typically starts at 6% to 10% and decreases 1% per year until it reaches 0%.

We invest the premiums we receive from fixed rate annuities. The assets reside in our general account. Acquisition costs are paid from the general account as they arise. The difference between the yield we earn on our investment portfolio and the interest we credit on our fixed rate annuities is known as the spread. The spread is a major driver of the profitability for all of our traditional annuity products.

Withdrawal Rates

Withdrawal rates (excluding death benefits) for our individual deferred annuities were 5.1% for 2013, 4.8% for 2012 and 4.6% for 2011. We believe the competitive environment, due to the low level of market interest rates discussed above, has favorably impacted the level of withdrawal rates in these periods.

Interest Crediting Policy

We have a rate setting committee that meets monthly, or more frequently if required, to review and establish current period interest rates based upon existing and anticipated investment opportunities. This applies to new sales and to annuity products after an initial guaranteed period. We examine earnings on assets by portfolio. We then establish rates based on each product's target spread and competitive market conditions at the time. Most of our annuity contracts have guaranteed minimum crediting rates. These rates range from 1.00% to 5.50%, with a weighted average guaranteed crediting rate of 2.55% at December 31,

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2013 and 2.59% at December 31, 2012. The weighted average interest rate guarantees on annuity contracts issued during 2013 was 1.00%.

Index Annuities

Our multi-line distribution channel began selling index annuities in late 2012. With an index annuity, the policyholder may choose from a traditional fixed rate strategy or an index strategy, with the underlying index being the S&P 500®. The product requires crediting of interest and a reset of the index annually. The computation of the index credit is based upon either a point-to-point calculation (i.e., the gain in the index from the beginning of the contract year to the next reset date) or a monthly averaging of the index during the period, subject to a cap. This product allows contract holders to transfer funds among the index accounts and a traditional fixed rate strategy at the end of each reset period. It automatically includes a guaranteed lifetime withdrawal benefit rider. If activated by the policyholder, the rider provides a minimum amount that is available for withdrawal at specified withdrawal rates even if the accumulated value goes to zero. There is an additional annual charge for the activated rider.

The index annuity contract value is equal to the premiums paid plus interest credited to the fixed portion of the contract and index credits on the indexed portion of the contract, less partial withdrawals taken from the contract.

The minimum guaranteed contract values are equal to 87.5% of the premium collected plus interest credited at an annual rate of 1.0% compounded annually.

We purchase one-year call options on the S&P 500 to fund the index credits due to the index annuity contract holders. On the respective anniversary dates of the index annuity contracts, the index used to compute the index credits is reset, and subsequently new call options are purchased to fund the next index credit. The cost of the options is managed through the terms of the index annuities, which permit changes to caps, subject to minimum guarantees.

We invest index premiums and the investments reside in our general account. We then purchase call options and pay acquisition costs from the general account. With respect to that portion of the index account value allocated to an index crediting strategy, our spread is measured as the difference between the aggregate yield on the relevant portion of our invested assets, less the aggregate option costs and the costs associated with minimum guarantees. If the minimum guaranteed value of an index product exceeds the index value (computed on a cumulative basis over the life of the contract), the general account earnings are available to satisfy the minimum guarantees. If there were little or no gains in the entire series of options purchased over the life of an index annuity, we would incur expenses for credited interest over and above our option costs. In addition, if we are not successful in matching the terms of call options purchased with the terms of the index annuities, index credits could exceed call option proceeds. This would cause our spreads to tighten and reduce our profits.

Interest Crediting Rates Compared to Guarantees - Annuity Segment
	Liabilities at
	December 31, 2013
	(Dollars in thousands)
Fixed rate annuities:
Greater than or equal to 100 basis points over guarantee	$	762,531
50 basis points to 99 basis points over guarantee	121,229
1 basis point to 49 basis points over guarantee	112,969
At guaranteed rate	1,617,063
Other annuities	45,395
Non-discretionary rate setting products	513,411
Total interest sensitive product liabilities	$	3,172,598

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In Force - Annuity Segment
	December 31,
	2013		2012		2011
	(Dollars in thousands)
Number of contracts	53,252		53,757		53,894
Interest sensitive reserves	$	3,172,598	$	3,048,797	$	2,812,666
Other insurance reserves	376,879		383,340		378,319

Life Insurance Segment

We sell a variety of traditional and universal life insurance products through our exclusive agency force. 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.

Premiums Collected - Life Insurance Segment
	For the year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Universal life:
First year	$	70,470		$	30,217		$	14,888
Renewal	57,693			51,325			47,311
Total	128,163			81,542			62,199
Participating whole life:
First year	11,909			11,202			11,463
Renewal	96,532			96,738			96,242
Total	108,441			107,940			107,705
Term life and other:
First year	11,352			11,242			11,244
Renewal	79,941			74,292			68,623
Total	91,293			85,534			79,867
Total Life Insurance	327,897			275,016			249,771
Reinsurance ceded	(20,423		)	(19,307		)	(20,303		)
Total Life Insurance, net of reinsurance	$	307,474		$	255,709		$	229,468

Life premiums collected were higher in 2013 and 2012 compared to prior years, reflecting the attractiveness of enhanced universal life and term life product offerings and the strong farm and energy subsectors of the economy in our marketplace, as well as our emphasis on life insurance product sales. Life insurance premiums collected in our market territory in 2013 were concentrated primarily in the states of Iowa (27%), Kansas (15%) and Oklahoma (9%).

Traditional Life Insurance

We offer traditional participating whole life insurance products. Participating whole life insurance provides benefits for the life of the insured. It provides level premiums and a level death benefit and requires payments in excess of mortality costs in early years to offset increasing mortality costs in later years. Under the terms of these policies, policyholders have a right to participate in our surplus to the extent determined by the Board of Directors, generally through annual dividends. Participating business accounted for 34% of life receipts from policyholders during 2013 and represented 13% of life insurance in force at December 31, 2013.

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We also market non-participating term insurance policies that provide life insurance protection for a specified period. Term insurance is mortality based and generally has no cash value. However, we also offer a return of premium term product, which returns a percentage of premiums after a set number of years. For a portion of our business, we may change the premium scales at any time but may not increase rates above guaranteed levels.

Universal Life Insurance

Our universal life policies provide permanent life insurance protection with a flexible or fixed premium structure which allows the customer to pre-fund future insurance costs and accumulate savings on a tax-deferred basis. Premiums received, less policy assessments for administration expenses and mortality costs, are credited to the policyholder's account balance. Interest is credited to the cash value at rates that we periodically set.

Underwriting

We follow formal underwriting standards and procedures designed to properly assess and quantify life insurance risks before issuing policies to individuals. To implement these procedures, we employ an underwriting staff of 14 underwriters who have an average of 21 years of experience in the insurance industry. Our underwriters review each applicant's application, which is prepared under the supervision of our agents, and any required medical records. We generally employ blood, oral fluid or urine testing (including HIV antibody testing) to provide additional information whenever the applicant is age 18 or older and the face amount is $100,000 or greater. Based on the results of these tests, we may adjust the mortality charge or decline coverage completely. We also have an automated process for handling term policies for ages 18 to 60 with face amounts of $20,000 to $100,000 and whole life policies for ages 18 to 80 with face amounts of $25,000 to $50,000. We use our automated underwriting guidelines to evaluate the medical history provided by the applicant and information received from three service providers. Based on the evaluation against our automated underwriting guidelines, we may adjust the mortality charge or decline coverage. Generally, tobacco use by a life insurance applicant within the preceding one-year period results in a substantially higher mortality charge. In accordance with industry practice, material misrepresentation on a policy application can result in the cancellation of the policy upon the return of any premiums paid.

Interest Crediting and Participating Dividend Policy

The interest crediting policy for our life insurance products is the same as for our traditional annuity products in the Annuity segment. See "Interest Crediting Policy" under the Annuity Segment discussion. We pay dividends, credit interest and determine other nonguaranteed elements on the individual insurance policies depending on the type of product. Some elements, such as dividends, are generally declared for a year at a time. Interest rates and other nonguaranteed elements are determined based on experience as it emerges and with regard to competitive factors. Weighted average contractual credited rates on our universal life contracts were 4.11% in 2013, 4.14% in 2012 and 4.19% in 2011. Our universal life contracts have guaranteed minimum crediting rates that range from3.00% to 4.50%, with a weighted average guaranteed crediting rate of 3.72% at December 31, 2013 and 3.79% at December 31, 2012.

Interest Crediting Rates of Interest Sensitive Life Products Compared to Guarantees - Life Insurance Segment
	Liabilities at
	December 31, 2013
	(Dollars in thousands)
Discretionary rate setting products with minimum guarantees:
Greater than or equal to 100 basis points over guarantee	$	93,743
At guaranteed rate	648,038
Non-discretionary rate setting products	35,790
Total interest sensitive product liabilities	$	777,571

Policyholder dividends are currently being paid and will continue to be paid as declared on participating policies. Policyholder dividend scales are generally established annually and are based on the performance of assets supporting these policies, the mortality experience of the policies and expense levels. Other factors, such as changes in tax law, may be considered as well. Our participating business does not have minimum guaranteed dividend rates.

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In Force - Life Insurance Segment
	December 31,
	2013		2012		2011
	(Dollars in thousands, except face amounts in millions)
Number of policies - traditional life	358,924		355,519		352,274
Number of policies - universal life	61,250		59,833		58,115
Face amounts - traditional life	$	42,866	$	40,333	$	38,235
Face amounts - universal life	6,190		5,807		5,482
Traditional insurance reserves	1,679,942		1,615,088		1,549,886
Interest sensitive reserves	777,571		686,067		647,711

Corporate and Other Segment

The Corporate and Other segment includes (i) advisory services for the management of investments and other companies; (ii) marketing and distribution services for the sale of mutual funds and insurance products not issued by us; (iii) leasing services with affiliates; (iv) closed blocks of variable annuity, variable life and accident and health products; (v) interest expense and (vi) investments and related investment income not specifically allocated to our product segments.

We discontinued underwriting new sales of variable products during 2010 and terminated new sales with our variable alliance partners in 2010 and 2011. We continue to receive premiums from sales that occurred prior to this change. Variable premiums collected were $68.3 million in 2013, $73.8 million in 2012 and $79.9 million in 2011. During 2010, we began selling variable products underwritten by a large well-known insurance company with variable product expertise. We earn fees from the sale of brokered products, which are reported as other income. A portion of these revenues are passed on to the agents as commissions for the underlying sales. The decision to discontinue underwriting variable products was made because we lacked the scale necessary to generate acceptable returns and be competitive in this product line over time. The existing in force business remains on our books and we continue to administer this business.

Reinsurance

We reinsure a portion of our life insurance exposure with unaffiliated insurance companies under traditional indemnity reinsurance agreements. New sales of life products are reinsured above prescribed limits and do not require the reinsurer's prior approval within certain guidelines. We do not use financial or surplus relief reinsurance. We enter into indemnity reinsurance arrangements to assist in diversifying our risks and to limit our maximum loss on risks that exceed our policy retention limits. Our maximum retention limit on an insured life ranges up to $1.5 million depending on when the policy was issued.

Reinsurance contracts do not fully discharge our obligation to pay claims on the reinsured business. As the ceding insurer, we remain responsible for policy claims to the extent the reinsurer fails to pay claims. No reinsurer of business ceded by us has failed to pay any material policy claims (either individually or in the aggregate) with respect to our ceded business. We continually evaluate the financial strength of our reinsurers and monitor concentrations of credit risk. If for any reason reinsurance coverages would need to be replaced, we believe that replacement coverages from financially responsible reinsurers would be available.

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Primary Reinsurers as of December 31, 2013

Reinsurer	A.M. Best Rating	Amount of In Force Ceded		Reserve Credit
		(Dollars in millions)
Swiss Re Life & Health America Inc.	A+	$	5,497.2	$	19.0
RGA Reinsurance Company	A+	4,022.5		26.4
SCOR Global Life USA Reinsurance Company	A	2,519.0		10.9
All other (11 reinsurers)*	A- to A++	1,181.3		6.6
Total		$	13,220.0	$	62.9

* All other includes Scottish Re, which is not rated by A.M. Best. New business with Scottish Re was terminated in early 2007, following difficulties at that company and related ratings downgrades. As of December 31, 2013, $331.5 million of in force was ceded to Scottish Re. Scottish Re continues to meet its reinsurance obligation with us in a normal fashion.

In addition, we have an annual 100% quota share accidental death reinsurance agreement. Coverage includes all acts of terrorism including those of a nuclear, chemical or biological origin. Coverage is subject to an annual aggregate retention by us of $13.0 million.

Ratings and Competition

Financial strength ratings are an important factor in establishing the competitive position of insurance companies. Insurer financial strength ratings represent the opinions of rating agencies regarding the ability of an insurance company to meet its financial obligations to policyholders and contract holders. Credit ratings represent the opinions of rating agencies regarding an issuer's ability to repay its indebtedness. Ratings are subject to revision or withdrawal at any time by the rating agency, and therefore, no assurance can be given that a rating will be maintained.

As of the date of this filing, Farm Bureau Life's A.M. Best financial strength rating is A- (Excellent) with a positive outlook and FBL Financial Group's A.M. Best issuer credit rating is bbb- with a positive outlook.

A.M. Best has 16 financial strength ratings assigned to insurance companies, which currently range from A++ (Superior) to S (Suspended). A.M. Best's long-term credit ratings range from aaa (exceptional) to d (in default). A + or - may be appended to ratings from aa to ccc to indicate relative position within a category. A rating of bbb- or above is considered investment grade. As of the date of this filing, A.M. Best has the life/annuity industry on a stable rating outlook.

We operate in a highly competitive industry. Insurers compete based primarily upon price, service level and the financial strength of the company. The operating results of companies in the insurance industry historically have been subject to significant fluctuations due to competition, economic conditions, interest rates, investment performance, maintenance of insurance ratings from rating agencies and other factors. We believe our ability to compete with other insurance companies is dependent upon, among other things, our ability to attract and retain agents to market our insurance products, our ability to develop competitive and profitable products and our ability to maintain good or better ratings from rating agencies. In connection with the development and sale of our products, we encounter significant competition from other insurance companies, and other financial institutions, such as banks and broker/dealers, many of which have financial resources substantially greater than ours.

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Regulation

Our insurance subsidiaries are subject to state and federal government regulation in each of the states in which they are authorized to do business. The regulation of insurance companies is vested primarily in state agencies having broad administrative power dealing with all aspects of the insurance business such as agent licensing, policy rates, policy forms, insurer solvency and capital adequacy, and focuses on protecting and balancing the interests of policyholders and the insurance companies. Our variable insurance products, investment advisors, broker/dealer and certain licensed agents are also subject to regulation by the Securities and Exchange Commission (SEC), state securities regulators (in each state where they are authorized to do business) and the Financial Industry Regulatory Authority (FINRA). Our companies are subject to various state corporate statutes, as well as federal statutes and regulations dealing with such matters as taxes, retirement benefits, compliance and fraud and statutes that deal with the companies as employers.

While legislation has been introduced in Congress in the past which could result in the federal government assuming regulation of all or part of the insurance industry, there is currently no pending legislation and no serious effort to bring such legislation forward. In light of ongoing legislative developments, the National Association of Insurance Commissioners (NAIC) and state insurance regulators have begun to focus discussions on increased uniformity of insurance laws and regulations, which involves continuous evaluation of law and regulations, which include some of the following topics: accounting policies and procedures, investments, insurer solvency, insurance holding company regulation, market conduct, reinsurance, risk-adjusted capital guidelines, enterprise risk management, agent and company licensing and new products. We do not believe the adoption of any of the current NAIC initiatives will have a material adverse impact on us; however, we cannot predict the form of any future proposals or regulation.

The Dodd-Frank Act established the Federal Insurance Office (FIO) within the Department of Treasury to collect information about the insurance industry, recommend prudential standards and represent the U.S. in dealings with foreign insurance regulators. The FIO recently released its long overdue report titled "How to Modernize and Improve the System of Insurance Regulation in the United States." The report includes recommendations for changes in several areas, including capital adequacy, safety and soundness, and marketplace regulation. We continue to monitor the activities of the FIO, NAIC and the state insurance regulators.

The Dodd-Frank Act has also resulted in certain insurance companies (but not ours) being designated as non-bank systemically important financial institutions by the Financial Services Oversight Committee, which will result in their capital plans being regulated by both the states and the Federal Reserve. As part of the Dodd-Frank Act, many key rules have yet to be formalized, some of which might have an impact on insurers.

Portions of the Affordable Care Act became effective in 2014, and while the act has a substantial impact on the health insurance and health care industries, it does not directly affect our life insurance and annuity business as we no longer underwrite or administer any health insurance products. The Act will likely have an impact on our exclusive agents as most of our agents sell medical insurance through a brokerage arrangement with third parties. Some of our exclusive agents who have a substantial number of health insurance customers are likely to see some changes in their income in future years, but the nature of any such change is impossible to determine at this time. The Act also applies to us as an employer, but to date, the impact on our organization in this area has been minimal.

Employees

At December 31, 2013, we had 1,589 employees. A majority of our employees, including the executive officers, also provide services to Farm Bureau Property & Casualty Insurance Company and other affiliates pursuant to management agreements. None of our employees are members of a collective bargaining unit.

ITEM 1A. RISK FACTORS

Risk Factors

The performance of our company is subject to a variety of risks which you should review. Occurrence of these risks could materially affect our business, results of operations or financial condition, cause the trading price of our common stock to decline materially or cause our actual results to differ materially from those expected or those expressed in any forward looking statements made by or on behalf of the Company.

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Difficult conditions in the financial markets and the economy may materially adversely affect our business and results of operations.

Our results of operations are materially affected by conditions in the economy and financial markets. Slow growth and low market rates continue to challenge the life insurance and annuity industries. While recent economic data indicates growth, future growth could be impacted by U.S. fiscal policies to address significant national budget deficits and debt levels. In the financial markets, strong liquidity, strong corporate profitability and modest economic growth continue to support fundamental credit quality. However, low economic growth and low inflation has restrained interest rates, challenging growth in investment income and resulting in declining portfolio investment yields across the insurance industry.

Our business benefits from moderate to strong economic expansion. Conversely, a lackluster economic recovery characterized by higher unemployment, lower family income, lower consumer spending, muted corporate earnings growth and lower business investment could adversely impact the demand for our products in the future. We also may experience a higher incidence of claims, lapses or surrenders of policies. We cannot predict whether or when such actions may occur, or what impact such actions could have on our business, results of operations, cash flows or financial condition.

Adverse financial market conditions may significantly affect our liquidity, access to capital and cost of capital.

As described in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources" of this Form 10-K, Farm Bureau Life has historically generated positive cash flow as measured by the degree to which cash inflows are adequate to meet benefit obligations to policyholders and normal operating expenses as they are incurred. At December 31, 2013, we believe the probability we would have to sell investments in an unrealized loss position to meet cash flow needs is remote. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition" and Note 2 to our consolidated financial statements included in Item 8 for details regarding the unrealized gains and losses on our fixed maturity securities.

Capital requirements depend on factors including Farm Bureau Life's accumulated statutory earnings, statutory capital and surplus, the rate of sales growth of our products, aggregate reserve levels and the levels of credit risk and/or interest rate risk in our invested assets. In order to support these capital requirements, we may need to increase or maintain Farm Bureau Life's statutory capital and surplus through additional financings, which could include debt, equity or other transactions.

Adverse capital market conditions may affect the availability and cost of borrowed funds and could impact our ability to refinance existing borrowings, thereby ultimately impacting our profitability and ability to support or grow our businesses. Without sufficient capital, we could be forced to curtail certain of our operations, and our business could suffer. Actions we might take to access financing may in turn cause rating agencies to reevaluate our ratings.

We manage our capital level to be consistent with statutory and rating agency requirements. As of December 31, 2013, we estimate that Farm Bureau Life has sufficient capital to meet our rating objectives. However, this capital may not be sufficient if significant future losses are incurred and access to additional capital is limited.

Our valuation of fixed maturity securities may include methodologies, estimations and assumptions that are subject to differing interpretations and could result in changes to investment valuations that may materially adversely affect our results of operations or financial condition.

During periods of market disruption, it may be difficult to value certain securities if trading becomes less frequent and/or market data becomes less observable. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the financial environment or market conditions.

Certain market sectors may become dislocated following periods of volatile and illiquid market conditions, as has occurred during the recent financial crisis, increasing the difficulty in valuing certain instruments, as trading has been less frequent and/or market data less observable. As a result, certain valuations require greater estimation and judgment as well as more complex valuation methods. These values may not ultimately be realizable in a market transaction, and such values may change rapidly as market conditions change and valuation assumptions are modified.

The decision on whether to record an other-than-temporary impairment is determined in part by our assessment of the financial condition and prospects of a particular issuer, projections of future cash flows and recoverability of the particular security as well as an evaluation of our intent to sell and whether it is more likely than not that we would be required to sell prior to recovery. Our conclusions regarding the recoverability of a particular security's fair value may ultimately prove to be incorrect as facts and circumstances change.

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Our investment portfolio is subject to credit quality risks that may diminish the value of our invested assets and affect our profitability and reported book value per share.

Particularly in the event of a major downturn in economic activity, we are subject to the risk that issuers of fixed maturity securities, other debt securities and commercial mortgage borrowers, will default on principal and interest payments. As of December 31, 2013, we held $6.1 billion of fixed income securities, $0.3 billion of which represented below-investment grade holdings. Of these below-investment grade holdings, 93.2% were acquired as investment grade holdings but, as of December 31, 2013, had been downgraded to below investment grade. An increase in defaults on our fixed maturity securities and commercial mortgage loan portfolios could harm our financial strength and reduce our profitability.

Although we seek to diversify the investment portfolio across multiple asset classes, industries and geographies, the concentration of our investment portfolio in any particular industry, group of related industries or geographic sector could have an adverse effect on our investment portfolios and, consequently, on our results of operations and financial position. As of December 31, 2013, we held $0.4 billion of fixed income securities in European countries, representing 6.9% of our total fixed maturities. Our largest European exposures are in the United Kingdom and the Netherlands, with 44% and 15% of the balance, respectively.

Changing interest rates, market volatility and general economic conditions affect the risks and the returns on both our products and our investment portfolio.

The fair value of our investments and our investment performance, including yields and realization of gains or losses, may vary depending on economic and market conditions. The shape of the yield curve and the level of interest rates can impact the profitability of our products. Interest rate risk is our primary market risk exposure. Substantial and sustained increases and decreases in market interest rates can materially affect the profitability of our products, the fair value of our investments and the reported value of stockholders' equity.

A key component of our financial results is the spread earned (the investment yield we earn less the crediting rates we pay to our policyholders). A narrowing of spreads would adversely affect operating results. Although we have the right to adjust interest crediting rates on a portion of our business in force, changes to crediting rates may not be sufficient to maintain targeted investment spreads in all economic and market environments. Our ability to lower crediting rates is subject to minimum crediting rates filed with and approved by state regulators. In addition, competition and other factors, including the potential for increases in surrenders and withdrawals, may limit our ability to adjust or maintain crediting rates at levels necessary to avoid the narrowing of spreads under certain market conditions.

See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Market Risks of Financial Instruments" for further discussion of our interest rate risk exposure and information regarding our asset-liability management program to help mitigate our exposure to interest rate risk.

We face competition from companies having greater financial resources, more advanced technology systems, broader arrays of products, higher ratings and stronger financial performance, which may impair our ability to retain existing customers, attract new customers and maintain our profitability and financial strength.

See "Item 1. Business - Ratings and Competition" for information regarding risks relating to competition.

As a holding company, we depend on our subsidiaries for funds to meet our obligations, but our life insurance subsidiaries' ability to make distributions to us is limited by law, and could be affected by minimum risk-based capital requirements.

As a holding company, we rely on dividends from subsidiaries to assist in meeting our obligations. The ability of our subsidiaries to pay dividends or to make other cash payments in the future may materially affect our ability to satisfy our parent company payment obligations, including debt service and dividends on our common stock.

The amount of dividends we have available to pay our common shareholders is limited to a certain extent by the amount of dividends our primary operating subsidiary, Farm Bureau Life, is able to pay to its parent, FBL Financial Group, Inc. Farm Bureau Life's ability to pay dividends to FBL Financial Group, Inc. is limited by Iowa law to earned profits (statutory unassigned surplus) as of the date the dividend is paid, as determined in accordance with accounting practices prescribed by insurance regulatory authorities of the State of Iowa. Further, Farm Bureau Life’s dividends are required to be approved by the Insurance Division, Department of Commerce, State of Iowa (Iowa Insurance Division) if the dividend plus all dividend distributions for the preceding twelve months exceed the greater of 10% of its statutory surplus or its statutory net gain from

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operations for the 12-month period ended December 31^st of the preceding year. At December 31, 2013 Farm Bureau Life’s statutory unassigned surplus was $359.0 million. Due to the $120.0 million extraordinary dividend paid by Farm Bureau Life to FBL Financial Group, Inc. during the third quarter of 2013, we have exceeded the annual approval limit through the third quarter of 2014; accordingly, any dividends made prior to the fourth quarter of 2014 will require approval of the Iowa Insurance Division.

In addition, Farm Bureau Life is subject to the risk-based capital (RBC) requirement of the NAIC set forth in the Risk-Based Capital for Insurers Model Act (the Model Act). The main purpose of the Model Act is to provide insurance regulators a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. U.S. insurers and reinsurers are required to report the results of their RBC calculations as part of the statutory annual statements filed with state insurance regulatory authorities. State laws specify regulatory actions if an insurer's risk-based capital ratio, a measure of solvency, falls below certain levels. The NAIC has a standard formula for annually assessing RBC based on various risk factors related to an insurance company's capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against certain minimums, with an RBC ratio of 200% or lower resulting in an increasing severity of regulatory actions with an RBC ratio of 70% being the point at which the regulators will assume control over the insurance company.

Failure to maintain adequate capital levels could lead to ratings downgrades and liquidity issues which could adversely affect our business and financial condition. Our current capital levels are well above any action level required by insurance company regulation. As of December 31, 2013, our total adjusted capital was $558.4 million, resulting in a RBC ratio of 499%, compared with authorized capital of $111.8 million required for an RBC of 200%.

A significant ratings downgrade may have a material adverse effect on our business.

Ratings are an important factor in establishing the competitive position of insurance companies. If our ratings were lowered, our ability to access reinsurance and market products to new customers could be harmed and existing policyholders might cancel their policies or withdraw the cash values of their policies. These events, in turn, could have a material adverse effect on our financial results and liquidity. Our ratings reflect the agency's opinions as to our financial strength, operating performance and ability to meet obligations to Farm Bureau Life's policyholders. There is no assurance that a rating will remain in effect for any given period of time or that a rating will not be reduced, suspended or withdrawn entirely by the rating agency, if in the rating agency's judgment, circumstances so warrant. See "Item 1. Business - Ratings and Competition" for a summary of our current ratings.

All segments of our business are highly regulated and these regulations or changes in them could affect our profitability.

We are subject to statutes and regulations in various states in which our life subsidiaries operate. Insurance regulation is different in each state, but is similar in that it is intended to provide safeguards for policyholders, agents, insurance companies and their holding companies. State insurance regulators oversee matters relating to the business of life insurance and annuities, such as sales practices, policy forms, claims practices, types and amounts of investments, reserve adequacy, insurer solvency, minimum amounts of capital and surplus, transactions with related parties, changes in control and payment of dividends. They continually examine existing laws and regulations, and may recommend or make changes as they see appropriate.

As noted above, through adoption by law in states where we do business, our life subsidiaries are subject to the NAIC's RBC requirements. These guidelines are used by state insurance regulators as an early warning tool to identify deteriorating or weakly capitalized insurance companies for the purpose of initiating regulatory action. Our life subsidiaries also may be required, under solvency or guarantee laws of most states in which they do business, to pay assessments up to certain prescribed limits to fund policyholder losses or liabilities for insolvent insurance companies.

Although the federal government does not directly regulate the business of insurance, our company is subject to the same federal laws as other corporations, including, but not limited to pension regulation, discrimination, financial services regulation, securities regulation and federal taxation. Any one of these regulatory schemes can significantly affect the insurance business. In addition, various forms of direct and indirect federal regulation of insurance have been proposed from time to time, including proposals for the establishment of an optional federal charter for insurance companies. The Dodd-Frank Act established the Federal Insurance Office within the Department of Treasury to collect information about the insurance industry, recommend prudential standards and represent the U.S. in dealings with foreign insurance regulators. The FIO recently released its long overdue report titled "How to Modernize and Improve the System of Insurance Regulation in the United States." The report includes recommendations for changes in several areas, including capital adequacy, safety and soundness, and marketplace regulation. We continue to monitor the activities of the FIO, NAIC and the state insurance regulators.

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The Dodd-Frank Act has also resulted in certain other insurance companies (but not ours) being designated as non-bank systemically important financial institutions by the Financial Services Oversight Committee, which will result in their capital plans being regulated by both the states and the Federal Reserve. As part of the Dodd-Frank Act, many key rules have yet to be formalized, some of which might have an impact on insurers. The regulatory framework at the state and federal level applicable to our insurance products is evolving and could affect the design of our products and our ability to sell certain products. Any changes in these laws and regulations could materially and adversely affect our business, financial condition or results of operations.

Portions of the Affordable Care Act became effective in 2014, and while the act has a substantial impact on the health insurance and health care industries, it does not directly affect our life insurance and annuity business as we no longer underwrite or administer any health insurance products. The Act will likely have an impact on our exclusive agents as most of our agents sell medical insurance through a brokerage arrangement with third parties. Some of our exclusive agents who have a substantial number of health insurance customers are likely to see some changes in their income in future years, but the nature of any such change is impossible to determine at this time. The Act also applies to us as an employer, but to date, the impact on our organization in this area has been minimal.

Exclusive agents who are also registered representatives of our affiliated broker-dealer may be affected by rules required by Dodd-Frank that would create an as-yet undefined fiduciary relationship between the registered representative and their customers. It is too early to tell what effect there will be until the rule making process has been completed.

Our investment management subsidiary is an SEC-registered investment adviser. This entity manages funds primarily for affiliated companies, but also manages funds for a few non-affiliated organizations. It also provides administrative services to our separate accounts, which are registered as investment companies under the Investment Company Act. Our registered separate accounts are themselves highly regulated under the Investment Company Act.

In addition, our broker-dealer subsidiary is registered with the SEC and is subject to regulation under the Exchange Act and various state securities laws, and is a member of and subject to regulation by FINRA. Registered representatives sell variable products and mutual funds through our affiliated broker/dealer and are regulated by FINRA and state securities regulators. We are not aware of any proposed or future legislation or rule making by any regulator that is likely to have a material adverse impact on our financial condition or operational flexibility.

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles. From time to time, we are required to adopt new or revised accounting standards. It is possible that future accounting standards we are required to adopt could change the current accounting treatment that we apply to our consolidated financial statements and that such changes could have a material adverse effect on our financial condition and results of operations. This includes the current work by accounting standards setting bodies on a project evaluating the accounting for insurance contracts. It is uncertain what the outcome of that project will be or when it will be completed. The impact of accounting pronouncements that have been issued but not yet implemented is discussed in Note 1 to our consolidated financial statements included in Item 8.

An inability to access Federal Home Loan Bank (FHLB) funding could adversely affect our profitability.

The Federal Housing Finance Agency (FHFA) in 2010 issued an Announced Notice of Proposed Rulemaking (ANPR). The purpose of the ANPR is to seek comment on several possible changes to the requirements applicable to members of the FHLB. Any changes to such requirements that eliminate our eligibility for continued FHLB membership or limit our FHLB borrowing capacity could have an adverse effect on us. The FHFA also released an advisory bulletin on the particular risks associated with lending to insurance companies as opposed to banks, which includes standards for evaluating lending to an insurance company member. These standards are broad and raise concerns about the insurance regulatory framework and of FHLB creditor status in the event of insurer insolvency. The recommended standards could result in stricter regulation of, or a reduced incidence of, FHLB-insurer lending. In response to these initiatives, Iowa and certain other states are reviewing amendments to legislation which would alter the status of insurance company collateral used in FHLB loans. Any event that adversely affects FHLB lending to us could have an adverse effect on our profitability.

Actual experience which differs from our assumptions regarding future persistency, mortality and interest rates used in pricing our products and calculating reserve amounts and deferred acquisition costs could have a material adverse impact on our financial results.

The process of pricing products and calculating reserve amounts and deferred acquisition costs for an insurance organization involves the use of a number of assumptions including those related to persistency (how long a contract stays with the

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company), mortality (the relative incidence of death in a given time) and interest rates (the rates expected to be paid or received on financial instruments, including insurance or investment contracts). Actual results could differ significantly from those assumed. Actual experience which differs from one or more of these assumptions could have a material adverse impact on our results of operations.

We may be required to accelerate the amortization of deferred acquisition costs, which could adversely affect our results of operations or financial condition.

Deferred acquisition costs (DAC) include certain direct costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. We amortize these costs over the expected lives of the contracts. We test the DAC recorded on our consolidated balance sheet to determine if these amounts are recoverable under current assumptions. In addition, we regularly review the estimates and assumptions underlying DAC for those products for which we amortize DAC in proportion to gross profits. Given changes in facts and circumstances, these tests and reviews could lead to reductions in DAC that could have an adverse effect on the results of our operations and our financial condition. Increases in actual or expected future withdrawals or surrenders and investment losses, which are more likely in a severe economic recession, would result in an acceleration of DAC amortization. In addition, significant or sustained equity and bond market declines could result in an acceleration of DAC amortization related to variable annuity and variable universal life contracts.

Our earnings are influenced by our claims experience, which is difficult to estimate for future periods. If our future claims experience does not match our pricing assumptions or past results, our earnings could be materially adversely affected.

Our earnings are significantly influenced by the claims paid under our insurance contracts and will vary from period to period depending upon the amount of claims incurred. There is only limited predictability of claims experience within any given quarter or year. The liability that we have established for future insurance and annuity policy benefits is based on assumptions concerning a number of factors, including interest rates, expected claims, persistency and expenses. In the event our future experience does not match our pricing assumptions or our past results, our operating results could be materially adversely affected.

Our reinsurance program involves risks because we remain liable with respect to the liabilities ceded to reinsurers if the reinsurers fail to meet the obligations assumed by them.

We reinsure a portion of our life insurance exposure with unaffiliated insurance companies under traditional indemnity reinsurance agreements. New sales of life products are reinsured above prescribed limits and do not require the reinsurer's prior approval within certain guidelines. We enter into indemnity reinsurance arrangements to assist in diversifying our risks and to limit our maximum loss on risks that exceed our policy retention limits. Our maximum retention limit on an insured life ranges up to $1.5 million depending upon when the policy was issued.

Indemnity reinsurance does not fully discharge our obligation to pay claims on the reinsured business. As the ceding insurer, we remain responsible for policy claims to the extent the reinsurer fails to pay claims. Should any reinsurer fail to meet the obligations assumed under such reinsurance, we remain liable, and payment of these obligations could result in losses. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers and monitor concentrations of credit risk.

Our business is highly dependent on our relationships with Farm Bureau organizations and could be adversely affected if those relationships became impaired.

Farm Bureau Life's business relies significantly upon the maintenance of our right to use the Farm Bureau and FB trade names and related trademarks and service marks which are controlled by the American Farm Bureau Federation and state Farm Bureau organizations. See discussion under "Item 1. Business - Marketing and Distribution - Affiliation with Farm Bureau" for information regarding these relationships and circumstances under which our access to the Farm Bureau membership base and use of the Farm Bureau and FB designations could be terminated. We believe our relationship with the Farm Bureau organizations provides a number of advantages. Farm Bureau organizations in our marketing territory tend to be well known and long established, have active memberships and provide a number of member benefits other than financial services. The strength of these organizations provides enhanced prestige and brand awareness for our products and increased access to Farm Bureau members. The loss of the right to use these designations in a key state or states could have a material adverse effect on operating results.

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Our relationship with Farm Bureau organizations could result in conflicts of interests.

Our business and operations are interrelated to a degree with that of the American Farm Bureau Federation, its affiliates, and state Farm Bureau organizations. The overlap of the business, including service of certain common executive officers and directors of the Company and the state Farm Bureau organizations, may give rise to conflicts of interest among these parties. Conflicts could arise, for example, with respect to business dealings among the parties, the use of a common agency force, the sharing of employees, space and other services and facilities under intercompany agreements, and the allocation of business opportunities between them. Conflicts of interest could also arise between the Company and the various state Farm Bureau organizations in our life-only states, some of whose presidents serve as directors of the Company, and which control their state affiliated property-casualty insurance company, with respect to the use of the common agency force. We have adopted a conflict of interest policy which requires a director to disclose to the Board of Directors and any appropriate committee of the Board, the existence of any transaction or proposed transaction in which the Director has a direct or indirect interest, and the material facts relating thereto.

Changes in federal tax laws may affect sales of our products and profitability.

The annuity and life insurance products that we market generally offer income tax advantages to policyholders as compared to other savings instruments, such as certificates of deposit and taxable bonds. Current federal income tax law allows for the deferral of income tax on the earnings during the accumulation period of certain annuity or insurance policies, as opposed to the current taxation of other savings instruments. In addition, life insurance death benefits are generally exempt from the income tax. Legislation eliminating this tax deferral or tax exemption for death benefits, or changes to reduce the taxation of competing products, could adversely affect our financial position and results of operations.

Congress has from time to time considered legislation that would increase the amount of income tax expense incurred by insurance companies, including proposals to reduce the deduction for dividends received on assets held in separate accounts to support variable products. Reduction or elimination of federal tax credits for low-income housing has also been discussed as a potential means to reduce federal budget deficits. To the extent legislation were enacted that includes either of these items, we would incur additional income tax expense, thereby reducing earnings.

Our ability to maintain competitive costs is dependent upon the level of new sales and persistency of existing business.

Maintaining competitive costs depends upon numerous factors, including the level of new sales, persistency of existing business and expense management. A decrease in sales or persistency without a corresponding reduction in expenses could affect our business and results of operations.

If we are unable to attract and retain agents, sales of our products and services may be reduced.

We compete to attract and retain exclusive agents for Farm Bureau Life. Intense competition exists for persons with demonstrated ability. We compete primarily on the basis of our reputation, products, compensation, support services, rating agency ratings and financial position. Sales and our results of operations and financial condition could be materially adversely affected if we are unsuccessful in attracting and retaining agents.

Attracting and retaining employees who are key to our business is critical to our growth and success.

The success of our business and the ability to reach goals is dependent, to a large extent, on our ability to attract and retain key employees. Competition is intense in the job market for certain positions, such as actuaries and other insurance professionals with demonstrated ability, particularly with our headquarters being located in central Iowa, a hub of insurance company home offices, where we compete with other insurance and financial institutions.

Our employees are not subject to employment contracts, except for a retention agreement with our Chief Executive Officer. There can be no certainty regarding the length of time any of our named executive officers will remain with us. To mitigate the risk following the loss of any named executive, we have succession and leadership development plans in place for all executive management positions. Our inability to retain our key employees, or attract and retain additional qualified employees, could materially adversely affect our sales, results of operations and financial condition.

Success of our business depends in part on effective information technology systems and on continuing to develop and implement improvements.

Our business is dependent upon effective technology for interacting with employees, agents, policyholders, vendors, agents, third parties and investors. It is crucial to our business to reach a large number of people and secure, store and provide sizable

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amounts of information. If we do not maintain adequate systems to reflect technological advancements, we could experience adverse consequences including inadequate pricing, underwriting and reserving decisions, regulatory problems, security breaches or litigation exposure. This could adversely affect our relationships and ability to do business with our clients and make it difficult to attract new customers.

Our business strategy involves providing customers with easy-to-use products and systems to meet their needs, and our information systems require an ongoing commitment of resources to maintain current standards. We are continuously enhancing and updating our systems to keep pace with changes in information processing technology, evolving industry and regulatory standards, threats and customer demands. Our success is dependent on protecting, maintaining and enhancing the effectiveness of existing systems, as well as continuing to buy or build information systems that support our business processes in a cost-effective manner.

A technology failure could occur and potentially disrupt our business, damage our reputation and adversely affect our profitability. Disruptions or breaches could occur as a result of natural disasters, man-made disasters, epidemic/pandemic, industrial accident, blackout, computer virus, criminal activity, technological changes or events, terrorism or other unanticipated events beyond our control. While the company has obtained insurance and has implemented a variety of preventative security measures such as risk management, information protection, disaster recovery and business continuity plans, no predictions of specific scenarios can be made. Unanticipated problems with our systems or recovery plans could have a material adverse impact on our ability to conduct business, our results and financial position.

We face risks relating to litigation, including the costs of such litigation, management distraction and the potential for damage awards, which may adversely impact our business.

We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state regulators such as the Iowa Insurance Division, and federal regulators such as the SEC, FINRA, the Department of Labor and the Internal Revenue Service, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, tax laws, the Employee Retirement Income Security Act of 1974 and laws governing the activities of broker-dealers. Companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. Moreover, we are subject to the risks of errors and misconduct by our exclusive agents, such as fraud, non-compliance with policies and recommending transactions that are not suitable. While we are not a party to any lawsuit that we believe will have a material adverse effect on our business, financial condition or results of operations, there can be no assurance that such litigation, or any future litigation, will not have such an effect, whether financially, through distraction of our management or otherwise.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our principal operations are conducted from property leased from a subsidiary of the Iowa Farm Bureau Federation under a 10 year operating lease that expires in 2021, with automatic five-year extensions unless terminated by one of the parties at least six months prior to the expiration date. Currently, the property leased primarily consists of approximately 156,000 square feet of a 400,000 square foot office building in West Des Moines, Iowa. We consider the current facilities to be adequate for the foreseeable future.

ITEM 3. LEGAL PROCEEDINGS

Information required for Item 3 is incorporated by reference from the discussion in Note 10 to our consolidated financial statements included in Item 8.

ITEM 4. MINE AND SAFETY DISCLOSURES

None.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Stock Market and Dividend Information

The Class A common stock of FBL Financial Group, Inc. is traded on the New York Stock Exchange under the symbol FFG. The following table sets forth the cash dividends per common share and the high and low prices of FBL Financial Group Class A common stock as reported in the consolidated transaction reporting system for each quarter of 2013 and 2012.

Class A Common Stock Data (per share)	1st Qtr.		2nd Qtr.		3rd Qtr.		4th Qtr.
2013
High	$	39.16	$	43.51	$	46.28	$	46.82
Low	33.25		37.31		42.58		42.49
Dividends declared and paid	0.11		0.11		2.15		0.15
2012
High	$	36.65	$	33.93	$	35.05	$	34.59
Low	32.23		24.70		27.60		29.27
Dividends declared and paid	0.10		0.10		0.10		0.10

Special Dividend

On August 21, 2013, the Board of Directors approved a special cash dividend on Class A common stock of $2.00 per share, which was paid on September 13, 2013, to shareholders of record as of September 6, 2013. The aggregate dividend was $51.4 million.

Tender Offer of Class B Shares

There is no established market for purchasing our Class B common stock, although it is convertible upon demand into Class A common stock on a share for share basis. As part of a comprehensive capital management program, the Board of Directors authorized the repurchase of Class B common shares through a tender offer for 99 percent of all Class B shares outstanding. The tender offer was conditioned upon all the Class B shareholders either tendering their shares or converting their shares to Class A. The tender price of $45.33 was based upon the average of the closing price of FBL’s Class A common stock for the seven consecutive business days preceding the tender closing date of September 25, 2013. All Class B shareholders participated with 1,023,948 Class B common shares repurchased for $46.4 million and 105,930 shares of Class B common stock converted to Class A common stock.

Other Information

As of January 17, 2014, there were approximately 5,400 holders of Class A common stock and 21 holders of record of Class B common stock.

Class B common stockholders receive dividends at the same rate as that declared on Class A common stock. We intend to declare regular quarterly cash dividends in the future, subject to the discretion of the Board of Directors, which depends in part upon general business conditions, legal restrictions and other factors the Board of Directors deems relevant. It is anticipated that the quarterly dividend rate for 2014 will increase to $0.35 per share.

For restrictions on dividends, see "Management's Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources" included in Item 7.

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Comparison of Five-Year Total Return

	Period Ending
	12/31/2008		12/31/2009			12/31/2010		12/31/2011		12/31/2012		12/31/2013
FBL Financial Group, Inc.	$	100.00	$	127.04		$	198.65	$	237.95	$	242.32	$	335.93
S&P 500 Index	100.00		126.46		79.6	145.51		148.59		172.37		228.19
S&P 500 Life & Health Insurance Index	100.00		115.57			144.76		114.78		131.53		215.02

Source: SNL Financial LC

The performance graph shows a comparison of the cumulative total return over the past five years of our Class A common stock, the S&P 500 Index and the S&P 500 Life and Health Insurance Index. The graph plots the changes in value of an initial $100 investment, assuming reinvestment of dividends.

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Issuer Purchases of Equity Securities

There were no issuer purchases of equity securities for the quarter ended December 31, 2013 and $20.3 million remains to be purchased under the repurchase plan announced on November 15, 2012. The plan authorizes us to make up to $30.0 million in repurchases of Class A common stock in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Completion of the program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice.

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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA

	As of or for the year ended December 31,
	2013		2012			2011			2010		2009
	(Dollars in thousands, except per share data)
Consolidated Statement of Income Data
Interest sensitive product charges	$	111,575	$	101,410		$	97,103		$	93,881	$	88,757
Traditional life insurance premiums	180,944		175,086			168,519			162,056		154,154
Net investment income	370,651		361,324			343,310			324,540		303,486
Realized gains (losses) on investments	13,555		452			(8,296		)	11,576		(30,660		)
Total revenues	691,231		655,540			618,337			606,342		533,209
Income from continuing operations	108,393		82,796			52,209			80,993		46,285
Income (loss) from discontinued operations	—		(2,939		)	(11,464		)	34,587		18,375
Net income	$	108,393	$	79,857		$	40,745		$	115,580	$	64,660
Earnings per common share:
Income from continuing operations	$	4.25	$	3.01		$	1.69		$	2.66	$	1.54
Income (loss) from discontinued operations	—		(0.11		)	(0.37		)	1.14		0.61
Earnings per common share	$	4.25	$	2.90		$	1.32		$	3.80	$	2.15
Earnings per common share - assuming dilution:
Income from continuing operations	$	4.21	$	2.97		$	1.67		$	2.63	$	1.53
Income (loss) from discontinued operations	—		(0.10		)	(0.37		)	1.13		0.61
Earnings per common share - assuming dilution	$	4.21	$	2.87		$	1.30		$	3.76	$	2.14
Cash dividends (1)	$	2.5200	$	0.4000		$	0.2875		$	0.2500	$	0.3125
Weighted average common shares outstanding - assuming dilution	25,774,415		27,838,548			31,215,023			30,718,616		30,201,476
Consolidated Balance Sheet Data (1)
Total investments	$	7,040,002	$	7,160,650		$	6,397,195		$	5,853,341	$	5,024,876
Assets held in separate accounts	693,955		618,809			603,903			675,586		630,094
Total assets	8,461,323		8,417,726			8,109,368			15,177,657		14,079,220
Long-term debt	97,000		147,000			146,968			271,168		371,084
Total liabilities	7,416,532		7,205,479			6,906,939			14,132,931		13,325,024
Total stockholders' equity (2)	1,044,791		1,212,247			1,202,429			1,044,725		754,198
Book value per common share (2)	42.08		47.47			39.13			33.66		24.64

Notes to Selected Consolidated Financial Data

(1) Dividends in 2013 include a special $2.00 per share cash dividend to Class A and B common shareholders.

(2) Amounts are impacted by accumulated other comprehensive income (loss) totaling $119.1 million in 2013, $289.9 million in 2012, $177.8 million in 2011, $51.6 million in 2010 and ($127.4) million in 2009. These amounts are net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, unearned revenue reserve, value of insurance in force acquired and policyholder liabilities.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

When reading the following Management's Discussion and Analysis of Financial Condition and Results of Operations, please refer to our consolidated financial statements and related notes included in Item 8, "Financial Statements and Supplementary Data," of this report. Unless noted otherwise, all references to FBL Financial Group, Inc. (we or the Company) include all of its direct and indirect subsidiaries, including its insurance subsidiaries Farm Bureau Life Insurance Company (Farm Bureau Life) and Greenfields Life Insurance Company (Greenfields Life).

In this discussion and analysis, we explain our consolidated results of operations, financial condition and where appropriate, factors that management believes may affect future performance, including:

• factors which affect our business,

• our revenues and expenses in the periods presented,

• changes in revenues and expenses between periods,

• sources of earnings and changes in stockholders' equity,

• impact of these items on our overall financial condition and

• expected sources and uses of cash.

We have organized our discussion and analysis as follows:

• First, we discuss our business and drivers of profitability.

• We then describe the business environment in which we operate including factors that affect operating results.

• We highlight significant events that are important to understanding our results of operations and financial condition.

• We then review the results of operations beginning with an overview of the total Company results, followed by a more detailed review of those results by operating segment.

• Finally, we discuss critical accounting policies and recently issued accounting standards. The critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's most difficult or complex judgment.

Overview and Profitability

We operate predominantly in the life insurance industry through our principal subsidiary, Farm Bureau Life. Farm Bureau Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Several subsidiaries support various functional areas of Farm Bureau Life and other affiliates by providing investment advisory, marketing and distribution, and leasing services. In addition, we manage two Farm Bureau affiliated property-casualty companies.

We analyze operations by reviewing financial information regarding our primary products that are aggregated in 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. We analyze our segment results based on pre-tax operating income, which excludes the impact of certain items that are included in net income. See Note 13 to our consolidated financial statements for further information regarding how we define our segments and operating income.

We also include within our analysis “premiums collected” which is not a measure used in financial statements prepared in accordance with GAAP, but is a common industry measure of agent productivity. See Note 13 to our consolidated financial statements for further information regarding this measure and its relationship to GAAP revenues.

On December 30, 2011, we completed the sale of our wholly-owned subsidiary, EquiTrust Life Insurance Company (EquiTrust Life). As a result of the sale, certain lines of business are considered discontinued operations, and unless otherwise indicated, have been removed from the discussion that follows. See Note 15 to our consolidated financial statements for additional information related to the sale.

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Our profitability is primarily a factor of:

• The volume of our life insurance and annuity business in force, which is driven by the level of our sales and the persistency of the business written.

• The amount of spread (excess of net investment income earned over interest credited) we earn on contract holders' general account balances.

• Our ability to price our life insurance products to earn acceptable margins over the cost of providing benefits and the expenses of acquiring and administering the products. Competitive conditions, mortality experience, persistency, investment results and our ability to maintain expenses in accordance with pricing assumptions drive our margins on the life products. On many products, we have the ability to mitigate adverse experience through adjustments to credited interest rates, policyholder dividends or cost of insurance charges.

• Our ability to manage our investment portfolio to maximize investment returns while providing adequate liquidity for obligations to policyholders and minimizing the risk of defaults or impairments of invested assets.

• Our ability to manage the level of our operating expenses.

• Actual experience and changes in assumptions for expected surrender and withdrawal rates, mortality and spreads used in the amortization of deferred acquisition costs.

Our profitability is also impacted by changes in accounting guidance that impact the timing of profit recognition. During the first quarter of 2012, we adopted new guidance that reduced the deferral of costs associated with the issuance of life insurance and annuity products which increased the amount of such expenses recognized in the current year and reduced the amount of amortization in future years. See Note 1 to our Consolidated Financial Statements for more information on this change.

In addition to the impact from the adoption of the guidance above, the accounting standards setting bodies are currently working on a project evaluating the accounting for insurance contracts, which may significantly impact the timing of profit emergence for those products. It is uncertain what the outcome of that project will be or when it will be completed.

Impact of Recent Business Environment

Our business generally benefits from moderate to strong economic expansion. Conversely, a lackluster economic recovery characterized by higher unemployment, lower family income, lower consumer spending, muted corporate earnings growth and lower business investment could adversely impact the demand for our products in the future. We also may experience a higher incidence of claims, lapses or surrenders of policies. We cannot predict whether or when such actions may occur, or what impact, if any, such actions could have on our business, results of operations, cash flows or financial condition.

While there were positive economic signs during 2013, the U.S. economy continues to face a number of challenges. Pertinent recent economic events include, but are not limited to the following:

• Gross Domestic Product increased approximately 1.9% during 2013 based on early estimates.

• U.S. unemployment remains high at 6.7% through December 2013.

• Growth in personal income generally remains below average.

• Based on USDA estimates, U.S. net farm income is forecasted to have grown 15.1% and farm real estate value is forecasted to have grown 7.5% during 2013.

• The European debt crisis continues to cause intermittent stress within the markets.

• Continued uncertainty as to actions the United States Congress will take to address the national debt, including potential actions to change the tax advantages of life insurance.

An increase in market interest rates during 2013 has reduced the fair value of our fixed maturity investment portfolio. The benchmark 10-year U.S. Treasury yield rose during 2013, while credit spreads decreased. Strong liquidity and favorable corporate profitability continue to support fundamental credit quality. In the securitized markets, spreads on agency residential mortgage-backed securities and commercial mortgage-backed securities declined but rose for asset-backed securities. The yield curve remained moderately steep at year end, but low current interest rates create a challenging environment for sales of new money fixed annuity products.

We intentionally decreased the amount of annuity sales beginning in 2012 by suspending sales of certain products and reducing agent commission rates on certain products where it was difficult to achieve profitability targets during this period of low interest rates. We expect modest increases in annuity sales due to the recent rise in market interest rates and a renewed emphasis placed on sales of products with low guaranteed crediting rates. Our life sales have increased, reflecting the attractiveness of

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enhanced universal life and term life product offerings and the strong farm and energy subsectors of the economy in our marketplace, as well as Farm Bureau Life's emphasis on life insurance product sales.

Results of Operations for the Three Years Ended December 31, 2013

	Year ended December 31,									Change over prior year
	2013			2012			2011			2013		2012
Pre-tax operating income:
Annuity segment	$	63,592		$	55,910		$	58,263		14	%	(4	)%
Life Insurance segment	48,814			43,741			50,502			12	%	(13	)%
Corporate and Other segment	22,172			16,856			2,293			32	%	635	%
Total pre-tax operating income	134,578			116,507			111,058			16	%	5	%
Income taxes on operating income	(33,985		)	(33,748		)	(32,240		)	1	%	5	%
Operating income	100,593			82,759			78,818			22	%	5	%
Realized gains/losses on investments (1)	8,206			(477		)	(5,983		)	(1,820	)%	(92	)%
Change in net unrealized gains/losses on derivatives (1)	(241		)	619			932			(139	)%	(34	)%
Loss on debt redemption (1)	—			(22		)	(21,564		)	NA		(100	)%
Net impact of discontinued operations (1)	—			(2,939		)	(11,464		)	NA		(74	)%
Net income attributable to FBL Financial Group, Inc.	$	108,558		$	79,940		$	40,739		36	%	96	%
Operating income per common share - assuming dilution	$	3.90		$	2.97		$	2.52		31	%	18	%
Earnings per common share - assuming dilution:
Continuing operations	$	4.21		$	2.97		$	1.67
Discontinued operations	—			(0.10		)	(0.37		)
Earnings per common share - assuming dilution	$	4.21		$	2.87		$	1.30
Effective tax rate on operating income	25		%	29		%	29		%
Average invested assets, at amortized cost	$	6,723,601		$	6,343,284		$	5,887,520		6	%	8	%
Annualized yield on average invested assets	5.74		%	5.87		%	6.01		%
Impact on operating income of unlocking deferred acquisition costs, value of insurance in force acquired and unearned revenue reserve, net of tax	$	231		$	(3,413	)	$	(1,201	)	(107	)%	184	%

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired and income taxes attributable to these items.

Our operating income increased in 2013, compared to 2012, primarily due to the impact of an increase in the volume of business in force, higher corporate segment net investment income and the impact of unlocking assumptions used in the calculation of amortization of deferred acquisition costs and the value of insurance in force. These increases were partially offset by an increase in death benefits. Operating income increased in 2012, compared to 2011, primarily due to the impact of an increase in the volume of business in force, partially offset by increases in the amortization of deferred acquisition costs and the value of insurance in force. Earnings in 2011benefited from refining actuarial estimates that reduced the value of insurance in force and deferred acquisition costs by $7.4 million.

The increase in operating income during 2013, along with increased realized gains from investment sales and a reduction in losses from discontinued operations, contributed to higher net income compared to 2012. The increase in operating income during 2012,

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along with a reduction in losses from discontinued operations and the loss on debt redemption, contributed to higher net income compared to 2011.

Earnings per share from continuing operations and operating income per common share benefited from the repurchase of Class A common shares in 2013 and 2012, as well as a tender offer of Class B common shares completed in the third quarter of 2013. Details regarding the share repurchases are included in Note 7 to the consolidated financial statements.

We periodically revise key assumptions used in the calculation of the amortization of deferred acquisition costs, value of insurance in force acquired and unearned revenue reserve for participating life insurance, variable and interest sensitive products, as applicable, through an “unlocking” process. These assumptions typically consist of withdrawal and lapse rates, earned spreads and mortality with revisions based on historical results and our best estimate of future experience. The impact of unlocking is recorded in the current period as an increase or decrease to amortization of the respective balances. While the unlocking process can take place at any time, as needs dictate, the process typically takes place annually. See the discussion that follows for further details of the unlocking impact to our operating segments.

Annuity Segment
	Year ended December 31,						Change over prior year
	2013		2012		2011		2013		2012
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges and other income	$	1,236	$	790	$	666	56	%	19	%
Net investment income	196,303		191,211		181,974		3	%	5	%
Total operating revenues	197,539		192,001		182,640		3	%	5	%
Benefits and expenses:
Interest sensitive product benefits	102,308		102,961		100,487		(1	)%	2	%
Underwriting, acquisition and insurance expenses:
Commissions net of deferrals	2,554		2,504		3,428		2	%	(27	)%
Amortization of deferred acquisition costs	9,422		9,327		8,916		1	%	5	%
Amortization of value of insurance in force	907		2,473		244		(63	)%	914	%
Other underwriting expenses	18,756		18,826		11,302		—	%	67	%
Total underwriting, acquisition and insurance expenses	31,639		33,130		23,890		(5	)%	39	%
Total benefits and expenses	133,947		136,091		124,377		(2	)%	9	%
Pre-tax operating income	$	63,592	$	55,910	$	58,263	14	%	(4	)%

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Annuity Segment - continued
	Year ended December 31,									Change over prior year
	2013			2012			2011			2013		2012
	(Dollars in thousands)
Other data
Annuity premiums collected, direct	$	259,466		$	316,344		$	369,156		(18	)%	(14	)%
Policy liabilities and accruals, end of period	3,549,477			3,432,137			3,190,985			3	%	8	%
Average invested assets, at amortized cost	3,576,316			3,435,090			3,184,619			4	%	8	%
Investment fee income included in net investment income (1)	5,544			4,355			4,283			27	%	2	%
Average individual annuity account value	2,399,395			2,260,801			2,078,753			6	%	9	%
Earned spread on individual annuity products:
Weighted average yield on cash and invested assets	5.83		%	6.06		%	6.24		%
Weighted average interest crediting rate	2.95		%	3.15		%	3.36		%
Spread	2.88		%	2.91		%	2.88		%
Individual annuity withdrawal rate	5.1		%	4.8		%	4.6		%
Impact on pre-tax income of unlocking deferred acquisition costs and value of insurance in force acquired	1,436			234			631			514	%	(63	)%

(1) Includes prepayment fee income and net discount of accretion on mortgage and asset-backed securities resulting from changing payment speed assumptions at the end of the period.

Pre-tax operating income for the Annuity segment increased in 2013 and decreased in 2012 compared to prior periods. The increase in 2013 was primarily due to higher spread income earned from an increase in the volume of business in force, higher investment fee income and the impact of unlocking. The decrease in 2012 was primarily due an increase in expense allocations as discussed in the Corporate and Other segment and an increase in the amortization of the value of insurance in force, partially offset by an increase in spread income earned from a larger volume of business in force.

Amortization of deferred acquisition costs and the value of insurance in force changed over the three year period primarily due to changes in actual profits on the underlying business and the impact of unlocking from updating the withdrawal rate and earned spread assumptions within our amortization models. During 2012, the increase to amortization was more significant as a result of adjusting our assumptions based on an analysis of the possible impact of a continued low interest rate environment, as well as the impact of refining our projected credited rate assumption.

The average aggregate account value for individual annuity contracts in force increased in 2013 and 2012 due to continued sales and the crediting of interest. Premiums collected were lower in 2013 and 2012 as we decreased our emphasis on annuity sales and suspended sales of certain products in the third quarter of 2011 due to the low interest rate environment. The amount of traditional annuity premiums collected is highly dependent upon the relationship between the current crediting rate and perceived security of our products compared to those of competing products.

The Annuity segment also includes advances on our funding agreements with the Federal Home Loan Bank (FHLB). Outstanding funding agreements totaled $322.3 million at December 31, 2013, $328.5 million at December 31, 2012 and $268.0 million at December 30, 2011.

The weighted average yield on cash and invested assets for individual annuities decreased in 2013 and 2012 primarily due to lower yields on new investment acquisitions from premium receipts and reinvestment of the proceeds from maturing investments, compared with the average existing portfolio yield, partially offset by continued higher investment fee income. See the "Financial Condition" section which follows for additional information regarding the yields obtained on investment acquisitions. Decreases in the weighted average interest crediting rates aredue to crediting rate actions taken on a significant portion of our annuity portfolio during 2012 and 2011 in response to the declining portfolio yield.

29

Life Insurance Segment
	Year ended December 31,							Change over prior year
	2013		2012		2011			2013		2012
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges and other income	$	63,871	$	54,691	$	49,438		17	%	11	%
Traditional life insurance premiums	180,944		175,086		168,519			3	%	4	%
Net investment income	140,510		138,076		134,999			2	%	2	%
Total operating revenues	385,325		367,853		352,956			5	%	4	%
Benefits and expenses:
Interest sensitive product benefits:
Interest credited	31,329		29,252		29,719			7	%	(2	)%
Death benefits and other	40,070		33,324		32,645			20	%	2	%
Total interest sensitive product benefits	71,399		62,576		62,364			14	%	—	%
Traditional life insurance benefits:
Death benefits	70,705		67,331		69,479			5	%	(3	)%
Surrender and other benefits	35,118		36,554		35,860			(4	)%	2	%
Increase in traditional life future policy benefits	54,639		52,395		43,627			4	%	20	%
Total traditional life insurance benefits	160,462		156,280		148,966			3	%	5	%
Distributions to participating policyholders	13,319		14,275		17,030			(7	)%	(16	)%
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	20,995		17,476		16,074			20	%	9	%
Amortization of deferred acquisition costs	15,760		21,216		18,042			(26	)%	18	%
Amortization of value of insurance in force	1,593		2,984		(4,948		)	(47	)%	(160	)%
Other underwriting expenses	52,983		49,305		44,926			7	%	10	%
Total underwriting, acquisition and insurance expenses	91,331		90,981		74,094			—	%	23	%
Total benefits and expenses	336,511		324,112		302,454			4	%	7	%
Pre-tax operating income	$	48,814	$	43,741	$	50,502		12	%	(13	)%

30

Life Insurance Segment - continued
	Year ended December 31,									Change over prior year
	2013			2012			2011			2013		2012
	(Dollars in thousands)
Other data
Life premiums collected, net of reinsurance	$	307,474		$	255,709		$	229,468		20	%	11	%
Policy liabilities and accruals, end of period	2,454,556			2,301,155			2,197,597			7	%	5	%
Life insurance in force, end of period	49,055,900			46,139,999			43,717,077			6	%	6	%
Average invested assets, at amortized cost	2,396,368			2,258,593			2,187,603			6	%	3	%
Investment fee income included in net investment income (1)	1,854			2,831			548			(35	)%	417	%
Average interest sensitive life account value	703,538			650,821			631,443			8	%	3	%
Interest sensitive life insurance spread:
Weighted average yield on cash and invested assets	6.04		%	6.36		%	6.49		%
Weighted average interest crediting rate	4.11		%	4.14		%	4.19		%
Spread	1.93		%	2.22		%	2.30		%
Life insurance lapse and surrender rates	5.5		%	6.1		%	6.8		%
Death benefits, net of reinsurance and reserves released	$	72,824		$	65,624		$	67,284		11	%	(2	)%
Impact on pre-tax income of unlocking deferred acquisition costs, value of insurance in force acquired and unearned revenue reserve	(595		)	(3,762		)	(1,554		)	(84	)%	142	%

(1) Includes prepayment fee income and net discount accretion on mortgage and asset-backed securities resulting from changing payment speed assumptions at the end of the period.

Pre-tax operating income for the Life Insurance segment increased in 2013 and decreased in 2012 compared to prior periods. The increase in 2013 was primarily due to an increase in the volume of business in force and the impact of unlocking, partially offset by increased death benefits. The decrease in 2012 was primarily due to the impact of refinements to valuation estimates during 2011 and an increase in expense allocations as discussed in the Corporate and Other segment, partially offset by increases in the volume of business in force and investment fee income.

Premiums collected were higher in 2013 and 2012 compared to the prior years due to the relative attractiveness of life insurance products. The increased sales activity, along with the overall increase in business in force, is contributing to the increase in revenues and expenses, including non-deferrable underwriting and commission related expenses.

Results for 2013 were favorably impacted by the correction of an immaterial error which increased pre-tax operating earnings by $2.8 million. The error arose and accumulated over several years, with no prior year significantly impacted. As a result of the correction, interest sensitive product charges were increased $6.3 million, interest sensitive death benefits were increased $2.5 million and amortization of deferred acquisition costs was increased $1.0 million. Results for 2012 were negatively impacted by the impact of reserve refinements which increased traditional life future policy benefits $1.8 million as a result of the impact of updates to mortality tables and lapse assumptions. The impact of refining methods and assumptions in 2011 relating to the value of insurance in force, deferred acquisition costs and certain traditional life insurance reserves decreased benefits and expenses $7.4 million.

Unlocking of deferred acquisition costs, value of insurance in force and unearned revenue reserve resulted in an increase in 2013 operating income compared to 2012, and a decrease in 2012 operating income compared to 2011. Unlocking for each year reflected changes in projected policy lapses and mortality assumptions used in the estimate of future expected gross profits. During 2012, we incurred additional amortization through unlocking as a result of our analysis of the impact of a continued low interest rate environment on projected investment and spread income, as well as withdrawal rates.

31

Death benefits, net of reinsurance and reserves released, increased in 2013 primarily due to an increase in the average size of claims.

The weighted average yield on cash and invested assets for interest sensitive life insurance products decreased in 2013 and 2012 due to lower yields on new investment acquisitions from premium receipts and reinvestment of the proceeds from maturing investments, compared with the average existing portfolio yield, partially offset by an increase in investment fee income in 2012. See the "Financial Condition" section which follows for additional information regarding the yields obtained on investment acquisitions. Weighted average interest crediting rates on our interest sensitive life insurance products were impacted by crediting rate decreases taken on various products in 2013, 2012 and 2011 in response to the declining portfolio yield, partially offset by sales of products with higher crediting rates.

Corporate and Other Segment
	Year ended December 31,									Change over prior year
	2013			2012			2011			2013		2012
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	46,093		$	45,722		$	47,283		1	%	(3	)%
Net investment income	35,843			30,259			25,890			18	%	17	%
Other income	14,839			17,462			17,407			(15	)%	—	%
Total operating revenues	96,775			93,443			90,580			4	%	3	%
Benefits and expenses:
Interest sensitive product benefits	30,183			30,721			29,229			(2	)%	5	%
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	3,861			3,732			4,449			3	%	(16	)%
Amortization of deferred acquisition costs	5,170			5,326			7,967			(3	)%	(33	)%
Other underwriting expenses	6,638			6,850			17,846			(3	)%	(62	)%
Total underwriting, acquisition and insurance expenses	15,669			15,908			30,262			(2	)%	(47	)%
Interest expense	6,863			7,952			8,532			(14	)%	(7	)%
Other expenses	18,414			20,513			20,652			(10	)%	(1	)%
Total benefits and expenses	71,129			75,094			88,675			(5	)%	(15	)%
	25,646			18,349			1,905			40	%	863	%
Net (income) loss attributable to noncontrolling interest	165			83			(6		)	99	%	(1,483	)%
Equity income (loss), before tax	(3,639		)	(1,576		)	394			131	%	(500	)%
Pre-tax operating income	$	22,172		$	16,856		$	2,293		32	%	635	%

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Corporate and Other Segment - continued
	Year ended December 31,								Change over prior year
	2013			2012		2011			2013		2012
Other data
Average invested assets, at amortized cost	$	750,918		$	649,602	$	515,298		16	%	26	%
Investment fee income included in net investment income (1)	366			185		372			98	%	(50	)%
Average interest sensitive life account value	322,344			300,231		269,650			7	%	11	%
Death benefits, net of reinsurance and reserves released	18,526			20,393		18,823			(9	)%	8	%
Impact on pre-tax income of unlocking of deferred acquisition costs and unearned revenue reserve	(610		)	115		(278		)	(630	)%	(141	)%
Estimated impact on pre-tax income from separate account performance on amortization of deferred acquisition costs	2,630			790		(2,400		)	233	%	(133	)%

(1) Includes prepayment fee income and net discount accretion on mortgage and asset-backed securities resulting from changing payment speed assumptions at the end of the period.

Pre-tax operating income increased in 2013 and 2012 compared prior years. The increase in 2013 was primarily due to an increase in net investment income, the impact of market performance and profits on amortization of deferred acquisition costs on our variable business and a decrease in death benefits, partially offset by an increase in pre-tax equity loss. The increase in 2012 was primarily due to a reduction in other underwriting expenses allocated to the segment, the impact of market performance and profits on amortization of deferred acquisition costs on our variable business and an increase in net investment income, partially offset by an increase in pre-tax equity loss.

Other underwriting expenses decreased in 2012 due to a reallocation of certain expenses from the Corporate and Other segment to the Annuity and Life Insurance segments due to our decision to discontinue sales of variable products, resulting in a shift of corporate overhead to the product segments. In total, other underwriting expenses increased 1.2% in 2012.

Other income in 2012 included administrative fee income of $3.5 million received from EquiTrust Life for accounting and other services rendered to support the transition of that company subsequent to its sale in December 2011. Other income in 2011 included $1.5 million in other income associated with the EquiTrust Mutual Funds merger and a $1.0 million cash settlement received from a litigation case. Other income and other expenses also includes fees and expenses from sales of brokered products and operating results of our non-insurance subsidiaries, which include management, advisory, marketing and distribution services and leasing activities.

Amortization of deferred acquisition costs and unearned revenue reserves changed over the three year period primarily due to the impact of market performance in the separate accounts.

Death benefits net of reinsurance and reserves released decreased in 2013 primarily due to a decrease in the average claim size.

Net investment income increased during 2013 and 2012 due to an increase in investments, including funds received from the sale of EquiTrust Life as discussed in Note 15 to our consolidated financial statements, as well as the impact of higher yielding securities held in the portfolio.

Equity income (loss) includes our proportionate share of gains and losses attributable to our ownership interest in partnerships, joint ventures and certain companies where we exhibit some control but have a minority ownership interest. Given the timing of availability of financial information from our equity investees, we will consistently use information that is as much as three months in arrears for certain of these entities. Several of these entities are investment companies whose operating results are derived primarily from unrealized and realized gains and losses generated by their investment portfolios. As is normal with these types of entities, the level of these gains and losses is subject to fluctuation from period to period depending on the prevailing economic environment, changes in prices of bond and equity securities held by the investment partnerships, timing and success of initial public offerings or exit strategies, and the timing of the sale of investments held by the partnerships and

33

joint ventures. We have increased our investments in low income housing tax credit partnerships which generate pre-tax losses but after tax gains as the related tax credits are realized. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and when tax credits are approved. Equity income, net of related income taxes, was as follows:

Equity Income (Loss), Net of Related Income Taxes
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Equity income (loss):
Low income housing tax credit partnerships	$	(6,273	)	$	(4,258	)	$	(2,085	)
Other equity method investments	2,634			2,682			2,479
	(3,639		)	(1,576		)	394
Income taxes:
Taxes on equity income (loss)	1,274			551			(138		)
Investment tax credits	9,775			5,708			1,028
Equity income, net of related income taxes	$	7,410		$	4,683		$	1,284

Income Taxes on Operating Income

The effective tax rate on operating income was 25.3% for 2013 and 29.0% for 2012 and 2011. The effective tax rates differ from the federal statutory rate of 35% primarily due to the impact of low-income housing credits from equity method investees, tax-exempt interest and dividend income and incentive stock option deductions. The 2013 effective tax rate decreased compared to the prior year primarily due to an increase in our holdings in tax-exempt municipal securities and an increase in tax credits from low income housing tax credit partnerships. See Note 5 to our consolidated financial statements for additional information on income taxes.

Impact of Operating Adjustments on FBL Net Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Realized gains (losses) on investments	$	13,555		$	452		$	(8,296	)
Change in net unrealized gains/losses on derivatives	(1,695		)	1,661			445
Change in amortization of:
Deferred acquisition costs	416			(1,804		)	112
Value of insurance in force acquired	(65		)	(105		)	(46		)
Unearned revenue reserve	42			13			10
Loss on debt redemption	—			(33		)	(33,176		)
Income tax offset	(4,288		)	(64		)	14,336
Net impact of operating income adjustments on continuing operations	7,965			120			(26,615		)
Net impact of discontinued operations	—			(2,939		)	(11,464		)
Net impact of operating income adjustments	$	7,965		$	(2,819	)	$	(38,079	)

34

Impact of Operating Adjustments on FBL Net Income - continued
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Summary of adjustments noted above after offsets and income taxes:
Realized gains/losses on investments	$	8,206		$	(477	)	$	(5,983	)
Change in net unrealized gains/losses on derivatives	(241		)	619			932
Loss on debt redemption	—			(22		)	(21,564		)
Net impact of discontinued operations	—			(2,939		)	(11,464		)
Net impact of operating income adjustments	$	7,965		$	(2,819	)	$	(38,079	)
Net impact per common share - basic	$	0.31		$	(0.10	)	$	(1.24	)
Net impact per common share - assuming dilution	$	0.31		$	(0.10	)	$	(1.22	)

Income taxes on operating income adjustments on continuing operations are recorded at 35% as there are no permanent differences between book and taxable income relating to these adjustments.

Realized Gains (Losses) on Investments
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Realized gains (losses) on investments:
Realized gains on sales	$	18,507		$	18,047		$	5,818
Realized losses on sales	(2,540		)	(568		)	(463		)
Total other-than-temporary impairment charges	(6,662		)	(26,399		)	(20,206		)
Net realized investment gains (losses)	9,305			(8,920		)	(14,851		)
Non-credit losses included in other comprehensive income (loss)	4,250			9,372			6,555
Total reported in statements of operations	$	13,555		$	452		$	(8,296	)

The level of realized gains (losses) is subject to fluctuation from period to period depending on the prevailing interest rate and economic environment and the timing of the sale of investments. See "Financial Condition - Investments" and Note 2 to our consolidated financial statements for details regarding our unrealized gains and losses on available-for-sale securities at December 31, 2013 and 2012.

We monitor the financial condition and operations of the issuers of securities rated below investment grade and of the issuers of certain investment grade securities on which we have concerns regarding credit quality. If we determine that an unrealized loss is other-than-temporary, the security is written down to its fair value. A portion of the write down attributable to credit factors is recognized in net income, with the non-credit portion recognized in accumulated other comprehensive income. See additional details regarding the non-credit portion of the write downs and our methodology for evaluating investments for other-than-temporary impairment in Notes 1 and 2 to our consolidated financial statements.

35

Investment Credit Impairment Losses Recognized in Net Income
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Corporate securities:
Energy	$	—	$	6,461	$	1,850
Finance	421		—		439
Manufacturing	—		—		1,000
Transportation	242		4,382		—
Residential mortgage-backed	618		3,605		1,259
Other asset-backed	156		2,244		3,814
Mortgage loans	804		335		—
Real estate and other assets	171		—		5,289
Total other-than-temporary impairment losses reported in net income	$	2,412	$	17,027	$	13,651

Fixed maturity other-than-temporary credit losses for 2013 were incurred within residential mortgage-backed securities due to changes in the amount and timing of future cash flows resulting in a decline in the present value. Losses within our asset-backed securities and the transportation and finance sectors were due to our intent to reduce our exposure by selling all or a portion of these securities. Losses were incurred on mortgage loans that were restructured.

Fixed maturity other-than-temporary credit impairment losses for 2012 were incurred within the energy sector due to deteriorating operating results of a geothermal operation and an oil tanker carrier. The transportation sector loss related to a global energy transportation company that reported a financial irregularity and filed for bankruptcy protection during the fourth quarter. Losses were incurred within our residential and other asset-backed securities due to weakness in underlying collateral values, reduced reliance on insurance credit support and anticipated interest shortfalls that we were not going to recover.

Fixed maturity other-than-temporary credit impairment losses for 2011 were incurred within several industry sectors. The energy sector loss related to an oil carrier with credit concerns, including a rating agency downgrade. The manufacturing sector and finance sector losses were related to companies restructuring their debt obligations due to financial difficulties. Losses were incurred within our residential and other asset-backed securities, generally due to concerns over potential defaults and weakness in underlying collateral values. Furthermore, during 2011 we recognized an other-than-temporary impairment loss of $4.7 million on an equity method investment with an uncertain future financial condition due to current class action litigation.

Income (Loss) from Discontinued Operations

As a result of the sale of EquiTrust Life, the operations of the component sold and the related loss on sale are reflected as discontinued operations for all periods presented. See Note 15 to our consolidated financial statements for additional details on income (loss) from discontinued operations.

Financial Condition

Investments

Our investment portfolio decreased 1.7% to $7,040.0 million at December 31, 2013 compared to $7,160.7 million at December 31, 2012. The portfolio decreased due to a reduction of $374.9 million of net unrealized appreciation of fixed maturities during 2013 and the execution of capital management transactions as outlined in Note 7 to the consolidated financial statements, partially offset by an increase due to positive cash flows from operating and financing activities. The reduction in net unrealized appreciation of fixed maturities is primarily attributable to an increase in market interest rates. Additional details regarding securities in an unrealized loss position at December 31, 2013 are included in the discussion that follows and in Note 2 to our consolidated financial statements included in Item 8. Details regarding investment impairments are discussed above in the "Realized Gains (Losses) on Investments" section under "Results of Operations."

We manage the investment portfolio to optimize risk-adjusted yield within the context of prudent asset-liability management. We evaluate multiple cash flow testing scenarios as part of this process. The Company's investment policy calls for investing primarily in high quality fixed maturities and commercial mortgage loans.

36

Fixed Maturity Acquisitions Selected Information
	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Cost of acquisitions:
Corporate	$	473,599		$	524,172
Mortgage and asset-backed	157,266			446,053
United States Government and agencies	1,525			—
Tax-exempt municipals	219,399			96,638
Taxable municipals	29,341			27,013
Total	$	881,130		$	1,093,876
Effective annual yield	4.48		%	4.43		%
Credit quality
NAIC 1 designation	69.5		%	60.7		%
NAIC 2 designation	30.1		%	38.5		%
Non-investment grade	0.4		%	0.8		%
Weighted-average life in years	18.0			11.8

The table above summarizes selected information for fixed maturity purchases. The effective annual yield shown is the yield calculated to the "worst-call date." For noncallable bonds, the worst-call date is always the maturity date. For callable bonds, the worst-call date is the call or maturity date that produces the lowest yield. The weighted-average maturity is calculated using scheduled pay-downs and expected prepayments for amortizing securities. For non-amortizing securities, the weighted-average maturity is equal to the stated maturity date.

A portion of the securities acquired during 2013 and 2012 were acquired with the proceeds from advances on our funding agreements with the FHLB. The securities acquired to support these funding agreements often carry a lower average yield than securities acquired to support our other insurance products, due to the shorter maturity and relatively low interest rate paid on those advances. In addition, the municipal securities acquired are exempt from federal income taxes, and accordingly have a higher actual return than reflected in the yields stated above. The average yield of the securities acquired, excluding the securities supporting the funding agreements and using a tax adjusted yield for the municipal securities, was 4.85% in 2013 and 4.87% in 2012.

Investment Portfolio Summary
	December 31, 2013				December 31, 2012
	Carrying Value		Percent		Carrying Value		Percent
	(Dollars in thousands)
Fixed maturities - available for sale:
Public	$	4,630,764	65.8	%	$	4,649,954	64.9	%
144A private placement	1,150,257		16.3		1,297,628		18.1
Private placement	300,732		4.3		318,163		4.5
Total fixed maturities - available for sale	6,081,753		86.4		6,265,745		87.5
Equity securities	91,555		1.3		86,253		1.2
Mortgage loans	575,861		8.2		554,843		7.8
Real estate	4,084		0.1		4,668		0.1
Policy loans	176,993		2.5		174,254		2.4
Short-term investments	108,677		1.5		74,516		1.0
Other investments	1,079		—		371		—
Total investments	$	7,040,002	100.0	%	$	7,160,650	100.0	%

As of December 31, 2013, 95.6% (based on carrying value) of the available-for-sale fixed maturities were investment grade debt securities, defined as being in the highest two National Association of Insurance Commissioners (NAIC) designations. Non-investment grade debt securities generally provide higher yields and involve greater risks than investment grade debt securities because their issuers typically are more highly leveraged and more vulnerable to adverse economic conditions than investment grade issuers. In addition, the trading market for these securities is usually more limited than for investment grade debt securities. We regularly review the percentage of our portfolio that is invested in non-investment grade debt securities

37

(NAIC designations 3 through 6). As of December 31, 2013, no single non-investment grade holding exceeded 0.2% of total investments.

Credit Quality by NAIC Designation and Equivalent Rating
		December 31, 2013				December 31, 2012
NAIC Designation	Equivalent Rating (1)	Carrying Value		Percent		Carrying Value		Percent
		(Dollars in thousands)
1	AAA, AA, A	$	3,729,070	61.3	%	$	3,877,173	61.9	%
2	BBB	2,086,756		34.3		2,054,260		32.8
	Total investment grade	5,815,826		95.6		5,931,433		94.7
3	BB	167,003		2.7		210,875		3.4
4	B	48,972		0.8		80,676		1.2
5	CCC	40,540		0.7		24,930		0.4
6	In or near default	9,412		0.2		17,831		0.3
	Total below investment grade	265,927		4.4		334,312		5.3
	Total fixed maturities - available for sale	$	6,081,753	100.0	%	$	6,265,745	100.0	%

(1) Equivalent ratings are based on those provided by nationally recognized rating agencies with some exceptions for certain residential mortgage, commercial mortgage and asset-backed securities where they are based on the expected loss of the security rather than the probability of default.

See Note 2 to our consolidated financial statements for a summary of fixed maturities by contractual maturity date.

Gross Unrealized Gains and Gross Unrealized Losses by Internal Industry Classification
	December 31, 2013
	Total Carrying Value		Carrying Value of Securities with Gross Unrealized Gains		Gross Unrealized Gains		Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses
	(Dollars in thousands)
Corporate securities:
Basic industrial	$	312,228	$	190,635	$	18,429	$	121,593	$	(9,961	)
Capital goods	204,795		149,261		13,673		55,534		(3,751		)
Communications	115,997		88,504		8,434		27,493		(2,716		)
Consumer cyclical	220,163		154,333		11,163		65,830		(4,148		)
Consumer noncyclical	337,491		188,831		16,029		148,660		(11,381		)
Energy	398,738		324,422		31,497		74,316		(4,527		)
Finance	718,477		599,733		47,628		118,744		(6,632		)
Transportation	79,022		70,567		6,379		8,455		(1,199		)
Utilities	860,722		654,570		72,469		206,152		(20,048		)
Other	59,146		40,262		3,450		18,884		(485		)
Total corporate securities	3,306,779		2,461,118		229,151		845,661		(64,848		)
Mortgage and asset-backed securities	1,381,938		1,052,138		74,859		329,800		(21,803		)
United States Government and agencies	43,281		38,874		4,218		4,407		(198		)
State, municipal and other governments	1,349,755		977,470		60,869		372,285		(29,034		)
Total	$	6,081,753	$	4,529,600	$	369,097	$	1,552,153	$	(115,883	)

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Gross Unrealized Gains and Gross Unrealized Losses by Internal Industry Classification
	December 31, 2012
	Total Carrying Value		Carrying Value of Securities with Gross Unrealized Gains		Gross Unrealized Gains		Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses
	(Dollars in thousands)
Corporate securities:
Basic industrial	$	262,068	$	250,190	$	32,086	$	11,878	$	(1,488	)
Capital goods	200,164		188,833		25,292		11,331		(345		)
Communications	109,376		106,462		14,099		2,914		(86		)
Consumer cyclical	223,885		198,103		17,576		25,782		(477		)
Consumer noncyclical	317,162		296,401		35,802		20,761		(297		)
Energy	397,046		395,372		56,768		1,674		(27		)
Finance	801,565		699,674		68,374		101,891		(6,940		)
Transportation	85,195		85,195		11,187		—		—
Utilities	836,785		804,200		131,292		32,585		(516		)
Other	62,337		60,367		6,668		1,970		(7		)
Total corporate securities	3,295,583		3,084,797		399,144		210,786		(10,183		)
Mortgage and asset-backed securities	1,674,714		1,489,283		113,613		185,431		(21,154		)
United States Government and agencies	49,009		49,009		6,930		—		—
State, municipal and other governments	1,246,439		1,197,279		142,704		49,160		(2,917		)
Total	$	6,265,745	$	5,820,368	$	662,391	$	445,377	$	(34,254	)

Non-Sovereign European Debt Exposure
	December 31, 2013				December 31, 2012
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
Italy	$	19,700	$	20,003	$	19,694	$	20,682
Spain	15,429		19,256		15,429		18,913
Ireland	13,037		15,155		8,976		10,701
Subtotal	48,166		54,414		44,099		50,296
United Kingdom	182,671		182,762		129,061		139,682
Netherlands	60,952		64,335		51,745		59,348
France	37,223		39,564		37,914		42,383
Other countries	77,471		78,881		45,936		50,433
Subtotal	358,317		365,542		264,656		291,846
Total European exposure	$	406,483	$	419,956	$	308,755	$	342,142

The table above reflects our exposure to non-sovereign European debt. This represents 6.9% of total fixed maturities as of December 31, 2013 and 5.5% of total fixed maturities as of December 31, 2012. The exposures are primarily in the industrial, finance and utility sectors. We do not own any securities issued by European governments.

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Credit Quality of Available-for-Sale Fixed Maturities with Unrealized Losses
		December 31, 2013
NAIC Designation	Equivalent Rating	Carrying Value of Securities with  Gross Unrealized  Losses		Percent of Total		Gross Unrealized Losses			Percent of Total
		(Dollars in thousands)
1	AAA, AA, A	$	912,892	58.8	%	$	(64,755	)	55.9	%
2	BBB	534,998		34.5		(34,998		)	30.2
	Total investment grade	1,447,890		93.3		(99,753		)	86.1
3	BB	81,622		5.3		(10,649		)	9.2
4	B	7,290		0.5		(961		)	0.8
5	CCC	10,104		0.6		(1,444		)	1.2
6	In or near default	5,247		0.3		(3,076		)	2.7
	Total below investment grade	104,263		6.7		(16,130		)	13.9
	Total	$	1,552,153	100.0	%	$	(115,883	)	100.0	%

		December 31, 2012
NAIC Designation	Equivalent Rating	Carrying Value of Securities with  Gross Unrealized  Losses		Percent of Total		Gross Unrealized Losses			Percent of Total
		(Dollars in thousands)
1	AAA, AA, A	$	176,253	39.5	%	$	(5,731	)	16.7	%
2	BBB	134,355		30.2		(3,315		)	9.7
	Total investment grade	310,608		69.7		(9,046		)	26.4
3	BB	67,380		15.1		(3,801		)	11.1
4	B	44,961		10.1		(14,227		)	41.5
5	CCC	13,621		3.1		(1,263		)	3.7
6	In or near default	8,807		2.0		(5,917		)	17.3
	Total below investment grade	134,769		30.3		(25,208		)	73.6
	Total	$	445,377	100.0	%	$	(34,254	)	100.0	%

Available-For-Sale Fixed Maturities with Unrealized Losses by Length of Time
	December 31, 2013
	Amortized Cost				Gross Unrealized Losses
	Market Value is Less than 75% of Cost		Market Value is  75% or Greater  than Cost		Market Value is Less than 75% of Cost			Market Value is 75% or Greater than Cost
	(Dollars in thousands)
Three months or less	$	—	$	328,708	$	—		$	(6,173	)
Greater than three months to six months	—		137,884		—			(4,492		)
Greater than six months to nine months	—		1,008,528		—			(81,485		)
Greater than nine months to twelve months	—		27,343		—			(2,997		)
Greater than twelve months	22,109		143,464		(7,005		)	(13,731		)
Total	$	22,109	$	1,645,927	$	(7,005	)	$	(108,878	)

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Available-For-Sale Fixed Maturities with Unrealized Losses by Length of Time
	December 31, 2012
	Amortized Cost				Gross Unrealized Losses
	Market Value is Less than 75% of Cost		Market Value is 75% or Greater than Cost		Market Value is Less than 75% of Cost			Market Value is 75% or Greater than Cost
	(Dollars in thousands)
Three months or less	$	—	$	168,537	$	—		$	(2,238	)
Greater than three months to six months	—		33,622		—			(923		)
Greater than six months to nine months	—		9,276		—			(109		)
Greater than nine months to twelve months	—		18,424		—			(369		)
Greater than twelve months	51,957		197,815		(18,691		)	(11,924		)
Total	$	51,957	$	427,674	$	(18,691	)	$	(15,563	)

Available-For-Sale Fixed Maturities with Unrealized Losses by Maturity Date
	December 31, 2013					December 31, 2012
	Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses			Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses
	(Dollars in thousands)
Due in one year or less	$	129	$	(1	)	$	—	$	—
Due after one year through five years	21,508		(1,525		)	28,999		(3,793		)
Due after five years through ten years	182,126		(8,459		)	42,320		(711		)
Due after ten years	1,018,590		(84,095		)	188,627		(8,596		)
	1,222,353		(94,080		)	259,946		(13,100		)
Mortgage and asset-backed	329,800		(21,803		)	185,431		(21,154		)
Total	$	1,552,153	$	(115,883	)	$	445,377	$	(34,254	)

See Note 2 to our consolidated financial statements for additional analysis of these unrealized losses.

Mortgage and Asset-Backed Securities

Mortgage and other asset-backed securities are purchased when we believe these types of investments provide superior risk-adjusted returns compared to returns of more conventional investments such as corporate bonds and mortgage loans. These securities are diversified as to collateral types, cash flow characteristics and maturity.

The repayment pattern on mortgage and other asset-backed securities is more variable than that of more traditional fixed maturity securities because the repayment terms are tied to underlying debt obligations that are subject to prepayments, which in the current economic environment includes defaults. The prepayment speeds (e.g., the rate of individuals refinancing their home mortgages) can vary based on a number of economic factors that cannot be predicted with certainty. These factors include the prevailing interest rate environment and general status of the economy.

At each balance sheet date, we review and update our expectation of future prepayment speeds and the book value of the mortgage and other asset-backed securities purchased at a premium or discount is reset, if needed, to result in a constant effective yield over the life of the security. This effective yield is computed using historical principal payments and expected future principal payment patterns. Any adjustments to book value to derive the constant effective yield, which may include the reversal of premium or discount amounts previously amortized or accrued, are recorded in the current period as a component of net investment income. Accordingly, deviations in actual prepayment speeds from that originally expected or changes in expected prepayment speeds can cause a change in the yield earned on mortgage and other asset-backed securities purchased at a premium or discount and may result in adjustments that have a material positive or negative impact on reported results. Increases in prepayment speeds, which typically occur in a decreasing interest rate environment, generally increase the rate at which discount is accrued and premium is amortized into income. Decreases in prepayment speeds, which typically occur in an increasing interest rate environment, generally slow down the rate at which these amounts are recorded into income.

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Mortgage and Asset-Backed Securities by Type
	December 31, 2013
	Amortized Cost		Par Value		Carrying  Value		Percent of Fixed Maturities
	(Dollars in thousands)
Residential mortgage-backed securities:
Sequential	$	312,822	$	374,692	$	334,326	5.5	%
Pass-through	23,801		23,734		25,657		0.4
Planned and targeted amortization class	149,693		148,104		152,681		2.5
Other	6,674		9,551		8,064		0.1
Total residential mortgage-backed securities	492,990		556,081		520,728		8.5
Commercial mortgage-backed securities	391,845		399,782		404,667		6.7
Other asset-backed securities	444,047		488,803		456,543		7.5
Total	$	1,328,882	$	1,444,666	$	1,381,938	22.7	%

	December 31, 2012
	Amortized Cost		Par Value		Carrying  Value		Percent of Fixed Maturities
	(Dollars in thousands)
Residential mortgage-backed securities:
Sequential	$	404,252	$	468,821	$	424,922	6.8	%
Pass-through	31,496		31,309		34,614		0.6
Planned and targeted amortization class	184,537		183,265		201,051		3.2
Other	12,670		15,713		13,595		0.2
Total residential mortgage-backed securities	632,955		699,108		674,182		10.8
Commercial mortgage-backed securities	463,504		470,474		510,819		8.1
Other asset-backed securities	485,796		538,489		489,713		7.8
Total	$	1,582,255	$	1,708,071	$	1,674,714	26.7	%

The residential mortgage-backed portfolio includes government agency pass-through and collateralized mortgage obligation (CMO) securities. With a government agency pass-through security, we receive a pro rata share of principal payments as payments are made on the underlying mortgage loans. CMOs consist of pools of mortgages divided into sections or "tranches" which provide sequential retirement of the bonds. We primarily invest in sequential tranches which provide cash flow stability in that principal payments do not occur until the previous tranches are paid off. In addition, to provide call protection and more stable average lives, we invest in CMOs such as planned amortization class (PAC) and targeted amortization class (TAC) securities. CMOs of these types provide more predictable cash flows within a range of prepayment speeds by shifting the prepayment risks to support tranches. We generally do not purchase certain types of CMOs that we believe would subject the investment portfolio to excessive risk.

The commercial mortgage-backed securities are primarily sequential securities. Commercial mortgage-backed securities typically have cash flows that are less subject to refinance risk than residential mortgage-backed securities principally due to prepayment restrictions on many of the underlying commercial mortgage loans.

The other asset-backed securities are backed by both residential and non-residential collateral. The collateral for residential asset-backed securities primarily consists of second lien fixed-rate home equity loans. The cash flows of these securities are less subject to prepayment risk than residential mortgage-backed securities as the borrowers are less likely to refinance than those with only a first lien mortgage. The collateral for non-residential asset-backed securities primarily includes securities backed by credit card receivables, auto dealer receivables, auto installment loans, aircraft leases, middle market and syndicated business loans, timeshare receivables and trade and account receivables. These securities are high quality, short-duration assets with limited cash flow variability.

Our direct exposure to the Alt-A home equity and subprime first-lien sectors is limited to investments in structured securities collateralized by senior tranches of residential mortgage loans. We also have a partnership interest in two funds at December 31, 2013 and at December 31, 2012, that own securities backed by Alt-A home equity, subprime first-lien and adjustable rate mortgage collateral. The funds are reported as securities and indebtedness of related parties in our consolidated balance sheets

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with a fair value of $17.9 million at December 31, 2013 and $24.2 million at December 31, 2012. We do not own any direct investments in subprime lenders.

Mortgage and Asset-Backed Securities by Collateral Type
	December 31, 2013						December 31, 2012
	Amortized Cost		Carrying Value		Percent of Fixed Maturities		Amortized Cost		Carrying Value		Percent of Fixed Maturities
	(Dollars in thousands)
Government agency	$	199,372	$	207,065	3.4	%	$	258,461	$	285,763	4.6	%
Prime	166,667		180,236		2.9		220,925		232,277		3.7
Alt-A	178,653		190,217		3.1		204,712		206,847		3.3
Subprime	31,766		29,891		0.5		12,356		8,912		0.1
Commercial mortgage	391,845		404,667		6.7		463,504		510,819		8.1
Non-mortgage	360,579		369,862		6.1		422,297		430,096		6.9
Total	$	1,328,882	$	1,381,938	22.7	%	$	1,582,255	$	1,674,714	26.7	%

The mortgage and asset-backed securities can be summarized into three broad categories: residential, commercial and other asset-backed securities.

Residential Mortgage-Backed Securities by Collateral Type and Origination Year
	December 31, 2013
	Government & Prime				Alt-A				Total
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
2013-2008	$	155,539	$	157,708	$	855	$	868	$	156,394	$	158,576
2007	32,825		38,612		27,979		28,397		60,804		67,009
2006	22,704		26,350		28,801		32,131		51,505		58,481
2005	12,822		14,332		3,823		4,613		16,645		18,945
2004 and prior	122,869		130,740		84,773		86,977		207,642		217,717
Total	$	346,759	$	367,742	$	146,231	$	152,986	$	492,990	$	520,728

	December 31, 2012
	Government & Prime				Alt-A				Total
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
2012-2008	$	201,055	$	219,120	$	1,457	$	1,511	$	202,512	$	220,631
2007	30,133		33,293		28,154		27,018		58,287		60,311
2006	25,436		27,680		28,090		28,635		53,526		56,315
2005	16,976		18,757		4,110		4,679		21,086		23,436
2004 and prior	200,394		214,138		97,150		99,351		297,544		313,489
Total	$	473,994	$	512,988	$	158,961	$	161,194	$	632,955	$	674,182

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Residential Mortgage-Backed Securities by NAIC Designation and Equivalent Rating
		December 31, 2013				December 31, 2012
NAIC Designation	Equivalent Rating	Carrying Value		Percent of Total		Carrying Value		Percent of Total
		(Dollars in thousands)
1	AAA, AA, A	$	473,391	90.9	%	$	618,541	91.7	%
2	BBB	18,670		3.6		12,763		1.9
3	BB	17,920		3.4		21,255		3.2
4	B	10,747		2.1		11,356		1.7
5	CCC	—		—		10,267		1.5
	Total	$	520,728	100.0	%	$	674,182	100.0	%

Commercial Mortgage-Backed Securities by Origination Year
	December 31, 2013				December 31, 2012
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
2013	$	20,421	$	18,423	$	—	$	—
2011	88,494		90,998		88,483		101,251
2010	4,999		5,308		15,206		16,042
2009	13,660		15,593		20,049		24,445
2008 and prior	264,271		274,345		339,766		369,081
Total	$	391,845	$	404,667	$	463,504	$	510,819

Commercial Mortgage-Backed Securities by NAIC Designation and Equivalent Rating
		December 31, 2013				December 31, 2012
NAIC Designation	Equivalent Rating	Carrying Value		Percent of Total		Carrying Value		Percent of Total
		(Dollars in thousands)
1	GNMA	$	195,987	48.4	%	$	223,311	43.7	%
1	FNMA	13,816		3.4		15,272		3.0
1	AAA, AA, A
	Generic	91,797		22.7		146,143		28.6
	Super Senior	49,798		12.3		70,519		13.8
	Mezzanine	18,046		4.5		18,043		3.5
	Junior	20,418		5.0		20,398		4.0
	Total AAA, AA, A	180,059		44.5		255,103		49.9
2	BBB	5,898		1.5		6,348		1.3
3	BB	6,855		1.7		7,863		1.5
4	B	2,052		0.5		2,922		0.6
	Total	$	404,667	100.0	%	$	510,819	100.0	%

Government National Mortgage Association (GNMA), guarantees principal and interest on mortgage backed securities. The guarantee is backed by the full faith and credit of the United States Government. The Federal National Mortgage Association (FNMA) is a government-sponsored enterprise (GSE) that was chartered by Congress to reduce borrowing costs for certain homeowners. GSE's carry an implicit backing of the U.S. Government but do not have explicit guarantees like GNMA.

The AAA, AA and A rated commercial mortgage-backed securities are broken down into categories based on subordination levels. Rating agencies disclose subordination levels, which measure the amount of credit support that the bonds (or tranches) have from subordinated bonds (or tranches). Generic is a term used for securities issued prior to 2005. The super senior securities have subordination levels greater than 27%, the mezzanine securities have subordination levels in the 17% to 27% range and the junior securities have subordination levels in the 9% to 16% range. Also included in the commercial mortgage- backed securities are military housing bonds totaling $96.6 million at December 31, 2013 and $95.1 million at December 31,

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2012. These bonds are used to fund the construction of multi-family homes on United States military bases. The bonds are backed by a first mortgage lien on residential military housing projects.

Other Asset-Backed Securities by Collateral Type and Origination Year
	December 31, 2013
	Government & Prime				Alt-A				Subprime				Non-Mortgage				Total
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
2013	$	—	$	—	$	—	$	—	$	—	$	—	$	56,581	$	56,653	$	56,581	$	56,653
2012	—		—		—		—		—		—		141,400		143,578		141,400		143,578
2011	—		—		—		—		—		—		36,496		37,536		36,496		37,536
2010	—		—		—		—		—		—		6,198		6,348		6,198		6,348
2008 and prior	19,280		19,559		32,422		37,231		31,766		29,891		119,904		125,747		203,372		212,428
Total	$	19,280	$	19,559	$	32,422	$	37,231	$	31,766	$	29,891	$	360,579	$	369,862	$	444,047	$	456,543

	December 31, 2012
	Government & Prime				Alt-A				Subprime				Non-Mortgage				Total
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
2012	$	—	$	—	$	—	$	—	$	—	$	—	$	149,056	$	152,723	$	149,056	$	152,723
2011	—		—		—		—		—		—		47,781		49,416		47,781		49,416
2010	—		—		—		—		—		—		63,316		63,640		63,316		63,640
2009	—		—		—		—		—		—		2,889		2,888		2,889		2,888
2008 and prior	5,392		5,052		45,751		45,653		12,356		8,912		159,255		161,429		222,754		221,046
Total	$	5,392	$	5,052	$	45,751	$	45,653	$	12,356	$	8,912	$	422,297	$	430,096	$	485,796	$	489,713

Other Asset-Backed Securities by NAIC Designation and Equivalent Rating
		December 31, 2013				December 31, 2012
NAIC Designation	Equivalent Ratings	Carrying Value		Percent of Total		Carrying Value		Percent of Total
		(Dollars in thousands)
1	AAA, AA, A	$	400,140	87.6	%	$	434,160	88.7	%
2	BBB	14,327		3.1		21,238		4.3
3	BB	10,350		2.3		5,588		1.1
4	B	5,816		1.3		11,041		2.3
5	CCC	17,896		3.9		6,825		1.4
6	In or near default	8,014		1.8		10,861		2.2
	Total	$	456,543	100.0	%	$	489,713	100.0	%

State, Municipal and Other Government Securities

State, municipal and other government securities totaled $1.3 billion, or 22.2% of total fixed maturities at December 31, 2013, and include investments in general obligation, revenue and municipal housing bonds. Our investment strategy is to utilize municipal bonds in addition to corporate bonds, as we believe they provide additional diversification and have historically low default rates compared with similarly rated corporate bonds. We evaluate the credit strength of the underlying issues on both a quantitative and qualitative basis, excluding insurance, prior to acquisition. The majority of the municipal bonds we hold are investment grade credits without consideration of insurance. Our municipal bonds are well diversified by type and geography with the top exposure being water and sewer revenue bonds. We do not hold direct obligations of the City of Detroit, which filed for bankruptcy protection during July 2013. In addition, we do not hold any Puerto Rico related bonds, which has also been in the news recently given its financial issues. Exposure to the state of Illinois and municipalities within the state accounted for 1.7% of our total fixed maturities at December 31, 2013. As of December 31, 2013, Illinois related holdings held in the portfolio were A-rated or above, and were trading at 101.8% of amortized cost. Our municipal bond exposure had an average rating of AA and was trading at 102.4% of amortized cost at December 31, 2013.

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Equity Securities

Equity securities totaled $91.6 million at December 31, 2013 and $86.3 million at December 31, 2012. Gross unrealized gains totaled $3.9 million and gross unrealized losses totaled $2.4 million at December 31, 2013. At December 31, 2012, gross unrealized gains totaled $4.8 million and gross unrealized losses totaled $0.7 million on these securities. The unrealized losses were primarily attributable to non-redeemable perpetual preferred securities from issuers in the financial sector. See Note 2 to our consolidated financial statements for further discussion regarding our analysis of unrealized losses related to these securities.

Mortgage Loans

Mortgage loans totaled $575.9million at December 31, 2013 and $554.8 million at December 31, 2012. Our mortgage loans are diversified as to property type, location and loan size, and are collateralized by the related properties. The total number of commercial mortgage loans outstanding was 143 at December 31, 2013 and 142 at December 31, 2012. In 2013, new loans ranged from $1.9 million to $9.3 million in size, with an average loan size of $4.7 million, an average loan term of 14 years and an average yield of 4.43%. Our mortgage lending policies establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. The majority of our mortgage loans amortize principal, with 3.1% that are interest only loans at December 31, 2013. At December 31, 2013, the average loan-to-value of the current outstanding principal balance using the most recent appraised value was 54.9% and the weighted average debt service coverage ratio was 1.5 based on the results of our 2012 annual study. See Note 2 to our consolidated financial statements for further discussion regarding our mortgage loans.

Other Assets

Deferred acquisition costs increased 64.2% to $335.5 million at December 31, 2013, primarily due to a $116.8 million decrease in the impact of the change in unrealized appreciation/depreciation on fixed maturity securities. Assets held in separate accounts increased 12.1% to $694.0 million primarily due to market performance on the underlying investment portfolios. Securities and indebtedness of related parties increased 15.6% to $116.3 million primarily due to additional investments made in equity investees specializing in low income housing. Cash and cash equivalents decreased $71.7 million in 2013 primarily due to capital deployment actions executed during the year.

Liabilities

Future policy benefits increased 5.2% to $5,794.0 million at December 31, 2013 primarily due to an increase in the volume of annuity and life insurance business in force. Assets held in separate accounts increased 12.1% to $694.0 million primarily due to market performance on the underlying investment portfolios. Deferred income taxes decreased 41.1% to $122.8 million at December 31, 2013, primarily due to a $92.9 million decrease in the tax impact of the change in unrealized appreciation/depreciation on investments.

As discussed in Note 6 to our consolidated financial statements, during September 2013, we redeemed our $50.0 million long-term debt payable to affiliates.

Stockholders' Equity

FBL Financial Group, Inc. stockholders' equity decreased 13.8% to $1,044.7 million at December 31, 2013, compared to $1,212.2 million at December 31, 2012, primarily due to the change in unrealized appreciation of fixed maturity securities during the period and capital deployment actions, partially offset by net income. As discussed in Note 7 to our consolidated financial statements, during the year stockholders' equity was impacted by several capital deployment actions including a 36 percent increase in the quarterly cash dividend to $0.15 per share, a special cash dividend of $2.00 per share on Class A and Class B common stock and a repurchase of 1,023,948 shares of Class B common stock.

At December 31, 2013, FBL's common stockholders' equity was $1,041.7 million, or $42.08per share, compared to $1,209.2 million, or $47.47 per share at December 31, 2012. Included in stockholders' equity per common share is $4.81 at December 31, 2013 and $11.38 at December 31, 2012 attributable to accumulated other comprehensive income.

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Market Risks of Financial Instruments

Interest Rate Risk

Interest rate risk is our primary market risk exposure. Substantial and sustained increases and decreases in market interest rates can affect the profitability of insurance products and fair value of investments. The yield realized on new investments generally increases or decreases in direct relationship with interest rate changes. The fair value of our fixed maturity and mortgage loan portfolios generally increases when interest rates decrease and decreases when interest rates increase.

A majority of our insurance liabilities are backed by fixed maturity securities and mortgage loans. The weighted average life of the fixed maturity and mortgage loan portfolio, based on fair values, was approximately 10.4 years at December 31, 2013 and 9.4 years at December 31, 2012. Accordingly, the earned rate on the portfolio lags behind changes in market yields. The extent that the portfolio yield lags behind changes in market yields generally depends upon the following factors:

• The average life of the portfolio.

• The amount and speed at which market interest rates rise or fall.

• The amount by which bond calls, mortgage loan prepayments and paydowns on mortgage and asset-backed securities accelerate during periods of declining interest rates or decelerate during periods of increasing interest rates.

Expected Cash Flows from Investments
	Amortized Cost December 31, 2013		2014		2015		2016		2017		2018		2019 and Thereafter
	(Dollars in thousands)
Fixed maturity securities	$	5,828,539	$	324,465	$	356,686	$	315,122	$	311,634	$	399,767	$	4,120,865
Mortgage loans	575,861		36,091		34,918		50,534		33,655		63,746		356,917
Total	$	6,404,400	$	360,556	$	391,604	$	365,656	$	345,289	$	463,513	$	4,477,782

The table above summarizes cash inflows from the maturity or prepayment of fixed maturity securities and mortgage loans that will be available for benefits or reinvestment. These cash flow estimates are based on our existing investment holdings and do not anticipate the effect of new acquisitions. The estimates include assumptions for the timing of paydowns on asset-backed and other securities, and accordingly, may not represent actual amounts that will be received during the periods presented.

For a majority of our products, profitability is significantly affected by the spreads between interest yields on investments and interest crediting rates on our insurance liabilities. For variable annuities and variable universal life policies, profitability on the portion of the policyholder's account balance invested in the fixed general account option, if any, is also affected by the spreads earned. For the variable products, the policyholder assumes essentially all the investment earnings risk for the portion of the account balance invested in the separate accounts.

For a portion of our business in force, we have the ability to adjust interest or dividend crediting rates in response to changes in portfolio yield. However, the ability to adjust these rates is limited by competitive factors and contractual guarantees. Surrender rates could increase and new sales could be negatively impacted if the crediting rates are not competitive with the rates on similar products offered by other insurance companies and financial services institutions. In addition, if market rates were to decrease substantially and stay at a low level for an extended period of time, our spread could be lowered due to interest rate guarantees on many of our interest sensitive products. See "Part 1, Item 1 - Business, Segmentation of Our Business" for the ranges of guaranteed rates and where our products fall within those ranges.

A prolonged period of low interest rates may result in increased downward pressure on average earned yields for the investment portfolios supporting our annuity and universal life business as higher yielding fixed maturity securities and mortgages are sold, mature or are prepaid and replaced with lower yielding investments. Lower investment income may cause us to lower crediting rates on our spread based annuity and life insurance products, which in turn may reduce their attractiveness to potential customers. Failure to lower crediting rates as portfolio investment yields decline either by choice, to ensure our spread based insurance products are competitive within the market place, or for contractual reasons in the case of products earning guaranteed rates, will result in lower earnings.

The following is a hypothetical illustration of the potential impact to average investment yields of a static 2.00% 10-year U.S. Treasury rate during 2014 and 2015 without any corresponding change in current spreads. The level of investments maturing

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and requiring reinvestment are based on projections of the current investment portfolios supporting these blocks of business without incorporation of new business. We estimate that this scenario would decrease average investment yields supporting our annuity business by 0.10% to 0.15% and our universal life business by 0.05% to 0.10% annually over the near term. In addition to not incorporating the impact of new business, this hypothetical illustration does not reflect the potential impact of policyholder behavior. An increase in net cash flows from that modeled will accelerate the pace at which the portfolio yield will decrease and a decrease in the net cash flows from that modeled will slow down the pace at which the portfolio yield will decrease. Accordingly, actual investment yields could differ materially from those presented. Furthermore, the impact of a decline in portfolio yield on net income is dependent on our ability and willingness to adjust crediting rates.

Interest Crediting Rates Compared to Guarantees
	Liabilities at December 31, 2013		Percent Above Minimum Guarantee
	(Dollars in thousands)
Discretionary rate setting products with minimum guarantees:
Traditional annuities	$	2,659,187	38.3	%
Universal life insurance	741,781		12.6
Variable annuities and variable universal life insurance	326,309		—
Total discretionary products	3,727,277
Non-discretionary products	551,594
Total interest sensitive product liabilities	$	4,278,871

Non-discretionary products primarily represent funding agreements, guaranteed investment contracts and supplemental contracts involving life contingencies where we do not have the ability to adjust crediting rates.

We design our products to encourage persistency and manage our investment portfolio in a manner to help ensure targeted spreads are earned. In addition to the ability to change interest crediting rates on our products, certain interest sensitive contracts have surrender and withdrawal penalty provisions. Products such as supplementary contracts with life contingencies are not subject to surrender or discretionary withdrawal. Depending on the product, surrender charge rates on annuity contracts range up to 10.0% and surrender charge periods range up to 10 years and typically decrease 1.0% for every one-to-two years the contract is in force.

Surrender and Discretionary Withdrawal Characteristics of Interest Sensitive Products and Supplementary Contracts Without Life Contingencies
	Liabilities at December 31, 2013
	(Dollars in thousands)
Surrender charge rate:
Greater than or equal to 5%	$	578,443
Less than 5%, but still subject to surrender charge	666,447
Not subject to surrender charge	2,842,072
Not subject to surrender or discretionary withdrawal	541,670
Total	$	4,628,632

A major component of our asset-liability management program is structuring the investment portfolio with cash flow characteristics consistent with the cash flow characteristics of our insurance liabilities. We use models to perform simulations of the cash flows generated from existing insurance policies under various interest rate scenarios. Information from these models is used in the determination of investment strategies. Effective duration is a common measure for price sensitivity to changes in interest rates. It measures the approximate percentage change in the fair value of a portfolio when interest rates change by 100 basis points. This measure includes the impact of estimated changes in portfolio cash flows from features such as bond calls and prepayments. When the estimated durations of assets and liabilities are similar, exposure to interest rate risk is reduced because a change in the value of assets should be largely offset by a change in the value of liabilities.

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Our exposure to interest rate risk stems largely from our annuity products as the cash flows of these products can vary significantly with changes in interest rates. We have holdings in fixed maturity and mortgage loan portfolios to offset the interest rate risk of our annuity products. We actively manage the projected cash flows and duration of these assets and liabilities by minimizing the difference between the two. While it can be difficult to maintain asset and liability durations that are perfectly matched in a dynamic environment, we have identified various strategies that can be implemented if duration mismatches exceed acceptable tolerances. The effective duration of the fixed maturity and mortgage loan portfolios backing our annuity products was 6.0 at December 31, 2013 and 5.5 at 2012. The effective duration of our annuity liabilities was approximately 6.3 at December 31, 2013 and 6.5 at December 31, 2012.

If interest rates were to increase 10% from levels at December 31, 2013 and 2012, the fair value of our fixed maturity securities and short-term investments would decrease approximately $126.8 million at December 31, 2013 and $75.8 million at December 31, 2012. These hypothetical changes in value do not take into account any offsetting change in the value of insurance liabilities for investment contracts since we estimate such value to be the cash surrender value for a portion of the underlying contracts. If interest rates were to decrease 10% from levels at December 31, 2013 and 2012 the fair value of our debt would increase $2.9 million at December 31, 2013, and $2.4 million at December 31, 2012.

The models used to estimate the impact of a 10% change in market interest rates utilize many assumptions and estimates that materially impact the fair value calculations. Key assumptions in the models include an immediate and parallel shift in the yield curve and an acceleration of bond calls and principal prepayments on mortgage and other asset-backed securities. The above estimates do not attempt to measure the financial statement impact on the resulting change in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves, policyholder liabilities and income taxes. Due to the subjectivity of these assumptions, the actual impact of a 10% change in rates on the fair values would likely be different from that estimated.

Equity Risk

Equity price risk is limited due to the relatively small equity portfolio held at December 31, 2013. However, we are exposed to equity price risk in the following ways:

• We earn mortality and expense fee income based on the value of our separate accounts at annual rates ranging from 0.00% to 1.45% for2013, 2012 and 2011. As a result, revenues from these sources do fluctuate with changes in the fair value of the equity, fixed maturity and other securities held by the separate accounts.

• We have equity price risk to the extent we may owe amounts under the guaranteed minimum death benefit and guaranteed minimum income benefit provisions of our variable annuity contracts. See Note 4 to our consolidated financial statements for additional discussion of these provisions.

• The amortization of deferred acquisition costs on our variable business can fluctuate with changes in the performance of the underlying separate accounts. See the Corporate and Other Segment discussion above for additional discussion of this amortization.

Credit Risk

We have exposure to credit risk as it relates to the uncertainty associated with the continued ability of a given entity to make timely payments of principal and interest. See "Financial Condition - Investments" for additional information about credit risk in our investment portfolio.

Liquidity and Capital Resources

Cash Flows

During 2013, our operating activities generated cash flows totaling $182.3 million consisting of net income of $108.4 million adjusted for non-cash revenues and expenses netting to $73.9 million. We used cash of $278.0 million in our investing activities during 2013. The primary uses were $1,077.1 million of investment acquisitions, mostly in fixed maturity securities, partially offset by $845.2 million in sales, maturities and repayment of investments. Our financing activities provided cash of $24.0 million during 2013. The primary financing source was $565.3 million in receipts from interest sensitive products credited to policyholder account balances, which was partially offset by $384.9 million for return of policyholder account balances on interest sensitive products. Also, we used $43.7 million for the net repurchase and issuance of common stock and $50.0 million for the repayment of long-term debt.

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Sources and Uses of Capital Resources

Parent company cash inflows from operations consist primarily of (i) fees that it charges the various subsidiaries and affiliates for management of their operations, (ii) expense reimbursements and tax settlements from subsidiaries and affiliates, (iii) proceeds from the exercise of employee stock options, (iv) proceeds from borrowings, (v) investment income and (vi) dividends from subsidiaries, if declared and paid. Revenue sources for the parent company during 2013 included management fees from subsidiaries and affiliates of $3.8million. Cash outflows are principally for salaries, taxes and other expenses related to providing these management services, dividends on outstanding stock, stock repurchases, interest and principal repayments on our parent company debt and capital contributions to subsidiaries.

During 2013, we took several steps to manage capital, including a 36 percent increase in the quarterly cash dividend to $0.15 per share, a special cash dividend of $2.00 per share on Class A and Class B common stock, a tender offer for 99 percent of Class B common shares and the repayment of $50.0 million of affiliate debt. The tender offer resulted in repurchase of 1,023,948 Class B common shares for $46.4 million. These transactions were funded with available cash resources at the parent company and a $120.0 million dividend from Farm Bureau Life.

The parent company also received proceeds from the sale of EquiTrust Life at the end of 2011, as discussed in Note 15 to our consolidated financial statements. A portion of the proceeds have been used to redeem part of our debt and to fund the repurchase of common stock pursuant to our stock repurchase plan.

In the fourth quarter of 2011, the Board of Directors approved a plan to repurchase up to $200.0 million of Class A common stock, with an additional $30.0 million approved during the fourth quarter 2012. These repurchase plans authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. As discussed in Note 7 to our consolidated financial statements, during 2012, we repurchased 5.5 million shares of stock for $181.9 million, including expenses, primarily due to executing stock repurchases in connection with a tender offer conducted during the first quarter 2012. During 2013, we repurchased 0.4 million shares of Class A stock for $14.2 million. At December 31, 2013, $20.3 million remains available for repurchase under these plans. Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice.

As discussed in Note 15 to our consolidated financial statements, in connection with the EquiTrust Life sale, we redeemed $175.0 million of Senior Notes with non-affiliates in January 2012. On December 30, 2011, we exercised the provisions of the trust indentures and deposited $211.6 million into two irrevocable debt defeasance trusts for the principal, accrued interest and estimated make-whole premium on the Senior Notes with non-affiliates. Funds of $210.9 million from the trusts were used to pay-off the Senior Notes with non-affiliates on January 30, 2012 and the remaining balance in the trusts of $0.7 million was returned to us. In September 2013, we redeemed our remaining $50.0 million in Senior Notes with affiliates. Interest payments on all debt totaled $7.1 million in 2013, $11.4 million in 2012 and $22.3 million in 2011. The 2012 interest payments include $3.5 million from the debt defeasance trusts for the Senior Notes redeemed in 2012. Interest payments on our debt outstanding at December 31, 2013 are estimated to be $4.9 million in 2014.

Farm Bureau Life's cash inflows primarily consist of premium income, deposits to policyholder account balances, income from investments, sales, maturities and calls of investments and repayments of investment principal. Farm Bureau Life's cash outflows are primarily related to withdrawals of policyholder account balances, investment purchases, payment of policy acquisition costs, policyholder benefits, income taxes, current operating expenses and dividends. Life insurance companies generally produce a positive cash flow which may be measured by the degree to which cash inflows are adequate to meet benefit obligations to policyholders and normal operating expenses as they are incurred. The remaining cash flow is generally used to increase the asset base to provide funds to meet the need for future policy benefit payments and for writing new business. Continuing operations and financing activities from Farm Bureau Life relating to interest sensitive products provided funds totaling $361.0 million in 2013, $476.2 million in 2012 and $434.0 million in 2011.

Prior to the sale, EquiTrust Life used funds from operations and financing activities relating to interest sensitive products totaling $123.5 million in 2011, which are reported with other continuing operations in our consolidated statement of cash flows.

Farm Bureau Life's ability to pay dividends to FBL Financial Group, Inc. is limited by law to earned profits (statutory unassigned surplus) as of the date the dividend is paid, as determined in accordance with accounting practices prescribed by insurance regulatory authorities of the State of Iowa. At December 31, 2013, Farm Bureau Life’s statutory unassigned surplus

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was $359.0 million. There are certain additional limits to the amount of dividend that may be paid within a year without approval of the Insurance Division, Department of Commerce of the State of Iowa (the Iowa Insurance Division) as discussed in Note 7 to our consolidated financial statements. Due to the $120.0 million extraordinary dividend paid by Farm Bureau Life to FBL Financial Group, Inc. during the third quarter 2013, we have exceeded the annual approval limit through the third quarter 2014; accordingly, any dividends made prior to the fourth quarter of 2014 will require approval of the Iowa Insurance Division.

We paid regular cash dividends on our common and preferred stock totaling $13.4 million in 2013, $11.1 million in 2012 and $8.9 million in 2011. In addition, we paid a special $2.00 per common share cash dividend in September 2013 of $51.4 million. It is anticipated that quarterly cash dividend requirements for 2014 will be $0.0075 per Series B redeemable preferred share and $0.35 per common share. The level of common stock dividends will be analyzed quarterly and will be dependent upon our capital and liquidity positions. In addition, alternative uses of excess capital may impact future dividend levels. Assuming a quarterly dividend rate of $0.35 per common share, the common and preferred dividends would total approximately $34.8million in 2014. The parent company expects to have sufficient resources and cash flows to meet its interest and dividend payments throughout 2014. The parent company had available cash and investments totaling $102.6 million at December 31, 2013. FBL Financial Group, Inc. expects to rely on available cash resources and management fee income to make dividend payments to its stockholders and interest payments on its debt, as well as fund any capital initiatives such as the stock repurchases described above. As of December 31, 2013, we had no other material commitments for capital expenditures.

We manage the amount of capital held by our insurance subsidiaries to ensure we meet regulatory requirements. State laws specify regulatory actions if an insurer's risk-based capital (RBC) ratio, a measure of solvency, falls below certain levels. The National Association of Insurance Commissioners has a standard formula for annually assessing RBC based on the various risk factors related to an insurance company's capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against a statutory "authorized control level" RBC at which point regulators have the option to assume control of the insurance company. The company action level RBC is 200% of the authorized control level and is the first point at which any action would be triggered. As of December 31, 2013, our total adjusted capital was $558.4 million, resulting in a RBC ratio of 499%, based on company action level capital of $111.8 million.

On a consolidated basis, we anticipate that funds to meet our short-term and long-term capital expenditures, cash dividends to stockholders and operating cash needs will come from existing capital and internally generated funds. However, there can be no assurance that future experience regarding benefits and surrenders will be similar to historic experience since benefits and surrender levels are influenced by such factors as the interest rate environment, our financial strength ratings, the economy and other factors that impact policyholder behavior. Our investment portfolio at December 31, 2013, included $108.7 million of short-term investments, $6.3 million of cash and cash equivalents and $459.6 million in carrying value of U.S. Government and U.S. Government agency-backed securities that could be readily converted to cash at or near carrying value. Farm Bureau Life is also a member of the FHLB, which provides a source for additional liquidity if needed. This membership allows us to utilize fixed or floating rate advances offered by the FHLB and secured by qualifying collateral. Our total capacity to utilize such advances is impacted by multiple factors including the market value of eligible collateral, level of statutory admitted assets and excess reserves, and our willingness or capacity to hold activity-based FHLB common stock.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as of December 31, 2013 or 2012.

Contractual Obligations

In the normal course of business, we enter into insurance contracts, financing transactions, lease agreements or other commitments which are necessary or beneficial to our operations. These commitments may obligate us to certain cash flows during future periods. The following table summarizes such obligations as of December 31, 2013:

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Contractual Obligations as of December 31, 2013
	Payments Due by Period
	Total		Less than 1 year		1 - 3 years		4 - 5 years		After 5 years
	(Dollars in thousands)
Insurance liabilities (1)	$	14,117,890	$	758,613	$	1,446,086	$	1,211,602	$	10,701,589
Subordinated note payable to Capital Trust, including interest payments (2)	259,475		4,850		9,700		9,700		235,225
Home office operating leases	18,568		2,321		4,642		4,642		6,963
Purchase obligations:
Commitments to purchase or fund investments	41,451		26,384		14,467		314		286
Commercial mortgage loan commitments	18,100		18,100		—		—		—
Other purchase obligations (3)	1,852		1,116		736		—		—
Other long-term liabilities (4)	15,343		8,248		4,199		1,794		1,102
Total	$	14,472,679	$	819,632	$	1,479,830	$	1,228,052	$	10,945,165

(1) Amounts shown in this table are projected payments through the year 2063 which we are contractually obligated to pay to our life insurance and annuity contract holders. The payments are derived from actuarial models which assume a level interest rate scenario and incorporate assumptions regarding mortality and persistency when applicable. These assumptions are based on our historical experience. The total of the contractual obligations relating to insurance contracts noted above differs from the liability balance on our consolidated balance sheet as follows:

Contractual obligations compared to balance sheet carrying value
	Contractual Obligations		Balance Sheet Carrying Value		Difference
	(Dollars in thousands)
(a) Reserves based on account values, including separate accounts	$	7,940,229	$	4,806,627	$	3,133,602
(c) Supplementary contracts involving life contingencies	234,639		166,199		68,440
	8,174,868		4,972,826		3,202,042
(b) Traditional life insurance and accident and health products	5,300,343		1,515,139		3,785,204
(c) Supplementary contracts without life contingencies	380,033		349,761		30,272
Total	$	13,855,244	$	6,837,726	$	7,017,518

The more significant factors causing this difference include:

(a) reserves for products such as annuities and universal life products are generally based on the account values of the contracts without taking into account surrender charges, while the contractual obligations table includes projected cash payments. The following are the reconciling items between these balances (dollars in thousands):

Reserves based on account values, including separate accounts, per table above	$	4,806,627
Projected amounts pertaining to:
Accumulation of interest	1,965,497
Death benefits on universal life business in excess of projected account values	1,775,794
Net cost of insurance charges on variable and universal life business	(595,463		)
Other, net	(12,226		)
Contractual obligations per table above	$	7,940,229

(b) traditional life reserves are computed as the present value of future benefits less the present value of future premiums while the contractual obligations table includes gross benefit payments; and

(c) reserves for supplementary contracts and similar instruments are computed as the present value of future cash payments while the table above includes cash payments without the impact of discounting.

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In addition, contractual obligations totaling $262.6 million relating to dividend accumulations and other policy claims are included in the "Other policy claims and benefits" and "Advance premiums and other deposits" lines on our consolidated balance sheet.

(2) Amount shown is net of $3.0 million equity investment in the Capital Trust due to the contractual right of offset upon repayment of the note.

(3) Primarily related to equipment leases.

(4) Includes our estimated future contributions to defined and postretirement benefit plans. Contributions related to the qualified pension plan are included through 2014. No amounts related to the qualified pension plan are included beyond 2014 as the contribution amounts will be re-evaluated based on actual results.

We are also a party to other operating leases with total payments of approximately $0.4 million per year. Generally, these leases are renewable annually with similar terms. Although our current intention is to renew these leases, we are not obligated to do so.

Effects of Inflation

Inflation has not had a material effect on our consolidated results of operations.

Significant Accounting Policies and Estimates

The following is a brief summary of our significant accounting policies and a review of our most critical accounting estimates. For a complete description of our significant accounting policies, see Note 1 to our consolidated financial statements included in Item 8.

In accordance with GAAP, premiums and considerations received for interest sensitive products, such as ordinary annuities and universal life insurance, are reflected as increases in liabilities for policyholder account balances and not as revenues. Revenues reported for these products consist of policy charges for the cost of insurance, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. Surrender benefits paid relating to these products are reflected as decreases in liabilities for policyholder account balances and not as expenses. Our insurance subsidiaries receive investment income earned from the funds deposited into account balances, a portion of which is passed through to the policyholders in the form of interest credited. Interest credited to policyholder account balances and benefit claims in excess of policyholder account balances are reported as expenses in our consolidated financial statements.

Premium revenues reported for traditional life insurance products are recognized as revenues when due. Future policy benefits are recognized as expenses over the life of the policy by means of the provision for future policy benefits.

For variable universal life and variable annuities, premiums received are not reported as revenues. Similar to universal life and ordinary annuities, revenues reported consist of fee income and product charges collected from the policyholders. Expenses related to these products include benefit claims incurred in excess of policyholder account balances.

The costs related to acquiring new business, including certain costs of issuing policies and other variable selling expenses (principally commissions), defined as deferred acquisition costs, are capitalized and amortized into expense. We also record an asset, value of insurance in force acquired, for the cost assigned to insurance contracts when an insurance company is acquired. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits and are generally "locked in" at the date the policies are issued. For participating traditional life insurance and interest sensitive products, these costs are amortized generally in proportion to expected gross profits from surrender charges and investment, mortality and expense margins. This amortization is adjusted (also known as "unlocked") when we revise our estimate of current or future gross profits or margins. For example, deferred acquisition costs are amortized earlier than originally estimated when policy terminations are higher than originally estimated or when investments backing the related policyholder liabilities are sold at a gain prior to their anticipated maturity.

Death and other policyholder benefits reflect exposure to mortality risk and fluctuate from year to year based on the level of claims incurred under insurance retention limits.

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Pension assets and liabilities are affected by the estimated fair value of plan assets, estimates of the expected return on plan assets and/or discount rates. Actual changes in the fair value of plan assets and differences between the actual return on plan assets and the expected return on plan assets will affect the amount of pension expense ultimately recognized. The December 31, 2013 pension obligation was computed based on an average 4.99% discount rate, which was based on yields for high-quality corporate bonds with a maturity approximating the duration of our pension liability. The long-term return on plan assets is based on current and projected asset allocations. Declines in comparable bond and equity yields would increase our net pension liability. Our net pension liability could increase or decrease depending on the extent to which returns on pension plan assets are lower or higher than the discount rate.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized which could have a material impact on our consolidated financial statements. A summary of our significant accounting estimates and the hypothetical effects of changes in the material assumptions used to develop each estimate, are included in the following table. We have discussed the identification, selection and disclosure of these critical accounting estimates with the Audit Committee of the Board of Directors.

Balance Sheet Caption	Description of Critical Estimate	Assumptions / Approach Used	Effect if Different Assumptions / Approach Used
Fixed maturities - available for sale	Excluding U.S. Government treasury securities, very few of our fixed maturity securities trade on the balance sheet date. For those securities without a trade on the balance sheet date, fair values are determined using valuation processes that require judgment.	Fair values are obtained primarily from a variety of independent pricing sources, whose results we evaluate internally. Details regarding valuation techniques and processes are summarized in Notes 1 and 3 to our consolidated financial statements.	At December 31, 2013, our fixed maturity securities classified as available for sale had a fair value of $6,081.8 million, with gross unrealized gains totaling $369.1 million and gross unrealized losses totaling $115.9 million. Due to the large number of fixed maturity securities held, the unique attributes of each security and the complexity of valuation methods, it is not practical to estimate a potential range of fair values for different assumptions and methods that could be used in the valuation process.
Fixed maturities - available for sale and equity securities	We are required to exercise judgment to determine when a decline in the value of a security is other than temporary. Whether a realized loss needs to be recognized in earnings and the amount of the loss primarily depends on whether (1) a decline in fair value is other than temporary, (2) the extent to which a decline is related to credit versus non-credit related factors, (3) our intent to sell the security, and (4) whether or not we could be required to sell prior to recovery. The previous amortized cost is adjusted by the loss reported in earnings to provide a new cost basis for fixed maturity securities and the fair value becomes the new cost basis for equity securities.	We evaluate the operating results of the underlying issuer, near-term prospects of the issuer, general market conditions, causes for the decline in value, the length of time there has been a decline in value, other key economic measures and our intent to sell and whether or not we would be required to sell prior to recovery.	At December 31, 2013, we had 448 fixed maturity and equity securities with gross unrealized losses totaling $118.3 million. Included in the gross unrealized losses are losses attributable to both movements in market interest rates as well as temporary credit issues. Details regarding these securities are included in the "Financial Condition - Investments" section above. Due to the large number of securities within the investment portfolio and the unique credit characteristic of each, it is not practical to estimate a range of other-than-temporary impairment losses. As discussed in Note 2 to our consolidated financial statements, we believe that all other-than-temporary impairment losses within the portfolio have been recognized.

54

Balance Sheet Caption	Description of Critical Estimate	Assumptions / Approach Used	Effect if Different Assumptions / Approach Used
Deferred acquisition costs	Amortization of deferred acquisition costs for participating life insurance and interest sensitive products is dependent upon estimates of future gross profits or margins on this business. Key assumptions used include the following: - amount of death and surrender benefits and the length of time the policies will stay in force, - yield on investments supporting the liabilities, - amount of interest or dividends credited to the policies, - amount of policy fees and charges, and - amount of expenses necessary to maintain the policies.	Estimates used in the calculation of amortization of deferred acquisition costs, which are revised at least annually, are based on historical results and our best estimate of future experience.	Amortization of deferred acquisition costs for participating life insurance and interest sensitive products is expected to total approximately $26.3 million for 2014, excluding the impact of new production in 2014. Based upon a historical analysis of fluctuations in estimated gross profits, we believe it is reasonably likely that a 10% change in estimated gross profits could occur. A 10% increase in estimated gross profits for 2013 would result in $1.6 million of additional amortization expense. Correspondingly, a 10% decrease in estimated gross profits would result in $1.6 million reduction of amortization expense. The information above is for illustrative purposes only and does not reflect our expectations regarding future changes in estimated gross profits.
Future policy benefits	Reserving for future policy benefits for traditional life insurance products requires the use of many assumptions, including the duration of the policies, mortality experience, lapse rates, surrender rates and dividend crediting rates.	These assumptions are made based upon historical experience, industry standards and a best estimate of future results and, for traditional life products, include a provision for adverse deviation. For traditional life insurance, once established for a particular series of products, these assumptions are generally held constant.	Due to the number of independent variables inherent in the calculation of traditional life insurance reserves, it is not practical to perform a sensitivity analysis on the impact of reasonable changes in the underlying assumptions. The cost of performing detailed calculations using different assumption scenarios outweighs the benefit that would be derived. We believe our assumptions are realistic and produce reserves that are fairly stated in accordance with GAAP.

55

Balance Sheet Caption	Description of Critical Estimate	Assumptions / Approach Used	Effect if Different Assumptions / Approach Used
Other asset/liabilities	The determination of net periodic pension expense and related accrued/prepaid pension cost requires the use of estimates as to the expected return on plan assets, discount rate on plan liabilities and other accrual assumptions. Pension expense for 2013 totaled $6.8 million.	We assume an expected long-term rate of return on plan assets of 7.00% and a discount rate of 4.99%. Details regarding the method used to determine the discount rate are summarized in Note 8 to our consolidated financial statements.	The long-term rate of return may fluctuate over time based on asset mix and if investment returns over a long period of time significantly differ from historical returns. The discount rate changes annually as it is based on current yields for high quality corporate bonds with a maturity approximating the duration of our pension obligations. As fluctuations in the expected long-term rate of return and discount rate have been historically moderate and we have no current plans to change our investment strategy significantly, we believe a change of up to 100 basis points is reasonably likely. A 100 basis point decrease in the expected return on assets would result in a $0.8 million increase in pension expense and a 100 basis point increase would result in a $0.8 million decrease to pension expense. A 100 basis point decrease in the assumed discount rate would result in a $1.6 million increase in pension expense while a 100 basis point increase would result in a $1.2 million decrease to pension expense. The information above is for illustrative purposes only and does not reflect our expectations regarding future changes in the long-term rate of return or discount rates.
Deferred income taxes	The amount of deferred tax assets we hold is dependent on our estimate of the future deductibility of certain items. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. No valuation allowance was recorded on deferred tax assets at December 31, 2013.	We utilize tax planning strategies, which require forward-looking assumptions and management judgment, to determine the deductibility of certain items and to assess the need for a valuation allowance.  During periods in which we have deferred tax assets related to unrealized investment losses, we utilize tax planning strategies, including a buy-and-hold investment philosophy for securities experiencing unrealized losses and the sale of appreciated securities to ensure the deductibility of such losses in future periods.	At December 31, 2013, we held gross deferred tax assets totaling $56.3 million, primarily related to future policy benefits, employee benefits, and loss carryforwards. Utilization of these deferred tax assets  is dependent on our future earnings. No valuation allowance has been established for these deferred tax assets, as we believe future earnings will be sufficient to ensure their utilization. If future earnings are no longer expected to be sufficient,  a valuation allowance will need to be established. Given the number of variables that impact the level of future earnings, it is not practicable to estimate a range of possible outcomes to the valuation of the deferred tax assets.

56

Recent Accounting Pronouncements

See Note 1 to our consolidated financial statements for a discussion of recent accounting pronouncements that have been implemented during the year and those that have been issued and will be implemented in the future.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Market Risks of Financial Instruments," for our quantitative and qualitative disclosures about market risk.

57

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a - 15(f). Under the supervision and the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control-Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control - Integrated Framework (1992),our management concluded that our internal control over financial reporting was effective as of December 31, 2013.

We engage Ernst & Young LLP as the independent registered public accounting firm to audit our financial statements and internal control over financial reporting and express their opinion thereon. A copy of Ernst & Young LLP's audit opinions follows this letter.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The Board of Directors and Stockholders

FBL Financial Group, Inc.

We have audited FBL Financial Group, Inc.'s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) (the COSO criteria). Management of FBL Financial Group, Inc. (the Company) is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, FBL Financial Group, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO criteria.

58

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets as of December 31, 2013 and 2012, and the related consolidated statements of operations, comprehensive income, changes in stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2013 of FBL Financial Group, Inc. and our report dated February 20, 2014 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Des Moines, Iowa

February 20, 2014

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ON CONSOLIDATED FINANCIAL STATEMENTS

The Board of Directors and Stockholders

FBL Financial Group, Inc.

We have audited the accompanying consolidated balance sheets of FBL Financial Group, Inc. as of December 31, 2013 and 2012, and the related consolidated statements of operations, comprehensive income, changes in stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2013. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of FBL Financial Group, Inc. at December 31, 2013 and 2012, and the consolidated results of its operations, comprehensive income and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), FBL Financial Group, Inc.'s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated February 20, 2014 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Des Moines, Iowa

February 20, 2014

59

FBL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	December 31,
	2013		2012
Assets
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2013 - $5,828,539; 2012 - $5,637,608)	$	6,081,753	$	6,265,745
Equity securities - available for sale, at fair value (cost: 2013 - $90,071; 2012 - $82,140)	91,555		86,253
Mortgage loans	575,861		554,843
Real estate	4,084		4,668
Policy loans	176,993		174,254
Short-term investments	108,677		74,516
Other investments	1,079		371
Total investments	7,040,002		7,160,650
Cash and cash equivalents	6,370		78,074
Securities and indebtedness of related parties	116,305		100,606
Accrued investment income	75,186		69,965
Amounts receivable from affiliates	3,145		3,931
Reinsurance recoverable	100,001		98,238
Deferred acquisition costs	335,514		204,326
Value of insurance in force acquired	23,579		17,154
Current income taxes recoverable	—		6,735
Other assets	67,266		59,238
Assets held in separate accounts	693,955		618,809
Total assets	$	8,461,323	$	8,417,726

60

FBL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in thousands)

	December 31,
	2013		2012
Liabilities and stockholders' equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	4,278,871	$	4,050,846
Traditional life insurance and accident and health products	1,515,139		1,457,075
Other policy claims and benefits	45,530		39,072
Supplementary contracts without life contingencies	349,761		361,273
Advance premiums and other deposits	240,441		226,485
Amounts payable to affiliates	408		1,658
Long-term debt payable to affiliates	—		50,000
Long-term debt payable to non-affiliates	97,000		97,000
Current income taxes	1,499		—
Deferred income taxes	122,839		208,433
Other liabilities	71,089		94,828
Liabilities related to separate accounts	693,955		618,809
Total liabilities	7,416,532		7,205,479
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 24,742,942 shares in 2013 and 24,282,184 shares in 2012	134,993		115,706
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2013 and 1,192,890 in 2012	72		7,522
Accumulated other comprehensive income	119,067		289,853
Retained earnings	787,609		796,110
Total FBL Financial Group, Inc. stockholders' equity	1,044,741		1,212,191
Noncontrolling interest	50		56
Total stockholders' equity	1,044,791		1,212,247
Total liabilities and stockholders' equity	$	8,461,323	$	8,417,726

See accompanying notes.

61

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

	Year ended December 31,
	2013			2012			2011
Revenues:
Interest sensitive product charges	$	111,575		$	101,410		$	97,103
Traditional life insurance premiums	180,944			175,086			168,519
Net investment income	370,651			361,324			343,310
Net realized capital gains on sales of investments	15,967			17,479			5,355
Total other-than-temporary impairment losses	(6,662		)	(26,399		)	(20,206		)
Non-credit portion in other comprehensive income/loss	4,250			9,372			6,555
Net impairment losses recognized in earnings	(2,412		)	(17,027		)	(13,651		)
Other income	14,506			17,268			17,701
Total revenues	691,231			655,540			618,337
Benefits and expenses:
Interest sensitive product benefits	203,599			196,387			192,082
Traditional life insurance benefits	160,471			156,290			148,959
Policyholder dividends	13,319			14,275			17,030
Underwriting, acquisition and insurance expenses	138,260			141,906			128,184
Interest expense	6,863			7,952			8,532
Loss on debt redemption	—			33			33,176
Other expenses	18,414			20,513			20,652
Total benefits and expenses	540,926			537,356			548,615
	150,305			118,184			69,722
Income taxes	(49,322		)	(40,071		)	(18,797		)
Equity income, net of related income taxes	7,410			4,683			1,284
Net income from continuing operations	108,393			82,796			52,209
Discontinued operations:
Loss on sale of subsidiary, net of tax benefit ($1,213 in 2012 and $29,198 in 2011)	—			(2,252		)	(54,143		)
Income (loss) from discontinued operations, net of tax	—			(687		)	42,679
Total loss from discontinued operations	—			(2,939		)	(11,464		)
Net income	108,393			79,857			40,745
Net loss (income) attributable to noncontrolling interest	165			83			(6		)
Net income attributable to FBL Financial Group, Inc.	$	108,558		$	79,940		$	40,739
Earnings per common share:
Income from continuing operations	$	4.25		$	3.01		$	1.69
Loss from discontinued operations	—			(0.11		)	(0.37		)
Earnings per common share	$	4.25		$	2.90		$	1.32
Earnings per common share - assuming dilution:
Income from continuing operations	$	4.21		$	2.97		$	1.67
Loss from discontinued operations	—			(0.10		)	(0.37		)
Earnings per common share - assuming dilution	$	4.21		$	2.87		$	1.30
Cash dividends per common share	$	0.5200		$	0.4000		$	0.2875
Special cash dividend per common share	$	2.0000		$	—		$	—

See accompanying notes.

62

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

	Year ended December 31,
	2013			2012			2011
Net income	$	108,393		$	79,857		$	40,745
Other comprehensive income (loss) (1)
Change in net unrealized investment gains/losses	(169,894		)	126,043			130,467
Non-credit impairment losses	(2,690		)	(5,984		)	(4,261		)
Change in underfunded status of postretirement benefit plans	1,798			(8,051		)	(5		)
Total other comprehensive income (loss), net of tax	(170,786		)	112,008			126,201
Total comprehensive income (loss), net of tax	(62,393		)	191,865			166,946
Comprehensive loss (income) attributable to noncontrolling interest	165			83			(6		)
Total comprehensive income (loss) applicable to FBL Financial Group, Inc.	$	(62,228	)	$	191,948		$	166,940

(1) Other comprehensive income is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Dollars in thousands)

	FBL Financial Group, Inc. Stockholders' Equity
	Series B Preferred Stock		Class A and Class B Common Stock			Accumulated Other Comprehensive Income			Retained Earnings			Non- controlling Interest			Total Stockholders' Equity
Balance at January 1, 2011	$	3,000	$	125,687		$	51,644		$	864,302		$	92		$	1,044,725
Net income	—		—			—			40,739			6			40,745
Other comprehensive income	—		—			126,201			—			—			126,201
Issuance of common stock under compensation plans	—		13,277			—			—			—			13,277
Purchase of common stock	—		(1,758		)	—			(11,861		)	—			(13,619		)
Dividends on preferred stock	—		—			—			(150		)	—			(150		)
Dividends on common stock	—		—			—			(8,767		)	—			(8,767		)
Receipts related to noncontrolling interest	—		—			—			—			17			17
Balance at December 31, 2011	3,000		137,206			177,845			884,263			115			1,202,429
Net income	—		—			—			79,940			(83		)	79,857
Other comprehensive income	—		—			112,008			—			—			112,008
Issuance of common stock under compensation plans	—		10,901			—			—			—			10,901
Purchase of common stock	—		(24,879		)	—			(157,011		)	—			(181,890		)
Dividends on preferred stock	—		—			—			(150		)	—			(150		)
Dividends on common stock	—		—			—			(10,932		)	—			(10,932		)
Receipts related to noncontrolling interest	—		—			—			—			24			24
Balance at December 31, 2012	3,000		123,228			289,853			796,110			56			1,212,247
Net income	—		—			—			108,558			(165		)	108,393
Other comprehensive income (loss)	—		—			(170,786		)	—			—			(170,786		)
Issuance of common stock under compensation plans	—		20,156			—			—			—			20,156
Purchase of common stock	—		(8,319		)	—			(52,284		)	—			(60,603		)
Dividends on preferred stock	—		—			—			(150		)	—			(150		)
Dividends on common stock	—		—			—			(64,625		)	—			(64,625		)
Receipts related to noncontrolling interest	—		—			—			—			159			159
Balance at December 31, 2013	$	3,000	$	135,065		$	119,067		$	787,609		$	50		$	1,044,791

See accompanying notes.

63

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Year ended December 31,
	2013			2012			2011
Operating activities (1)
Net income	$	108,393		$	79,857		$	40,745
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	144,906			141,490			449,164
Charges for mortality, surrenders and administration	(100,820		)	(95,437		)	(111,881		)
Net realized gains on investments	(13,555		)	(452		)	(30,096		)
Change in fair value of derivatives	(955		)	259			(64,940		)
Increase in liabilities for traditional life and accident and health benefits	58,064			55,081			39,585
Deferral of acquisition costs	(43,452		)	(47,552		)	(109,803		)
Amortization of deferred acquisition costs and value of insurance in force	33,076			43,466			139,784
Change in reinsurance recoverable	(1,763		)	(3,553		)	12,195
Provision for deferred income taxes	6,058			48,789			(35,865		)
Loss on sale of subsidiary	—			2,252			54,143
Loss on debt redemption	—			33			33,176
Other	(7,677		)	(17,754		)	(56,781		)
Net cash provided by operating activities	182,275			206,479			359,426
Investing activities (1)
Sales, maturities or repayments:
Fixed maturities - available for sale	720,316			653,067			1,267,355
Equity securities - available for sale	12,810			12,860			2,505
Mortgage loans	64,215			71,544			87,847
Derivative instruments	506			161			55,349
Policy loans	34,946			35,907			38,344
Securities and indebtedness of related parties	10,381			302			86
Other investments	30			—			—
Real estate	1,957			—			1,331
Acquisitions:
Fixed maturities - available for sale	(893,555		)	(1,086,107		)	(1,769,476		)
Equity securities - available for sale	(26,740		)	(38,994		)	(4,643		)
Mortgage loans	(87,568		)	(75,780		)	(49,303		)
Derivative instruments	(607		)	(223		)	(63,478		)
Policy loans	(37,685		)	(37,793		)	(40,371		)
Securities and indebtedness of related parties	(30,960		)	(38,153		)	(26,680		)
Short-term investments, net change	(34,161		)	(32,760		)	306,839
Purchases and disposals of property and equipment, net	(11,846		)	(3,422		)	(5,008		)
Proceeds received (returned) from sale of subsidiary	—			(9,315		)	471,431
Net cash provided by (used in) investing activities	(277,961		)	(548,706		)	272,128

64

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in thousands)

	Year ended December 31,
	2013			2012			2011
Financing activities (1)
Contract holder account deposits	$	565,255		$	629,700		$	1,327,043
Contract holder account withdrawals	(384,914		)	(361,189		)	(1,391,312		)
Transfer from (to) restricted debt defeasance trusts	—			211,627			(211,627		)
Repayments of debt	(50,000		)	(174,258		)	(50,000		)
Receipts related to noncontrolling interests, net	159			24			17
Excess tax deductions on stock-based compensation	1,964			2,393			656
Repurchase of common stock, net	(43,707		)	(173,253		)	(5,869		)
Dividends paid	(64,775		)	(11,082		)	(8,917		)
Net cash provided by (used in) financing activities	23,982			123,962			(340,009		)
Increase (decrease) in cash and cash equivalents	(71,704		)	(218,265		)	291,545
Cash and cash equivalents at beginning of year	78,074			296,339			4,794
Cash and cash equivalents at end of year	$	6,370		$	78,074		$	296,339

Supplemental disclosures of cash flow information (1)
Cash paid (received) during the year for:
Interest	$	7,104	$	11,383		$	22,298
Income taxes	21,001		(27,957		)	52,852
Non-cash operating activity:
Deferral of sales inducements	1,477		1,872			51,502
Net assets of subsidiary sold	—		—			(543,990		)
Non-cash financing activity:
Refinancing of debt payable to affiliates	—		—			100,000

(1) Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

See accompanying notes.

65

FBL FINANCIAL GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Significant Accounting Policies

Nature of Business

FBL Financial Group, Inc. (we or the Company) operates predominantly in the life insurance industry through its principal subsidiary, Farm Bureau Life Insurance Company (Farm Bureau Life). Farm Bureau Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Greenfields Life Insurance Company (Greenfields), a subsidiary of Farm Bureau Life, was launched in early 2013 and offers life and annuity products in the state of Colorado. Several subsidiaries support various functional areas of Farm Bureau Life and other affiliates by providing investment advisory, marketing and distribution, and leasing services. In addition, we manage two Farm Bureau affiliated property-casualty companies.

See Note 15 for information on the sale of our former subsidiary, EquiTrust Life Insurance Company (EquiTrust Life). Financial results of this business component have been reclassified to discontinued operations in the prior period financial statements and excluded from the notes to the consolidated financial statements, unless otherwise noted.

Consolidation

Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated.

Future Adoption of Recent Accounting Pronouncements

In January 2014, the Financial Accounting Standards Board (FASB) issued guidance related to accounting for investments in low income housing tax credit limited partnerships. Presently, we account for these investments under the equity method and include related tax benefits as a component of equity income. The new guidance requires us to account for these partnerships using the proportional amortization method, which amortizes the acquisition cost of the partnership in proportion to the recognition of the tax credits associated with these projects. The tax credits, net of the amortization of the partnership interest, will be recognized as a component of income taxes. This guidance must be applied retrospectively and will be effective for fiscal years beginning after December 15, 2014, with early adoption permitted. We are currently evaluating the impact of this new guidance.

Investments

Fixed Maturities and Equity Securities

Fixed maturities, comprised of bonds, redeemable preferred stock and certain non-redeemable preferred stock, which may be sold, are designated as "available for sale." Available-for-sale securities are reported at fair value and unrealized gains and losses on these securities, with the exception of unrealized gains and losses relating to synthetic collateralized debt obligations, are included directly in stockholders' equity as a component of accumulated other comprehensive income. Unrealized gains and losses relating to synthetic collateralized debt obligations are recorded as a component of net investment income in the consolidated statements of operations. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired and unearned revenue reserve that would have been required as a charge or credit to income had such amounts been realized.

Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on mortgage and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives.

Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income.

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Mortgage Loans

Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. The carrying value of impaired loans is reduced by the establishment of a valuation allowance, changes to which are recognized as realized gains or losses on investments. Interest income is accrued on impaired loans to the extent it is deemed collectible (generally delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely.

Real Estate

Real estate is reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties not held for sale, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. If the fair value, less estimated sales costs, of real estate held for sale decreases to an amount lower than its carrying value, the carrying value of the real estate is reduced by the establishment of a valuation allowance recognized as a realized loss on investments. There was one property held for investment with a valuation allowance of less than $0.1 million as of December 31, 2013 and 2012. There were no properties held for sale as of December 31, 2013 and no properties held for sale with a valuation allowance as of 2012.

Other Investments

Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation.

We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments.

Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we are required to use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, insurance, broker/dealer and real estate industries and include low income housing tax credit generating partnerships. Such investments are accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios.

Accrued Investment Income

We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income.

Realized Gains and Losses on Investments

Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is other-than-temporary and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an other-than-temporary impairment write down is

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recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value.

We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is other-than-temporary. In determining whether or not an unrealized loss is other-than-temporary, we review factors such as:

• historical operating trends;

• business prospects;

• status of the industry in which the company operates;

• analyst ratings on the issuer and sector;

• quality of management;

• size of unrealized loss;

• level of current market interest rates compared to market interest rates when the security was purchased; and

• length of time the security has been in an unrealized loss position.

In order to determine the credit and non-credit impairment loss for fixed maturities, every quarter we estimate the future cash flows we expect to receive over the remaining life of the instrument as well as review our plans to hold or sell the instrument. Significant assumptions regarding the present value of expected cash flows for each security are used when an other-than-temporary impairment occurs and there is a non-credit portion of the unrealized loss that won't be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value.

After an other-than-temporary write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method andthe current estimate of the amount and timing of future cash flows.

Fair Values

Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values which are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models.

Cash and Cash Equivalents

For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

Reinsurance Recoverable

We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. For business assumed from other companies, reinsurance recoverable includes premium receivable, net of our share of benefits and expenses we owe to the ceding company.

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Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements.

Deferred Acquisition Costs and Value of Insurance In Force Acquired

Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value is determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Interest accrued on the unamortized balance at a weighted average rate of 4.56% in 2013, 4.70% in 2012 and 4.72% in 2011.

For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits.

All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.

Effective January 1, 2012, we retroactively adopted guidance issued by the FASB that narrowed the definition of deferrable acquisition costs associated with acquiring or renewing insurance contracts. In addition, during 2011, refinements were made to the methods and assumptions used to calculate the amortization of value of insurance in force and deferred acquisition costs, which increased net income from continuing operations $4.8 million ($0.15 per basic and diluted common share).

Other Assets

Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from two to twenty years. Property and equipment had a carrying value of $25.8 million at December 31, 2013 and $18.6 million at December 31, 2012, and accumulated depreciation and amortization of $50.3 million at December 31, 2013 and $65.9 million at December 31, 2012. Depreciation and amortization expense for property and equipment was $4.6 million in 2013, $4.8 million in 2012 and $3.5 million in 2011.

Other assets at December 31, 2013 and 2012, also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct our impairment review at least annually as well as when circumstances suggest an impairment may have occurred. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. In the event that we were to dispose of a reporting unit, a discounted cash flow approach would be used to estimate the fair value of that reporting unit. We believe this approach better approximates the fair value of

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our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of our impairment review, we have determined our goodwill was not impaired as of December 31, 2013 or 2012.

Future Policy Benefits

Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2013, 2012 and 2011.

The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from2.00% to6.00%. The average rate of assumed investment yields used in estimating gross margins was 5.84% in 2013 and 2012 and 6.04% in 2011. The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations.

The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred.

Other Policy Claims and Benefits

We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs.

We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 30% of receipts from policyholders during 2013 (2012 - 35% and 2011 - 38%) and represented 11%of life insurance in force at December 31, 2013, and 12% in 2012 and 2011.

Deferred Income Taxes

Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized.

Separate Accounts

The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations.

Recognition of Premium Revenues and Costs

Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a

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daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy.

Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs.

All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business.

Underwriting, Acquisition and Insurance Expenses
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	27,410	$	23,712	$	23,950
Amortization of deferred acquisition costs	29,908		37,651		34,819
Amortization of value of insurance in force acquired	2,565		5,562		(4,658		)
Other underwriting, acquisition and insurance expenses, net of deferrals	78,377		74,981		74,073
Total	$	138,260	$	141,906	$	128,184

Other Income and Other Expenses

Other income and other expenses primarily consist of revenue and expenses generated by our various non-insurance subsidiaries for investment advisory, marketing and distribution, and leasing services. They also include revenues and expenses generated by our parent company for management services. Certain of these activities are performed on behalf of our affiliates. Lease income from leases with affiliates totaled $2.2 million in 2013, $2.4 million in 2012 and $1.8 million in 2011. Investment advisory fee income from affiliates totaled $1.7 million in 2013, $1.5 million in 2012 and $1.2 million in 2011. In addition, Farm Bureau Life has certain items reported as other income and other expense, which netted to $3.0 million in 2013, $3.3 million in 2012 and $3.2 million in 2011. During 2012, we also received fees of $3.5 million from the acquirer of EquiTrust Life to provide administrative support and transition services. We expense legal costs associated with a loss contingency as incurred.

Discontinued Operations

Upon the sale of EquiTrust Life our independent distribution business segment was discontinued. Discontinued operations are those in which we no longer have any significant continuing involvement in the operations after the disposal transaction. The results of discontinued operations are segregated from our continuing operations and reported as income (loss) from discontinued operations in the consolidated statements of operations for current and prior periods. The loss recognized on the disposal is also reported as a component of discontinued operations. Components of the income (loss) from discontinued operations are separately disclosed in Note 15.

Debt required to be redeemed due to selling a significant component of our business remains a liability until we have been legally released from the entire obligation and all conditions for extinguishment have been met. In addition, any gain or loss on the extinguishment is recognized when we are relieved of the entire obligation. Changes in fair value of embedded derivatives related to make-whole redemption provisions are reported as loss on debt redemption in the Consolidated Statements of Operations.

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If the debt is not specific to the disposed component, the liability is not classified as held for sale and any related gain or loss is reported as part of continuing operations. However, interest on any debt required to be redeemed as a result of the disposal transaction is reported in income from discontinued operations for current and prior periods commencing in the period in which the business is either disposed of or accounted for as a disposal group.

Significant accounting policies related to the results from discontinued operations which are not discussed above include:

• Derivative instruments, which include call options used to fund index credits on index annuities, are measured at fair value, with changes in fair value reflected in our results of discontinued operations.

• Deferred sales inducements represent premium bonuses and bonus interest credited to contracts during the first contract year only. These costs are amortized similar to other deferred acquisition costs discussed above.

• Future policy benefit reserves for index annuities are equal to the sum of the fair value of the embedded index options, accumulated index credits and the host contract reserve computed using a method similar to that used for interest sensitive products. Fair value of the index options are calculated using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation.

• Changes in reserves for the embedded derivatives in the index annuities and amortization of deferred sales inducements are recognized as expenses over the life of the policy.

Retirement and Compensation Plans

We participate with several affiliates in several defined benefit pension plans, including a multiemployer plan. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period.

We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest.

We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. We recognize compensation expense for all share-based payments granted, modified or settled. The stock option non-performance related stock-based expense is recognized over the shorter of our five-year vesting schedule or the period ending when the employee becomes eligible for retirement using the straight-line method. The performance related stock-based expense is based on the number of shares expected to vest and is recognized over the required service period. The impact of forfeitures is estimated and compensation expense is recognized only for those stock-based instruments expected to vest. We report tax deductions related to stock-based instruments in excess of recognized compensation expense as a financing cash flow.

See Note 8 for additional details on these plans.

Comprehensive Income

Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities and certain interest rate swaps held in prior years, as well as the unfunded obligation for postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income, excludes net investment gains and losses included in net income which represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the unfunded obligation for postretirement benefit plans are provided in Note 8.

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Dividend Restriction

We have agreed that we will not pay dividends on the Class A or Class B Common Stock, nor on the Series B Preferred Stock, if we are in default of the Subordinated Deferrable Interest Note Agreement dated May 30, 1997 with FBL Financial Group Capital Trust. We are compliant with all terms of this agreement at December 31, 2013. See Note 6 for additional information regarding this agreement.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized which could have a material impact on the consolidated financial statements.

2. Investment Operations

Fixed Maturity and Equity Securities

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2013
	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair  Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,142,476	$	229,151	$	(64,848	)	$	3,306,779	$	329
Residential mortgage-backed	492,990		35,676		(7,938		)	520,728		(4,155		)
Commercial mortgage-backed	391,845		20,014		(7,192		)	404,667		—
Other asset-backed	444,047		19,169		(6,673		)	456,543		1,725
United States Government and agencies	39,261		4,218		(198		)	43,281		—
State, municipal and other governments	1,317,920		60,869		(29,034		)	1,349,755		—
Total fixed maturities	$	5,828,539	$	369,097	$	(115,883	)	$	6,081,753	$	(2,101	)
Equity securities:
Non-redeemable preferred stocks	$	65,692	$	3,141	$	(2,383	)	$	66,450	$	—
Common stocks	24,379		726		—			25,105		—
Total equity securities	$	90,071	$	3,867	$	(2,383	)	$	91,555	$	—

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Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2012
	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair  Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	2,906,622	$	399,144	$	(10,183	)	$	3,295,583	$	(2,913	)
Residential mortgage-backed	632,955		47,459		(6,232		)	674,182		(5,164		)
Commercial mortgage-backed	463,504		49,173		(1,858		)	510,819		—
Other asset-backed	485,796		16,981		(13,064		)	489,713		(4,788		)
United States Government and agencies	42,079		6,930		—			49,009		—
State, municipal and other governments	1,106,652		142,704		(2,917		)	1,246,439		—
Total fixed maturities	$	5,637,608	$	662,391	$	(34,254	)	$	6,265,745	$	(12,865	)
Equity securities:
Non-redeemable preferred stocks	$	56,909	$	4,251	$	(668	)	$	60,492	$	—
Common stocks	25,231		530		—			25,761		—
Total equity securities	$	82,140	$	4,781	$	(668	)	$	86,253	$	—

(1) Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairments are included in the gross unrealized gains and losses column above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2013 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

(2) Corporate securities include hybrid preferred securities with a carrying value of $76.3 million at December 31, 2013 and $99.6 million at December 31, 2012. Corporate securities also include redeemable preferred stock with a carrying value of $17.1 million at December 31, 2013 and $5.6 million at December 31, 2012.

Short-term investments have been excluded from the above schedules as amortized cost approximates fair value for these securities.

Available-For-Sale Fixed Maturities by Maturity Date
	December 31, 2013
	Amortized  Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	75,383	$	76,935
Due after one year through five years	691,894		764,826
Due after five years through ten years	1,014,618		1,085,568
Due after ten years	2,717,762		2,772,486
	4,499,657		4,699,815
Mortgage-backed and other asset-backed	1,328,882		1,381,938
Total fixed maturities	$	5,828,539	$	6,081,753

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity.

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Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income
	December 31,
	2013			2012
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	253,214		$	628,137
Equity securities - available for sale	1,484			4,113
	254,698			632,250
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(55,550		)	(172,320		)
Value of insurance in force acquired	(6,356		)	(15,346		)
Unearned revenue reserve	2,790			13,554
Adjustments for assumed changes in policyholder liabilities	(2,957		)	—
Provision for deferred income taxes	(67,404		)	(160,333		)
Net unrealized investment gains	$	125,221		$	297,805

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income
	Year ended December 31,
	2013			2012		2011
	(Dollars in thousands)
Fixed maturities - available for sale	$	(374,923	)	$	247,581	$	278,142
Equity securities - available for sale	(2,629		)	2,378		161
Interest rate swaps	—			—		121
Change in unrealized appreciation/depreciation of investments	$	(377,552	)	$	249,959	$	278,424

The changes in net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in fair value of securities for which a previous non-credit other-than-temporary impairment loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no other-than-temporary impairment losses were previously recognized.

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Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2013
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	802,161	$	(60,138	)	$	43,500	$	(4,710	)	$	845,661	$	(64,848	)	56.0	%
Residential mortgage-backed	92,020		(3,548		)	20,948		(4,390		)	112,968		(7,938		)	6.8
Commercial mortgage-backed	53,647		(4,454		)	28,054		(2,738		)	81,701		(7,192		)	6.2
Other asset-backed	101,961		(1,109		)	33,170		(5,564		)	135,131		(6,673		)	5.8
United States Government and agencies	4,407		(198		)	—		—			4,407		(198		)	0.2
State, municipal and other governments	353,120		(25,700		)	19,165		(3,334		)	372,285		(29,034		)	25.0
Total fixed maturities	$	1,407,316	$	(95,147	)	$	144,837	$	(20,736	)	$	1,552,153	$	(115,883	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	31,639	$	(1,756	)	$	4,373	$	(627	)	$	36,012	$	(2,383	)
Total equity securities	$	31,639	$	(1,756	)	$	4,373	$	(627	)	$	36,012	$	(2,383	)

	December 31, 2012
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	123,610	$	(2,120	)	$	87,176	$	(8,063	)	$	210,786	$	(10,183	)	29.7	%
Residential mortgage-backed	10,560		(85		)	32,884		(6,147		)	43,444		(6,232		)	18.2
Commercial mortgage-backed	27,073		(380		)	32,697		(1,478		)	59,770		(1,858		)	5.4
Other asset-backed	31,749		(512		)	50,468		(12,552		)	82,217		(13,064		)	38.1
State, municipal and other governments	33,228		(542		)	15,932		(2,375		)	49,160		(2,917		)	8.6
Total fixed maturities	$	226,220	$	(3,639	)	$	219,157	$	(30,615	)	$	445,377	$	(34,254	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	3,858	$	(32	)	$	7,364	$	(636	)	$	11,222	$	(668	)
Total equity securities	$	3,858	$	(32	)	$	7,364	$	(636	)	$	11,222	$	(668	)

Included in fixed maturities in the above table are 440securities from 366 issuers at December 31, 2013 and 140 securities from 116 issuers at December 31, 2012. The unrealized losses in fixed maturities are generally due to an increase in risk free rates relative to the risk free rates when the securities were purchased. We do not intend to sell or believe we will be required to sell any of our impaired fixed maturities before recovery of their amortized cost basis. The following summarizes the more significant unrealized losses of fixed maturities and equity securities by investment category as of December 31, 2013.

Corporate securities: The largest unrealized losses are in the utilities sector ($206.2 million carrying value and $20.0 million unrealized loss). The largest unrealized losses in the utilities sector were in the electric ($141.6 million carrying value and $14.2 million unrealized loss) and the gas-pipeline ($50.4 million carrying value and $4.5 million unrealized loss) sub-sectors. The majority of losses in the sector are primarily attributable to general changes in market interest rates for corporate securities.

Residential mortgage-backed securities: The unrealized losses on residential mortgage-backed securities were primarily due to continued uncertainty regarding mortgage defaults on Alt-A loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities.

Commercial mortgage-backed securities: The unrealized losses on commercial mortgage-backed securities were primarily due to spread widening and concerns regarding the potential for future defaults. The contractual cash flows of these investments are

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based on mortgages backing the securities. Unrealized losses on military housing bonds were mainly attributable to spread widening relative to spreads at which we acquired the bonds. Insured military housing bonds have also been impacted by the removal of their ratings following downgrades of the insurance providers.

Other asset-backed securities: The unrealized losses on other asset-backed securities were primarily due to market concerns regarding defaults on subprime mortgages and home equity loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities.

State, municipal and other governments: The unrealized losses on state, municipal and other governments were primarily due to general spread widening relative to spreads at which we acquired the bonds.

Equity securities: Our gross unrealized losses were on investment grade non-redeemable perpetual preferred securities within the finance sector. These securities provide periodic cash flows, contain call features and are similarly rated and priced like other long-term callable bonds and are evaluated for other-than-temporary impairment similar to fixed maturities. The decline in fair value is primarily due to market concerns regarding the sector. We have evaluated the near-term prospects of our equity securities in relation to the severity and duration of their impairment and based on that evaluation have the intent and ability to hold these investments until recovery of fair value.

Excluding mortgage and asset-backed securities, no securities from the same issuer had an aggregate unrealized loss in excess of $1.8 million at December 31, 2013, with the largest unrealized loss from an insurance carrier in the financial sector. With respect to mortgage and asset-backed securities not backed by the United States Government, no securities from the same issuer had an aggregate unrealized loss in excess of $4.0 million at December 31, 2013, which consists of two different securities from the same issuer that are backed by different pools of Alt-A residential mortgage loans. Both securities are rated non-investment grade and the largest unrealized loss totaled $2.1 million.

Mortgage Loans

Our mortgage loan portfolio consists principally of commercial mortgage loans that we have originated. Our lending policies require that the loans be collateralized by the value of the related property, establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. We originate loans with an initial loan-to- value ratio that provides sufficient excess collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses timely, management maintains and reviews a watch list of mortgage loans that have heightened risk. These loans may include those with borrowers delinquent on contractual payments, borrowers experiencing financial difficulty, increases in rental real estate vacancies and significant declines in collateral value. We evaluate each of our mortgage loans individually and establish an allowance as needed for possible losses against our mortgage loan portfolio. An allowance is needed for loans for which we do not believe we will collect all amounts due according to the contractual terms of the respective loan agreements.

Any loan delinquent on contractual payments is considered non-performing. At December 31, 2013, there were no non-performing loans over 90 days past due on contractual payments. At December 31, 2012, there were two non-performing loans over 90 days past due on contractual payments with a carrying value of $16.4 million. Interest income is accrued on impaired loans to the extent it is deemed collectible (delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. We did not accrue interest on the two loans at December 31, 2012.

Mortgage Loans by Collateral Type
	December 31, 2013				December 31, 2012
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	241,951	42.0	%	$	218,837	39.4	%
Retail	194,053		33.7		184,135		33.2
Industrial	126,151		21.9		133,149		24.0
Other	13,706		2.4		18,722		3.4
Total	$	575,861	100.0	%	$	554,843	100.0	%

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Mortgage Loans by Geographic Location within the United States
	December 31, 2013				December 31, 2012
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	170,529	29.6	%	$	164,294	29.6	%
Pacific	92,538		16.1		81,333		14.7
West North Central	85,629		14.9		77,798		14.0
East North Central	79,128		13.7		81,015		14.6
Mountain	53,460		9.3		48,881		8.8
West South Central	39,780		6.9		42,141		7.6
Other	54,797		9.5		59,381		10.7
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Loan-to-Value Ratio
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	149,719	26.0	%	$	173,040	31.2	%
50% - 60%	202,025		35.1		156,633		28.2
60% - 70%	204,460		35.5		186,738		33.7
70% - 80%	15,559		2.7		36,857		6.6
80% - 90%	4,098		0.7		1,575		0.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically including when there is indication of a possible significant collateral decline or loan modification and refinance requests.

Mortgage Loans by Year of Origination
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2013	$	84,478	14.7	%	—		—	%
2012	72,792		12.6		75,173		13.6
2011	48,190		8.4		47,405		8.5
2010	26,173		4.5		27,422		4.9
2008	68,323		11.9		70,346		12.7
2007 and prior	275,905		47.9		334,497		60.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

Impaired Mortgage Loans
	December 31,
	2013		2012
	(Dollars in thousands)
Unpaid principal balance	$	22,100	$	10,046
Less:
Related allowance	888		1,694
Discount	429		—
Carrying value of impaired mortgage loans	$	20,783	$	8,352

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Allowance on Mortgage Loans
	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Balance at beginning of period	$	1,694		$	1,759
Allowances established	804			335
Charge offs	(1,610		)	(400		)
Balance at end of period	$	888		$	1,694

Components of Net Investment Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Fixed maturities - available for sale	$	328,979		$	318,364		$	302,272
Equity securities - available for sale	4,295			3,508			3,368
Mortgage loans	32,447			32,369			34,619
Real estate	331			—			367
Policy loans	8,502			8,997			9,235
Short-term investments, cash and cash equivalents	102			215			50
Prepayment fee income and other	5,098			6,737			2,238
	379,754			370,190			352,149
Less investment expenses	(9,103		)	(8,866		)	(8,839		)
Net investment income	$	370,651		$	361,324		$	343,310

Realized Gains (Losses) - Recorded in Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	18,495		$	16,982		$	5,715
Gross losses	(2,374		)	(541		)	(368		)
Equity securities	—			309			(5		)
Mortgage loans	—			767			—
Real estate	12			(25		)	—
Other	(166		)	(13		)	13
Impairment losses recognized in earnings:
Credit-related portion of fixed maturity losses (1)	(618		)	(5,264		)	(1,454		)
Other credit-related (2)	(1,794		)	(11,763		)	(12,197		)
Realized gains (losses) on investments recorded in income	$	13,555		$	452		$	(8,296	)

(1) Amount represents the credit-related losses recognized for fixed maturities which were not written down to fair value. As discussed above the non-credit portion of the losses have been recognized in other comprehensive income (loss).

(2) Amount represents credit-related losses for mortgage loans, real estate and fixed maturities written down to fair value.

Proceeds from sales of fixed maturities were $138.4 million in 2013, $156.3 million in 2012 and $70.7 million in 2011.

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Included in the net impairment loss recognized in earnings in 2011 is an other than temporary impairment of $4.7 million related to an equity method investment held as Securities and Indebtedness of related parties, which was undergoing financial difficulties as a result of class action litigation.

Realized losses on sales were on securities that we did not intend to sell at the prior balance sheet date or on securities that were impaired in a prior period, but decreased in value during the year. Realized gains and losses on sales of investments are determined on the basis of specific identification.

Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities

The following table sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which a portion of the other-than-temporary impairment was recognized in other comprehensive income (loss) and corresponding changes in such amounts.

	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Balance at beginning of period	$	(27,712	)	$	(22,746	)
Increases for which an impairment was not previously recognized	—			(3,815		)
Increases to previously impaired investments	(618		)	(1,449		)
Reductions due to investments sold	5,944			215
Reductions due to change of intent to not hold investments	794			83
Balance at end of period	$	(21,592	)	$	(27,712	)

Variable Interest Entities

We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and are then required to consolidate it for financial reporting purposes. None of our VIE investees were required to be consolidated during 2013, 2012 or 2011. Our VIE investments are as follows:

	December 31, 2013				December 31, 2012
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
Real estate limited partnerships	$	17,646	$	17,646	$	16,914	$	16,914

The real estate limited partnerships had revenues totaling $4.3 million for 2013, $4.1 million for 2012 and $4.9 million for 2011. We may make commitments to fund partnership investments in the normal course of business. We did not have any other commitments to investees designated as VIE's during the years ended December 31, 2013, 2012 or 2011.

Derivative Instruments

We are not significantly involved in hedging activities and have limited exposure to derivatives. We do not apply hedge accounting to any of our derivative positions. Derivative assets, which are primarily reported in reinsurance recoverable and other investments, totaled $3.7 million at December 31, 2013 and $5.6 million at December 31, 2012. Our derivative assets consist of derivatives embedded within our modified coinsurance agreements and call options which provide an economic hedge for a small block of index annuity contracts. Derivative liabilities totaled $0.3 million at December 31, 2013 and $0.5 million at December 31, 2012 and include derivatives embedded within our index annuity contracts and derivatives embedded within our modified coinsurance agreements. The net gain (loss) recognized on these derivatives was included in net investment income and interest sensitive benefits and totaled ($1.5) million in 2013, $1.6 million in 2012 and ($0.5) million in 2011.

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Other

At December 31, 2013, affidavits of deposits covering investments with a carrying value totaling $6,480.9 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $356.0 million were on deposit with the Federal Home Loan Bank (FHLB) as collateral for funding agreements.

At December 31, 2013, we had committed to provide additional funds for investments in limited partnerships. The amounts of these unfunded commitments totaled $38.3 million.

The carrying value of investments which have been non-income producing for the twelve months preceding December 31, 2013 includes fixed maturities, real estate, short-term and equity securities totaling $3.8 million.

No investment in any entity or its affiliates (other than bonds issued by agencies of the United States Government) exceeded 10.0% of stockholders' equity at December 31, 2013.

3. Fair Value

The carrying and estimated fair values of our financial instruments are as follows:

Fair Values and Carrying Values
	December 31,
	2013				2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	6,081,753	$	6,081,753	$	6,265,745	$	6,265,745
Equity securities - available for sale	91,555		91,555		86,253		86,253
Mortgage loans	575,861		594,451		554,843		600,448
Policy loans	176,993		210,401		174,254		227,161
Other investments	993		993		247		247
Cash, cash equivalents and short-term investments	115,047		115,047		152,590		152,590
Reinsurance recoverable	2,678		2,678		5,326		5,326
Assets held in separate accounts	693,955		693,955		618,809		618,809

Liabilities
Future policy benefits	$	3,360,519	$	3,371,706	$	3,226,765	$	3,352,252
Supplemental contracts without life contingencies	349,761		320,195		361,273		350,187
Advance premiums and other deposits	230,819		230,819		216,857		216,857
Long-term debt	97,000		63,343		147,000		116,359
Other liabilities	—		—		131		131
Liabilities related to separate accounts	693,955		686,387		618,809		609,704

Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As not all financial instruments are actively traded, various valuation methods may be used to estimate fair value. These methods rely on observable market data and where observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available.

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In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows:

• Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly.

• Level 3 - Fair values are based on significant unobservable inputs for the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source of the information from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period.

The following methods and assumptions were used in estimating the fair value of our financial instruments:

Fixed maturities:

Level 1 fixed maturities consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 fixed maturities consist of corporate, mortgage and other asset-backed, United States Government agencies and private placement securities with observable market data, and in some circumstances recent trade activity. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2.

Also included in Level 2 are corporate bonds where quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread.

Level 3 fixed maturities include private placements as well as corporate, mortgage and other asset-backed and state and municipal securities for which there is little or no current market data available. We use external pricing sources, or if prices are not available, we will estimate fair value internally. Fair values of private investments in Level 3 are determined by reference to public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities where an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through use of matrix pricing methods rely on an estimate of credit spreads to a risk free U.S. Treasury yield. Selecting the credit spread requires judgment based on an understanding of the security and may include a market liquidity premium. Our selection of comparable companies as well as the level of spread requires significant judgment. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

We obtain fixed maturity fair values from a variety of external independent pricing services, including brokers, with access to observable data including recent trade information, if available. In certain circumstances in which an external price is not available for a Level 3 security, we will internally estimate its fair value. Our process for evaluation and selection of the fair values includes:

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• We follow a “pricing waterfall” policy, which establishes the pricing source preference for a particular security or security type. The order of preference is based on our evaluation of the valuation methods used, the source's knowledge of the instrument and the reliability of the prices we have received from the source in the past. Our valuation policy dictates that fair values are initially sought from third party pricing services. If our review of the prices received from our preferred source indicates an inaccurate price, we will use an alternative source within the waterfall and document the decision. In the event that fair values are not available from one of our external pricing services or upon review of the fair values provided it is determined that they may not be reflective of market conditions, those securities are submitted to brokers familiar with the security to obtain non-binding price quotes. Broker quotes tend to be used in limited circumstances such as for newly issued, private placement and other instruments that are not widely traded. For those securities for which an externally provided fair value is not available we use cash flow modeling techniques to estimate fair value.

• We evaluate third party pricing source estimation methodologies to assess whether they will provide a fair value which approximates a market exit price.

• We perform an overall analysis of portfolio fair value movement against general movements in interest rates and spreads.

• We compare month-to-month price trends to detect unexpected price fluctuation based on our knowledge of the market and the particular instrument. As fluctuations are noted, we will perform further research which may include discussions with the original pricing source or other external sources to ensure we are in agreement with the valuation.

• We compare prices between different pricing sources for unusual disparity.

• We meet at least quarterly with our Investment Committee, the group that oversees our valuation process, to discuss valuation practices and observations during the pricing process.

Equity securities:

Level 1 equity securities consist of listed common stocks and mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 equity securities consist of common stock issued by the FHLB, with estimated fair value based on the current redemption value of the shares and non-redeemable preferred stock with estimated fair value obtained from external pricing sources using a matrix pricing approach.

Level 3 equity securities consist of non-redeemable preferred stock for which no active market exists, and fair value estimates for these securities is based on the values of comparable securities which are actively traded. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

In the case where external pricing services are used for certain Level 1 and Level 2 equity securities, our review process is consistent with the process used to determine the fair value of fixed maturities discussed above.

Mortgage loans:

Mortgage loans are not measured at fair value on a recurring basis. Mortgage loans are a Level 3 measurement as there is no current market for the loans. The fair value of our mortgage loans is estimated internally using a matrix pricing approach. Along with specific loan terms, two key management assumptions are required including the risk rating of the loan (our current rating system A-highest quality, B-moderate quality, C-low quality and W-watch or F-foreclosure) and estimated spreads for new loans over the U.S. Treasury yield curve. Spreads are updated quarterly and loans are reviewed and rated annually with quarterly adjustments should significant changes occur. Our determination of each loan's risk rating as well as selection of the credit spread requires significant judgment. A higher risk rating, as well as an increase in spreads, would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

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Policy loans:

Policy loans are not measured at fair value on a recurring basis. Policy loans are a Level 3 measurement as there is no current market since they are specifically tied to the underlying insurance policy. The loans are relatively risk free as they cannot exceed the cash surrender value of the insurance policy. Fair values are estimated by discounting expected cash flows using a risk-free interest rate based on the U.S. Treasury curve. An increase in the risk-free interest rate would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Other investments:

Level 2 other investments include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty.

Cash, cash equivalents and short-term investments:

Level 1 cash, cash equivalents and short-term investments are highly liquid instruments for which historical cost approximates fair value.

Reinsurance recoverable:

Level 2 reinsurance recoverable includes embedded derivatives in our modified coinsurance contracts under which we cede or assume business. Fair values of these embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities, which are valued consistent with the discussion of fixed maturities above.

Assets held in separate accounts:

Level 1 assets held in separate accounts consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Future policy benefits, supplemental contracts without life contingencies and advance premiums and other deposits:

Level 3 policy related financial instruments of investment-type contracts are those not involving significant mortality or morbidity risks. No active market exists for these contracts and they are not measured at fair value on a recurring basis. Fair values for our insurance contracts, other than investment-type contracts, are not required to be disclosed. Fair values for our investment-type contracts with expected maturities, including deferred annuities, funding agreements and supplementary contracts, are determined using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation. For certain deposit liabilities with no defined maturities and no surrender charges, including pension related deposit administration funds, advance premiums and other deposits, fair value is the account value or amount payable on demand. Significant judgment is required in selecting the assumptions used to estimate the fair values of these financial instruments. For contracts with known maturities, increases in current rates will result in a decrease in discounted cash flows and a decrease in the estimated fair value of the policy obligation.

Certain annuity contracts include embedded derivatives, which are measured at fair value on a recurring basis. These embedded derivatives are a Level 3 measurement. The fair value of the embedded derivatives is based on the discounted excess of projected account values (including a risk margin) over projected guaranteed account values. The key unobservable inputs required in the projection of future values which require management judgment include the risk margin as well as the credit risk of our company. Should the risk margin increase or the credit risk decrease the discounted cash flows and the estimated fair value of the obligation will increase.

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Long-term debt:

Long-term debt is not measured at fair value on a recurring basis. Long-term debt is a Level 3 measurement. The fair value of our outstanding debt is estimated using a discounted cash flow method based on the market's assessment or our current incremental borrowing rate for similar types of borrowing arrangements adjusted, as needed, to reflect our credit risk. Our selection of the credit spread requires significant judgment. A decrease in the spread will increase the estimated fair value of the outstanding debt.

Other liabilities:

Level 2 other liabilities include the embedded derivatives in our modified coinsurance contracts under which we cede business. Fair values for the embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities.

Level 3 other liabilities include an embedded derivative related to the make-whole redemption feature of our unaffiliated Senior Notes. Fair value was determined using a discounted cash flow valuation analysis based on applicable U.S. Treasury rates and make-whole spread.

Liabilities related to separate accounts:

Separate account liabilities are not measured at fair value on a recurring basis. Level 3 separate account liabilities' fair value is based on the cash surrender value of the underlying contract, which is the cost we would incur to extinguish the liability.

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Corporate securities	$	—	$	3,224,785	$	81,994	$	3,306,779
Residential mortgage-backed securities	—		520,728		—		520,728
Commercial mortgage-backed securities	—		332,955		71,712		404,667
Other asset-backed securities	—		370,708		85,835		456,543
United States Government and agencies	15,291		19,946		8,044		43,281
State, municipal and other governments	—		1,349,755		—		1,349,755
Non-redeemable preferred stocks	—		58,655		7,795		66,450
Common stocks	3,295		21,810		—		25,105
Other investments	—		993		—		993
Cash, cash equivalents and short-term investments	115,047		—		—		115,047
Reinsurance recoverable	—		2,678		—		2,678
Assets held in separate accounts	693,955		—		—		693,955
Total assets	$	827,588	$	5,903,013	$	255,380	$	6,985,981
Liabilities
Future policy benefits - index annuity embedded derivatives	$	—	$	—	$	286	$	286
Total liabilities	$	—	$	—	$	286	$	286

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Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2012
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Corporate securities	$	—	$	3,195,120	$	100,463	$	3,295,583
Residential mortgage-backed securities	—		674,182		—		674,182
Commercial mortgage-backed securities	—		434,538		76,281		510,819
Other asset-backed securities	—		393,957		95,756		489,713
United States Government and agencies	14,884		25,570		8,555		49,009
State, municipal and other governments	—		1,246,216		223		1,246,439
Non-redeemable preferred stocks	—		53,101		7,391		60,492
Common stocks	2,773		22,988		—		25,761
Other investments	—		247		—		247
Cash, cash equivalents and short-term investments	152,590		—		—		152,590
Reinsurance recoverable	—		5,326		—		5,326
Assets held in separate accounts	618,809		—		—		618,809
Total assets	$	789,056	$	6,051,245	$	288,669	$	7,128,970
Liabilities
Future policy benefits - index annuity embedded derivatives	$	—	$	—	$	307	$	307
Other liabilities	—		131		—		131
Total liabilities	$	—	$	131	$	307	$	438

Level 3 Fixed Maturity Securities on a Recurring Basis by Valuation Source
	December 31, 2013
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	59,812		$	22,182		$	81,994
Commercial mortgage-backed securities	71,712			—			71,712
Other asset-backed securities	65,003			20,832			85,835
United States Government and agencies	8,044			—			8,044
Total	$	204,571		$	43,014		$	247,585
Percent of total	82.6		%	17.4		%	100.0		%

	December 31, 2012
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	70,975		$	29,488		$	100,463
Commercial mortgage-backed securities	76,281			—			76,281
Other asset-backed securities	79,320			16,436			95,756
United States Government and agencies	8,555			—			8,555
State, municipal and other governments	223			—			223
Total	$	235,354		$	45,924		$	281,278
Percent of total	83.7		%	16.3		%	100.0		%

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Quantitative Information about Level 3 Fair Value Measurements
	December 31, 2013
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	46,023	Discounted cash flow	Credit spread	0.91% - 17.08% (7.84%)
Commercial mortgage-backed	71,712		Discounted cash flow	Credit spread	1.75% - 4.50% (2.95%)
Other asset-backed securities	38,305		Discounted cash flow	Credit spread	0.74% - 5.06% (3.55%)
Non-redeemable preferred stocks	7,795		Discounted cash flow	Credit spread	3.81% (3.81%)
Total Assets	$	163,835
Liabilities
Future policy benefits - index annuity embedded derivatives	$	286	Discounted cash flow	Credit risk Risk margin	0.30% - 1.70% (1.05%) 0.15% - 0.40% (0.25%)

	December 31, 2012
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	54,538	Discounted cash flow	Credit spread	0.78% - 9.21% (5.72%)
Commercial mortgage-backed	76,264		Discounted cash flow	Credit spread	1.95% - 4.80% (3.35%)
Other asset-backed securities	43,119		Discounted cash flow	Credit spread	1.24% - 6.07% (4.28%)
State, municipal and other governments	223		Discounted cash flow	Credit spread	1.75% (1.75%)
Non-redeemable preferred stocks	7,391		Discounted cash flow	Credit spread	6.00% (6.00%)
Total Assets	$	181,535
Liabilities
Future policy benefits - index annuity embedded derivatives	$	307	Discounted cash flow	Credit risk Risk margin	1.00% - 2.50% (1.80%) 0.15% - 0.40% (0.25%)

The table above excludes certain securities for which the fair value was based on non-binding broker quotes where we could not reasonably obtain the quantitative unobservable inputs.

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Level 3 Financial Instruments Changes in Fair Value Recurring Basis
	December 31, 2013
								Realized and unrealized gains (losses), net
	Balance, December 31, 2012		Purchases		Disposals			Included in net income		Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income		Balance, December 31, 2013
	(Dollars in thousands)
Corporate securities	$	100,463	$	2,157	$	(7,946	)	$	—	$	(1,945	)	$	—	$	(10,798	)	$	63	$	81,994
Commercial mortgage-backed securities	76,281		—		(660		)	—		(3,996		)	—		—			87		71,712
Other asset-backed securities	95,756		38,468		(13,583		)	—		(971		)	4,062		(39,155		)	1,258		85,835
United States Government and agencies	8,555		—		—			—		(517		)	—		—			6		8,044
State, municipal and other governments	223		—		(218		)	—		(5		)	—		—			—		—
Non-redeemable preferred stocks	7,391		—		—			—		71			5,208		(4,875		)	—		7,795
Total	$	288,669	$	40,625	$	(22,407	)	$	—	$	(7,363	)	$	9,270	$	(54,828	)	$	1,414	$	255,380
Liabilities
Future policy benefits - index annuity embedded derivatives	$	307	$	—	$	(28	)	$	—	$	7		$	—	$	—		$	—	$	286
Total Liabilities	$	307	$	—	$	(28	)	$	—	$	7		$	—	$	—		$	—	$	286

	December 31, 2012
								Realized and unrealized gains (losses), net
	Balance, December 31, 2011		Purchases		Disposals			Included in net income			Included in other compre-hensive income			Transfers into Level 3 (2)		Transfers out of Level 3 (2)			Amort-ization included in net income		Balance, December 31, 2012
	(Dollars in thousands)
Corporate securities	$	106,412	$	—	$	(15,504	)	$	(9	)	$	3,113		$	21,654	$	(15,295	)	$	92	$	100,463
Residential mortgage-backed securities	7,711		—		—			—			—			—		(7,711		)	—		—
Commercial mortgage-backed securities	27,899		5,105		(3,101		)	—			1,251			59,096		(14,055		)	86		76,281
Other asset-backed securities	113,458		68,811		(11,351		)	(44		)	3,820			22,092		(102,192		)	1,162		95,756
Collateralized debt obligation	270		—		(27		)	(243		)	—			—		—			—		—
United States Government and agencies	12,588		—		—			—			(28		)	—		(4,010		)	5		8,555
State, municipal and other governments	12,044		—		(4,221		)	—			(316		)	—		(7,845		)	561		223
Non-redeemable preferred stocks	14,447		—		(5,105		)	105			749			—		(2,805		)	—		7,391
Total	$	294,829	$	73,916	$	(39,309	)	$	(191	)	$	8,589		$	102,842	$	(153,913	)	$	1,906	$	288,669
Liabilities
Future policy benefits - index annuity embedded derivatives	$	302	$	—	$	(37	)	$	—		$	42		$	—	$	—		$	—	$	307
Make-whole redemption feature on Senior Notes	33,144		—		(33,144		)	—			—			—		—			—		—
Total Liabilities	$	33,446	$	—	$	(33,181	)	$	—		$	42		$	—	$	—		$	—	$	307

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(1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. There were no transfers between Level 1 and Level 2 during 2013.

(2) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. During 2012, we began using an external pricing service with access to observable inputs for a portion of our Level 3 investments for which non-binding broker quotes were previously used to estimate fair value. We believe the change in pricing sources is appropriate and consistent with our pricing waterfall policy to use higher level valuation methods when available. There were no transfers between Level 1 and Level 2 during 2012.

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	594,451	$	594,451
Policy loans	—		—		210,401		210,401
Total assets	$	—	$	—	$	804,852	$	804,852
Liabilities
Future policy benefits	$	—	$	—	$	3,371,420	$	3,371,420
Supplemental contracts without life contingencies	—		—		320,195		320,195
Advance premiums and other deposits	—		—		230,819		230,819
Long-term debt	—		—		63,343		63,343
Liabilities related to separate accounts	—		—		686,387		686,387
Total liabilities	$	—	$	—	$	4,672,164	$	4,672,164

	December 31, 2012
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	600,448	$	600,448
Policy loans	—		—		227,161		227,161
Total assets	$	—	$	—	$	827,609	$	827,609
Liabilities
Future policy benefits	$	—	$	—	$	3,351,945	$	3,351,945
Supplemental contracts without life contingencies	—		—		350,187		350,187
Advance premiums and other deposits	—		—		216,857		216,857
Long-term debt	—		—		116,359		116,359
Liabilities related to separate accounts	—		—		609,704		609,704
Total liabilities	$	—	$	—	$	4,645,052	$	4,645,052

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Level 3 Financial Instruments Measured at Fair Value on a Non-Recurring Basis

Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate which have been deemed to be impaired during the reporting period. During 2013, one real estate property was impaired to a fair value totaling $1.9 million which resulted in an impairment charge of $0.2 million. During 2012, one mortgage loan was impaired to a fair value totaling $1.6 million which resulted in an impairment charge of $0.3 million.

4. Reinsurance and Policy Provisions

Reinsurance

In the normal course of business, we seek to limit our exposure to loss on any single insured or event and to recover a portion of benefits paid by ceding a portion of our exposure to other insurance companies. Our reinsurance coverage for life insurance varies according to the age and risk classification of the insured with retention limits ranging up to $1.5 million of coverage per individual life. New sales of certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance.

We participate in a reinsurance pool with various unaffiliated life insurance companies to mitigate the impact of a catastrophic event on our financial position and results of operations. Members of the pool share in the eligible catastrophic losses based on their size and contribution to the pool. The maximum loss we could incur as a result of losses assumed from other pool members is $7.7 million per event. As of the date of this filing, there have been no claims on the reinsurance pool.

In addition, Farm Bureau Life may cede certain losses under an annual 100% quota share accidental death reinsurance agreement. Coverage includes all acts of terrorism including those of a nuclear, chemical or biological origin. Coverage is subject to an annual aggregate retention of $13.0 million. A maximum occurrence limit of $50.0 million applies to policies written on agents of the Company who are participating in company-sponsored incentive trips. Additionally, a $200.0 million occurrence limit applies to employees in the home office building, net of reinsurance on group life policies. All other occurrence catastrophes are unlimited in amount.

Life insurance in force ceded totaled $13,220.0 million (24.2%of life insurance in force) at December 31, 2013 and $11,999.3 million (23.1% of life insurance in force) at December 31, 2012. Insurance premiums and product charges have been reduced by $29.4 million in 2013, $28.9 million in 2012 and $30.8 million in 2011 and insurance benefits have been reduced by $21.7 million in 2013, $20.5 million in 2012 and $15.5 million in 2011 as a result of cession agreements.

Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet obligations under reinsurance agreements, our insurance subsidiaries would be liable for these obligations, and payment of these obligations could result in losses. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers and monitor concentrations of credit risk. No allowance for uncollectible amounts has been established against our asset for reinsurance recoverable since none of our receivables are deemed to be uncollectible.

We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements. Life insurance in force assumed totaled $613.3 million (1.5% of total life insurance in force) at December 31, 2013 and $612.9 million (1.5% of total life insurance in force) at December 31, 2012. Premiums and product charges assumed totaled $0.8 million in 2013, $0.6 million in 2012 and $0.4 million in 2011. Insurance benefits assumed totaled $1.7 million in 2013, $0.3 million in 2012 and less than $0.1 million in 2011.

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Policy Provisions

Analysis of the Value of Insurance In Force Acquired

	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Excluding impact of net unrealized investment gains and losses:
Balance at beginning of year	$	32,500		$	38,062		$	33,403
Accretion of interest during the year	902			1,068			1,266
Amortization of asset	(3,467		)	(6,630		)	3,393
Balance prior to impact of net unrealized investment gains and losses	29,935			32,500			38,062
Impact of net unrealized investment gains and losses	(6,356		)	(15,346		)	(12,281		)
Balance at end of year	$	23,579		$	17,154		$	25,781

We periodically revise key assumptions used in the calculation of the value of insurance in force acquired through an “unlocking” process, which increased amortization $2.6 million in 2012. As described in Note 1, during 2011 refinements were made to the methods and assumptions used to calculate the amortization of value of insurance in force acquired, resulting in a $6.9 million reduction in amortization. Net amortization, based on expected future gross profits/margins, for the next five years is expected to be as follows: 2014 - $2.8 million; 2015 - $2.8 million; 2016 - $2.5 million; 2017 - $2.5 million; and 2018 - $2.4 million.

Certain variable annuity and variable universal life contracts in our separate accounts and in separate accounts of reinsurance partners have minimum interest guarantees on funds deposited in our general account. In addition, we have certain variable annuity contracts that include a) guaranteed minimum death benefits (GMDBs), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon death of the contract holder, and/or c) a guaranteed minimum income benefit (GMIB) that provides monthly income to the contract holder after the eighth policy year.

GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee
	December 31, 2013				December 31, 2012
	Separate Account Balance		Net Amount at Risk		Separate Account Balance		Net Amount at Risk
	(Dollars in thousands)
Guaranteed minimum death benefit:
Return of net deposits	$	195,593	$	791	$	178,443	$	1,346
Return the greater of highest anniversary value or net deposits	315,176		3,150		282,973		7,177
Incremental death benefit	283,556		57,964		252,925		35,502
Guaranteed minimum income benefit	42,850		—		38,072		—
Total			$	61,905			$	44,025

The separate account assets are principally comprised of stock and bond mutual funds. The net amount at risk for these contracts is based on the amount by which GMDB, IDB or GMIB exceeds account value. The reserve for GMDBs, IDBs or GMIBs, determined using modeling techniques and industry mortality assumptions, that is included in future policy benefits, totaled $2.4 million at December 31, 2013 and $1.9 million at December 31, 2012. The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 63 years at December 31, 2013 and 60 years at December 31, 2012. Benefits paid for GMDBs, IDBs and GMIBs totaled $0.3 million for 2013, $0.2 million for 2012 and $0.3 million for 2011.

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5. Income Taxes

We file a consolidated federal income tax return with Farm Bureau Life and FBL Financial Services, Inc. and certain of their subsidiaries. The companies included in the consolidated federal income tax return each report current income tax expense as allocated under a consolidated tax allocation agreement. This allocation typically results in profitable companies recognizing a tax provision as if the individual company filed a separate return and loss companies recognizing a benefit to the extent their losses contribute to reduce consolidated taxes.

Deferred income taxes have been established based upon the temporary differences between the financial statement and income tax bases of assets and liabilities. The reversal of the temporary differences will result in taxable or deductible amounts in future years when the related asset or liability is recovered or settled. A valuation allowance is required if it is more likely than not that a deferred tax asset will not be realized. In assessing the need for a valuation allowance we considered the scheduled reversal of deferred tax assets, projected future taxable income, taxable income from prior years available for recovery and tax planning strategies. Our tax planning strategies assume deferred tax assets related to unrealized losses on our investments are temporary as we have the ability to hold the investments until maturity, at which time, the existing temporary difference is expected to reverse. As such, we have determined that the establishment of a valuation allowance was not necessary at December 31, 2013 and 2012.

Income Tax Expenses (Credits)
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Taxes provided in consolidated statements of operations on:
Income from continuing operations before noncontrolling interest and equity income (loss):
Current	$	43,264		$	(8,717	)	$	27,637
Deferred	6,058			48,788			(8,840		)
	49,322			40,071			18,797
Equity income (loss) - current	(11,050		)	(6,260		)	(890		)
Discontinued operations	—			(382		)	23,003
Loss on sale of subsidiary	—			(1,213		)	(29,198		)
Taxes provided in consolidated statements of changes in stockholders' equity:
Accumulated other comprehensive income	(91,961		)	60,309			67,964
Class A and Class B common stock	(1,657		)	(2,167		)	(164		)
	(93,618		)	58,142			67,800
	$	(55,346	)	$	90,358		$	79,512

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Effective Tax Rate Reconciliation to Federal Income Tax Rate
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Income from continuing operations before income taxes, noncontrolling interest and equity income (loss)	$	150,305		$	118,184		$	69,722
Income tax at federal statutory rate (35%)	$	52,607		$	41,364		$	24,400
Tax effect (decrease) of:
Tax-exempt dividend and interest income	(2,802		)	(1,741		)	(2,393		)
Impact of incentive stock options	(594		)	(341		)	(1,029		)
Other items	111			789			(2,181		)
Income tax expense	$	49,322		$	40,071		$	18,797

Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities
	December 31,
	2013		2012
	(Dollars in thousands)
Deferred income tax assets:
Future policy benefits	$	22,754	$	20,865
Accrued benefit and compensation costs	12,048		11,957
Loss carryforwards	17,041		18,259
Other	4,478		1,632
	56,321		52,713
Deferred income tax liabilities:
Fixed maturity and equity securities	90,360		219,372
Deferred acquisition costs	66,583		24,826
Other	22,217		16,948
	179,160		261,146
Net deferred income tax liability	$	122,839	$	208,433

We recognize the benefits of uncertain tax positions in accordance with the provisions of the FASB interpretation on accounting for uncertainty in income taxes. At December 31, 2013 and 2012, our reserve for uncertain tax positions of less than $0.5 million. Unrecognized tax benefits included in our reserve, if recognized, would impact our effective tax rate, although we do not expect these impacts to be material. We recognized interest related to unrecognized tax benefits in interest expense and related penalties in other expenses. We do not expect any significant increases or decreases in the amount of our reserve for uncertain tax positions within the next twelve months. Other than 2007, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2010.

At December 31, 2013, we had non-life net operating loss carryforwards for federal income tax purposes totaling $48.7 million which expire beginning in 2029 through 2032.

We are continuing to invest in low income housing tax credit partnerships which generate pre-tax losses but after tax gains as the related tax credits are realized. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and when tax credits are approved. These tax credits, which are reported in equity income, totaled $9.8 million in 2013, $5.7 million in 2012 and $1.0 million in 2011. In addition, in 2011 we reported $0.5 million of tax credits in tax expense.

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6. Credit Arrangements

Long-term debt includes $97.0 million of our subordinated debt obligation to FBL Financial Group Capital Trust (the Trust). We issued 5% Subordinated Deferrable Interest Notes due June 30, 2047 (the Notes) with a principal amount of $100.0 million to support $97.0 million of 5% Preferred Securities issued by the Trust. We also have a $3.0 million equity investment in the Trust, which is netted against the Notes on the consolidated balance sheets due to a contractual right of offset. The sole assets of the Trust are and will be the Notes and any interest accrued thereon. The interest payment dates on the Notes correspond to the distribution dates on the 5% Preferred Securities. The 5% Preferred Securities, which have a liquidation value of $1,000.00 per share plus accrued and unpaid distributions, mature simultaneously with the Notes. As of December 31, 2013 and 2012, 97,000 shares of 5% Preferred Securities were outstanding, all of which we unconditionally guarantee.

On September 26, 2013, we redeemed the Senior Notes payable to affiliates that had a balance of $50.0 million at December 31, 2012. These 6.10% Senior Notes were due May 3, 2015 and prepayable anytime at par. These notes were issued to Farm Bureau Property & Casualty Insurance Company (Farm Bureau Property & Casualty), an affiliate, and an investment affiliate of the Iowa Farm Bureau Federation (IFBF), our majority stockholder.

As described in Note 15, during the first quarter of 2012 we completed the required redemption of $175.0 million of our long term debt in accordance with the mandatory redemption provisions of the underlying notes at the make-whole redemption price of $210.9 million.

7. Stockholders' Equity

The IFBF owns our Series B preferred stock. Each share of Series B preferred stock has a liquidation preference of $0.60 and voting rights identical to that of Class A common stock with the exception that each Series B share is entitled to two votes while each Class A share is entitled to one vote. The Series B preferred stock pays cumulative annual cash dividends of $0.03 per share, payable quarterly, and is redeemable by us, at our option, at $0.60 per share plus unpaid dividends if the stock ceases to be beneficially owned by a Farm Bureau organization.

Reconciliation of Outstanding Common Stock
	Class A					Class B					Total
	Shares		Dollars			Shares		Dollars			Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2011	29,749,068		$	118,165		1,192,990		$	7,522		30,942,058		$	125,687
Issuance of common stock under compensation plans	121,551		13,277			—		—			121,551		13,277
Purchase of common stock	(412,975	)	(1,758		)	—		—			(412,975	)	(1,758		)
Outstanding at December 31, 2011	29,457,644		129,684			1,192,990		7,522			30,650,634		137,206
Issuance of common stock under compensation plans	353,140		10,901			—		—			353,140		10,901
Purchase of common stock	(5,528,700	)	(24,879		)	—		—			(5,528,700	)	(24,879		)
Conversion of Class B to Class A common stock	100		—			(100	)	—			—		$	—
Outstanding at December 31, 2012	24,282,184		$	115,706		1,192,890		$	7,522		25,475,074		$	123,228
Issuance of common stock under compensation plans	666,659		20,156			—		—			666,659		20,156
Purchase of common stock	(363,430	)	(1,862		)	(1,023,948	)	(6,457		)	(1,387,378	)	(8,319		)
Conversion of Class B to Class A common stock	157,529		993			(157,529	)	(993		)	—		—
Outstanding at December 31, 2013	24,742,942		$	134,993		11,413		$	72		24,754,355		$	135,065

Holders of the Class A common stock and Series B preferred stock vote together as a group in the election of Class A Directors (four to ten). The Class B common stock votes as a separate class to elect the Class B Directors (five to seven). Voting for the Directors is noncumulative. Ownership aspects of our Class B common stock are governed by a Class B Shareholder Agreement. The IFBF's ownership in the three classes of stock results in IFBF owning 71% of our voting stock as of

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December 31, 2013, and having the ability to control the Company. Holders of Class A common stock and Class B common stock receive equal per-share common stock dividends.

Share Repurchases

On August 21, 2013, the Board of Directors authorized a tender offer to repurchase 99 percent of all Class B common shares outstanding. The tender price of $45.33 was based upon the average of the closing price of FBL’s Class A common stock for the seven consecutive business days preceding the tender closing date of September 25, 2013. All Class B shareholders participated with 1,023,948 Class B common shares repurchased for $46.4 million and 105,930 shares of Class B common stock converted to Class A common stock.

During 2011 and 2012, the Board of Directors approved a plan to repurchase up to $230.0 million of Class A common stock. These repurchase plans authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. In connection with the Class A repurchase plans, we repurchased 0.4 million shares of stock for $14.2 million in 2013, 5.5 million shares of stock for $181.9 million in 2012 and 0.4 million shares of stock for $13.6 million in 2011. Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice.

During February 2014, the Board of Directors approved a plan to repurchase up to $50.0 million of Class A common stock. This repurchase plan will commence upon the earlier of the completion of the current repurchase plan or its expiration on March 31, 2014.

Dividend Restrictions

The amount of dividends we have available to pay our common shareholders is limited to a certain extent by the amount of dividends our primary operating subsidiary, Farm Bureau Life, is able to pay to its parent, FBL Financial Group, Inc. Farm Bureau Life's ability to pay dividends to FBL Financial Group, Inc. is limited by Iowa law to earned profits (statutory unassigned surplus) as of the date the dividend is paid, as determined in accordance with accounting practices prescribed by insurance regulatory authorities of the State of Iowa. Further, Farm Bureau Life’s dividends are required to be approved by the Insurance Division, Department of Commerce, State of Iowa (Insurance Division) if the dividend plus all dividend distributions for the preceding twelve months exceed the greater of ten percent of its statutory surplus or its statutory net gain from operations for the twelve-month period ended December 31^st of the preceding year. At December 31, 2013, Farm Bureau Life’s statutory unassigned surplus was $359.0 million. The 2013 net gain from operations, which exceeds 10% of statutory surplus, was $93.3 million. Farm Bureau Life obtained approval from the Insurance Division prior to paying a $120.0 million extraordinary dividend during the third quarter of 2013 and will be required to obtain approval for any dividends paid prior to the fourth quarter of 2014.

Special Dividend

On August 21, 2013, the Board of Directors approved a special $2.00 per share cash dividend to Class A and B common shareholders of record as of September 6, 2013. The aggregate dividend totaling $51.4 million was paid on September 13, 2013.

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Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses			Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Balance at January 1, 2011	$	67,777		$	(16,237	)	$	104		$	51,644
Other comprehensive income before reclassifications	125,548			7,795			—			133,343
Reclassification adjustments	(2,876		)	(4,261		)	(5		)	(7,142		)
Balance at December 31, 2011	190,449			(12,703		)	99			177,845
Other comprehensive income before reclassifications	125,948			10,325			—			136,273
Reclassification adjustments	(10,230		)	(5,984		)	(8,051		)	(24,265		)
Balance at December 31, 2012	306,167			(8,362		)	(7,952		)	289,853
Other comprehensive income before reclassifications	(169,627		)	9,686			—			(159,941		)
Reclassification adjustments	(9,953		)	(2,690		)	1,798			(10,845		)
Balance at December 31, 2013	$	126,587		$	(1,366	)	$	(6,154	)	$	119,067

(1) Unrealized net investment gains (losses) relate to available-for-sale securities and includes the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 for further information.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2013
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Status of Postretirement Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(16,121	)	$	—		$	—		$	(16,121	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	809			112			—			921
Other than temporary impairment losses	—			(4,250		)	—			(4,250		)
Other expenses: Amortization of unrecognized postretirement items:
Prior service costs	—			—			(11		)	(11		)
Net actuarial loss	—			—			2,777			2,777
Reclassifications before income taxes	(15,312		)	(4,138		)	2,766			(16,684		)
Income taxes	5,359			1,448			(968		)	5,839
Reclassification adjustments	$	(9,953	)	$	(2,690	)	$	1,798		$	(10,845	)

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Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2012
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Status of Postretirement Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(16,750	)	$	—		$	—		$	(16,750	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	1,012			166			—			1,178
Other than temporary impairment losses	—			(9,372		)	—			(9,372		)
Other expenses: Amortization of unrecognized postretirement items:
Prior service costs	—			—			35			35
Net actuarial loss	—			—			(12,421		)	(12,421		)
Reclassifications before income taxes	(15,738		)	(9,206		)	(12,386		)	(37,330		)
Income taxes	5,508			3,222			4,335			13,065
Reclassification adjustments	$	(10,230	)	$	(5,984	)	$	(8,051	)	$	(24,265	)

	Year ended December 31, 2011
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Unfunded Status of Postretirement Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(5,342	)	$	—		$	—		$	(5,342	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	918			—			—			918
Other than temporary impairment losses	—			(6,555		)	—			(6,555		)
Other expenses: Amortization of unrecognized postretirement items:
Net actuarial loss	—			—			(8		)	(8		)
Reclassifications before income taxes	(4,424		)	(6,555		)	(8		)	(10,987		)
Income taxes	1,548			2,294			3			3,845
Reclassification adjustments	$	(2,876	)	$	(4,261	)	$	(5	)	$	(7,142	)

(1) See Note 2 for further information.

(2) See Note 8 discussion on Defined Benefit Plans and Other Retirement Plans for further information.

8. Retirement and Compensation Plans

Defined Benefit Pension Plans

We participate in various defined benefit pension plans (the Plans), including a multiemployer plan. The multiemployer plan is considered qualified under Internal Revenue Service regulations, and covers our employees and the employees of the other participating companies who have attained age 21, have one year of service, and were employed prior to January 1, 2013. We also have a plan which provides supplemental pension benefits to employees with salaries and/or pension benefits in excess of the qualified limits imposed by federal law and started prior to January 1, 2013. Benefits of these plans are based on years of service and the employee's compensation. The plans are discussed below.

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Multiemployer Defined Benefit Plan

The FBL Financial Group Retirement Plan (the Multiemployer Plan) is considered a multiemployer plan, with the participation of unaffiliated and affiliated organizations along with FBL Financial Group, Inc. and its subsidiaries. Under the multiemployer plan structure, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. If an employer elects to discontinue participation, prior to departure they will be required to contribute their portion of the unfunded pension obligation associated with their employees. This required contribution will be based on an actuarial estimate of future benefit obligations, which as an estimate may not ultimately be sufficient to fund future actual benefits. None of the participating employers have provided notice that they would be discontinuing participation in the Multiemployer Plan or would otherwise be unable to continue providing their share of required funding as of December 31, 2013.

Contributions are made each year, resulting in the Multiemployer Plan being partially funded for payment of projected future benefit obligations. Beginning in 2013, no new participants entered the Multiemployer Plan and those participants who had not attained age 40 and 10 years of service as of December 31, 2012 no longer accrued additional years of service in the Multiemployer Plan.

Multiemployer Plan name		FBL Financial Group Retirement Plan
Employer identification number		42-1411715
Plan number		1
FBL's contributions (in thousands)
	2013	$22,500
	2012	$15,000
	2011	$15,000

Net periodic pension cost of the Multiemployer Plan is allocated between participating employers on a basis of time incurred by the respective employees for each employer. Such allocations are reviewed annually. This Multiemployer Plan was not subject to collective bargaining agreements, a financial improvement plan or a rehabilitation plan. No surcharges were required to be paid to the Multiemployer Plan during 2013, 2012 or 2011. We are the primary employer in the Multiemployer Plan, providing more than 5 percent of the total contributions during 2013, 2012 or 2011.

Other Defined Benefit Plans

The other defined benefit plans (the Other Plans) provide benefits in addition to those offered under the Multiemployer Plan to certain of our employees or those of our affiliates. These non-qualified benefit plans are unfunded, with contributions provided as necessary to fund current benefit obligations. Net periodic pension cost of the Other Plans is allocated between the subsidiaries of FBL Financial Group, Inc. and the Farm Bureau affiliated property-casualty companies on a basis of time incurred by the respective employees for each company.

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Funding Status and Net Periodic Pension Costs

	Multiemployer Plan							Other Plans
	As of and for the year ended December 31,							As of and for the year ended December 31,
	2013				2012			2013			2012
	(Dollars in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of the year	$	330,320			$	283,613		$	26,664		$	26,562
Service cost	6,472				8,117			252			442
Interest cost	13,384				12,706			1,035			1,160
Actuarial (gain) loss	(41,794		)		43,015			(1,305		)	1,890
Benefits paid	(15,933		)		(17,131		)	(3,381		)	(3,390		)
Projected benefit obligation	292,449				330,320			23,265			26,664
Change in plan assets:
Fair value of plan assets at beginning of the year	220,000				205,054			—			—
Actual return on plan assets	24,253			—	17,077			—			—
Employer contributions	22,500				15,000			3,381			3,390
Benefits paid	(15,933		)		(17,131		)	(3,381		)	(3,390		)
Fair value of plan assets at end of the year	250,820				220,000			—			—
Underfunded status at end of the year	$	(41,629	)		$	(110,320	)	$	(23,265	)	$	(26,664	)
Accumulated benefit obligation	$	266,891			$	291,728		$	21,944		$	24,642

For all the Plans we participate in, the accumulated benefit obligation exceeds the fair value of plan assets. The projected benefit obligations, accumulated benefit obligation and fair value of plan assets are included above.

Net Periodic Pension Costs Incurred by the Plans

	Multiemployer Plan									Other Plans
	As of and for the year ended December 31,									As of and for the year ended December 31,
	2013			2012			2011			2013			2012			2011
	(Dollars in thousands)
Service cost	$	6,472		$	8,117		$	7,938		$	252		$	442		$	258
Interest cost	13,384			12,706			12,620			1,035			1,160			1,215
Expected return on assets	(15,666		)	(14,081		)	(13,845		)	—			—			—
Amortization of prior service cost	144			424			1,724			(11		)	(11		)	(225		)
Amortization of actuarial loss	12,468			9,467			7,003			1,267			1,108			890
Net periodic pension cost	$	16,802		$	16,633		$	15,440		$	2,543		$	2,699		$	2,138
FBL Financial Group, Inc. share of net periodic pension cost	$	5,363		$	5,437		$	5,758		$	1,436		$	1,533		$	1,131

The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period of the employees. For actuarial gains and losses, we use a corridor to determine the amounts to amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2014 will include $5.4 million for amortization of the actuarial loss and $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2014, included in accumulated other comprehensive income at December 31, 2013, will include $1.1 million for amortization of the actuarial loss and less than ($0.1) million of prior service cost (credit) amortization.

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We expect contributions to be paid to the Multiemployer Plan by us and affiliates for 2014 to be approximately $15.0 million, of which $4.9 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2014 to be approximately $3.4 million, of which $1.7 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2014 - $23.0 million, 2015 - $24.1 million, 2016 - $23.1 million, 2017 - $19.7 million, 2018 - $21.4 million and 2019 through 2023 - $102.5 million. Expected benefits to be paid under the Other Plans are as follows: 2014 - $3.4 million, 2015 - $3.6 million, 2016 - $3.1 million, 2017 - $2.0 million, 2018 - $2.0 million and 2019 through 2023 - $9.1 million.

FBL's Proportionate Share of Prepaid or Accrued Pension Cost

	Multiemployer Plan				Other Plans
	As of and for the year ended December 31,				As of and for the year ended December 31,
	2013		2012		2013			2012
	(Dollars in thousands)
Amount recognized in FBL's statement of financial position
Prepaid benefit cost	$	16,330	$	14,511	$	1,284		$	696
Accrued benefit cost	—		—		(17,302		)	(19,608		)
Net amount recognized	$	16,330	$	14,511	$	(16,018	)	$	(18,912	)
Amount recognized in FBL's accumulated other comprehensive income, before taxes (1) (2)
Net actuarial loss					$	9,701		$	12,274
Prior service cost					(24		)	(35		)
Net amount recognized					$	9,677		$	12,239

(1) For multiemployer plans, the funded status is not required to be recognized as an asset or liability in the consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled$41.6 million at December 31, 2013 and $110.3 million at December 31, 2012.

(2) During 2012, we determined that our nonqualified employee benefit plans should apply single employer plan accounting. The change had no impact on earnings, although it resulted in an immaterial reduction of accumulated other comprehensive income.

Weighted Average Assumptions Used to Determine Benefit Obligation
	December 31
	2013		2012
Discount rate	4.99	%	4.18	%
Annual salary increases	3.00	%	3.00	%

We estimate the discount rate by projecting and discounting future benefit payments inherent in the projected benefit obligation using a commercially available "spot" yield curve constructed using techniques and a bond universe specifically selected to meet the accounting standard requirements.

Our expected long-term return on plan assets represents the rate of earnings expected in the funds invested to provide for anticipated benefit payments. We have analyzed the expected rates of return on assets and determined that a long-term return of

7.00% is reasonable based on the current and expected asset allocations and on the Multiemployer Plan's historical investment performance and best estimates for future investment performance.

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Weighted Average Assumptions Used to Determine Net Periodic Pension Cost
	Year Ended December 31,
	2013		2012		2011
Discount rate	4.18	%	4.67	%	5.09	%
Expected long-term return on plan assets	7.00	%	7.00	%	7.00	%
Annual salary increases	3.00	%	4.00	%	4.00	%

Multiemployer Plan Assets

The Multiemployer Plan assets are primarily invested in annuity products and insurance company pooled separate accounts that invest predominately in equity securities and real estate. We have certain pension obligations that are fully funded through annuity contracts with Farm Bureau Life which are presented as funded annuity contracts below. For 2013, excluding the funded annuity contracts, we employed a long-term investment strategy of diversifying the Multiemployer Plan assets with 55% in fixed income investments, 40% in equities and 5% in alternative investments. At December 31, 2013, the Multiemployer Plan assets were invested approximately 57% in fixed income investments, 42% in diversified equities and 1% in alternative investments. The fixed income investments consist primarily of the group annuity contract and fixed income securities held in pooled separate accounts. The equity securities are in pooled separate accounts and mutual funds. The alternative investments consist of interests in limited partnerships that own various liquid and illiquid assets. Our investment strategy is to (1) achieve a long-term return sufficient to satisfy all Multiemployer Plan obligations, (2) assume a prudent level of risk and (3) maintain adequate liquidity. The expected return on Multiemployer Plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the Multiemployer Plan. In estimating the expected rate of return for each asset class, we take into account factors such as historical rates of return, expected future risk free rates of return and anticipated returns expected given the risk profile of each asset class.

The valuation methodologies used for assets measured at fair value are:

• Group and funded annuity contracts: contract value is equivalent to fair value, as the interest-crediting rates are periodically reset to market at the discretion of the issuer.

• Pooled separate accounts: the net asset value of our separate account shares is based on the latest quoted market price of the underlying investments or in the case of a real estate separate account, estimates of the current market value of the underlying property held.

• Mutual funds: the net asset value of our mutual funds is based on quoted market prices available in active markets.

• Alternative investments: the carrying value of the limited partnership interests reflects the Plan’s proportionate share of the net asset value of those partnerships which is derived from the fair value of the underlying holdings.

The pension financial instruments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Unadjusted quoted prices in active markets for identical assets that are accessible to us at the measurement date.

Level 2 - Inputs other than quoted prices in active markets for identical assets that are either directly or indirectly observable for substantially the full term of the asset or liability.

Level 3 - Inputs are unobservable and require management's judgment about the assumptions that market participants would use in pricing the assets.

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Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Mutual funds: (1)
U.S. equity funds	$	31,325	$	—	$	—	$	31,325
International funds	30,884		—		—		30,884
Pooled separate accounts: (1)
Short-term fixed income funds	—		6,904		—		6,904
Fixed income funds	—		12,166		—		12,166
U.S. equity funds	—		24,934		—		24,934
Real estate fund	—		12,253		—		12,253
Annuities: (2)
Group annuity contract	—		—		117,226		117,226
Funded annuity contracts	—		—		12,932		12,932
Alternative investments: (3)
Limited partnerships	—		—		2,196		2,196
Total	$	62,209	$	56,257	$	132,354	$	250,820

	December 31, 2012
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Mutual funds: (1)
U.S. equity funds	$	30,535	$	—	$	—	$	30,535
International equity funds	20,506		—		—		20,506
Pooled separate accounts: (1)
Short-term fixed income funds	—		520		—		520
Fixed income funds	—		10,504		—		10,504
U.S. equity funds	—		25,495		—		25,495
Real estate fund	—		9,930		—		9,930
Annuities: (2)
Group annuity contract	—		—		109,275		109,275
Funded annuity contracts	—		—		13,235		13,235
Total	$	51,041	$	46,449	$	122,510	$	220,000

(1) Represents mutual funds and pooled separate account investments with Principal Life Insurance Company.

(2) Represents group annuity contracts with Farm Bureau Life.

(3) Represents interests in several limited partnerships.

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Level 3 Multiemployer Plan Asset Changes in Fair Value
	December 31, 2013
						Return on assets
	December 31, 2012		Purchases (disposals), net			Held at year end			Sold during year		Transfers into (out) of level 3		December 31, 2013
	(Dollars in thousands)
Group annuity contract	$	109,275	$	2,793		$	5,158		$	—	$	—	$	117,226
Funded annuity contracts	13,235		(1,103		)	800			—		—		12,932
Limited partnerships	—		2,258			(62		)	—		—		2,196
Total	$	122,510	$	3,948		$	5,896		$	—	$	—	$	132,354

	December 31, 2012
						Return on assets
	December 31, 2011		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3		December 31, 2012
	(Dollars in thousands)
Group annuity contract	$	101,970	$	2,838		$	4,467	$	—	$	—	$	109,275
Funded annuity contracts	14,010		(1,621		)	846		—		—		13,235
Total	$	115,980	$	1,217		$	5,313	$	—	$	—	$	122,510

Other Retirement Plans

We participate with several affiliates in a 401(k) defined contribution plan which covers substantially all employees. We contributed cash in an amount equal to 100% of an employee's contributions up to 2% or 4% of the eligible compensation contributed by the employee and an amount equal to 50% of an employee's contributions on the next 2% of the eligible compensation contributed by the employee. As shown in the table below, certain employees will also receive an annual discretionary employer contribution based on age plus years of service ranging from 2.75% to 5.75% as a percent of pay. Costs are allocated among the affiliates on a basis of time incurred by the respective employees for each company. Our expense related to the plan totaled $1.8 million in 2013 and $0.9 million in 2012 and in 2011.

Attained age 40 and 10 years of service at December 31, 2012	Accruing years of service in the Multiemployer Plan	100% Employer Match	50% Employer Match	Discretionary Employer Contribution
Yes	Yes	first 2% of employee's contributions	employee contributions between 2% and 4%	No
No	No	first 4% of employee's contributions	employee contributions between 4% and 6%	2.75% to 5.75%

We have established deferred compensation plans for certain key current and former employees and have certain other benefit plans which provide for retirement and other benefits. Liabilities for these plans are accrued as the related benefits are earned.

Certain of the assets related to these plans are on deposit with us and amounts relating to these plans are included in our financial statements. In addition, certain amounts included in the policy liabilities for interest sensitive products relate to deposit administration funds maintained by us on behalf of affiliates.

In addition to benefits offered under the aforementioned benefit plans, we and several other affiliates sponsor a plan that provides group term life insurance benefits to retirees who have worked full-time for ten years and attained age 55 while in service. Postretirement benefit expense for this plan is allocated in a manner consistent with pension expense discussed above. We also have two single employer plans that provide health and medical benefits to a small group of retirees. Postretirement benefit expense totaled $0.1 million in 2013, 2012and 2011. Changes in the underfunded status of these plans, reported in other comprehensive income, aggregated $0.2 million in 2013, ($0.1) million in 2012 and less than ($0.1) million in 2011.

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Share-based Compensation Plans

We have three share-based payment arrangements under our Class A Common Stock Compensation Plan, which are described below. Compensation expense for these arrangements totaled $0.3 million for 2013, $2.1 million for 2012 and $5.0 million for 2011. The income tax benefit recognized in the statements of operations for these arrangements totaled less than $0.1 million for 2013, $0.9 million for 2012 and $1.9 million for 2011.

In 2011, we introduced a Cash-Based Restricted Stock Unit Plan. Compensation expense for arrangements under this plan totaled $1.0 million for 2013, $0.2 million for 2012 and $0.6 million for 2011. The income tax benefit recognized in the statements of operations for this arrangement totaled $0.6 million in 2013, $0.1 million in 2012 and $0.3 million in 2011.

Stock Option Awards

In 2011 and prior years, we granted stock options for Class A common stock to officers and employees, which have a contractual term of 10 years and vest over a period up to five years, contingent upon continued employment with us. Prior to 2009, we also granted stock options for Class A common stock to directors, which were fully vested upon grant and had a contractual term that varied with the length of time the director remained on the Board, up to 10 years. The share price for all options is equal to the fair value of the common stock on the grant date. The fair value of each option award is estimated on the date of grant using a Black-Scholes-Merton option valuation model.

Assumptions Used in our Valuation Model

	Year ended December 31, 2011
Weighted average risk-free interest rate	2.01	%
Dividend yield	1.30	%
Weighted average volatility factor of the expected market price	0.67
Weighted average expected term	5.2 years

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. We use the historical realized volatility of our stock for the expected volatility assumption within the valuation model. The weighted average expected term for the majority of our options was calculated using average historical behavior.

Stock Option Activity
	Number of Shares		Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (1)
	(Dollars in thousands, except per share data)
Shares under option at January 1, 2013	1,311,668		$	28.67
Exercised	(652,308	)	29.73
Forfeited or expired	(7,863	)	28.55
Shares under option at December 31, 2013	651,497		27.61		3.95	$	11,193
Vested at December 31, 2013 or expected to vest in the future	650,555		$	27.61	3.95	$	11,175
Exercisable options at December 31, 2013	495,443		$	29.54	3.24	$	7,557

(1) Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2013.

The weighted average grant-date fair value of options granted per common share was $14.90 for 2011. The intrinsic value of options exercised during the year totaled $6.6 million for 2013, $5.4 million for 2012 and $3.5 million for 2011.

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Unrecognized compensation expense related to nonvested share-based compensation granted under the stock option arrangement totaled $0.1 million as of December 31, 2013. This expense is expected to be recognized over a weighted-average period of 1.0 years.

We issue new shares to satisfy stock option exercises. Beginning in 2014, conditional upon market conditions, we intend to repurchase Class A common shares on the open market for shares issued upon the exercise of stock options. Cash received from stock options exercised totaled $19.4 million for 2013, $9.7 million for 2012 and $7.5 million for 2011. The actual tax benefit realized from stock options exercised totaled $2.3 million for 2013, $1.8 million for 2012 and $1.1 million for 2011.

Nonvested Stock Awards

In 2011 and prior years, we granted nonvested Class A common shares to certain executives. The restrictions on these shares lapsed and the shares vested if we met or exceeded operating goals, such as earnings per share, book value and expense targets, within or during a three year period. Depending on performance, the actual amount of shares issued could range from zero to 100% of the granted amount. The value of the awards was based on the grant date fair value of the nonvested stock adjusted for expected forfeitures and an estimate of the number of shares expected to vest. The estimate for the number of shares to vest was reviewed each period and the impact of any changes in the estimate on expense was recorded in the current period. These awards were charged to expense using the straight-line method over the required service period. Dividends on the restricted stock during the restriction period were contingent upon vesting.

Nonvested Stock Activity
	Number of Shares		Weighted-Average Grant-Date Fair Value per Share
Nonvested stock at January 1, 2013	142.648		$	19.96
Released	(142.438	)	19.96
Forfeited or canceled	(210	)	19.96
Nonvested stock at December 31, 2013	—		—

The expense related to the unvested share-based compensation granted under the nonvested stock arrangement has been fully recognized at December 31, 2013. The tax benefit realized from nonvested stock released to employees was $1.7 million in 2013, $1.6 million in 2012 and less than $0.1 million in 2011. We have a policy of withholding shares to cover estimated future tax payments.

Other Stock Awards

Directors were awarded nonrestricted Class A common shares totaling 24,806 during 2011. The value of the stock was based on the fair value on the date of the grant. The tax benefit realized from the shares awarded to directors was $0.3 million in 2011.

Shares of Class A common stock available for grant as additional awards under the Class A Common Stock Compensation Plan totaled 3,430,142 at December 31, 2013.

Cash-Based Restricted Stock Units

We annually grant cash-based restricted stock units to certain executives beginning in 2012. The restricted stock units will vest and be paid out in cash over 5 years, contingent on continued employment with us. Cash-based restricted stock units were also granted to certain executives in 2012 that will vest and be paid out in cash after a two-year required service period.

The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The effects of changes in the stock price during the service period are recognized as compensation cost over the service period.

We also issued performance cash-based restricted stock units to an executive in 2013. These units will vest and be paid out in cash over 5 years, contingent upon meeting an earnings per share goal as well as continued employment with the Company.

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Restricted Stock Unit Activity
	Number of Units		Weighted-Average Grant-Date Fair Value per Unit
Restricted stock units at January 1, 2013	85,559		$	34.91
Granted	61,140		34.94
Vested	(20,277	)	34.94
Forfeited or canceled	(8,456	)	35.01
Restricted stock units at December 31, 2013	117,966		34.92

The weighted average grant-date fair value per common share of restricted stock units granted was $34.94 in 2013 and $35.10 in 2012. Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2013 totaled $3.5 million. This expense is expected to be recognized over a weighted-average period of 2.31 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $0.5 million in 2013.

Other

We have a Director Compensation Plan under which non-employee directors on our Board may elect to receive a portion of their compensation in the form of cash or deferred cash-based stock units. Cash-based stock units outstanding total 17,295 at December 31, 2013 and 12,073 at December 31, 2012. Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 58,159 at December 31, 2013 and 110,971 at December 31, 2012. At December 31, 2013, there were 119,234 shares of Class A common stock available for future issuance under the Director Compensation Plan.We also have an Executive Salary and Bonus Deferred Compensation Plan under which certain officers of the Company are allowed to use their base salary and annual cash bonus to purchase deferred cash-based stock units. Cash-based stock units outstanding total 13,308 at December 31, 2013 and 3,189 at December 31, 2012. Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 98,630 at December 31, 2013 and 97,903 at December 31, 2012. At December 31, 2013, shares of Class A common stock available for future issuance under this plan totaled 111,047. This plan was frozen to future deferrals on December 31, 2013. We also have an Executive Excess 401(k) Plan under which officers of the Company who meet salary guidelines and 401(k) contribution guidelines are allowed to purchase unregistered deferred cash-based stock units. Cash based stock units outstanding total 93 at December 31, 2013 and 44 at December 31, 2012. Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 4,355at December 31, 2013 and 4,122 at December 31, 2012. This plan was frozen to future deferrals on December 31, 2013.

9. Management and Other Agreements

We share certain office facilities and services with the IFBF and its affiliated companies. These expenses are allocated on the basis of cost and time studies that are updated annually and primarily consist of rent, salaries and related expenses, travel and other operating costs. We also have an expense allocation agreement with Farm Bureau Property & Casualty for the use of property and equipment. Expense relating to this agreement totaled $1.1 million in 2013 and 2012 and $1.0 million in 2011.

We have management agreements, which include Farm Bureau Property & Casualty and other affiliates, under which we provide general business, administrative and management services. Fee income for these services totaled $1.8 million in 2013, $1.9 million in 2012 and $3.7 million in 2011. In addition, Farm Bureau Management Corporation, a wholly-owned subsidiary of the IFBF, provides certain services to us under a separate arrangement. We incurred related expenses totaling $0.9 million in 2013, and $1.0 million in 2012 and 2011.

We have service agreements with the Farm Bureau-affiliated property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty and another affiliate. Under the service agreements, the property-casualty companies are responsible for development and management of our agency force for a fee. We incurred expenses totaling $9.7 million in 2013, $10.0 million in 2012 and $9.7 million in 2011 relating to these arrangements.

We are licensed by the IFBF to use the "Farm Bureau" and "FB" designations in Iowa. In connection with this license, we incurred royalty expense totaling $0.5 million in 2013, 2012 and 2011. We have similar arrangements with other state Farm Bureau organizations in our market territory. Total royalty expense to Farm Bureau organizations other than the IFBF totaled

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$1.8 million in 2013, $1.4 million in 2012 and $1.5 million in 2011. The royalty agreement with the IFBF provides them an option to terminate the agreement when the quarterly common stock dividend is below $0.10 per share.

10. Commitments and Contingencies

Legal Proceedings

In the normal course of business, we may be involved in litigation where damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We are not aware of any such matters threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries.

Other

We self-insure our employee health and dental claims. However, claims in excess of our self-insurance limits are fully insured. We fund insurance claims through a self-insurance trust. Deposits to the trust are made at an amount equal to our best estimate of claims to be paid during the period and a liability is established at each balance sheet date for any unpaid claims. Adjustments, if any, resulting in changes in the estimate of claims incurred will be reflected in operations in the periods in which such adjustments are known.

We lease our home office properties under a 10-year operating lease from a wholly-owned subsidiary of the IFBF. Future remaining minimum lease payments under this lease, as of December 31, 2013, are as follows: 2014 - $2.3 million, 2015 - $2.3 million, 2016 - $2.3 million, 2017 - $2.3 million, 2018 - $2.3 million and thereafter, through 2021 - $7.0 million. Rent expense for the lease totaled $4.3 million in 2013, $4.5 million in 2012 and $3.6 million in 2011. These amounts are net of $0.2 million in 2013 and 2012 and $1.4 million in 2011 in amortization of a deferred gain on the exchange of our home office properties for common stock in 1998. The remaining unamortized deferred gain totaled $1.4 million at December 31, 2013 and $1.6 million at December 31, 2012.

From time to time, assessments are levied on our insurance subsidiaries by guaranty associations in most states in which the subsidiaries are licensed. These assessments, which are accrued for, are to cover losses of policyholders of insolvent or rehabilitated companies. In some states, these assessments can be partially recovered through a reduction in future premium taxes. Recoveries (expenses) for guaranty fund assessments, net of related premium tax offsets, totaled less than ($0.1) million in 2013, less than $0.1 million in 2012 and $0.1 million in 2011.

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11. Earnings per Share

Computation of Earnings Per Common Share
	Year ended December 31,
	2013		2012			2011
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	108,558	$	79,940		$	40,739
Less: Net income (loss) from discontinued operations	—		(2,939		)	(11,464		)
Less: Dividends on Series B preferred stock	150		150			150
Income available to common stockholders from continuing operations	$	108,408	$	82,729		$	52,053
Denominator:
Weighted-average shares - basic	25,508,522		27,497,146			30,726,009
Effect of dilutive securities - stock-based compensation	265,893		341,402			489,014
Weighted-average shares - diluted	25,774,415		27,838,548			31,215,023
Earnings per common share:
Income from continuing operations	$	4.25	$	3.01		$	1.69
Income (loss) from discontinued operations	—		(0.11		)	(0.37		)
Total earnings per share	$	4.25	$	2.90		$	1.32
Earnings per common share - assuming dilution:
Income from continuing operations	$	4.21	$	2.97		$	1.67
Income (loss) from discontinued operations	—		(0.10		)	(0.37		)
Total earnings per share	$	4.21	$	2.87		$	1.30
Antidilutive stock options excluded from diluted earnings per share	—		790,216			1,042,587

12. Statutory Insurance Information

The statutory financial statements of Farm Bureau Life are prepared in accordance with the accounting practices prescribed or permitted by the Insurance Division. The Insurance Division has adopted the accounting guidance contained in the National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (the “Manual”) as the prescribed accounting practice for insurance companies domiciled in Iowa. The Insurance Division may permit accounting practices which differ from those prescribed by the Manual. None of our statutory accounting practices differed materially from those prescribed by the Manual. Several differences exist between GAAP and statutory accounting practices. Principally, under statutory accounting, deferred acquisition costs are not capitalized, fixed maturity securities are generally carried at amortized cost, insurance liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted.

Farm Bureau Life has a subsidiary, Greenfields, which launched in 2013 and regulated by the Colorado Division of Insurance. Greenfields' operations are immaterial and implicitly included in the financial results of Farm Bureau Life below.

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Farm Bureau Life Statutory Information
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Net gain from operations (excludes impact of realized gains and losses on investments)	$	93,306	$	92,988	$	87,792
Net income	94,583		86,589		72,653

	December 31,
	2013		2012
	(Dollars in thousands)
Capital and surplus	$	492,450	$	547,398

State laws specify regulatory actions if an insurer's risk-based capital (RBC) ratio, a measure of solvency, falls below certain levels. The NAIC has a standard formula for annually assessing RBC based on the various risk factors related to an insurance company's capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against a statutory "authorized control level" RBC at which point regulators have the option to assume control of the insurance company. The company action level RBC is 200% of the authorized control level and is the first point at which any action would be triggered. As of December 31, 2013, our total adjusted capital was $558.4 million, resulting in a RBC ratio of 499%, based on company action level capital of $111.8 million.

Farm Bureau Life's ability to pay dividends to the parent company is restricted by the Iowa Insurance Holding Company Act to earned surplus arising from its business. In addition, prior approval of the Iowa Insurance Commissioner is required for a dividend distribution of cash or other property whose fair value, together with that of other dividends made within the preceding 12 months, exceeds the greater of (i) 10% of policyholders' surplus as of the preceding year end, or (ii) the statutory net gain from operations of the insurer for the preceding calendar year. At December 31, 2013, Farm Bureau Life’s statutory unassigned surplus was $359.0 million. The 2013 net gain from operations, which exceeds 10% of statutory surplus, was $93.3 million. Farm Bureau Life obtained approval from the Insurance Division prior to paying a $120.0 million extraordinary dividend during the third quarter of 2013 and will be required to obtain approval for any dividends paid prior to the fourth quarter of 2014.

13. 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 primarily consist 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.

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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 with affiliates.

We analyze our segment results based on pre-tax operating income. Accordingly, income taxes are not allocated to the segments. In addition, operating results are reported net of transactions between the segments. Operating income for the three years ended December 31, 2013 represents net income excluding, as applicable, 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, 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 year to year. Also, the discontinued operations and related loss on debt redemption are nonrecurring items. A view of our operating performance without the impact of these 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.

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Financial Information Concerning our Operating Segments
	Year ended December 31,
	2013			2012		2011
	(Dollars in thousands)
Operating revenues:
Annuity	$	197,539		$	192,001	$	182,640
Life Insurance	385,325			367,853		352,956
Corporate and Other	96,775			93,443		90,580
	679,639			653,297		626,176
Realized gains (losses) on investments (1)	13,597			465		(8,286		)
Change in net unrealized gains/losses on derivatives (1)	(2,005		)	1,778		447
Consolidated revenues	$	691,231		$	655,540	$	618,337
Net investment income:
Annuity	$	196,303		191,211		181,974
Life Insurance	140,510			138,076		134,999
Corporate and Other	35,843			30,259		25,890
	372,656			359,546		342,863
Change in net unrealized gains/losses on derivatives (1)	(2,005		)	1,778		447
Consolidated net investment income	$	370,651		$	361,324	$	343,310
Depreciation and amortization:
Annuity	$	7,186		$	8,271	$	8,469
Life Insurance	19,430			25,727		14,981
Corporate and Other	2,157			5,225		8,668
	28,773			39,223		32,118
Realized gains/losses on investments (1)	973			1,200		919
Change in net unrealized gains/losses on derivatives (1)	(1,324		)	709		(987		)
Consolidated depreciation and amortization	$	28,422		$	41,132	$	32,050

Pre-tax operating income:
Annuity	$	63,592		$	55,910		$	58,263
Life Insurance	48,814			43,741			50,502
Corporate and Other	22,172			16,856			2,293
	134,578			116,507			111,058
Income taxes on operating income	(33,985		)	(33,748		)	(32,240		)
Realized gains/losses on investments (1)	8,206			(477		)	(5,983		)
Change in net unrealized gains/losses on derivatives (1)	(241		)	619			932
Loss on debt redemption (1)	—			(22		)	(21,564		)
Loss from discontinued operations	—			(2,939		)	(11,464		)
Consolidated net income attributable to FBL Financial Group, Inc.	$	108,558		$	79,940		$	40,739

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Financial Information Concerning our Operating Segments - continued
	December 31,
	2013		2012
	(Dollars in thousands)
Assets:
Annuity	$	3,778,018	$	3,627,891
Life Insurance	2,789,145		2,609,255
Corporate and Other	1,701,368		1,735,996
	8,268,531		7,973,142
Unrealized gains in accumulated other comprehensive income (2)	192,792		444,584
Consolidated assets	$	8,461,323	$	8,417,726

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired and income taxes attributable to these items.

(2) Amounts are net adjustments for assumed changes in deferred acquisition costs and value of insurance in force acquired and deferred income taxes attributable to these items.

Depreciation and amortization related to property and equipment are allocated to the product segments while the related property, equipment and capitalized software are allocated to the Corporate and Other segment. Depreciation and amortization for the Corporate and Other segment include $2.2 million for 2013, $2.4 million for 2012 and $1.8 million for 2011 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates.

Our investment in equity method investees, the related equity income and interest expense are attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2013 and 2012 was allocated among the segments as follows: Annuity ($3.9 million) and Life Insurance ($6.1 million).

Premiums collected, which is not a measure used in financial statements prepared according to GAAP, include premiums received on life insurance policies and deposits on annuities and universal life-type products. Net premiums collected totaled $635.6 million in 2013, $646.3 million in 2012 and $678.9 million in 2011.

Under GAAP, premiums on whole life and term life policies are recognized as revenues over the premium-paying period and reported in the Life Insurance segment. The following chart provides a reconciliation of life insurance premiums collected to those reported in the GAAP financial statements.

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	307,474		$	255,709		$	229,468
Premiums collected on interest sensitive products	(127,271		)	(81,212		)	(60,702		)
Traditional life insurance premiums collected	180,203			174,497			168,766
Change in due premiums and other	741			589			(247		)
Traditional life insurance premiums	$	180,944		$	175,086		$	168,519

There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below.

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Interest Sensitive Product Charges by Segment
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Annuity
Surrender charges and other	$	1,236	$	775	$	664
Life Insurance
Administration charges	$	19,602	$	11,726	$	9,922
Cost of insurance charges	42,697		39,886		37,334
Surrender charges	484		943		578
Amortization of policy initiation fees	1,462		2,354		1,313
Total	$	64,245	$	54,909	$	49,147
Corporate and Other
Administration charges	$	6,138	$	5,975	$	6,317
Cost of insurance charges	29,567		29,638		29,794
Surrender charges	525		780		1,151
Separate account charges	8,742		8,372		8,748
Amortization of policy initiation fees	1,122		961		1,282
Total	$	46,094	$	45,726	$	47,292
Consolidated interest sensitive product charges	$	111,575	$	101,410	$	97,103

Premium Concentration by State
	Year ended December 31,
	2013		2012		2011
Life and annuity collected premiums:
Iowa	27.6	%	28.7	%	26.5	%
Kansas	20.0		21.9		20.9
Oklahoma	7.7		7.3		9.2

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14. Quarterly Financial Information (Unaudited)

Unaudited Quarterly Results of Operations

	2013
Quarter ended	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	70,238	$	72,853	$	76,153	$	73,275
Net investment income	90,810		92,898		93,382		93,561
Realized gains (losses) on investments	3,286		7,236		693		2,340
Total revenues	168,048		176,683		173,516		172,984
Net income from continuing operations	24,938		29,553		26,985		26,917
Net income (loss) attributable to FBL Financial Group, Inc.	24,966		29,587		27,053		26,952
Earnings per common share	$	0.97	$	1.14	$	1.05	$	1.08
Earnings per common share - assuming dilution	$	0.96	$	1.13	$	1.04	$	1.07

	2012
Quarter ended	March 31,			June 30,			September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	68,355		$	70,098		$	67,524	$	70,519
Net investment income	86,888			89,423			93,482		91,531
Realized gains (losses) on investments	(643		)	732			1,462		(1,099		)
Total revenues	159,605			165,982			165,359		164,594
Net income from continuing operations	19,499			20,277			20,487		22,533
Income (loss) from discontinued operations	(2,932		)	(84		)	55		22
Net income (loss) attributable to FBL Financial Group, Inc.	16,587			20,291			20,476		22,586
Earnings (loss) per common share:
Income (loss) from continuing operations	$	0.64		$	0.74		$	0.77	0.87
Income (loss) from discontinued operations	(0.10		)	—			—		—
Earnings (loss) per common share	$	0.54		$	0.74		$	0.77	$	0.87
Earnings (loss) per common share - assuming dilution:
Income (loss) from continuing operations	$	0.63		$	0.73		$	0.76	$	0.86
Income (loss) from discontinued operations	(0.10		)	—			—		—
Earnings (loss) per common share - assuming dilution	$	0.53		$	0.73		$	0.76	$	0.86

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15. Sale of EquiTrust Life Business

On December 30, 2011, we sold our wholly-owned subsidiary EquiTrust Life in an all cash transaction for $462.1 million. The sales price reflected adjustments to the initial closing price subsequent to the closing date based on a final statutory net worth reconciliation. The transaction resulted in an after-tax loss on the sale of $56.4 million, or $1.84 per basic and $1.81 per diluted common share. The loss consists of the sales price less the net book value of the assets and one-time transaction costs and termination benefits totaling $12.5 million, before tax.

The sale allowed us to exit the annuity business sold through the independent distribution channel, which represented a majority of EquiTrust Life's operations, focus on our core Farm Bureau Life operations and undertake certain capital management initiatives. While EquiTrust Life was sold in its entirety, Farm Bureau Life assumed 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. The business component sold is described herein as “the EquiTrust Life Business.”

EquiTrust Life retains all of its contingent liabilities after the sale. The Agreement contains customary representations, warranties and covenants of the parties, as well as post-closing indemnification obligations. The post-closing indemnification obligations may be triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. Certain of these obligations are subject to various time limitations and monetary thresholds and caps.

A summary of income (losses) from discontinued operations is as follows:

Condensed Statements of Income (Loss) from Discontinued Operations
	Year ended December 31,
	2012			2011
	(Dollars in thousands)
Revenues	$	—		$	436,391
Benefits and expenses	(214		)	(358,753		)
Interest expense allocation	(855		)	(13,818		)
Equity income	—			1,862
Income taxes	382			(23,003		)
Income (loss) from discontinued operations	$	(687	)	$	42,679

Expenses are reduced for estimated corporate overhead absorbed by the Company after the sale. In addition, as described below, the sale of EquiTrust Life required us to redeem a majority of our senior notes; therefore the related interest expense is allocated to the EquiTrust Life Business.

Notes Redemptions

In connection with the EquiTrust Life Sale, we redeemed $225.0 million of our long-term debt in accordance with the mandatory redemption provisions of the underlying notes. This includes $50.0 million Senior Notes with our affiliate, Farm Bureau Property & Casualty, which was extinguished on December 30, 2011. The remaining $175.0 million of unaffiliated debt was extinguished on January 30, 2012, at the make-whole redemption price of $210.9 million. On December 30, 2011, we exercised the provisions of the trust indentures and deposited $211.6 million into two irrevocable defeasance trusts for the principal, accrued interest and estimated make-whole premium. The trust funds were not withdrawable by us, and consisted of $126.4 million in cash and $85.2 million in short-term investments at December 31, 2011. The note holders were paid from assets in the trusts on January 30, 2012.

The make-whole redemption premium was based on U.S. Treasury yields and considered an embedded derivative with a fair value of $33.1 million at December 31, 2011. The change in fair value during 2012 was offset by the write off of deferred debt issuance costs and reported with the loss on debt redemption in the consolidated statements of operations. See Note 6 for additional details on our debt.

115

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

ITEM 9A. CONTROLS AND PROCEDURES

At the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our internal control over financial reporting changes from time-to-time as we modify and enhance our systems and processes to meet our dynamic needs. Changes are also made as we strive to be more efficient in how we conduct our business. Any significant changes in controls are evaluated prior to implementation to help ensure the continued effectiveness of our internal controls and internal control environment. While changes have taken place in our internal controls during the quarter ended December 31, 2013, there have been no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

See Item 8 for Management's Report on Internal Control Over Financial Reporting. There have been no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of this examination.

ITEM 9B. OTHER INFORMATION

There is no information required to be disclosed on Form 8-K for the quarter ended December 31, 2013 which has not been previously reported.

PART III

The information required by Part III, Items 10 through 14, is hereby incorporated by reference from our definitive proxy statement to be filed with the Commissionpursuant to Regulation 14A within 120 days after December 31, 2013.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)	1.	Financial Statements. See Table of Contents following the cover page for a list of financial statements included in this Report.
	2.	Financial Statement Schedules. The following financial statement schedules are included as part of this Report immediately following the signature page:
			Schedule I - Summary of Investments
			Schedule II - Condensed Financial Information of Registrant (Parent Company)
			Schedule III - Supplementary Insurance Information
			Schedule IV - Reinsurance

All other schedules are omitted because they are not applicable, not required or the information they contain is included elsewhere in the consolidated financial statements or notes.

116

3. Exhibits.

		Incorporated by reference
Exhibit #	Description	Form	SEC File No.	Report Date
3.1	Restated Articles of Incorporation, filed with the Iowa Secretary of State on August 29, 2012	10-Q	001-11917	September 30, 2012
3.2+	Third Restated and Amended Bylaws, as amended through February 14, 2013
4.1	Form of Class A Common Stock Certificate of the Registrant	S-1	333-04332	July 11, 1996
4.2+	Restated Stockholders' Agreement Regarding Management and Transfer of Shares of Class B Common Stock of FBL Financial Group, Inc., effective February 14, 2013
4.2(a)+	Amendment to Restated Stockholders' Agreement Regarding Management and Transfer of Shares of Class B Common Stock of FBL Financial Group, Inc., effective February 14, 2013
4.3	Certificate of Trust; Declaration of Trust of FBL Financial Group Capital Trust dated May 30, 1997, including in Annex I thereto the form of Trust Preferred Security and the form of Trust Common Security; Subordinated Deferrable Interest Note Agreement dated May 30, 1997 between FBL Financial Group, Inc. and FBL Financial Group Capital Trust, including therein the form of Subordinated Deferrable Interest Note; Preferred Securities Guarantee Agreement of FBL Financial Group, Inc., dated May 30 1997	8-K	001-11917	June 6, 1997
10.1	Trademark License from the American Farm Bureau Federation to Farm Bureau Life Insurance Company, dated May 20, 1987	S-1	333-04332	July 11, 1996
10.2	Membership Agreement between American Farm Bureau Federation and the Iowa Farm Bureau Federation, dated February 13, 1987	S-1	333-04332	July 11, 1996
10.3	Form of Royalty Agreement with Farm Bureau organizations adopted 2009	10-K	001-11917	December 31, 2009
10.4	Form of Services Agreement between FBL Financial Group, Inc. and Farm Bureau Management Corporation, dated January 1, 1996	S-1	333-04332	July 11, 1996
10.5	Management Services Agreement effective as of January 1, 2012 between Farm Bureau Mutual Holding Company, Farm Bureau Multi-State Services, Inc., Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company, and FBL Financial Group, Inc.	10-K	001-11917	December 31, 2012
10.6	Lease Agreement dated as of March 31, 1998 between IFBF Property Management, Inc., FBL Financial Group, Inc. and Farm Bureau Property & Casualty Insurance Company	10-Q	001-11917	March 31, 1998
10.6(a)	Amendment effective January 1, 2012 to Lease Agreement	10-K	001-11917	December 31, 2011
10.7	Building Management Services Agreement, dated March 31, 1998, between IFBF Property Management, Inc. and FBL Financial Group, Inc.	10-Q	001-11917	March 31, 1998
10.8*	2006 Class A Common Stock Compensation Plan as amended through February 17, 2011	10-Q	001-11917	March 31, 2011
10.8(a)*	Form of Stock Option Agreement, pursuant to the FBL Financial Group, Inc. 2006 Class A Common Stock Compensation Plan	10-Q	001-11917	March 31, 2011
10.9*	Executive Salary and Bonus Deferred Compensation Plan as amended through August 21, 2013	10-Q	001-11917	September 30, 2013
10.10*	2008 Revised Rules for Payment of Meeting Fees, Retainers and Expenses to the Board of Directors	10-K	001-11917	December 31, 2007

117

		Incorporated by reference
Exhibit #	Description	Form	SEC File No.	Report Date
10.11*	Management Performance Plan (2012)	10-Q	001-11917	March 31, 2012
10.12*	Management Performance Plan (2013)	10-Q	001-11917	June 30, 2013
10.13*	Form of Restricted Stock Agreement, dated as of February 16, 2010, between the Company and each of James P. Brannen, Charles T. Happel, Kevin R. Slawin and Bruce A. Trost	10-Q	001-11917	March 31, 2010
10.14*	Director Compensation Plan as amended through December 15, 2011	10-K	001-11917	December 31, 2011
10.15*	Cash-Based Restricted Stock Unit Plan as amended through August 21, 2013	10-Q	001-11917	September 30, 2013
10.16*	Form of Cash Settled Restricted Stock Unit Grant Agreements	10-K	001-11917	December 31, 2012
10.21*	Retention Agreement dated August 23, 2012 between James P. Brannen, CEO, and the Company	10-Q	001-11917	September 30, 2012
21+	Subsidiaries of FBL Financial Group, Inc.
23+	Consent of Independent Registered Public Accounting Firm
31.1+	Certification Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2+	Certification Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32+	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101+#	Interactive Data Files formatted in XBRL (eXtensible Business Reporting Language) from FBL Financial Group, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2013 as follows: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders' Equity, (v) Consolidated Statements of Cash Flows.
*	exhibit relates to a compensatory plan for management or directors
+	filed herewith
#	In accordance with Rule 402 of Regulation S-T, the XBRL related information in this report shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

118

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, this 20th day of February, 2014.

FBL Financial Group, Inc.

By:/s/ JAMES P. BRANNEN

James P. Brannen

Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated;

Signature	Title	Date
/s/ JAMES P. BRANNEN James P. Brannen	Chief Executive Officer (Principal Executive Officer) and Director	February 20, 2014
/s/ DONALD J. SEIBEL Donald J. Seibel	Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)	February 20, 2014
/s/ CRAIG D. HILL Craig D. Hill	Chairman of the Board and Director	February 20, 2014
/s/ JERRY L. CHICOINE Jerry L. Chicoine	Vice Chair and Director	February 20, 2014
/s/ STEVE L. BACCUS Steve L. Baccus	Director	February 20, 2014
/s/ ROGER K. BROOKS Roger K. Brooks	Director	February 20, 2014
/s/ JOE D. HEINRICH Joe D. Heinrich	Director	February 20, 2014
/s/ PAUL E. LARSON Paul E. Larson	Director	February 20, 2014
/s/ FRANK S. PRIESTLEY Frank S. Priestley	Director	February 20, 2014
/s/ KEVIN G. ROGERS Kevin G. Rogers	Director	February 20, 2014
/s/ SCOTT E. VANDERWAL Scott E. VanderWal	Director	February 20, 2014

119

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON SCHEDULES

The Board of Directors and Stockholders

FBL Financial Group, Inc.

We have audited the consolidated balance sheets of FBL Financial Group, Inc. as of December 31, 2013 and 2012, and the related consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows for each of the three years in the period ended December 31, 2013, and have issued our report thereon dated February 20, 2014 (included elsewhere in this Form 10-K). Our audits also included the financial statement schedules listed in Item 15(a)2 of this Form 10-K. These schedules are the responsibility of the Company's management. Our responsibility is to express an opinion based on our audits.

In our opinion, the financial statement schedules referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein.

/s/ Ernst & Young LLP

Des Moines, Iowa

February 20, 2014

120

Schedule I - Summary of Investments - Other

Than Investments in Related Parties

FBL FINANCIAL GROUP, INC.

December 31, 2013

Column A	Column B		Column C		Column D
Type of Investment	Cost (1)		Value		Amount at which shown in the balance sheet
	(Dollars in thousands)
Fixed maturities, available for sale:
Bonds:
Corporate	$	3,142,476	$	3,306,779	$	3,306,779
Mortgage and asset-backed	1,328,882		1,381,938		1,381,938
United States Government and agencies	39,261		43,281		43,281
State, municipal and other governments	1,317,920		1,349,755		1,349,755
Total	5,828,539		$	6,081,753	6,081,753
Equity securities, available for sale:
Common stocks:
Banks, trusts and insurance companies	21,810		$	21,810	21,810
Industrial, miscellaneous and all other	2,569		3,295		3,295
Non-redeemable preferred stocks	65,692		66,450		66,450
Total	90,071		$	91,555	91,555
Mortgage loans	576,880				575,861
Investment real estate (2)	4,101				4,084
Policy loans	176,993				176,993
Short-term investments	108,677				108,677
Other investments	662				1,079
Total investments	$	6,785,923			$	7,040,002

(1) On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans.

(2) Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost.

121

Schedule II - Condensed Financial Information of Registrant

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Balance Sheets

(Dollars in thousands)

	December 31,
	2013		2012
Assets
Investments in subsidiaries (eliminated in consolidation)	$	1,021,684	$	1,219,355
Fixed maturities - available for sale, at fair value (amortized cost: 2013 - $69,240; 2012 - $51,606)	71,507		52,480
Short-term investments	31,078		24,502
Cash and cash equivalents	—		47,994
Amounts receivable from affiliates	3,145		3,931
Amounts receivable from subsidiaries (eliminated in consolidation)	597		576
Accrued investment income	276		447
Current income taxes recoverable	—		173
Deferred income tax assets	21,879		24,822
Other assets	9,489		7,309
Total assets	$	1,159,655	$	1,381,589
Liabilities and stockholders' equity
Liabilities:
Accrued expenses and other liabilities	$	17,028	$	20,740
Amounts payable to affiliates	408		1,658
Current income taxes	478		—
Long-term debt payable to affiliates	—		50,000
Long-term debt payable to non-affiliates	97,000		97,000
Total liabilities	114,914		169,398
Stockholders' equity:
Preferred stock	3,000		3,000
Class A common stock	134,993		115,706
Class B common stock	72		7,522
Accumulated other comprehensive income	119,067		289,853
Retained earnings	787,609		796,110
Total stockholders' equity	1,044,741		1,212,191
Total liabilities and stockholders' equity	$	1,159,655	$	1,381,589

See accompanying notes to condensed financial statements.

122

Schedule II -Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Statements of Operations

(Dollars in thousands)

	Year Ended December 31,
	2013			2012			2011
Revenues:
Net investment income	$	2,120		$	557		$	396
Realized gains (losses) on investments	33			(25		)	—
Dividends from subsidiaries (eliminated in consolidation)	140,000			45,000			29,139
Management fee income from affiliates	1,760			1,907			3,701
Management fee income from subsidiaries (eliminated in consolidation) (1)	2,072			2,255			2,278
Other income	22			3,804			1,791
Total revenues	146,007			53,498			37,305
Expenses:
Interest expense (1)	6,967			7,935			8,532
Loss on debt redemption	—			33			33,176
General and administrative expenses	9,582			12,902			9,185
Total expenses	16,549			20,870			50,893
	129,458			32,628			(13,588		)
Income tax benefit	5,316			4,010			16,945
Income before equity in undistributed income of subsidiaries	134,774			36,638			3,357
Equity in undistributed income (dividends in excess of equity income) of subsidiaries (eliminated in consolidation)	(26,216		)	46,241			64,415
Net income from continuing operations	108,558			82,879			67,772
Discontinued operations:
Loss on sale of subsidiary, net of tax benefit	—			(2,252		)	(54,143		)
Income (loss) from discontinued operations, net of tax	—			(687		)	27,110
Total income (loss) from discontinued operations	—			(2,939		)	(27,033		)
Net income	$	108,558		$	79,940		$	40,739

(1) Excludes items classified as discontinued operations on a consolidated basis.

See accompanying notes to condensed financial statements.

123

Schedule II - Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Statements of Cash Flows

(Dollars in thousands)

	Year ended December 31,
	2013			2012			2011
Net cash used in operating activities	$	(5,750	)	$	(3,984	)	$	(14,446	)
Investing activities
Sales of fixed maturities - available for sale	45,808			793			—
Acquisitions of fixed maturities - available for sale	(15,192		)	(4,866		)	(2,094		)
Short-term investments, net change	(6,577		)	11,045			(13,283		)
Dividends from subsidiaries (eliminated in consolidation)	92,135			5,089			29,139
Proceeds received from sale of subsidiary	—			(9,315		)	471,431
Net cash provided by investing activities	116,174			2,746			485,193
Financing activities
Transfer from (to) restricted debt defeasance trusts	—			211,627			(211,627		)
Repayments of debt	(50,000		)	(174,258		)	(50,000		)
Excess tax deductions on stock-based compensation	1,964			2,393			656
Issuance (repurchase) of common stock, net	(43,707		)	(173,253		)	(5,869		)
Capital contribution to subsidiary	(1,900		)	(2,000		)	—
Dividends paid	(64,775		)	(11,082		)	(8,917		)
Net cash used in financing activities	(158,418		)	(146,573		)	(275,757		)
Increase (decrease) in cash and cash equivalents	(47,994		)	(147,811		)	194,990
Cash and cash equivalents at beginning of year	47,994			195,805			815
Cash and cash equivalents at end of year	$	—		$	47,994		$	195,805
Supplemental disclosure of cash flow information
Cash received (paid) during the year for:
Income taxes	$	9,182		$	54,237		$	3,856
Interest	(7,104		)	(11,383		)	(22,298		)
Non-cash operating activity:
Net assets of subsidiary sold	—			—			(543,990		)
Non-cash investing activity:
Dividend from subsidiary in the form of securities	47,865			39,911			—

See accompanying notes to condensed financial statements.

124

Schedule II - Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Notes to Condensed Financial Statements

December 31, 2013

1.Basis of Presentation

The accompanying condensed financial statements should be read in conjunction withthe consolidated financial statements and notes thereto of FBL Financial Group, Inc.

In the parent company only financial statements, our investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. In addition, the carrying value includes net unrealized gains/losses on the subsidiaries' investments classified as "available for sale."

2. Sale of EquiTrust Life Business

As further discussed in Note 15 to the consolidated financial statements included in Item 8, we sold our subsidiary, EquiTrust Life Insurance Company on December 30, 2011.

3. Dividends from Subsidiaries

The parent company received dividends totaling $140.0 million in 2013 and $45.0 million in 2012 in the form of cash ($92.1 million in 2013 and $5.1 million in 2012) and securities ($47.9 million in 2013 and $39.9 million in 2012). The parent company received cash dividends of $29.1 million in 2011, which includes $4.5 million from discontinued operations.

4. Debt

See Note 6 to the consolidated financial statements included in Item 8 for a description of the parent company's debt, including items paid off. The company's debt matures in 2047.

125

Schedule III - Supplementary Insurance Information

FBL FINANCIAL GROUP, INC.

Column A	Column B			Column C		Column D			Column E
	Deferred acquisition costs			Future policy benefits, losses, claims and loss expenses		Unearned revenues			Other policyholder funds
	(Dollars in thousands)
December 31, 2013:
Annuity	$	82,404		$	3,172,598	$	—		$	376,879
Life Insurance	216,743			2,254,194		8,884			191,478
Corporate and Other	91,917			389,746		13,951			21,845
Impact of unrealized gains/losses	(55,550		)	2,957		(2,790		)	—
Total	$	335,514		$	5,819,495	$	20,045		$	590,202
December 31, 2012:
Annuity	$	82,396		$	3,047,762	$	—		$	384,375
Life Insurance	199,266			2,104,973		13,585			182,597
Corporate and Other	94,984			379,708		14,519			20,786
Impact of unrealized gains/losses	(172,320		)	—		(13,554		)	—
Total	$	204,326		$	5,532,443	$	14,550		$	587,758
December 31, 2011:
Annuity	$	78,102		$	2,811,631	$	—		$	379,354
Life Insurance	187,113			2,010,818		12,218			174,561
Corporate and Other	99,916			346,025		14,960			17,321
Impact of unrealized gains/losses	(104,875		)	—		(8,312		)	—
Total	$	260,256		$	5,168,474	$	18,866		$	571,236

126

Schedule III - Supplementary Insurance Information (Continued)

FBL FINANCIAL GROUP, INC.

Column A	Column F		Column G			Column H			Column I			Column J
	Premium revenue		Net investment income			Benefits, claims, losses and settlement expenses			Amortization of deferred acquisition costs			Other operating expenses
	(Dollars in thousands)
December 31, 2013:
Annuity	$	1,236	$	196,303		$	102,308		$	9,422		$	22,217
Life Insurance	245,148		140,510			231,861			15,760			75,571
Corporate and Other	46,093		35,843			30,183			5,170			10,499
Change in net unrealized gains/losses on derivatives	—		(2,005		)	(310		)	(1,324		)	—
Impact of realized gains/losses	42		—			28			880			65
Total	$	292,519	$	370,651		$	364,070		$	29,908		$	108,352
December 31, 2012:
Annuity	$	775	$	191,211		$	102,961		$	9,327		$	23,803
Life Insurance	229,986		138,076			218,856			21,216			69,765
Corporate and Other	45,722		30,259			30,721			5,326			10,582
Change in net unrealized gains/losses on derivatives	—		1,778			117			709			—
Impact of realized gains/losses	13		—			22			1,073			105
Total	$	276,496	$	361,324		$	352,677		$	37,651		$	104,255
December 31, 2011:
Annuity	$	664	$	181,974		$	100,487		$	8,916		$	14,974
Life Insurance	217,665		134,999			211,330			18,042			56,052
Corporate and Other	47,283		25,890			29,229			7,967			22,294
Change in net unrealized gains/losses on derivatives	—		447			2			(987		)	—
Impact of realized gains/losses	10		—			(7		)	881			45
Total	$	265,622	$	343,310		$	341,041		$	34,819		$	93,365

127

Schedule IV - Reinsurance

FBL FINANCIAL GROUP, INC.

Column A	Column B		Column C		Column D		Column E		Column F
	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percent of amount assumed to net
	(Dollars in thousands)
Year ended December 31, 2013:
Life insurance in force, at end of year	$	54,603,479	$	13,220,004	$	613,281	$	41,996,756	1.5	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	112,229	$	1,026	$	372	$	111,575	0.3	%
Traditional life insurance premiums	200,729		20,199		414		180,944		0.2
Accident and health premiums	8,540		8,135		—		405		—
	$	321,498	$	29,360	$	786	$	292,924	0.3
Year ended December 31, 2012:
Life insurance in force, at end of year	$	51,955,217	$	11,999,297	$	612,850	$	40,568,770	1.5	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	102,027	$	1,010	$	393	$	101,410	0.4	%
Traditional life insurance premiums	194,090		19,249		245		175,086		0.1
Accident and health premiums	9,012		8,604		—		408		—
	$	305,129	$	28,863	$	638	$	276,904	0.2
Year ended December 31, 2011:
Life insurance in force, at end of year	$	49,778,838	$	11,031,493	$	588,791	$	39,336,136	1.5	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	97,725	$	1,061	$	439	$	97,103	0.5	%
Traditional life insurance premiums	189,159		20,640		—		168,519		—
Accident and health premiums	9,468		9,065		—		403		—
	$	296,352	$	30,766	$	439	$	266,025	0.2

128

EX-3.2

Bylaws (Third Restated Bylaws of FBL Financial Group, Inc.)

Effective May 16, 2013

Article I. Meetings of Shareholders

1.Place of Meetings. All meetings of the shareholders shall be held at such place, either within or without Iowa, as from time to time may be fixed by the Board of Directors.

1.2 Annual Meetings. The annual meeting of the shareholders shall be held on the second Friday in the month of May in each year, at the hour of 9:00 a.m., at the principal office of the Corporation, or at such other date, time and place as may be fixed from time to time by resolution of the Board of Directors and set forth in the notice of the meeting, for the purpose of electing directors and transacting such other business as may properly come before the meeting. If the day fixed for the annual meeting is a legal holiday, such meeting shall be held on the next succeeding business day.

At an annual meeting of the shareholders, only such business shall be conducted as shall have been properly brought before the annual meeting. To be properly brought before an annual meeting, business must be (i) specified in the notice of the meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (ii) otherwise properly brought before the meeting by or at the direction of the Board of Directors or (iii) otherwise properly brought before the meeting by a shareholder of the Corporation who was a shareholder of record at the time of giving of notice provided for in this Section, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section. For business to be properly brought before an annual meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the Secretary of the Corporation, at the principal executive offices of the Corporation. To be timely, a shareholder's notice shall be delivered not less than 120 days prior to the first anniversary of the prior year's annual meeting; provided however, that in the event that the date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the prior year's meeting date, notice by the shareholder, to be timely, must be so delivered not later than the 90th day prior to such annual meeting or the 10th day following the day on which public announcement (as defined herein) of the date of such meeting is first made.

Such shareholder's notice shall set forth as to each matter the shareholder proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the meeting and the reasons for conducting such business at the meeting and any material interest in such business of such shareholder and the beneficial owner, if any, on whose behalf the proposal is made; and (ii) as to the shareholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made (A) the name and address of such shareholder, as they appear on the Corporation's books, and of such beneficial owner and (B) the class and number of shares of the Corporation which are owned beneficially and of record by such shareholder and such beneficial owners; and (iii) in the event that such business includes a proposal to amend either the Articles of Incorporation or the Bylaws of the Corporation, the language of the proposed amendment. Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at any annual meeting except in accordance with this paragraph, and the Chairman of the Board or other person presiding at an annual meeting of shareholders, may refuse to permit any business to be brought before an annual meeting without

compliance with the foregoing procedures. For the purposes of this paragraph "public announcement" shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition to the provisions of this paragraph, a shareholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth herein. Nothing in these Bylaws shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act.

1.2    Organizational Meeting. Immediately following the Annual Meeting, the newly elected Board of Directors shall conduct an Organizational Meeting for the limited purpose of electing (i) the Lead Director (to be voted on by the independent Class A directors), (ii) the Chairman of the Board and (iii) the Chairs and members of committees of the Board.

1.3    Special Meetings. A special meeting of the shareholders for any purpose or purposes may be called at any time by the Chairman of the Board or by any two members of the Board of Directors. Unless otherwise provided in an agreement to which holders of a voting group are subject, if the holders of at least ten percent (10%) of all votes entitled to be cast by any voting group on any issue proposed to be considered at a proposed special meeting sign, date, and deliver to the Secretary of the Corporation one or more written demands for the meeting, describing the purpose or purposes for which it is to be held, the Board of Directors shall call the requested special meeting within a reasonable time, at a place and time determined by the Board of Directors. At a special meeting no business shall be conducted other than that stated in the notice of the meeting. At any special meeting of the shareholders whereat the sole purpose of the meeting is to elect or remove only Class A Directors or only Class B Directors, or at any other special meeting of the shareholders at which only shareholders of Class A Common Stock or only shareholders of Class B Common Stock are entitled to vote, only holders of the class of stock entitled to vote are entitled to notice.

1.4    Notice of Meetings. Written notice stating the place, day and hour of every meeting of the shareholders and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than ten nor more than sixty days before the date of the meeting to each shareholder of record entitled to vote at such meeting. The notice, if mailed, shall be effective upon deposit in the United States mail, postpaid and correctly addressed to the shareholder's address shown in the Corporation's current record of shareholders. The notice, if transmitted electronically, shall be effective when transmitted to the shareholder in a manner authorized by the shareholder. Such further notice shall be given as may be required by law, but meetings may be held without notice if all the shareholders entitled to vote at the meeting are present in person or by proxy or if notice is waived in writing by those not present, either before or after the meeting.

1.5    Director Nomination Bylaw. Nominations of persons for election as Class A Directors may be made by the Board of Directors or by any shareholder entitled to vote for the election of Class A Directors. Any shareholder entitled to vote for the election of Class A Directors may nominate a person or persons for election as director only if written notice of such shareholder's intent is delivered to the Secretary of the Corporation at the principal executive offices of the Corporation (i) with respect to an election to be held at an annual meeting of shareholders, not less than 120 days prior to the first anniversary of the prior year's annual meeting, or as set out below, and (ii) with respect to an election to be held at a special meeting of shareholders for the election of directors, not later than 10 days following the date on which public announcement (as hereinafter defined) of the date of such meeting is first made. For the purposes of this Bylaw "public announcement" means disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities Exchange

Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act. In the event that the date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the date of the prior year's annual meeting, notice by the shareholder must be delivered not later than 90 days prior to such annual meeting, or the 10th day following the day on which public announcement of the date of such meeting is first made. Notwithstanding anything in the foregoing sentence to the contrary, in the event that the number of Class A Directors to be elected to the Board of Directors of the Corporation is increased and there is no public announcement naming all of the nominees for director or specifying the size of the increased Board of Directors made by the Corporation at least 100 days prior to the first anniversary of the preceding year's annual meeting, a shareholder's notice required by this Section shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary of the Corporation not later than the close of business on the 10th day following the day on which such public announcement is first made.

Such shareholder's notice shall set forth: (a) the name and address of the shareholder who intends to make the nomination and the name, address, age and principal occupation or employment of the person or persons to be nominated; (b) a representation that the shareholder is a holder of record of Class A Common Stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (c) the number and class of shares of the Corporation which are owned by such shareholder and the beneficial owner, if any, and the number and class of shares, if any, beneficially owned by the nominee; (d) a description of all arrangements or understandings between the shareholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by the shareholder; (e) such other information regarding each nominee that is required to be disclosed in connection with the solicitation of proxies for the election of directors, or as otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including, without limitation, such person's written consent to being named in a proxy statement as a nominee and to serving as a director if nominated). The Chairman of the Board or other person presiding at a meeting of shareholders, may refuse to acknowledge the nomination of any person not made in accordance with the procedures prescribed by these Bylaws, and in that event the defective nomination shall be disregarded.

1.6 Voting Lists. After the record date for a meeting has been fixed, the officer or agent having charge of the stock transfer books for shares of the Corporation shall make a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged by voting group and within each voting group, in alphabetical order, with the address of and the number and class of shares held by each, which list, for a period beginning two business day after notice of the meeting was first given for which the list was prepared and continuing through the meeting, shall be kept on file at the principal office of the Corporation or at the place identified in the meeting notice in the city where the meeting will be held. The list shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to inspection of any shareholder during the whole time of the meeting. The list furnished to the Corporation by its stock transfer agent shall be prima facie evidence as to who are the shareholders entitled to examine such list or transfer books or to vote at any meeting of shareholders.

1.7 Quorum. At any meeting of the shareholders, a majority of the votes entitled to be cast on the matter by a voting group constitutes a quorum of that voting group for action on that matter, unless the representation of a different number is required by law, and in that case, the representation of the number so required shall constitute a quorum. If a quorum shall fail to attend any meeting, the chairman of the meeting or a majority of the votes present may adjourn the meeting to another place, date or time. When a meeting is adjourned to another place, date or time, notice need not be given of the adjourned meeting if the place, date and time thereof are announced at the meeting at which the adjournment is taken; provided,

however, that if the date of any adjourned meeting is more than one hundred twenty (120) days after the date for which the meeting was originally noticed, or if a new record date is fixed for the adjourned meeting, notice of the place, date and time of the adjourned meeting shall be given in conformity herewith. At any adjourned meeting, any business may be transacted which might have been transacted at the original meeting.

1.8 Proxies. At all meetings of shareholders, a shareholder may vote by proxy signed by the shareholder or by the shareholder's duly authorized attorney in fact or agent or by an electronic transmission. Such proxy shall be filed with the Secretary of the Corporation before or at the time of the meeting. A proxy shall be valid for eleven months from the date of its execution, unless otherwise provided in the appointment. No holder of any share of any class of stock of the Corporation shall sell the vote pertaining to such share or issue a proxy to vote such share in consideration of any sum of money or anything of value.

1.9 Voting of Shares by Certain Holders. Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe, or, in the absence of such provision, as the board of directors of such corporation may determine.

Shares held by an administrator, executor, guardian or conservator may be voted, either in person or by proxy, without a transfer of such shares. Shares standing in the name of a trustee may be voted by the trustee, either in person or by proxy, but no trustee shall be entitled to vote shares so held without a transfer of such shares into the name of the trustee.

Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without the transfer thereof if authority so to do be contained in an appropriate order of the court by which such receiver was appointed.

A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred.

Neither treasury shares nor, absent special circumstances, shares held by another corporation if a majority of the shares entitled to vote for the election of directors of such other corporation is held by the Corporation, shall be voted at any meeting or counted in determining the total number of outstanding shares at any given time.

1.10 Voting. At any meeting of the shareholders, each shareholder of a class entitled to vote on any matter coming before the meeting shall, as to such matter, have one vote, in person or by proxy, for each share of capital stock of such class standing in such shareholder's name on the books of the Corporation on the date, not more than seventy days prior to such meeting, fixed by the Board of Directors as the record date for the purpose of determining shareholders entitled to vote except that holders of serial preferred shares shall have such number of votes per share as are required by the terms of such series.

1.11 Voting by Ballot. Voting by shareholders on any question or in any election may be viva voce unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

1.12 Inspectors. One or more inspectors for any meeting of shareholders may be appointed by the Chairman of such meeting. Each inspector shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of the inspector's ability. Inspectors so appointed will

a. Ascertain the number of shares outstanding and the voting power of each.

b. Determine the shares represented at a meeting.

c. Determine the validity of proxies and ballots.

d. Count all votes.

e. Determine the result.

Article II. Directors

2.1 General Powers. The property, affairs and business of the Corporation shall be managed by or under the direction of the Board of Directors, and, except as otherwise expressly provided by law, the Articles of Incorporation or these Bylaws, all of the powers of the Corporation shall be vested in such Board.

2.2 Number of Directors. The number of Class A Directors and Class B Directors shall be determined in accordance with the Articles of Incorporation.

2.3 Election and Removal of Directors; Quorum.

At each annual meeting of the shareholders, the Class A shareholders and the holders of any series of preferred stock having voting rights shall elect, by a plurality vote of the votes cast by the shares of Class A Common Stock and the holders of any series of preferred stock having voting rights entitled to vote in the election, Class A Directors, and the Class B shareholders shall elect, by a plurality vote of the votes cast by the shares of Class B Common Stock entitled to vote in the election, Class B Directors, each to hold office until the next succeeding annual meeting of shareholders and until their successors are elected.

Any Class A Director or Class B Director may be removed from office at a meeting called expressly for that purpose by the vote of shareholders holding a majority of the shares of the respective Class.

Any vacancy occurring in the Board of Directors may be filled by the vote of a majority of the Directors, including a majority of the Class of Directors with respect to which such vacancy occurred.

A majority of the number of Directors prescribed pursuant to Resolution of the Board of Directors in accordance with the Articles of Incorporation shall constitute a quorum for the transaction of business. The act of a majority of Directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. Less than a quorum may adjourn any meeting.

2.4 Meetings of Directors. An annual meeting of the Board of Directors shall be held as soon as practicable after the adjournment of the annual meeting of shareholders at such place as the Board may designate. Regular meetings of the Board of Directors shall be held quarterly at such time and place as the Board may fix by resolution. Other meetings of the Board of Directors shall be held at places within or without the State of Iowa and at times fixed by resolution of the Board, or upon call of the Chairman of the Board or any two of the Directors. The Secretary or officer performing the Secretary's duties shall give not less than twenty-four hours' notice electronically or by letter, telegraph, telefax, or telephone (or in person) of all meetings of the Board of Directors, provided that notice need not be given of the annual meeting or of regular meetings held at times and places fixed by resolution of the Board. Meetings may be held at any time without notice if all of the Directors are present, or if those not present waive notice in writing either before or after the meeting. The notice of meetings of the Board need not state the purpose of the meeting.

2.5 Compensation. Upon recommendation by the Management Development and Compensation Committee and approval by the Board of Directors, Directors may be allowed annual fees and fees and expenses for attendance at all meetings of the Board of Directors and any committee of the Board of Directors. Nothing herein shall preclude Directors from serving the Corporation in other capacities and receiving compensation for such other services unless prohibited by law or by a requirement of the New York Stock Exchange.

2.6 Eligibility for Service as a Director.

a. Class A Director. Qualifications for election and serving as a Class A Director shall be established by the Class A Nominating and Governance Committee and approved by the Board of Directors. The directorship of any Director who ceases to remain qualified shall immediately thereupon be vacant, and the vacancy may be filled in the manner specified in these Bylaws.

b. Class B Director. Qualifications for election and serving as a Class B Director of the Corporation are set forth in the Restated Stockholders’ Agreement Regarding Management and Transfer of Shares of Class B Common Stock of FBL Financial Group, Inc, as amended. The directorship of any Director who ceases to remain qualified shall immediately thereupon be vacant, and the vacancy may be filled in the manner specified in these Bylaws.

2.7 Lead Director. When they deem it advisable to do so, the Class A directors that are independent of management will elect from among themselves a Lead Director who will conduct any separate meetings of non-management and independent directors and have such other duties and responsibilities as are set by the Board from time to time. The Lead Director, among other matters, facilitates communications among directors, works with the Chief Executive Officer to ensure appropriate information flow to the Board, and chairs an executive session of the non-management directors, and of the independent directors, at least once each year.

Article III. Committees

3.1 General. The Board of Directors may create one or more committees and may appoint one or more members of the Board of Directors to serve on any committee. The Board of Directors may appoint one or more directors as alternate members of any committee to replace any absent or disqualified member during the member's absence or disqualification. Unless the Articles of Incorporation or the Bylaws or the resolution creating the committee provide otherwise, in the event of the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, unanimously, may appoint another director to act in place of the absent or disqualified member.

3.2 Executive Committee. There shall be an Executive Committee consisting of five members. Those members shall be the Chief Executive Officer, the Chairman of the Board, the Lead Director, the Board Secretary and the Chairman of the Board of Farm Bureau Property & Casualty Company if that individual is also a Class B director. If the Chairman of the Board of the Farm Bureau Property & Casualty Company is not a Class B director, the Chairman shall appoint a Class B director to be the fifth member of the Executive Committee whose appointment shall be ratified by the Board of Directors. The Chairman of the Executive Committee shall be the Chairman of the Board.

The Executive Committee shall, during the intervals between the meetings of the Board of Directors and so far as it lawfully may, possess and exercise all of the authority of the Board of Directors in the management of the business of the Corporation, in all cases in which specific directions shall not have been given by the Board of Directors provided that notwithstanding the foregoing, the Executive Committee shall not have authority to:

a. authorize or approve dividends or other distributions, except according to a formula or method, or within limits, prescribed by the Board of Directors;

b. approve or propose to shareholders actions or proposals required by the Iowa Business Corporation Act to be approved by shareholders;

c. fill vacancies on the Board of Directors or, subject to Section 3.1 hereof, any committee thereof;

d. adopt, amend or repeal Bylaws; or

e. remove the Chairman of the Board, Chairman of the Executive Committee or the Chief Executive Officer, or to appoint any person to fill a vacancy in any such office.

3.3 Audit Committee. The Board of Directors shall appoint an Audit Committee. The Audit Committee shall consist solely of Class A Directors, not less than three in number, who are independent of management and free from any relationships that, in the opinion of the Board of Directors, would interfere with the exercise by the Director of independent judgment as a committee member. The Chief Executive Officer shall not be a member of the Audit Committee even if elected as a Class A director One of the members shall be nominated by the Chairman of the Board, with the approval of a majority of the Directors, to be the Chairman of the Committee.

The policy statements, listing standards and rules regarding audit committees issued by the New York Stock Exchange and the Securities and Exchange Commission shall be applicable in determining whether Directors are "independent" for this purpose.

The Audit Committee shall be responsible for the appointment of, and directly responsible for the compensation and oversight of, the Corporation's independent auditors. The Audit Committee shall have such specific duties as shall be set forth in the Audit Committee Charter. The Audit Committee Charter shall be approved by the Board of Directors and the Audit Committee.

3.4 Finance Committee. The Board of Directors may appoint a Finance Committee., consisting of up to 6 members of the Board of Directors who shall be nominated by the Class A Nominating and Corporate Governance Committee, and ratified by the Board of Directors. The Chief Executive Officer shall be the chairman of the Committee.

3.5 Management Development and Compensation Committee. The Board of Directors shall appoint a Management Development and Compensation Committee.

The Management Development and Compensation Committee shall consist of , not less than three members, at least two of whom are independent of management and free from any relationships that, in the opinion of the Board of Directors, would interfere with the exercise by the Director of independent judgment as a Committee member. The Chairman of the Board of Directors of the Farm Bureau Property & Casualty Insurance Company shall also be a member of the Committee if currently serving as a Class B director.

The policy statements, listing standards and rules regarding compensation committees issued by the New York Stock Exchange and the Securities and Exchange Commission shall be applicable in determining which Directors are "independent" for this purpose.

Members of the Committee who are deemed independent members shall also each be a “Non-Employee Director” within the meaning of Rule 16-b(3) under the Securities and Exchange Act of 1934, and an “Outside Director” within the meaning of Section 162(m)(4)(c)(i) of the Internal Revenue Code. Committee members shall be nominated by the Class A Nominating and Corporate Governance Committee, and ratified by the Board of Directors. One of the members shall be nominated by the Chairman of the Board, with the approval of a majority of the Directors, to be the Chairman of the Committee.

The Management Development and Compensation Committee shall establish a general compensation policy for the Corporation, shall evaluate the CEO and set the CEO's compensation annually, shall

administer any equity benefit plans and shall have responsibility for recommending approval of Directors' fees and salaries. The Management Development and Compensation Committee shall have such other specific duties as shall be set forth in its Charter. The Charter shall be approved by the Board of Directors and the Management Development and Compensation Committee.

3.6.A. Class A Nominating and Corporate Governance Committee. The Board of Directors shall appoint a Class A Nominating and Corporate Governance Committee. The Committee may consist of Class A and/or Class B Directors, not less than three in number. Committee members shall be nominated by the Class A Nominating and Corporate Governance Committee, and ratified by the Board of Directors. One of the members shall be nominated by the Chairman of the Board, with the approval of a majority of the Directors, to be the Chairman of the Committee.

The Committee shall recommend to the Board of Directors the number of Class A Directors, within the numeric limits established in the Articles of Incorporation, to be elected for the next year, and nominate for election the Class A Directors. The Committee shall also adopt eligibility guidelines for Class A Director Nominees, which guidelines shall be subject to approval of the Board of Directors. The Committee shall submit and file in writing with the Secretary of this Corporation, not less than seventy-five (75) days prior to the date of the meeting of the shareholders of this Corporation at which Directors are to be elected, the names of such nominees. The Committee is also charged with the responsibility of conducting evaluations of the Board of Directors and its members pursuant to guidelines in a written charter, and to review and make recommendations regarding the Company's corporate governance standards. The Class A Nominating and Corporate Governance Committee shall have such other specific duties as shall be set forth in its Charter. The Charter shall be approved by the Board of Directors and the Class A Nominating and Corporate Governance Committee.

3.6 .B. Class B Nominating Committee. The Class B Nominating Committee shall include all Class B Directors. The Chairman of the Board shall designate the Chairman and the Secretary of the Class B Nominating Committee. The Secretary of the Committee shall keep a complete record of the proceedings thereof.

The duty of the Committee shall be to recommend to the Board of Directors the number of Class B Directors, within the numeric limits established in the Articles of Incorporation to be elected for the next year, consistent with any agreement among the Class B Common Stockholders, and to nominate for election the Class B Directors. The Secretary of the Committee shall submit and file in writing with the Secretary of this Corporation, not less than seventy-five (75) days prior to the date of the meeting of the shareholders of this Corporation at which Directors are to be elected, the names of such nominees.

Report of Secretary. The Secretary shall report and submit to the shareholders for election, the names of those so nominated, if eligible; in regard to the nominees as Class B Directors, no other names may be nominated for election and no others may be elected.

3.7 Meetings. Regular and special meetings of any Committee established pursuant to this Article may be called and held subject to the same requirements with respect to time, place, and notice as are specified in these Bylaws for regular and special meetings of the Board of Directors.

3.8 Quorum and Manner of Acting. A majority of the members of any Committee serving at the time of any meeting thereof shall constitute a quorum for the transaction of business at such meeting. The action of a majority of those members present at a Committee meeting at which a quorum is present shall constitute the act of the Committee.

3.9 Term of Office. Members of any Committee shall be elected as above provided and shall hold office until their successors are elected by the Board of Directors or until such Committee is dissolved by the Board of Directors.

3.10 Resignation and Removal. Any member of a Committee may resign at any time by giving written notice of his intention to do so to the Chairman of the Board or the Secretary of the Corporation, or may be removed, with or without cause, at any time by vote of the Board of Directors.

3.11 Vacancies. Any vacancy occurring in a Committee resulting from any cause whatever may be filled by a person elected by majority of the Directors then in office, subject to compliance with independence requirements for members of certain committees.

Article IV. Officers

4.1 Officers. The Officers of the Corporation shall be a Chairman of the Board; a Chief Executive Officer; a Vice Chair; a Secretary; a Treasurer; a Chief Financial Officer; and additional Vice Presidents (the number thereof to be determined by the Board of Directors), and such other officers as the Board of Directors may from time to time designate by resolution, each of whom shall be elected by the Board of Directors. Any two or more offices may be held by the same person. In its discretion, the Board of Directors may delegate the powers or duties of any officer to any other officer or agents, notwithstanding any provision of these Bylaws, and the Board of Directors may leave unfilled for any such period as it may fix, any office except those of Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, and the Secretary.

4.2 Election and Term of Office. The officers of the Corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until such officer's successor shall have been duly elected or until death or until such officer shall resign or shall have been removed in the manner hereinafter provided.

4.3 Removal. Any officers or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer or agent elected by the Board of Directors except the Chairman of the Board, Chairman of the Executive Committee and the Chief Executive Officer, may be removed by the Executive Committee.

4.4 Vacancies. A vacancy in the office of Chairman of the Board, or Chief Executive Officer because of death, resignation, removal, disqualification or otherwise, may be filled only by the Board of Directors for the unexpired portion of the term. A vacancy in any other office may be filled by the Executive Committee.

4.5 Chairman of the Board. The Chairman of the Board shall preside over all meetings of the Board of Directors and meetings of the shareholders and shall be the Chairman of the Executive Committee.

4.6 Chief Executive Officer. Subject to the business and administrative policies adopted by the Board of Directors from time to time and under the supervision and direction of the Board, the Chief Executive Officer shall be responsible for the supervision and direction of the business and affairs of this

Corporation and its employees. The Chief Executive Officer shall be a member of the Executive Committee regardless of whether the Chief Executive Officer is simultaneously a Director.

4.7 Vice Chair. In the absence or the inability or disability of the Chairman of the Board or his refusal to act, his duties shall devolve upon and be discharged by the Vice Chair.

4.8 [intentionally blank]

4.9 Secretary. The Secretary shall be the custodian of all books, papers, records and documents of the Corporation, except as otherwise authorized by the Board of Directors. The Secretary shall conduct, personally or through assistant secretaries and other subordinates, such business as shall be authorized by the Board of Directors; the Secretary shall serve or cause to be served, printed and published, such notices as shall be required by law, by these Bylaws and by resolutions of the Board of Directors; the Secretary shall maintain and authenticate the corporate records required to be kept under Section 490.1601, subsections 1 and 5, of the Iowa Business Corporation Act, carry on all proper correspondence and shall prepare minutes of the meetings of the shareholders and the Board of Directors, and shall perform such other administrative duties as shall be assigned to the Secretary from time to time by the Board of Directors.

4.10 Treasurer. The Treasurer shall have charge of the funds of the Corporation and shall pay them out as ordered by the Board of Directors. The treasurer shall keep an accurate account of receipts and disbursements and submit a report thereof to the Board of Directors at their regular meeting and more often as required.

4.11 Chief Financial Officer. The Chief Financial Officer shall be the principal and chief accounting and principal and chief finance officer of the Corporation. In that capacity, the Chief Financial Officer shall keep and maintain, or cause to be kept and maintained accurate and correct books and records of accounts of the properties and business transactions of the Corporation, including accounts of the assets, liabilities, receipts, disbursements, gains, losses, capital, retained earnings, and shares. The Chief Financial Officer shall deposit all monies and other valuables in the name and to the credit of the Corporation with such depositories as may be designated by the Board of Directors. The Chief Financial Officer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, shall render to the Chairman of the Board, or to the Chief Executive Officer, Treasurer and or the Board of Directors, upon their request, an account of the financial condition of the Corporation, and shall have such other powers and perform such other duties as may be prescribed from time to time by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the Treasurer.

Article V. Indemnification of Directors and Officers.

5.1 General. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative whether formal or informal (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a Director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other entity, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding, except for any of the following: (1) receipt of a financial benefit to which the director or officer was not entitled; (2) an intentional infliction of harm on the Corporation or its shareholders; (3) a violation by a director of section 490.833 of the Iowa Business Corporation Act; (4) an intentional violation of criminal law; and, (5) in the case of an officer, liability in

connection with a proceeding by or in the right of Corporation other than for reasonable expenses incurred in connection with the proceeding. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon plea of nolo contendere or its equivalent, shall not, of itself, be determinative that the director or officer did not meet the relevant standard of conduct.

5.2 Actions by or in the Right of the Corporation. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is or was a Director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, employee benefit plan, or other entity against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if liability was precluded by article VII of the Corporation's Articles of Incorporation or if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, provided that no indemnification shall be made in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable to the Corporation, or adjudged to be liable on the basis that such person received a financial benefit to which he was not entitled, unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnification for such expenses which the court shall deem proper.

5.3 Indemnification in Certain Cases. To the extent that a Director or officer of the Corporation has been successful on the merits or otherwise, in defense of any action, suit or proceeding referred to in Sections 1 and 2 of this Article V, or in defense of any claim, issue, or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith.

5.4 Procedure. Any indemnification under Sections 1 and 2 of this Article V (unless ordered by a court) shall be made by the Corporation only as authorized for a specific proceeding after a determination that indemnification of the Director or officer is permissible in the circumstances because he has met the applicable standard of conduct set forth in such Sections 1 and 2. Such determination shall be made by any means authorized by law, including, without limitation, by any one of the following:

If there are two or more disinterested Directors, by the Board of Directors by a majority vote of all the disinterested Directors, a majority of whom shall for such purpose constitute a quorum, or by a majority of the members of a committee of two or more disinterested Directors appointed by such a vote.

By special legal counsel selected in the manner prescribed in paragraph "a", or if there are fewer than two disinterested Directors, selected by the Board of Directors, in which selection directors who do not qualify as disinterested Directors may participate.

By the shareholders, but shares owned by or voted under the control of a Director who at the time does not qualify as a disinterested Director shall not be voted on the determination.

5.5 Advances for Expenses. Expenses incurred in defending a civil or criminal action, suit, or proceeding shall, after authorization as provided by the Iowa Business Corporation Act, be paid by the Corporation in advance of the final disposition of such action, suit, or proceeding upon receipt of a written undertaking by or on behalf of the Director or officer to repay any funds advanced if the Director or officer is not entitled to mandatory indemnification under the Iowa Business Corporation Act and it is ultimately determined that the director or officer has not met the relevant standard of conduct described in section 490.851 or section 490.856, respectively, of the Iowa Business Corporation Act.

5.6 Rights Not Exclusive. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this Article V shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any law, bylaw, agreement, vote of shareholders, or disinterested Directors or otherwise, both as to action in their official capacities and as to action in another capacity while holding such offices.

5.7 Insurance. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a Director, officer, employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other entity against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of this Article V.

5.8 Definition of Corporation. For the purposes of this Article V, references to "the Corporation" include all constituent corporations absorbed in a consolidation or merger as well as the resulting or surviving corporation so that any person who is or was a director or officer of such a constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other entity shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving corporation as he would if he had served the resulting or surviving corporation in the same capacity.

5.9 Survival Rights. The indemnification and advancement of expenses provided by, or granted pursuant to this Article V shall continue as to a person who has ceased to be a Director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.

Article VI. Capital Stock

6.1 Evidence of Shares. The shares of capital stock of the Corporation shall be represented by certificates unless the board of directors shall by resolution provide that some or all of any class or series of stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until the certificate is surrendered to the Corporation. Notwithstanding the adoption of any resolution providing for uncertificated shares, every holder of stock represented by certificates and upon request every holder of uncertificated shares shall be entitled to have a certificate in such form as shall be determined by the Board of Directors. If certificates are issued, they shall be issued in consecutive order within each class, shall indicate the class of stock represented thereby, shall be numbered in the order of their issue within the class, and shall be signed by the Chairman of the Board or the Chief Executive Officer or any other Vice Chair or Vice President and the Secretary or an Assistant Secretary, provided, however, that if any stock certificate is countersigned by a transfer agent, other than the Corporation or its employee, or by a registrar, other than the Corporation or its employee, any other signature, including that of any such officer, on such certificate may be a facsimile, engraved, stamped or printed. In case any officer or agent who has signed or whose facsimile signature shall be used on any stock certificate shall cease to be such officer or agent of the Corporation because of death, resignation or otherwise before such stock certificate shall have been delivered by the Corporation, such stock certificate may nevertheless be issued and delivered as though the person or agent who signed the certificate or whose facsimile signature shall have been used thereon had not ceased to be such officer or agent of the Corporation.

6.2 Lost, Destroyed and Mutilated Certificates. Holders of the shares of the Corporation shall immediately notify the Corporation of any loss, destruction, or mutilation of the certificate therefore, and the Board of Directors may in its discretion cause one or more new certificates for the same number of shares in the aggregate to be issued to such shareholder upon the surrender of the mutilated certificate or

upon satisfactory proof of such loss or destruction, and the deposit of a bond in such form and amount and with such surety as the Board of Directors may require.

6.3 Fixing of Record Date. For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the Corporation may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than seventy days and, in case of a meeting of shareholders, not less than ten days prior to the date on which the particular action requiring such determination of shareholders is to be taken. If no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the day before the first date on which notice of the meeting is delivered or the day before the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. In order to determine the shareholders entitled to demand a special meeting, the record date shall be the sixtieth day preceding the date of receipt by the Corporation of written demands sufficient to require the calling of such meeting, unless otherwise fixed by the Board of Directors. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, unless the Board of Directors selects a new record date or unless a new record date is required by law.

6.4 Transfer of Shares. The shares of the Corporation shall be transferable or assignable only on the books of the Corporation by the holder in person or by attorney on surrender of the certificate for such shares duly endorsed and, if sought to be transferred by attorney, accompanied by a written power of attorney to have the same transferred on the books of the Corporation. Uncertificated shares shall be transferred in the share transfer records of the Company upon the written instruction originated by the appropriate person to transfer the shares, and pursuant to any other transfer procedures the Board may direct or adopt. No person, holding shares of Class B Common Stock may transfer, and the Corporation shall not register the transfer of, such shares of Class B Common Stock whether by sale, assignment, gift, bequest, appointment or otherwise, except as permitted by the Class B Common Stockholder Agreement dated May 1, 1996, as amended hereafter (the "Class B Stockholder Agreement").

Article VII. Miscellaneous Provisions

7.1 Seal. This Corporation shall not have a corporate seal.

7.2 Fiscal Year. The fiscal year of the Corporation shall commence with the first day of January each year and terminate with the 31st day of December each year.

7.3 Checks, Notes and Drafts. Checks, notes, drafts, and other orders for the payment of money shall be signed by such persons as the Board of Directors from time to time may authorize. When the Board of Directors so authorizes, however, the signature of any such person may be a facsimile.

7.4 Amendment of Bylaws. Unless proscribed by the Articles of Incorporation, an existing Bylaw, or by law, these Bylaws may be amended or altered at any meeting of the Board of Directors. Any shareholder amendment or repeal of the Bylaws shall require the approval of a majority of the shares of each voting group.

7.5 Voting of Shares Held. Unless otherwise provided by resolution of the Board of Directors, the Chairman of the Board may from time to time appoint an attorney or attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to cast the vote which the Corporation may be entitled to cast as a shareholder or otherwise in any other corporation, any of whose securities may be held

by the Corporation, at meetings of the holders of the shares or other securities of such other corporation, or to consent in writing to any action by any such other corporation; and the Chairman of the Board shall instruct the person or persons to appoint as to the manner of casting such votes or giving such consent and may execute or cause to be executed on behalf of the Corporation such written proxies, consents, waivers, or other instruments as may be necessary or proper in the premises. In lieu of such appointment the Chairman of the Board may himself attend any meetings of the holders of shares or other securities of any such other corporation and there vote or exercise any or all power of the Corporation as the holder of such shares or other securities of such other corporation.

7.6 Principal Office. The principal office and principal executive office of the Corporation in the State of Iowa shall be located in the City of West Des Moines, County of Polk, and as otherwise or more particularly identified in the most recently filed (at any time), biennial report of the Corporation on file with the Iowa Secretary of State.

Article VIII. Emergency Bylaws

8.1 The Emergency Bylaws provided in this Article VIII shall be operative during any emergency, notwithstanding any different provision in the preceding Articles of these Bylaws or in the Articles of Incorporation of the Corporation or in the Iowa Business Corporation Act (other than those provisions relating to emergency bylaws). An emergency exists if a quorum of the Corporation's Board of Directors cannot readily be assembled because of some catastrophic event. To the extent not inconsistent with these Emergency Bylaws, the Bylaws provided in the preceding Articles shall remain in effect during such emergency and upon the termination of such emergency the Emergency Bylaws shall cease to be operative unless and until another such emergency shall occur.

8.2 During any such emergency:

Any meeting of the Board of Directors may be called by any officer of the Corporation or by any Director. The notice thereof shall specify the time and place of the meeting. To the extent feasible, notice shall be given in accordance with Section 2.4 above, but notice may be given only to such of the Directors as it may be feasible to reach at the time, by such means as may be feasible at the time, including publication or radio, and at a time less than twenty-four hours before the meeting if deemed necessary by the person giving notice. Notice shall be similarly given, to the extent feasible, to the other persons referred to in (b) below.

At any meeting of the Board of Directors, a quorum shall consist of a majority of the number of Directors then in office. If the Directors present at any particular meeting shall be fewer than the number required for such quorum, other persons present as referred to below, to the number necessary to make up such quorum, shall be deemed Directors for such particular meeting as determined by the following provisions and in the following order priority:

Vice-Presidents not already serving as Directors, in the order of their seniority of first election to such offices, or if two or more shall have been first elected to such offices on the same day, in the order of their seniority in age;

All other officers of the Corporation in the order of their seniority of first election to such offices, or if two or more shall have been first elected to such offices on the same day, in the order of their seniority in age; and

Any other persons that are designated on a list that shall have been approved by the Board of Directors before the emergency, such persons to be taken in such order of priority and subject to such conditions as may be provided in the resolution approving the list.

The Board of Directors, during as well as before any such emergency, may provide, and from to time modify, lines of succession in the event that during such an emergency any or all officers or agents of the Corporation shall for any reason be rendered incapable of discharging their duties.

The Board of Directors, during as well as before any such emergency, may, effective in the emergency, change the principal office, or designate several alternative offices, or authorize the officers so to do.

8.3 No officer, Director, or employee shall be liable for action taken in good faith in accordance with these Emergency Bylaws.

8.4 These Emergency Bylaws shall be subject to repeal or change by further action of the Board of Directors or by action of the shareholders, except that no such repeal or change shall modify the provisions of the next preceding paragraph with regard to action or inaction prior to the time of such repeal or change. Any such amendment of these Emergency Bylaws may make any further or different provision that may be practical and necessary for the circumstances of the emergency.

These Third Restated Bylaws were duly adopted by the Board of Directors of the Corporation on February 14, 2013, to be effective May 16, 2013.

/s/ DENNY J. PRESNALL

___________________________________

Denny J. Presnall

Secretary

Dated: February 10, 2014

EX-4.2

RESTATED

STOCKHOLDERS’ AGREEMENT REGARDING

MANAGEMENT AND TRANSFER OF SHARES OF

CLASS B COMMON STOCK OF FBL FINANCIAL GROUP, INC.

This Restated Agreement, effective as of February 14, 2013, amends and restates the Stockholders’ Agreement Regarding Management and Transfer of Shares of Class B Common Stock of FBL Financial Group, Inc., an Iowa corporation (the “Company”) effective as of May 1, 1996, by and among the Company and the holders (the “Stockholders”) of all of the outstanding Class B Common Stock of the Company;

RECITALS

WHEREAS, the Stockholders own all of the outstanding Shares of the Class B Common Stock of the Company; and

WHEREAS, Class B Common Stock may be owned only by state Farm Bureau organizations; and

WHEREAS, the parties consider it appropriate and in the best interests of the Company to determine the persons who are to own Class B Common Stock of the Company; and

WHEREAS, the parties desire to assure their ability to elect six members of the Board of Directors of the Company; and

WHEREAS, the parties desire to provide certain “Tag-along Rights” and “Drag-Along Rights”;

NOW, THEREFORE, the parties agree as follows:

In consideration of the mutual promises set forth herein, the parties agree as follows:

1.Definitions. For purpose of this Agreement, the following terms have the meanings given below.

1.01.“Shares” shall mean the shares of Class B Common Stock of the Company except as otherwise defined in Section 5.

1.02.“Stockholder” shall mean any holder of Shares.

1.03.The term “affiliate” means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified.

1.04.The term “subsidiary” means an affiliate controlled by a specified person, directly or indirectly through one or more intermediaries, more than fifty percent of whose outstanding securities representing the right, other than as affected by events of default, to vote for the election of directors, is owned by the subsidiary’s parent and/or one or more of the parent’s other subsidiaries.

1.05.The term “successor” (including the term “successors”) means a person who directly acquires the assets comprising a going business, whether by merger, consolidation, purchase, or other direct transfer. The term does not include a person who acquires control of a business unless followed by the direct acquisition of its assets.

1.06.The term “parent” means an affiliate of a person controlling such person directly, or indirectly through one or more intermediaries.

1.07.The term “control” (including the terms controlling, controlled by and under common control with) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.

1.08.The term “person” means an individual, a corporation, a partnership, an association, a joint stock company, a trust, a limited liability company, and any unincorporated organization.

1.09.The term “products” means life insurance and disability insurance policies and contracts, health and accident insurance policies and contracts, individual annuities, supplementary contracts, and property and casualty insurance policies.

1.10.“American Farm Bureau Federation” means an Illinois not for profit corporation formed to promote agriculture and to correlate and strengthen the various State Farm Bureau Federations, County Farm Bureau organizations and any other state organizations controlled by or under common control with any of such organizations.

1.11.“State Farm Bureau Federation” means an organization formed in a state which has entered into a membership agreement with the American Farm Bureau Federation and which is formed to promote agriculture and to correlate and strengthen the various County Farm Bureau organizations of such state and any other state and local organization controlled by or under common control with any of such organizations.

1.12.“Farm Bureau organization” means a State Farm Bureau Federation, a County Farm Bureau organization and any other state or local organizations controlled by or under common control with any of such organizations.

2.Election of Directors.

2.01.Number and Nomination of Class B Directors. There shall be six directors (the “Class B Directors”) of the Company elected on a per share vote by the holders of the Class B Common Stock. Five Class B Directors shall be Presidents of a State Farm Bureau Federation which is, or whose affiliate is, a Class B Stockholder, and one Class B Director may be any officer of a State Farm Bureau Federation which is, or whose affiliate is, a Class B Stockholder. Any Class B Stockholder may nominate any person eligible to serve as a Class B Director for election as a Class B Director. Nominations must be received by the Company at least ninety days in advance of the date of the annual stockholders’ meeting at which directors are to be elected. The six nominees receiving the highest number of votes shall be elected.

2.02.Nominating Committee. The Presidents of the state Farm Bureau Federations which hold, or whose affiliates hold, Class B Common Stock shall constitute a Nominating Committee to nominate the individuals to be elected as Class B Directors at the Company’s next annual stockholder’s meeting. The votes of the members of the Class B Nominating Committee shall be weighted based upon the amount of Class B Common Stock owned by the state Farm Bureau Federation, or by its affiliates, on whose behalf the President sits as a Class B Nominating Committee member. At each meeting where nominations are to be made the Class B Nominating Committee members shall, by majority vote, adopt a process to govern their selection of Class B Director nominees.

2.03.Election of Directors of Farm Bureau Life Insurance Company. The President of each state Farm Bureau Federation of a state which is or whose affiliate is a Stockholder, shall be elected by the Company to serve, with additional directors, on the Board of Directors of Farm Bureau Life Insurance Company, as long as Farm Bureau Life Insurance Company is a subsidiary of the Company.

2.04.Production Requirement. If at any time the premium volume from the sale of products of the Company’s insurance subsidiaries in a particular state (1) relative to the premium volume from the sale of products in the state by other companies licensed by the American Farm Bureau Federation to use the Farm Bureau logo or trademark, or (2) relative to the premium volume from the sale of products of the Company’s insurance subsidiaries in any other state or in all other states in which those companies operate, is no longer sufficient as determined by a vote of the holders of at least two-thirds of the Shares to warrant continued representation on the Board of Directors of the Company, or of Farm Bureau Life Insurance Company, the State Farm Bureau organization in that state shall be so notified and from the date of such notice shall no longer be entitled to election as a Class B Director of the Company or as a director of Farm Bureau Life Insurance Company.

2.05Advisory Committee. As long as Farm Bureau Life Insurance Company is a subsidiary of the Company, the Board of Directors of the Company shall require the Board of Directors of Farm Bureau Life Insurance Company to designate an Advisory Committee. The Advisory Committee shall consider and shall offer advice and recommendations to the Board of Directors of Farm Bureau Life Insurance Company and to its Chief Executive Officer with respect to matters of policy relating to the general conduct of the business of Farm Bureau Life Insurance Company and with respect to such questions as may be submitted to the Advisory Committee.

3.Election and Appointment of Officers.

3.01Election of Chairman of the Board, Chief Executive Officer, and Secretary. As long as a single State Farm Bureau Federation owns in excess of 50% of the outstanding shares of Class B Common Stock of the Company, the Class B Common stockholders shall (1) direct the Class B Directors to nominate and vote for the election of the President of such state Farm Bureau organization as the Chairman of the Board of the Company; and (2) direct the Class B Directors to nominate and vote for the individual nominated by the President of such State Farm Bureau organization as Chief Executive Officer of the Company. The Chairman of the Board shall also nominate the Secretary of the Company, and the Class B stockholders shall direct the Class B Directors to vote in favor of the election of such nominee to such office.

4.Transfer of Shares.

4.01.Ownership Restricted. Class B Shares may be owned only by Farm Bureau organizations in whose geographic territory the Company’s insurance subsidiaries are authorized to use the Farm Bureau name, logo and trademarks in the sale of their insurance products.

4.02.Transferees Bound. No transfer or attempted transfer of any Class B Shares shall be effective unless the Shares remain subject to the terms and conditions of this Agreement and unless and until the proposed transferee shall accept the terms and conditions of this Agreement by executing and delivering to the Company a Statement of Acceptance in the form attached hereto as Exhibit A. Upon the execution and delivery of the Statement of Acceptance, the transferee thereafter shall be deemed to be a Stockholder under this Agreement.

4.03.Issuance of New Shares. The Company shall not transfer or reissue any Class B Shares in violation of this Agreement or without proof of compliance herewith issued, and shall not issue, transfer or reissue any Class B Shares (whether or not previously issued) unless they shall be restricted as herein provided by the proposed transferee’s acceptance of the terms and conditions of this Agreement as evidenced by the execution and delivery of a Statement of Acceptance in the form attached hereto as Exhibit A. Upon the execution and delivery of the Statement of Acceptance, the transferee thereafter shall be deemed to be a Stockholder under this Agreement.

4.04.Conversion to Class A Shares. Any transfer or attempted transfer made in violation of this Agreement shall not be void, but shall result in the automatic conversion of said Shares into an equal number of Class A Shares. Any Class B Common stockholder which subsequently becomes ineligible to own such shares pursuant to Section 4.01 of this Agreement, shall have their Class B Common Shares automatically converted to an equal number of Class A Common Shares as of the date they fail to qualify to own such shares.

5.Tag Along Provisions.

5.01.Tag Along Right. For purposes of this Section 5 only, the word “Shares” includes, in addition to Class B Common Stock of the Company, the Class A Common Stock of the Company and any series of Preferred Stock of the Company having voting rights. Each Stockholder who owns less than twenty percent (20%) of the Shares of a class (a “Minority Stockholder”) (collectively, the “Tag Along Co-Sellers”) shall be entitled to participate in any sale of Shares of the same class proposed to be made by any Stockholder who owns more than thirty percent (30%) of the Shares of such class (the “PrincipalStockholder”) (collectively the “Tag Along Seller”) to the extent and in the manner provided in this Section 5.1.

5.02.Notice. If the Tag Along Seller proposes to sell any Shares in one or more related transactions which will result in the transfer of more than twenty percent (20%) of the Shares of such class owned of record or beneficially by the Tag Along Seller (collectively, a “Control Block”) (or which results in aggregate sales of a Control Block by the Tag Along Seller when taking into account all other such sales or transfers by the Tag Along Seller), then the Tag Along Seller shall promptly give written notice (the “Tag Along Sale Notice”) to each Tag Along Co-Seller at least 20 days prior to the closing of such sale or transfer. The Tag Along Sale Notice shall set forth the name and address of the Tag Along Seller and describe in reasonable detail the proposed sale including, without limitation, the total number of Shares of each class to be sold, the nature of such sale, the consideration to be paid, the name and address of each prospective purchaser (the “Tag Along Purchaser”) andthe actual number of shares of each class (“Tag Along Base Shares”) that the Tag Along Co-Seller is entitled to sell.

5.03.Exercise of Tag Along Rights. Within 15 days after receipt of the Tag Along Sale Notice, the Tag Along Co-Seller shall, if any of them intend to exercise their tag along rights under this Section 5, send notice of such intention (the “Tag Along Exercise Notice”) to the Tag Along Seller at the address specified in the Tag Along Sale Notice. The Tag Along Exercise Notice shall state the number and class of Shares the Tag Along Co-Seller desires to sell. Subject to the remaining provisions of this Section 5, the number of Shares as to which a Tag Along Co-Seller has exercised its tag along rights under this Section, up to the Tag Along Proportion (as hereinafter defined), shall be purchased by the Tag Along Purchaser (along with the shares of the Tag Along Seller) at the same price, on the same terms and conditions, and at the same time, as the sale by the Tag Along Seller.

5.04.Proportional Cut-back. In the event that the Tag Along Purchaser does not desire to purchase the sum of the Shares of each class proposed to be sold by the Tag Along Seller and the Shares

of each class offered by all of the Tag Along Co-Sellers (such sum shall be called the “Total Shares”), thenthe number of Shares which may be sold by the Tag Along Seller and the Tag Along Co-Sellers shall then be determined by multiplying the number of Shares of such class proposed to be sold by each (as set forth in their respective Tag Along Sale Notice or Tag Along Exercise Notice), by a fraction the numerator of which is the total number of Shares of such class the Tag Along Purchaser is willing to purchase and the denominator of which is the Total Shares of such class, which number shall be the “Tag Along Proportion”. Such reduced number of Shares (rounded to the nearest whole number of Shares for each selling Stockholder) shall be purchased and sold as hereinafter provided. A Tag Along Co-Seller that has exercised its tag along rights under this Section 5 shall deliver to the Tag Along Purchaser properly endorsed certificates representing the Shares to be purchased (or affidavits of lost certificates) in exchange for payment by the Tag Along Purchaser.

5.05.Completion of Sale. In the event that no Tag Along Co-Seller exercises its tag along rights hereunder within 15 days after the receipt of the Tag Along Sale Notice, the Tag Along Seller shall have the right to complete the sale of the Tag Along Base Shares free of any tag along rights hereunder but if such sale is not made within 180 days after the date of the Tag Along Sale Notice, the provisions of this Section 5 shall again apply to a sale by the Tag Along Seller.

5.06.Notice of Other Sales. If the Principal Stockholder proposes to sell any Shares and believes that the sale is exempt from the provisions of this Section 5, because of the size of such proposed sale, the Principal Stockholder agrees nevertheless to provide to the Minority Stockholders written notice of its proposed sale in the same manner and with the same information as the Tag Along Sale Notice.

6.Drag Along Rights.

6.01.Notice of Sale. If the Principal Stockholder shall have received a bona fide offer from a person that is not an affiliate of the Principal Stockholder (or shall have entered into a bona fide written agreement with such person) relating to (i) the sale to such person of at least thirty percent (30%) of the issued and outstanding Shares of any class (a “Sale Transaction”) or (ii) a merger or other business combination involving the Company and such person, or a sale of substantially all of the assets of the Company otherwise than in the ordinary course of its business, (a “Merger Transaction”), and the Principal Stockholder desires to effect such Sale Transaction or cause the Company to effect such Merger Transaction, the Principal Stockholder shall be entitled to deliver a notice (a “Buyout Notice”) to all of the Minority Stockholders, stating that it proposes to effect (or cause the Company to effect) such transaction, and specifying the name and address of the proposed parties to such transaction, the consideration payable in connection therewith, and attaching a copy of all writings between the Principal Stockholder (or the Company) and the other parties to such Sale Transaction or merger Transaction necessary to establish the terms of such transaction; provided,that the Principal Stockholder shall provide the Buyout Notice at least thirty (30) days prior to the closing of any such Sale Transaction or Merger Transaction. Each Minority Stockholder agrees that, upon receipt of a Buyout Notice, it shall be obligated to sell all Shares of each class held by it upon the terms and conditions of the Sale Transaction or the Merger Transaction (and otherwise take all necessary action to cause the Company to consummate the proposed transaction, including voting such Shares in favor of such transaction).

6.02.Fairness Opinion. Notwithstanding the provisions of Section 6.01 hereof, if requested by any Minority Stockholders owning more than fifteen percent (15%) of the Shares, the Principal Stockholder shall obtain an opinion of an Independent Financial Expert that the price and terms of the Sale Transaction or Merger Transaction proposed by the Principal Stockholder are fair to the Minority Stockholders of the Company from a financial point of view. Such Independent Financial Expert shall determine such fair value with reference to, among other things, the following: (i) the prices at which

recent transactions involving companies considered by such Independent Financial Expert to be comparable to the Company for valuation purposes have been consummated (such transactions to include but not be limited to mergers, consolidations, leveraged buyouts, leveraged recapitalizations and other similar transactions), (ii) the trading price of publicly traded companies to the extent that such companies would be considered by such Independent Financial Expert to be comparable to the Company for valuation purposes, and (iii) any particular values, economies, synergies and the facts that such Independent Financial Expert would customarily take into account in valuing businesses. If such opinion is obtained indicating that the proposed price and terms of sale proposed by the Principal Stockholder does not represent fair value for the Shares to be sold, the Principal Stockholder shall either (a) terminate such proposed sale, or (b) purchase the Shares of the Minority Stockholders subject to Section 6.01 at such fair value in cash prior to the consummation of the sale. If such an opinion is obtained indicating that the price and terms of sale are fair to the Minority Stockholders from a financial point of view, then the Minority Stockholders shall sell their Shares as required by this Section 6. The cost of obtaining such opinion shall be borne by the Principal Stockholder.

6.03.Selling Price. The selling price of any Shares to be sold by any Minority Stockholder pursuant to Section 6.01 shall be the same price per share as received by the Principal Stockholder.

6.04.Closing. The closing of any sale pursuant to this Section 6 shall be held at such time and place as the Principal Stockholder shall reasonably specify. At such closing the Stockholders shall deliver certificates representing the Shares to be sold duly endorsed for transfer and accompanied by all requisite stock transfer taxes, if any, and the Shares to be transferred shall be free and clear of any liens, claims, or encumbrances (other than restrictions imposed pursuant to applicable federal and state securities laws) and each Stockholder shall so represent and warrant, and further represent and warrant that it is the record and beneficial owner of such Shares.

7.Legend.

Each Certificate representing Class B Shares shall be endorsed with a legend in substantially the following form:

The transfer of the shares of stock represented by this Certificate is restricted under the terms of a Stockholders’ Agreement Regarding Management and Transfer of Class B Common Stock, dated as of May 1, 1996, as it may be amended and restated from time to time. A copy of the Agreement, with all amendments thereto, is on file at the principal office of the Company.

8.Specific Enforcement.

Because of the special and unique relationship of the Stockholders and the unique value of their interests in the Company, in addition to any other remedies which the Stockholders may have upon breach of the agreements contained herein, the obligations and rights contained in Sections 2, 3, 4, 5 and 6 of this Agreement shall be specifically enforceable.

9.Preemption.

The Articles of Incorporation and Bylaws of the Company shall at all times be interpreted to be consistent with the provisions of this Agreement, and the parties hereto shall not seek to enforce any provision of such Articles of Incorporation or Bylaws that is inconsistent with any provision of this Agreement.

10.Term.

This Agreement shall terminate upon the occurrence of any of the following events:

(a) Cessation of the Company’s business.

(b) The bankruptcy, receivership or dissolution of the Company.

(c) The voluntary agreement of Stockholders who are then bound by the terms hereof and who then own at least two-thirds of the outstanding Shares of Class B Common Stock.

(d) The effectiveness of a Sale Transaction or a Merger Transaction.

(e) The number of Shares of Class B Common Stock outstanding is less than 500,000 or constitutes less than one percent (1%) of the outstanding Shares of Class A Common Stock.

11.Miscellaneous.

11.01.Entire Agreement; Successors Bound. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior negotiations or agreements, whether written or oral. This Agreement shall be binding upon and inure to the benefit of the parties and their heirs, personal representatives, successors and assigns.

11.02.Amendment. This Agreement may be amended only in writing, signed by the Company and the holders of at least two-thirds of the outstanding Shares of Class B Common Stock; provided, however, that if any amendment is required to comply with the provisions of any law, including, without limitation, the Rules of the New York Stock Exchange, this Agreement may be amended to comply with such law, in writing signed by the holders of more than 50% of the outstanding Shares of Class B Common Stock.

11.03.Consent to Assignment. Except as otherwise expressly provided herein, the rights and obligations of the parties under this Agreement may not be assigned without the express written consent of all other parties. Any assignment or attempted assignment made in violation of this Agreement shall be void.

11.04.Effect of Invalidity of Provision. Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable, all other provisions shall be given effect separately therefrom and shall not be affected thereby.

11.05.Counterparts. This Agreement may be signed in multiple counterparts, all of which together shall be one and the same Agreement.

11.06.Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the state of Iowa. Any action to enforce any provisions of this Agreement may only be brought in the District Court for Polk County, Iowa.

11.07.Effective Date.The effective date of the Restated Stockholders’ Agreement Regarding management and Transfer of Shares of Class B common Stock of FBL Financial Group, Inc. shall be February 11, 2013.

“COMPANY”

FBL FINANCIAL GROUP, INC.

By: / s / Craig HillDate: February 14, 2013

Craig Hill

(Print name and title)

“STOCKHOLDERS”

IOWA FARM BUREAU FEDERATION

By: / s / Craig HillDate: February 14, 2013

Craig Hill

(Print name and title)

FARM BUREAU PROPERTY & CASUALTY INSURANCE COMPANY

By: / s / James BrannenDate: March 25, 2013

Jim Brannen

(Print name and title)

MOUNTAIN WEST FARM BUREAU MUTUAL INSURANCE COMPANY

By: / s / Roy SchmettDate: March 22, 2013

Roy Schmett

(Print name and title)

OKLAHOMA FARM BUREAU MUTUAL INSURANCE COMPANY

By: / s / Michael SpradlingDate: March 20, 2013

Michael Spradling

(Print name and title)

WESTERN AGRICULTURAL INSURANCE COMPANY

By: / s / James BrannenDate: March 25, 2013

Jim Brannen

(Print name and title)

KANSAS FARM BUREAU (FEDERATION)

By: / s / Steve BaccusDate: March 26, 2013

Steve Baccus

(Print name and title)

FARM BUREAU INSURANCE SERVICE COMPANY OF IDAHO

By: / s / Phillip R. JoslinDate: March 28, 2013

Phil Joslin

(Print name and title)

RURAL MUTUAL INSURANCE COMPANY

By: / s / Peter PelizzaDate: March 25, 2013

Peter Pelizza

NODAK MUTUAL INSURANCE COMPANY

By: / s / Jim AlexanderDate: March 21, 2013

Jim Alexander

(Print name and title)

UTAH FARM BUREAU FEDERATION

By: / s / Leland HoganDate: March 25, 2013

Leland Hogan

(Print name and title)

ARIZONA FARM BUREAU FEDERATION

By: / s / Kevin RogersDate: March 25, 2013

Kevin Rogers

(Print name and title)

WISCONSIN FARM BUREAU FEDERATION

By: / s / James HolteDate: May 30, 2013

James Holte

(Print name and title)

NEW MEXICO FARM & LIVESTOCK BUREAU

By: / s / Michael WhiteDate: March 25, 2013

Michael White

(Print name and title)

IDAHO FARM BUREAU FEDERATION

By: / s / Frank PriestleyDate: March 27, 2013

Frank Priestley

(Print name and title)

MINNESOTA FARM BUREAU FEDERATION

By: / s / Kevin PaapDate: March 20, 2013

Kevin Paap

(Print name and title)

MONTANA FARM BUREAU FEDERATION

By: / s / Robert HansonDate: March 22, 2013

Robert Hanson

(Print name and title)

NEBRASKA FARM BUREAU FEDERATION

By: / s / Steve NelsonDate: March 22, 2013

Steve Nelson

(Print name and title)

NORTH DAKOTA FARM BUREAU

By: / s / Doyle JohannesDate: March 21, 2013

Doyle Johannes

(Print name and title)

OKLAHOMA FARM BUREAU

By: / s / Michael SpradlingDate: March 20, 2013

Michael Spradling

(Print name and title)

SOUTH DAKOTA FARM BUREAU FEDERATION

By: / s / Scott VanderWalDate: March 21, 2013

Scott VanderWal

(Print name and title)

WYOMING FARM BUREAU FEDERATION

By: / s / Perry LivingstonDate: March 22, 2013

Perry Livingston

(Print name and title)

(Print name and title)

EXHIBIT A

STATEMENT OF ACCEPTANCE

Reference is made to the Agreement (“Agreement”) dated as of May 1, 1996, as amended from time to time, by and among all of the then Stockholders of FBL Financial Group, Inc., an Iowa corporation, and said Company. As a proposed recipient of Shares covered by the Agreement, the undersigned hereby agrees that such Shares upon receipt shall remain or become subject to all of the terms and conditions of the Agreement and all rights and obligations arising thereunder prior to such receipt, that upon such receipt the undersigned shall be deemed automatically to have accepted all of the terms and conditions of the Agreement, and that the undersigned shall thereafter be deemed to be a Stockholder under the Agreement. It is understood that upon execution of this Statement of Acceptance, it shall be attached to the Agreement and shall form a part thereof without any further action.

DATED:

EX-4.2A

AMENDMENT TO

RESTATED STOCKHOLDERS AGREEMENT

REGARDING MANAGEMENT AND TRANSFER OF

SHARES OF CLASS B COMMON STOCK OF

FBL FINANCIAL GROUP, INC.

EFFECTIVE FEBRUARY 14, 2013

WHEREAS, FBL Financial Group, Inc. (“FBL”) and the holders of the Class B common stock of FBL, have all entered into a stockholders agreement last restated effective February 14, 2013 (“Class B Shareholders Agreement”); and

WHEREAS, pursuant to Section 11.02 of the Class B Shareholders Agreement, the agreement may be amended in writing effective when signed by FBL and the holders of at least two-thirds of the outstanding Class B common stock; and

WHEREAS, holders of at least two-thirds of the Class B common stock and FBL wish to amend the Class B Shareholders Agreement as hereinafter provided.

NOW, THEREFORE, in consideration of the mutual promises contained in the Class B Shareholders Agreement, and other good and valuable consideration, the parties below hereby agree as follows:

1.Effective August 26, 2013, the Class B Shareholders Agreement shall be amended by deleting Section 10 in its entirety and inserting in lieu thereof the following:

“10. Term. This agreement shall terminate upon the occurrence of any of the following events:

(a) Cessation of the Company’s business;

(b) The bankruptcy, receivership or dissolution of the Company;

(c) The voluntary agreement of Stockholders who are then bound by the terms hereof and who then own at least two-thirds of the outstanding Shares of Class B Common Stock;

(d) The effectiveness of a Sale Transaction or a Merger Transaction.”

IN WITNESS WHEREOF, the parties hereto have caused this amendment to be executed by the duly authorized representatives as of the dates noted below.

[SIGNATURES ON FOLLOWING PAGE]

FBL FINANCIAL GROUP, INC.

/S/ JAMES P. BRANNEN

By:___________________________________

James P. Brannen

Its:Chief Executive OfficerDate:8/26/13

IOWA FARM BUREAU FEDERATION

(representing two-thirds of Class B Common Shares)

/S/ CRAIG D. HILL

By:___________________________________

Craig D. Hill

Its:PresidentDate:8/26/13

EX-21

Exhibit 21

FBL FINANCIAL GROUP, INC.

Subsidiaries of FBL Financial Group, Inc.

	State of Incorporation
Insurance Subsidiaries:
Farm Bureau Life Insurance Company	Iowa
Greenfields Life Insurance Company	Colorado
Non-insurance Subsidiaries:
FBL Assigned Benefit Company	Iowa
FBL Investment Management Services, Inc.	Iowa
FBL Marketing Services, L.L.C.	Iowa
FBL Financial Group Capital Trust	Delaware
FBL Financial Services, Inc.	Iowa
FBL Leasing Services, Inc.	Iowa

EX-23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements: 

(1)     Registration Statement (Form S-8 No. 333-136985) pertaining to the FBL Financial Group, Inc. 2006 Class A Common Stock Compensation Plan,

(2)     Registration Statement (Form S-8 No. 333-108161) pertaining to the Amended and Restated FBL Financial Group, Inc. 1996 Class A Common Stock Compensation Plan,

(3)     Registration Statement (Form S-8 No. 333-159430) pertaining to the Farm Bureau 401(k) Savings Plan,

(4)     Registration Statement (Form S-8 No. 333-169033) pertaining to the FBL Financial Group, Inc. Director Compensation Plan,

(5) Registration Statement (Form S-8 No. 333-125227) pertaining to the FBL Financial Group, Inc. Executive Salary and Bonus Deferred Compensation Plan,

of our reports dated February 20, 2014, with respect to the consolidated financial statements and schedules of FBL Financial Group, Inc. and the effectiveness of internal control over financial reporting of FBL Financial Group, Inc., included in this Annual Report (Form 10-K) of FBL Financial Group, Inc. for the year ended December 31, 2013.

 /s/ Ernst & Young LLP

Des Moines, Iowa

February 20, 2014

EX-31.1

Exhibit 31.1

CERTIFICATION

I, James P. Brannen, certify that:
1.	I have reviewed this report on Form 10-K of FBL Financial Group, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2014

By	/s/ James P. Brannen
	James P. Brannen
	Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Donald J. Seibel, certify that:
1.	I have reviewed this report on Form 10-K of FBL Financial Group, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2014

By	/s/ Donald J. Seibel
	Donald J. Seibel
	Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of FBL Financial Group, Inc. (the "Company") on Form 10-K for the period ended December 31, 2013 as filed with the Securities and Exchange Commission on or about the date hereof (the "Report"), I, James P. Brannen, Chief Executive Officer of the Company, and I, Donald J. Seibel, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1	)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and
(2	)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 20, 2014

By	/s/ James P. Brannen
	James P. Brannen
	Chief Executive Officer (Principal Executive Officer)
By	/s/ Donald J. Seibel
	Donald J. Seibel
	Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature appears in typed form within the electronic version of this written statement required by Section 906, has been provided to FBL Financial Group, Inc., and will be retained by FBL Financial Group, Inc., and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Sale of EquiTrust Life Business (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

A summary of income (losses) from discontinued operations is as follows:

Condensed Statements of Income (Loss) from Discontinued Operations
	Year ended December 31,
	2012			2011
	(Dollars in thousands)
Revenues	$	—		$	436,391
Benefits and expenses	(214		)	(358,753		)
Interest expense allocation	(855		)	(13,818		)
Equity income	—			1,862
Income taxes	382			(23,003		)
Income (loss) from discontinued operations	$	(687	)	$	42,679

Expenses are reduced for estimated corporate overhead absorbed by the Company after the sale. In addition, as described below, the sale of EquiTrust Life required us to redeem a majority of our senior notes; therefore the related interest expense is allocated to the EquiTrust Life Business.

XML

Investment Operations Variable interest entities (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment Holdings [Line Items]
Variable Interest Entity, Measure of Activity, Revenues	$ 4,300,000	$ 4,100,000	$ 4,900,000
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	17,646,000	16,914,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 17,646,000	$ 16,914,000

XML

Investment Operations Mortgage Loans (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 575,861,000	$ 554,843,000
Percentage of Mortgage Loans	100.00%	100.00%
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		16,400,000
Financing receivable non accrual status, number of loans		2
0% to 50% loan to value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	149,719,000	173,040,000
Percentage of Mortgage Loans	26.00%	31.20%
51% to 60% loan-to-value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	202,025,000	156,633,000
Percentage of Mortgage Loans	35.10%	28.20%
61% to 70% loan-to-value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	204,460,000	186,738,000
Percentage of Mortgage Loans	35.50%	33.70%
71% to 80% loan-to-value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	15,559,000	36,857,000
Percentage of Mortgage Loans	2.70%	6.60%
81% to 90% loan to value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	4,098,000	1,575,000
Percentage of Mortgage Loans	0.70%	0.30%
Year of origination 2013 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	84,478,000	0
Percentage of Mortgage Loans	14.70%	0.00%
Year of origination 2012 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	72,792,000	75,173,000
Percentage of Mortgage Loans	12.60%	13.60%
Year of Origination 2011 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	48,190,000	47,405,000
Percentage of Mortgage Loans	8.40%	8.50%
Year of origination 2010 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	26,173,000	27,422,000
Percentage of Mortgage Loans	4.50%	4.90%
Year of Origination 2008 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	68,323,000	70,346,000
Percentage of Mortgage Loans	11.90%	12.70%
Year of origination prior [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	275,905,000	334,497,000
Percentage of Mortgage Loans	47.90%	60.30%
Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	241,951,000	218,837,000
Percentage of Mortgage Loans	42.00%	39.40%
Retail Site [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	194,053,000	184,135,000
Percentage of Mortgage Loans	33.70%	33.20%
Industrial Property [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	126,151,000	133,149,000
Percentage of Mortgage Loans	21.90%	24.00%
Other Property [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	13,706,000	18,722,000
Percentage of Mortgage Loans	2.40%	3.40%
South Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	170,529,000	164,294,000
Percentage of Mortgage Loans	29.60%	29.60%
Pacific [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	92,538,000	81,333,000
Percentage of Mortgage Loans	16.10%	14.70%
West North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	85,629,000	77,798,000
Percentage of Mortgage Loans	14.90%	14.00%
East North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	79,128,000	81,015,000
Percentage of Mortgage Loans	13.70%	14.60%
Mountain [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	53,460,000	48,881,000
Percentage of Mortgage Loans	9.30%	8.80%
West South Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	39,780,000	42,141,000
Percentage of Mortgage Loans	6.90%	7.60%
Other geographical locations [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 54,797,000	$ 59,381,000
Percentage of Mortgage Loans	9.50%	10.70%

XML

Stockholders' Equity AOCI table (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2010
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 119,067		$ 289,853		$ 177,845		$ 51,644
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	(159,941)		136,273		133,343
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(10,845)		(24,265)		(7,142)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(1,798)	[1]	8,051	[1]	5	[1]
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	126,587		306,167		190,449		67,777
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	(169,627)		125,948		125,548
Accumulated Other-than-Temporary Impairment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	(1,366)		(8,362)		(12,703)		(16,237)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	9,686		10,325		7,795
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	(6,154)		(7,952)		99		104
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax	0		0		0
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(9,953)		(10,230)		(2,876)
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	(2,690)		(5,984)		(4,261)
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ 1,798		$ (8,051)		$ (5)

[1] Other comprehensive income is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

XML

Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Operating income pre-tax									$ 134,578	$ 116,507	$ 111,058
Income tax on operating income									(33,985)	(33,748)	(32,240)
Realized gains losses on investments net of offsets									8,206	(477)	(5,983)
Derivatives unrealized gain net of offsets									(241)	619	932
Loss on debt redemption net of tax									0	(22)	(21,564)
Revenues	172,984	173,516	176,683	168,048	164,594	165,359	165,982	159,605	691,231	655,540	618,337
Realized gains on investments related to revenue									13,597	465	(8,286)
Derivative unrealized related to revenues									(2,005)	1,778	447
Net investment income	93,561	93,382	92,898	90,810	91,531	93,482	89,423	86,888	370,651	361,324	343,310
Investment Income, Net									372,656	359,546	342,863
Investment Income, Nonoperating									(2,005)	1,778	447
Depreciation, Depletion and Amortization									28,422	41,132	32,050
Other Depreciation and Amortization									28,773	39,223	32,118
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses)									973	1,200	919
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses)									(1,324)	709	(987)
Income (loss) from discontinued operations, net of tax					22	55	(84)	(2,932)	0	(2,939)	(11,464)
Net income attributable to FBL Financial Group, Inc.	26,952	27,053	29,587	24,966	22,586	20,476	20,291	16,587	108,558	79,940	40,739
Annuity
Segment Reporting Information [Line Items]
Operating income pre-tax									63,592	55,910	58,263
Revenues									197,539	192,001	182,640
Net investment income									196,303	191,211	181,974
Depreciation, Depletion and Amortization									7,186	8,271	8,469
Life Insurance
Segment Reporting Information [Line Items]
Operating income pre-tax									48,814	43,741	50,502
Revenues									385,325	367,853	352,956
Net investment income									140,510	138,076	134,999
Depreciation, Depletion and Amortization									19,430	25,727	14,981
Corporate and Other
Segment Reporting Information [Line Items]
Operating income pre-tax									22,172	16,856	2,293
Revenues									96,775	93,443	90,580
Net investment income									35,843	30,259	25,890
Depreciation, Depletion and Amortization									$ 2,157	$ 5,225	$ 8,668

XML

Fair Value (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Debt Securities	$ 6,081,753,000	$ 6,265,745,000
Available-for-sale Securities, Equity Securities	91,555,000	86,253,000
Available-for-sale Securities	91,555,000	86,253,000
Mortgage loans	575,861,000	554,843,000
Policy loans	176,993,000	174,254,000
Derivative Assets	3,700,000	5,600,000
Restricted debt defeasance trust assets		211,600,000
Assets held in separate accounts	693,955,000	618,809,000
Liabilities related to separate accounts	693,955,000	618,809,000
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans, fair value disclosure	575,861,000	554,843,000
Policy Loans, Fair Value Disclosure	176,993,000	174,254,000
Derivative Assets	993,000	247,000
Cash and short-term investments, fair value disclosure	115,047,000	152,590,000
Reinsurance Recoverable Fair Value Disclosure	2,678,000	5,326,000
Assets held in separate accounts	693,955,000	618,809,000
Future Policy Benefits, Fair Value Disclosure	3,360,519,000	3,226,765,000
Supplemental contracts without life contingencies, fair value disclosure	349,761,000	361,273,000
Advance premiums and other deposits, fair value disclosure	230,819,000	216,857,000
Long-term Debt, Fair Value	97,000,000	147,000,000
Other Liabilities, Fair Value Disclosure	0	131,000
Liabilities related to separate accounts	693,955,000	618,809,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans, fair value disclosure	594,451,000	600,448,000
Policy Loans, Fair Value Disclosure	210,401,000	227,161,000
Derivative Assets	993,000	247,000
Cash and short-term investments, fair value disclosure	115,047,000	152,590,000
Reinsurance Recoverable Fair Value Disclosure	2,678,000	5,326,000
Assets held in separate accounts	693,955,000	618,809,000
Future Policy Benefits, Fair Value Disclosure	3,371,706,000	3,352,252,000
Supplemental contracts without life contingencies, fair value disclosure	320,195,000	350,187,000
Advance premiums and other deposits, fair value disclosure	230,819,000	216,857,000
Long-term Debt, Fair Value	63,343,000	116,359,000
Other Liabilities, Fair Value Disclosure	0	131,000
Liabilities related to separate accounts	686,387,000	609,704,000
Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities	6,081,753,000	6,265,745,000
Debt Securities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities	6,081,753,000	6,265,745,000
Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities	6,081,753,000	6,265,745,000
Equity Securities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities	91,555,000	86,253,000
Equity Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities	$ 91,555,000	$ 86,253,000

XML

Retirement and Compensation Plans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Multiemployer Plans [Line Items]
Entity Tax Identification Number	421411715
Multiemployer Plan Number	001
Multiemployer Plan, Period Contributions	$ 22,500	$ 15,000	$ 15,000

XML

Committments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Unrecorded Unconditional Purchase Obligation [Line Items]
Change in state insurance guaranty fund	$ (0.1)	$ 0.1	$ 0.1
Deferred Revenue, Noncurrent	1.4	1.6
Operating Leases, Future Minimum Payments Due, Next Twelve Months	2.3
Operating Leases, Future Minimum Payments, Due in Two Years	2.3
Operating Leases, Future Minimum Payments, Due in Three Years	2.3
Operating Leases, Future Minimum Payments, Due in Four Years	2.3
Operating Leases, Future Minimum Payments, Due in Five Years	2.3
Operating Leases, Future Minimum Payments, Due Thereafter	$ 7.0

XML

Retirement and Compensation Plans Fair Values of plan assets by category and hierarchy (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012		Dec. 31, 2011
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 250,820,000	$ 220,000,000
Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	62,209,000	51,041,000
Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	56,257,000	46,449,000
Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	132,354,000	122,510,000		115,980,000
Equity Funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	31,325,000	30,535,000	[1]
Equity Funds [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	31,325,000	30,535,000	[1]
Equity Funds [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Equity Funds [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
U.S. Equity Funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	24,934,000	25,495,000	[1]
U.S. Equity Funds [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
U.S. Equity Funds [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	24,934,000	25,495,000	[1]
U.S. Equity Funds [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Private Equity Funds, Foreign [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	30,884,000	20,506,000	[1]
Private Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	30,884,000	20,506,000	[1]
Private Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Private Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Money Market Funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6,904,000	520,000	[1]
Money Market Funds [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Money Market Funds [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6,904,000	520,000	[1]
Money Market Funds [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Fixed Income Funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,166,000	10,504,000	[1]
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,166,000	10,504,000	[1]
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Real Estate Funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,253,000	9,930,000	[1]
Real Estate Funds [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Real Estate Funds [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,253,000	9,930,000	[1]
Real Estate Funds [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[1]
Group annuity contract [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	117,226,000	109,275,000	[2]
Group annuity contract [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[2]
Group annuity contract [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[2]
Group annuity contract [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	117,226,000	109,275,000	[2]	101,970,000
Funded annuity contract [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,932,000	13,235,000	[2]
Funded annuity contract [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[2]
Funded annuity contract [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0	[2]
Funded annuity contract [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,932,000	13,235,000	[2]	14,010,000
Limited partnership [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	2,196,000
Limited partnership [Member] | Fair Value, Inputs, Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0
Limited partnership [Member] | Fair Value, Inputs, Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0
Limited partnership [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 2,196,000	$ 0

[1] Represents mutual funds and pooled separate account investments with Principal Life Insurance Company.

[2] Represents group annuity contracts with Farm Bureau Life

XML

Earnings per Share (Details) (USD $)	2 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to FBL Financial Group, Inc.		$ 26,952,000	$ 27,053,000	$ 29,587,000	$ 24,966,000	$ 22,586,000	$ 20,476,000	$ 20,291,000	$ 16,587,000	$ 108,558,000	$ 79,940,000	$ 40,739,000
Income (loss) from discontinued operations, net of tax						22,000	55,000	(84,000)	(2,932,000)	0	(2,939,000)	(11,464,000)
Dividends on preferred stock										150,000	150,000	150,000
Income available to common stockholders from continuing operations										108,408,000	82,729,000	52,053,000
Weighted Average Number of Shares Outstanding, Basic										25,508,522	27,497,146	30,726,009
Weighted Average Number Diluted Shares Outstanding Adjustment										265,893	341,402	489,014
Weighted Average Number of Shares Outstanding, Diluted										25,774,415	27,838,548	31,215,023
Income from continuing operations		$ 1.08	$ 1.05	$ 1.14	$ 0.97	$ 0.87	$ 0.77	$ 0.74	$ 0.64	$ 4.25	$ 3.01	$ 1.69
Income (loss) from discontinued operations	$ 1.84					$ 0.00	$ 0.00	$ 0.00	$ (0.10)	$ 0.00	$ (0.11)	$ (0.37)
Earnings per common share						$ 0.87	$ 0.77	$ 0.74	$ 0.54	$ 4.25	$ 2.90	$ 1.32
Income from continuing operations		$ 1.07	$ 1.04	$ 1.13	$ 0.96	$ 0.86	$ 0.76	$ 0.73	$ 0.63	$ 4.21	$ 2.97	$ 1.67
Income (loss) from discontinued operations	$ 1.81					$ 0.00	$ 0.00	$ 0.00	$ (0.10)	$ 0.00	$ (0.10)	$ (0.37)
Earnings per common share - assuming dilution						$ 0.86	$ 0.76	$ 0.73	$ 0.53	$ 4.21	$ 2.87	$ 1.30
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount										0	790,216	1,042,587
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus		$ 359,000,000								$ 359,000,000

XML

Retirement and Compensation Plans Funding Status and Net Periodic Pension Costs (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	$ 250,820,000	$ 220,000,000
FBL Financial Group Retirement Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation	330,320,000	283,613,000
Defined Benefit Plan, Service Cost	6,472,000	8,117,000	7,938,000
Defined Benefit Plan, Interest Cost	13,384,000	12,706,000	12,620,000
Defined Benefit Plan, Actuarial Gain (Loss)	(41,794,000)	43,015,000
Defined Benefit Plan, Benefits Paid	(15,933,000)	(17,131,000)
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation	292,449,000	330,320,000	283,613,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	220,000,000	205,054,000
Defined Benefit Plan, Actual Return on Plan Assets	24,253,000	17,077,000
Defined Benefit Plan, Contributions by Employer	22,500,000	15,000,000
Defined Benefit Plan, Benefits Paid	15,933,000	17,131,000
Fair Value of Plan Assets, End of period	250,820,000	220,000,000	205,054,000
Defined Benefit Plan, Funded Status of Plan	(41,629,000)	(110,320,000)
Defined Benefit Plan, Accumulated Benefit Obligation	266,891,000	291,728,000
FBL Financial Group Other plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation	26,664,000	26,562,000
Defined Benefit Plan, Service Cost	252,000	442,000	258,000
Defined Benefit Plan, Interest Cost	1,035,000	1,160,000	1,215,000
Defined Benefit Plan, Actuarial Gain (Loss)	(1,305,000)	1,890,000
Defined Benefit Plan, Benefits Paid	(3,381,000)	(3,390,000)
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation	23,265,000	26,664,000	26,562,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	0	0
Defined Benefit Plan, Actual Return on Plan Assets	0	0
Defined Benefit Plan, Contributions by Employer	3,381,000	3,390,000
Defined Benefit Plan, Benefits Paid	3,381,000	3,390,000
Fair Value of Plan Assets, End of period	0	0	0
Defined Benefit Plan, Funded Status of Plan	(23,265,000)	(26,664,000)
Defined Benefit Plan, Accumulated Benefit Obligation	$ 21,944,000	$ 24,642,000

XML

Credit Arrangements (Details) (USD $)	2 Months Ended				12 Months Ended				12 Months Ended
	Jan. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Trust Preferred Securities Subject to Mandatory Redemption [Member]	Dec. 31, 2012 Senior Notes, affiliated [Member]	Dec. 31, 2013 Senior Notes, unaffiliated [Member]	Dec. 31, 2013 Capital trust equity [Member]	Dec. 31, 2013 5% Subordinated Deferrable Interest Notes, due June 30, 2047 [Member]	Dec. 31, 2013 Senior Notes [Member]	Dec. 31, 2013 Trust Preferred Securities Subject to Mandatory Redemption [Member]
Debt Instrument [Line Items]
Long-term debt payable non-affiliates		$ 97,000,000	$ 97,000,000			$ 97,000,000	$ (3,000,000)	$ 100,000,000		$ 97,000,000
Preferred Stock, Liquidation Preference Per Share				1,000.00
Preferred stock, shares outstanding				97,000
Long-term debt payable to affiliates		0	50,000,000
Extinguishment of Debt, Amount	225,000,000				50,000,000	175,000,000
Redemption amount									$ 210,900,000

XML

Sch III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2013

Schedule III. Supplementary Insurance Information [Abstract]

Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block]

Schedule III - Supplementary Insurance Information

FBL FINANCIAL GROUP, INC.

Column A	Column B			Column C		Column D			Column E
	Deferred acquisition costs			Future policy benefits, losses, claims and loss expenses		Unearned revenues			Other policyholder funds
	(Dollars in thousands)
December 31, 2013:
Annuity	$	82,404		$	3,172,598	$	—		$	376,879
Life Insurance	216,743			2,254,194		8,884			191,478
Corporate and Other	91,917			389,746		13,951			21,845
Impact of unrealized gains/losses	(55,550		)	2,957		(2,790		)	—
Total	$	335,514		$	5,819,495	$	20,045		$	590,202
December 31, 2012:
Annuity	$	82,396		$	3,047,762	$	—		$	384,375
Life Insurance	199,266			2,104,973		13,585			182,597
Corporate and Other	94,984			379,708		14,519			20,786
Impact of unrealized gains/losses	(172,320		)	—		(13,554		)	—
Total	$	204,326		$	5,532,443	$	14,550		$	587,758
December 31, 2011:
Annuity	$	78,102		$	2,811,631	$	—		$	379,354
Life Insurance	187,113			2,010,818		12,218			174,561
Corporate and Other	99,916			346,025		14,960			17,321
Impact of unrealized gains/losses	(104,875		)	—		(8,312		)	—
Total	$	260,256		$	5,168,474	$	18,866		$	571,236

Schedule III - Supplementary Insurance Information (Continued)

FBL FINANCIAL GROUP, INC.

Column A	Column F		Column G			Column H			Column I			Column J
	Premium revenue		Net investment income			Benefits, claims, losses and settlement expenses			Amortization of deferred acquisition costs			Other operating expenses
	(Dollars in thousands)
December 31, 2013:
Annuity	$	1,236	$	196,303		$	102,308		$	9,422		$	22,217
Life Insurance	245,148		140,510			231,861			15,760			75,571
Corporate and Other	46,093		35,843			30,183			5,170			10,499
Change in net unrealized gains/losses on derivatives	—		(2,005		)	(310		)	(1,324		)	—
Impact of realized gains/losses	42		—			28			880			65
Total	$	292,519	$	370,651		$	364,070		$	29,908		$	108,352
December 31, 2012:
Annuity	$	775	$	191,211		$	102,961		$	9,327		$	23,803
Life Insurance	229,986		138,076			218,856			21,216			69,765
Corporate and Other	45,722		30,259			30,721			5,326			10,582
Change in net unrealized gains/losses on derivatives	—		1,778			117			709			—
Impact of realized gains/losses	13		—			22			1,073			105
Total	$	276,496	$	361,324		$	352,677		$	37,651		$	104,255
December 31, 2011:
Annuity	$	664	$	181,974		$	100,487		$	8,916		$	14,974
Life Insurance	217,665		134,999			211,330			18,042			56,052
Corporate and Other	47,283		25,890			29,229			7,967			22,294
Change in net unrealized gains/losses on derivatives	—		447			2			(987		)	—
Impact of realized gains/losses	10		—			(7		)	881			45
Total	$	265,622	$	343,310		$	341,041		$	34,819		$	93,365

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Investment Operations Allowance on Mortgage Loans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance on mortgage loans	$ 1,694	$ 1,759
Allowances established	804	335
Charge offs	1,610	400
Allowance on mortgage loans	$ 888	$ 1,694

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Significant Accounting Policies Other income other expense (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other income and other expense [Line Items]
Real Estate Owned, Valuation Allowance	$ 0.1	$ 0.1
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract]
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, assumptions, interest accrual rate	4.56%	4.70%	4.72%
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit		4.8
Future policy benefits:
Interest Sensitive Life, Interest Rate Assumptions, Low End	1.00%	1.00%	1.00%
Interest Sensitive Life, Interest Rate Assumptions, High End	5.50%	5.50%	5.50%
Traditional Life, Interest Rate, Low End	2.00%
Traditional Life, Interest Rate, High End	6.00%
Future policy benefits, assumptions, average rate in investment yields in gross margin estimation	5.84%	5.84%	6.04%
Other Policyholder Claims and Benefits
Premiums from policies subject to participation in dividends	30.00%	35.00%	38.00%
Contracts in force subject to participation in dividends	11.00%	12.00%	12.00%
Farm Bureau Property & Casualty insurance company [Member]
Other Income and Expenses [Abstract]
Lease income	2.2	2.4	1.8
Investment Advisory Fees	1.7	1.5	1.2
Subsidiaries [Member]
Other Income and Expenses [Abstract]
Non-insurance Income (Expense) of Life Ins subsidiary	3.0	3.3	3.2
Former subsidiary [Member]
Other Income and Expenses [Abstract]
Other Nonoperating Income (Expense)		$ 3.5

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Stockholders' Equity Dividend disclosures (Details) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Class of Stock [Line Items]
Common Stock Special Dividends Per Share Cash Paid		$ 2.00
Payment Of Special Cash Dividend		$ 51,400,000
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus		359,000,000
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments		93,300,000
Parent Company [Member]
Class of Stock [Line Items]
Dividends from subsidiaries (eliminated in consolidation)	$ 120,000,000	$ 140,000,000	$ 45,000,000	$ 29,139,000

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Sch II - Condensed Financial Information on Registrant (Details) (USD $) In Thousands, unless otherwise specified	2 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011		Dec. 31, 2010
Assets [Abstract]
Available-for-sale Securities, Debt Securities		$ 6,081,753				$ 6,265,745				$ 6,081,753	$ 6,265,745
Short-term investments		108,677				74,516				108,677	74,516
Cash and cash equivalents		6,370				78,074				6,370	78,074	296,339	[1]	4,794	[1]
Amounts receivable from affiliates		3,145				3,931				3,145	3,931
Accrued investment income		75,186				69,965				75,186	69,965
Current income taxes recoverable		0				6,735				0	6,735
Other assets		67,266				59,238				67,266	59,238
Assets		8,461,323				8,417,726				8,461,323	8,417,726
Liabilities and stockholders' equity
Amounts payable to affiliates		408				1,658				408	1,658
Current income taxes		1,499				0				1,499	0
Long-term debt payable to affiliates		0				50,000				0	50,000
Long-term debt payable non-affiliates		97,000				97,000				97,000	97,000
Liabilities		7,416,532				7,205,479				7,416,532	7,205,479
Preferred stock		3,000				3,000				3,000	3,000
Accumulated other comprehensive income		119,067				289,853				119,067	289,853	177,845		51,644
Retained earnings		787,609				796,110				787,609	796,110
Total FBL Financial Group, Inc. stockholders' equity		1,044,741				1,212,191				1,044,741	1,212,191
Liabilities and Equity		8,461,323				8,417,726				8,461,323	8,417,726
Revenues:
Net investment income		93,561	93,382	92,898	90,810	91,531	93,482	89,423	86,888	370,651	361,324	343,310
Realized gains (losses) on investments		2,340	693	7,236	3,286	(1,099)	1,462	732	(643)	13,555	452	30,096	[1]
Management fee income from affiliates										49,322	40,071	18,797
Other income										14,506	17,268	17,701
Revenues		172,984	173,516	176,683	168,048	164,594	165,359	165,982	159,605	691,231	655,540	618,337
Costs and Expenses [Abstract]
Interest expense										6,863	7,952	8,532
Loss on debt redemption										0	33	33,176
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest										150,305	118,184	69,722
Income from discontinued operations, net of tax										0	(687)	42,679
Loss on sale of subsidiary	(56,400)									0	(2,252)	(54,143)	[1]
Income (loss) from discontinued operations, net of tax						22	55	(84)	(2,932)	0	(2,939)	(11,464)
Net income attributable to FBL Financial Group, Inc.		26,952	27,053	29,587	24,966	22,586	20,476	20,291	16,587	108,558	79,940	40,739
Parent Company [Member]
Assets [Abstract]
Investments in subsidiaries (eliminated in consolidation)		1,021,684				1,219,355				1,021,684	1,219,355
Available-for-sale Securities, Debt Securities		71,507				52,480				71,507	52,480
Short-term investments		31,078				24,502				31,078	24,502
Cash and cash equivalents		0				47,994				0	47,994	195,805		815
Accrued investment income		276				447				276	447
Current income taxes recoverable		0				173				0	173
Deferred income tax assets		21,879				24,822				21,879	24,822
Other assets		9,489				7,309				9,489	7,309
Assets		1,159,655				1,381,589				1,159,655	1,381,589
Liabilities and stockholders' equity
Accrued expenses and other liabilities		17,028				20,740				17,028	20,740
Amounts payable to affiliates		408				1,658				408	1,658
Current income taxes		478				0				478	0
Long-term debt payable to affiliates		0				50,000				0	50,000
Long-term debt payable non-affiliates		97,000				97,000				97,000	97,000
Liabilities		114,914				169,398				114,914	169,398
Preferred stock		3,000				3,000				3,000	3,000
Accumulated other comprehensive income		119,067				289,853				119,067	289,853
Retained earnings		787,609				796,110				787,609	796,110
Total FBL Financial Group, Inc. stockholders' equity		1,044,741				1,212,191				1,044,741	1,212,191
Liabilities and Equity		1,159,655				1,381,589				1,159,655	1,381,589
Revenues:
Net investment income										2,120	557	396
Realized gains (losses) on investments										33	(25)	0
Dividends from subsidiaries (eliminated in consolidation)			120,000							140,000	45,000	29,139
Management fee income from affiliates										5,316	4,010	16,945
Other income										22	3,804	1,791
Revenues										146,007	53,498	37,305
Costs and Expenses [Abstract]
Interest expense										6,967	7,935	8,532
Loss on debt redemption										0	33	33,176
General and administrative expenses										9,582	12,902	9,185
Total expenses										16,549	20,870	50,893
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest										129,458	32,628	(13,588)
Income (Loss) from Continuing Operations Attributable to Parent										134,774	36,638	3,357
Income from discontinued operations, net of tax										0	(687)	27,110
Equity in undistributed income of subsidiary										(26,216)	46,241	64,415
Net income from continuing operations, parent plus equity income in subsidiaries										108,558	82,879	67,772
Loss on sale of subsidiary										0	(2,252)	(54,143)
Income (loss) from discontinued operations, net of tax										0	(2,939)	(27,033)
Net income attributable to FBL Financial Group, Inc.										108,558	79,940	40,739
Common Class A
Liabilities and stockholders' equity
Common stock, without par value		134,993				115,706				134,993	115,706
Common Class A | Parent Company [Member]
Liabilities and stockholders' equity
Common stock, without par value		134,993				115,706				134,993	115,706
Common Class B
Liabilities and stockholders' equity
Common stock, without par value		72				7,522				72	7,522
Common Class B | Parent Company [Member]
Liabilities and stockholders' equity
Common stock, without par value		72				7,522				72	7,522
Affiliated Entity [Member] | Parent Company [Member]
Assets [Abstract]
Amounts receivable from affiliates		3,145				3,931				3,145	3,931
Revenues:
Management Fees Revenue										1,760	1,907	3,701
Subsidiaries [Member]
Assets [Abstract]
Amounts receivable from affiliates		597				576				597	576
Subsidiaries [Member] | Parent Company [Member]
Revenues:
Management Fees Revenue										2,072	2,255	2,278
Dividends in form of cash [Member] | Parent Company [Member]
Revenues:
Dividends from subsidiaries (eliminated in consolidation)										$ 92,135	$ 5,089	$ 29,139

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Segment Information [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Financial Information Concerning our Operating Segments
	Year ended December 31,
	2013			2012		2011
	(Dollars in thousands)
Operating revenues:
Annuity	$	197,539		$	192,001	$	182,640
Life Insurance	385,325			367,853		352,956
Corporate and Other	96,775			93,443		90,580
	679,639			653,297		626,176
Realized gains (losses) on investments (1)	13,597			465		(8,286		)
Change in net unrealized gains/losses on derivatives (1)	(2,005		)	1,778		447
Consolidated revenues	$	691,231		$	655,540	$	618,337
Net investment income:
Annuity	$	196,303		191,211		181,974
Life Insurance	140,510			138,076		134,999
Corporate and Other	35,843			30,259		25,890
	372,656			359,546		342,863
Change in net unrealized gains/losses on derivatives (1)	(2,005		)	1,778		447
Consolidated net investment income	$	370,651		$	361,324	$	343,310
Depreciation and amortization:
Annuity	$	7,186		$	8,271	$	8,469
Life Insurance	19,430			25,727		14,981
Corporate and Other	2,157			5,225		8,668
	28,773			39,223		32,118
Realized gains/losses on investments (1)	973			1,200		919
Change in net unrealized gains/losses on derivatives (1)	(1,324		)	709		(987		)
Consolidated depreciation and amortization	$	28,422		$	41,132	$	32,050

Pre-tax operating income:
Annuity	$	63,592		$	55,910		$	58,263
Life Insurance	48,814			43,741			50,502
Corporate and Other	22,172			16,856			2,293
	134,578			116,507			111,058
Income taxes on operating income	(33,985		)	(33,748		)	(32,240		)
Realized gains/losses on investments (1)	8,206			(477		)	(5,983		)
Change in net unrealized gains/losses on derivatives (1)	(241		)	619			932
Loss on debt redemption (1)	—			(22		)	(21,564		)
Loss from discontinued operations	—			(2,939		)	(11,464		)
Consolidated net income attributable to FBL Financial Group, Inc.	$	108,558		$	79,940		$	40,739

Financial Information Concerning our Operating Segments - continued
	December 31,
	2013		2012
	(Dollars in thousands)
Assets:
Annuity	$	3,778,018	$	3,627,891
Life Insurance	2,789,145		2,609,255
Corporate and Other	1,701,368		1,735,996
	8,268,531		7,973,142
Unrealized gains in accumulated other comprehensive income (2)	192,792		444,584
Consolidated assets	$	8,461,323	$	8,417,726

(1)

Reconciliation of non-GAAP measures [table text block] [Table Text Block]

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	307,474		$	255,709		$	229,468
Premiums collected on interest sensitive products	(127,271		)	(81,212		)	(60,702		)
Traditional life insurance premiums collected	180,203			174,497			168,766
Change in due premiums and other	741			589			(247		)
Traditional life insurance premiums	$	180,944		$	175,086		$	168,519

There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below.

Interest Sensitive Product Charges by Segment
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Annuity
Surrender charges and other	$	1,236	$	775	$	664
Life Insurance
Administration charges	$	19,602	$	11,726	$	9,922
Cost of insurance charges	42,697		39,886		37,334
Surrender charges	484		943		578
Amortization of policy initiation fees	1,462		2,354		1,313
Total	$	64,245	$	54,909	$	49,147
Corporate and Other
Administration charges	$	6,138	$	5,975	$	6,317
Cost of insurance charges	29,567		29,638		29,794
Surrender charges	525		780		1,151
Separate account charges	8,742		8,372		8,748
Amortization of policy initiation fees	1,122		961		1,282
Total	$	46,094	$	45,726	$	47,292
Consolidated interest sensitive product charges	$	111,575	$	101,410	$	97,103

Concentration Risk Disclosure [Text Block]

Premium Concentration by State
	Year ended December 31,
	2013		2012		2011
Life and annuity collected premiums:
Iowa	27.6	%	28.7	%	26.5	%
Kansas	20.0		21.9		20.9
Oklahoma	7.7		7.3		9.2

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Investment Operations Realized gains losses on investments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Gain (Loss) on Investments [Line Items]
Proceeds from Sale of Available-for-sale Securities, Debt	$ 138,400,000		$ 156,300,000		$ 70,700,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(2,412,000)		(17,027,000)		(13,651,000)
Gain (Loss) on Investments	13,555,000		452,000		(8,296,000)
Categories of Investments, Cost-method Investments [Member]
Gain (Loss) on Investments [Line Items]
Gain (Loss) Mortgage Loans	0		767,000		0
Gains (Losses) on Real Estate	12,000		(25,000)		0
Gain (Loss) on Disposition of Other Assets	(166,000)
Gain (Loss) Equity Investments			(13,000)		13,000
Equity Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Gain (Loss) on Investments [Line Items]
Realized gains/losses available for sale	0		309,000		(5,000)
Debt Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains - Available-for-sale Securities	18,495,000		16,982,000		5,715,000
Gross losses - Available-for-sale Securities	(2,374,000)		(541,000)		(368,000)
Credit related portion of fixed maturity losses [Member]
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(618,000)	[1]	(5,264,000)	[1]	(1,454,000)	[1]
Other credit related impairments [Member]
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(1,794,000)	[2]	(11,763,000)	[2]	(12,197,000)	[2]
Other credit related impairments [Member] | Categories of Investments, Cost-method Investments [Member]
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net					$ 4,700,000	[2]

[1] Amount represents the credit-related losses recognized for fixed maturities which were not written down to fair value. As discussed above the non-credit portion of the losses have been recognized in other comprehensive income (loss).

[2] Amount represents credit-related losses for mortgage loans, real estate and fixed maturities written down to fair value.

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Income Taxes (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 48,700,000
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	43,264,000	(8,717,000)	27,637,000
Deferred Federal Income Tax Expense (Benefit)	6,058,000	48,788,000	(8,840,000)
Income Tax Expense (Benefit)	49,322,000	40,071,000	18,797,000
Tax impact of Income from Equity Method Investments	(11,050,000)	(6,260,000)	(890,000)
Discontinued Operation, Tax Effect	0	(382,000)	23,003,000
Loss on sale of subsidiary, Tax Effect	0	(1,213,000)	(29,198,000)
Income Tax Effects Allocated Directly to Equity [Abstract]
Change in net unrealized investment gains/losses - deferred, Tax	(91,961,000)	60,309,000	67,964,000
Issuance of shares under stock option plan, current	(1,657,000)	(2,167,000)	(164,000)
Income Tax Effects Allocated Directly to Equity	(93,618,000)	58,142,000	67,800,000
Total tax from all sources provided in our financial statements	$ (55,346,000)	$ 90,358,000	$ 79,512,000

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Fair Value Level 3 Financial Instruments changes in Fair Value recurring basis (Details) (Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 3, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	$ 288,669		$ 294,829
Asset Purchases	40,625		73,916
Asset Sales	(22,407)		(39,309)
Asset, Gain (Loss) Included in Earnings	0		(191)
Gain/Loss in Other Comprehensive Income (Loss)	(7,363)		8,589
Asset Transfers Into Level 3	9,270	[1]	102,842	[2]
Asset, Transfers out of Level 3	(54,828)	[1]	(153,913)	[2]
Asset, Amortization	1,414		1,906
Asset Balance at end of period	255,380		288,669
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability Value beginning of period	307		33,446
Liability, Purchases	0		0
Liability, Settlements	(28)		(33,181)
Liability, Gain (Loss) Included in Earnings	0		0
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)	7		42
Liability, Transfers Into Level 3	0		0
Liability, Transfers out of Level 3	0		0
Liability Value end of period	286		307
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period			7,711
Asset Purchases			0
Asset Sales			0
Asset, Gain (Loss) Included in Earnings			0
Gain/Loss in Other Comprehensive Income (Loss)			0
Asset Transfers Into Level 3			0	[2]
Asset, Transfers out of Level 3			(7,711)	[2]
Asset, Amortization			0
Asset Balance at end of period			0
Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	76,281		27,899
Asset Purchases	0		5,105
Asset Sales	(660)		(3,101)
Asset, Gain (Loss) Included in Earnings	0		0
Gain/Loss in Other Comprehensive Income (Loss)	(3,996)		(1,251)
Asset Transfers Into Level 3	0	[1]	59,096	[2]
Asset, Transfers out of Level 3	0	[1]	(14,055)	[2]
Asset, Amortization	87		86
Asset Balance at end of period	71,712		76,281
Other asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	95,756		113,458
Asset Purchases	38,468		68,811
Asset Sales	(13,583)		(11,351)
Asset, Gain (Loss) Included in Earnings	0		44
Gain/Loss in Other Comprehensive Income (Loss)	(971)		(3,820)
Asset Transfers Into Level 3	4,062	[1]	22,092	[2]
Asset, Transfers out of Level 3	(39,155)	[1]	(102,192)	[2]
Asset, Amortization	1,258		1,162
Asset Balance at end of period	85,835		95,756
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period			270
Asset Purchases			0
Asset Sales			(27)
Asset, Gain (Loss) Included in Earnings			243
Gain/Loss in Other Comprehensive Income (Loss)			0
Asset Transfers Into Level 3			0	[2]
Asset, Transfers out of Level 3			0	[2]
Asset, Amortization			0
Asset Balance at end of period			0
United States Government and agencies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	8,555		12,588
Asset Purchases	0		0
Asset Sales	0		0
Asset, Gain (Loss) Included in Earnings	0		0
Gain/Loss in Other Comprehensive Income (Loss)	(517)		28
Asset Transfers Into Level 3	0	[1]	0	[2]
Asset, Transfers out of Level 3	0	[1]	(4,010)	[2]
Asset, Amortization	6		5
Asset Balance at end of period	8,044		8,555
State, municipal and other governments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	223		12,044
Asset Purchases	0		0
Asset Sales	(218)		(4,221)
Asset, Gain (Loss) Included in Earnings	0		0
Gain/Loss in Other Comprehensive Income (Loss)	(5)		316
Asset Transfers Into Level 3	0	[1]	0	[2]
Asset, Transfers out of Level 3	0	[1]	(7,845)	[2]
Asset, Amortization	0		561
Asset Balance at end of period	0		223
Non-redeemable preferred stocks
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	7,391		14,447
Asset Purchases	0		0
Asset Sales	0		(5,105)
Asset, Gain (Loss) Included in Earnings	0		105
Gain/Loss in Other Comprehensive Income (Loss)	71		749
Asset Transfers Into Level 3	5,208	[1]	0	[2]
Asset, Transfers out of Level 3	(4,875)	[1]	(2,805)	[2]
Asset, Amortization	0		0
Asset Balance at end of period	7,795		7,391
Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	100,463		106,412
Asset Purchases	2,157		0
Asset Sales	(7,946)		(15,504)
Asset, Gain (Loss) Included in Earnings	0		9
Gain/Loss in Other Comprehensive Income (Loss)	(1,945)		(3,113)
Asset Transfers Into Level 3	0	[1]	21,654	[2]
Asset, Transfers out of Level 3	(10,798)	[1]	(15,295)	[2]
Asset, Amortization	63		92
Asset Balance at end of period	81,994		100,463
Index Annuity Embedded Derivatives [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability Value beginning of period	307		302
Liability, Purchases	0		0
Liability, Settlements	(28)		(37)
Liability, Gain (Loss) Included in Earnings	0		0
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)	7		42
Liability, Transfers Into Level 3	0		0
Liability, Transfers out of Level 3	0		0
Liability Value end of period	286		307
Borrowings [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability Value beginning of period			33,144
Liability, Purchases			0
Liability, Settlements			(33,144)
Liability, Gain (Loss) Included in Earnings			0
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)			0
Liability, Transfers Into Level 3			0
Liability, Transfers out of Level 3			0
Liability Value end of period			$ 0

[1] Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. There were no transfers between Level 1 and Level 2 during 2013.

[2] Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. During 2012, we began using an external pricing service with access to observable inputs for a portion of our Level 3 investments for which non-binding broker quotes were previously used to estimate fair value. We believe the change in pricing sources is appropriate and consistent with our pricing waterfall policy to use higher level valuation methods when available. There were no transfers between Level 1 and Level 2 during 2012.

XML

Investment Operations Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time (Details) (USD $)	Dec. 31, 2013 securities issuers	Dec. 31, 2012 issuers securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	440	140
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Issuers	366	116
Corporate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 802,161,000	$ 123,610,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(60,138,000)	(2,120,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	43,500,000	87,176,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	845,661,000	210,786,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(64,848,000)	(10,183,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(4,710,000)	(8,063,000)
percent of total	56.00%	29.70%
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer	1,800,000
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	1,407,316,000	226,220,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(95,147,000)	(3,639,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	144,837,000	219,157,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	1,552,153,000	445,377,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(115,883,000)	(34,254,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(20,736,000)	(30,615,000)
percent of total	100.00%	100.00%
Non-redeemable preferred stocks
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	31,639,000	3,858,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(1,756,000)	(32,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	4,373,000	7,364,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	36,012,000	11,222,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(2,383,000)	(668,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(627,000)	(636,000)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	31,639,000	3,858,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(1,756,000)	(32,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	4,373,000	7,364,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	36,012,000	11,222,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(2,383,000)	(668,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(627,000)	(636,000)
Residential mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	92,020,000	10,560,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(3,548,000)	(85,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	20,948,000	32,884,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	112,968,000	43,444,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(7,938,000)	(6,232,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(4,390,000)	(6,147,000)
percent of total	6.80%	18.20%
Commercial mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	53,647,000	27,073,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(4,454,000)	(380,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	28,054,000	32,697,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	81,701,000	59,770,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(7,192,000)	(1,858,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(2,738,000)	(1,478,000)
percent of total	6.20%	5.40%
Other asset-backed
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	101,961,000	31,749,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(1,109,000)	(512,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	33,170,000	50,468,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	135,131,000	82,217,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(6,673,000)	(13,064,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(5,564,000)	(12,552,000)
percent of total	5.80%	38.10%
United States Government and agencies
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	4,407,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(198,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	4,407,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(198,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	0
percent of total	0.20%
State, municipal and other governments
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	353,120,000	33,228,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss-TEMP	(25,700,000)	(542,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	19,165,000	15,932,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	372,285,000	49,160,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(29,034,000)	(2,917,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss-TEMP	(3,334,000)	(2,375,000)
percent of total	25.00%	8.60%
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer	4,000,000
finance sector [Member] | Corporate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	206,200,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(20,000,000)
Finance subsector Banking [Member] | Corporate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	141,600,000
Available-for-sale Securities, Gross Unrealized Loss-temp	(14,200,000)
Finance Subsector - REIT [Member] | Corporate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	50,400,000
Available-for-sale Securities, Gross Unrealized Loss-temp	$ (4,500,000)

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Investment Operations

12 Months Ended

Dec. 31, 2013

Investment Operations [Abstract]

Investment [Text Block]

Investment Operations

Fixed Maturity and Equity Securities

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2013
	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair  Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,142,476	$	229,151	$	(64,848	)	$	3,306,779	$	329
Residential mortgage-backed	492,990		35,676		(7,938		)	520,728		(4,155		)
Commercial mortgage-backed	391,845		20,014		(7,192		)	404,667		—
Other asset-backed	444,047		19,169		(6,673		)	456,543		1,725
United States Government and agencies	39,261		4,218		(198		)	43,281		—
State, municipal and other governments	1,317,920		60,869		(29,034		)	1,349,755		—
Total fixed maturities	$	5,828,539	$	369,097	$	(115,883	)	$	6,081,753	$	(2,101	)
Equity securities:
Non-redeemable preferred stocks	$	65,692	$	3,141	$	(2,383	)	$	66,450	$	—
Common stocks	24,379		726		—			25,105		—
Total equity securities	$	90,071	$	3,867	$	(2,383	)	$	91,555	$	—

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2012
	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair  Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	2,906,622	$	399,144	$	(10,183	)	$	3,295,583	$	(2,913	)
Residential mortgage-backed	632,955		47,459		(6,232		)	674,182		(5,164		)
Commercial mortgage-backed	463,504		49,173		(1,858		)	510,819		—
Other asset-backed	485,796		16,981		(13,064		)	489,713		(4,788		)
United States Government and agencies	42,079		6,930		—			49,009		—
State, municipal and other governments	1,106,652		142,704		(2,917		)	1,246,439		—
Total fixed maturities	$	5,637,608	$	662,391	$	(34,254	)	$	6,265,745	$	(12,865	)
Equity securities:
Non-redeemable preferred stocks	$	56,909	$	4,251	$	(668	)	$	60,492	$	—
Common stocks	25,231		530		—			25,761		—
Total equity securities	$	82,140	$	4,781	$	(668	)	$	86,253	$	—

(1) Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairments are included in the gross unrealized gains and losses column above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2013 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

(2) Corporate securities include hybrid preferred securities with a carrying value of $76.3 million at December 31, 2013 and $99.6 million at December 31, 2012. Corporate securities also include redeemable preferred stock with a carrying value of $17.1 million at December 31, 2013 and $5.6 million at December 31, 2012.

Short-term investments have been excluded from the above schedules as amortized cost approximates fair value for these securities.

Available-For-Sale Fixed Maturities by Maturity Date
	December 31, 2013
	Amortized  Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	75,383	$	76,935
Due after one year through five years	691,894		764,826
Due after five years through ten years	1,014,618		1,085,568
Due after ten years	2,717,762		2,772,486
	4,499,657		4,699,815
Mortgage-backed and other asset-backed	1,328,882		1,381,938
Total fixed maturities	$	5,828,539	$	6,081,753

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity.

Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income
	December 31,
	2013			2012
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	253,214		$	628,137
Equity securities - available for sale	1,484			4,113
	254,698			632,250
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(55,550		)	(172,320		)
Value of insurance in force acquired	(6,356		)	(15,346		)
Unearned revenue reserve	2,790			13,554
Adjustments for assumed changes in policyholder liabilities	(2,957		)	—
Provision for deferred income taxes	(67,404		)	(160,333		)
Net unrealized investment gains	$	125,221		$	297,805

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income
	Year ended December 31,
	2013			2012		2011
	(Dollars in thousands)
Fixed maturities - available for sale	$	(374,923	)	$	247,581	$	278,142
Equity securities - available for sale	(2,629		)	2,378		161
Interest rate swaps	—			—		121
Change in unrealized appreciation/depreciation of investments	$	(377,552	)	$	249,959	$	278,424

The changes in net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in fair value of securities for which a previous non-credit other-than-temporary impairment loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no other-than-temporary impairment losses were previously recognized.

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2013
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	802,161	$	(60,138	)	$	43,500	$	(4,710	)	$	845,661	$	(64,848	)	56.0	%
Residential mortgage-backed	92,020		(3,548		)	20,948		(4,390		)	112,968		(7,938		)	6.8
Commercial mortgage-backed	53,647		(4,454		)	28,054		(2,738		)	81,701		(7,192		)	6.2
Other asset-backed	101,961		(1,109		)	33,170		(5,564		)	135,131		(6,673		)	5.8
United States Government and agencies	4,407		(198		)	—		—			4,407		(198		)	0.2
State, municipal and other governments	353,120		(25,700		)	19,165		(3,334		)	372,285		(29,034		)	25.0
Total fixed maturities	$	1,407,316	$	(95,147	)	$	144,837	$	(20,736	)	$	1,552,153	$	(115,883	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	31,639	$	(1,756	)	$	4,373	$	(627	)	$	36,012	$	(2,383	)
Total equity securities	$	31,639	$	(1,756	)	$	4,373	$	(627	)	$	36,012	$	(2,383	)

	December 31, 2012
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	123,610	$	(2,120	)	$	87,176	$	(8,063	)	$	210,786	$	(10,183	)	29.7	%
Residential mortgage-backed	10,560		(85		)	32,884		(6,147		)	43,444		(6,232		)	18.2
Commercial mortgage-backed	27,073		(380		)	32,697		(1,478		)	59,770		(1,858		)	5.4
Other asset-backed	31,749		(512		)	50,468		(12,552		)	82,217		(13,064		)	38.1
State, municipal and other governments	33,228		(542		)	15,932		(2,375		)	49,160		(2,917		)	8.6
Total fixed maturities	$	226,220	$	(3,639	)	$	219,157	$	(30,615	)	$	445,377	$	(34,254	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	3,858	$	(32	)	$	7,364	$	(636	)	$	11,222	$	(668	)
Total equity securities	$	3,858	$	(32	)	$	7,364	$	(636	)	$	11,222	$	(668	)

Included in fixed maturities in the above table are 440securities from 366 issuers at December 31, 2013 and 140 securities from 116 issuers at December 31, 2012. The unrealized losses in fixed maturities are generally due to an increase in risk free rates relative to the risk free rates when the securities were purchased. We do not intend to sell or believe we will be required to sell any of our impaired fixed maturities before recovery of their amortized cost basis. The following summarizes the more significant unrealized losses of fixed maturities and equity securities by investment category as of December 31, 2013.

Corporate securities: The largest unrealized losses are in the utilities sector ($206.2 million carrying value and $20.0 million unrealized loss). The largest unrealized losses in the utilities sector were in the electric ($141.6 million carrying value and $14.2 million unrealized loss) and the gas-pipeline ($50.4 million carrying value and $4.5 million unrealized loss) sub-sectors. The majority of losses in the sector are primarily attributable to general changes in market interest rates for corporate securities.

Residential mortgage-backed securities: The unrealized losses on residential mortgage-backed securities were primarily due to continued uncertainty regarding mortgage defaults on Alt-A loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities.

Commercial mortgage-backed securities: The unrealized losses on commercial mortgage-backed securities were primarily due to spread widening and concerns regarding the potential for future defaults. The contractual cash flows of these investments are based on mortgages backing the securities. Unrealized losses on military housing bonds were mainly attributable to spread widening relative to spreads at which we acquired the bonds. Insured military housing bonds have also been impacted by the removal of their ratings following downgrades of the insurance providers.

Other asset-backed securities: The unrealized losses on other asset-backed securities were primarily due to market concerns regarding defaults on subprime mortgages and home equity loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities.

State, municipal and other governments: The unrealized losses on state, municipal and other governments were primarily due to general spread widening relative to spreads at which we acquired the bonds.

Equity securities: Our gross unrealized losses were on investment grade non-redeemable perpetual preferred securities within the finance sector. These securities provide periodic cash flows, contain call features and are similarly rated and priced like other long-term callable bonds and are evaluated for other-than-temporary impairment similar to fixed maturities. The decline in fair value is primarily due to market concerns regarding the sector. We have evaluated the near-term prospects of our equity securities in relation to the severity and duration of their impairment and based on that evaluation have the intent and ability to hold these investments until recovery of fair value.

Excluding mortgage and asset-backed securities, no securities from the same issuer had an aggregate unrealized loss in excess of $1.8 million at December 31, 2013, with the largest unrealized loss from an insurance carrier in the financial sector. With respect to mortgage and asset-backed securities not backed by the United States Government, no securities from the same issuer had an aggregate unrealized loss in excess of $4.0 million at December 31, 2013, which consists of two different securities from the same issuer that are backed by different pools of Alt-A residential mortgage loans. Both securities are rated non-investment grade and the largest unrealized loss totaled $2.1 million.

Mortgage Loans

Our mortgage loan portfolio consists principally of commercial mortgage loans that we have originated. Our lending policies require that the loans be collateralized by the value of the related property, establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. We originate loans with an initial loan-to- value ratio that provides sufficient excess collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses timely, management maintains and reviews a watch list of mortgage loans that have heightened risk. These loans may include those with borrowers delinquent on contractual payments, borrowers experiencing financial difficulty, increases in rental real estate vacancies and significant declines in collateral value. We evaluate each of our mortgage loans individually and establish an allowance as needed for possible losses against our mortgage loan portfolio. An allowance is needed for loans for which we do not believe we will collect all amounts due according to the contractual terms of the respective loan agreements.

Any loan delinquent on contractual payments is considered non-performing. At December 31, 2013, there were no non-performing loans over 90 days past due on contractual payments. At December 31, 2012, there were two non-performing loans over 90 days past due on contractual payments with a carrying value of $16.4 million. Interest income is accrued on impaired loans to the extent it is deemed collectible (delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. We did not accrue interest on the two loans at December 31, 2012.

Mortgage Loans by Collateral Type
	December 31, 2013				December 31, 2012
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	241,951	42.0	%	$	218,837	39.4	%
Retail	194,053		33.7		184,135		33.2
Industrial	126,151		21.9		133,149		24.0
Other	13,706		2.4		18,722		3.4
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Geographic Location within the United States
	December 31, 2013				December 31, 2012
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	170,529	29.6	%	$	164,294	29.6	%
Pacific	92,538		16.1		81,333		14.7
West North Central	85,629		14.9		77,798		14.0
East North Central	79,128		13.7		81,015		14.6
Mountain	53,460		9.3		48,881		8.8
West South Central	39,780		6.9		42,141		7.6
Other	54,797		9.5		59,381		10.7
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Loan-to-Value Ratio
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	149,719	26.0	%	$	173,040	31.2	%
50% - 60%	202,025		35.1		156,633		28.2
60% - 70%	204,460		35.5		186,738		33.7
70% - 80%	15,559		2.7		36,857		6.6
80% - 90%	4,098		0.7		1,575		0.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically including when there is indication of a possible significant collateral decline or loan modification and refinance requests.

Mortgage Loans by Year of Origination
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2013	$	84,478	14.7	%	—		—	%
2012	72,792		12.6		75,173		13.6
2011	48,190		8.4		47,405		8.5
2010	26,173		4.5		27,422		4.9
2008	68,323		11.9		70,346		12.7
2007 and prior	275,905		47.9		334,497		60.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

Impaired Mortgage Loans
	December 31,
	2013		2012
	(Dollars in thousands)
Unpaid principal balance	$	22,100	$	10,046
Less:
Related allowance	888		1,694
Discount	429		—
Carrying value of impaired mortgage loans	$	20,783	$	8,352

Allowance on Mortgage Loans
	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Balance at beginning of period	$	1,694		$	1,759
Allowances established	804			335
Charge offs	(1,610		)	(400		)
Balance at end of period	$	888		$	1,694

Components of Net Investment Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Fixed maturities - available for sale	$	328,979		$	318,364		$	302,272
Equity securities - available for sale	4,295			3,508			3,368
Mortgage loans	32,447			32,369			34,619
Real estate	331			—			367
Policy loans	8,502			8,997			9,235
Short-term investments, cash and cash equivalents	102			215			50
Prepayment fee income and other	5,098			6,737			2,238
	379,754			370,190			352,149
Less investment expenses	(9,103		)	(8,866		)	(8,839		)
Net investment income	$	370,651		$	361,324		$	343,310

Realized Gains (Losses) - Recorded in Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	18,495		$	16,982		$	5,715
Gross losses	(2,374		)	(541		)	(368		)
Equity securities	—			309			(5		)
Mortgage loans	—			767			—
Real estate	12			(25		)	—
Other	(166		)	(13		)	13
Impairment losses recognized in earnings:
Credit-related portion of fixed maturity losses (1)	(618		)	(5,264		)	(1,454		)
Other credit-related (2)	(1,794		)	(11,763		)	(12,197		)
Realized gains (losses) on investments recorded in income	$	13,555		$	452		$	(8,296	)

(1) Amount represents the credit-related losses recognized for fixed maturities which were not written down to fair value. As discussed above the non-credit portion of the losses have been recognized in other comprehensive income (loss).

(2) Amount represents credit-related losses for mortgage loans, real estate and fixed maturities written down to fair value.

Proceeds from sales of fixed maturities were $138.4 million in 2013, $156.3 million in 2012 and $70.7 million in 2011.

Included in the net impairment loss recognized in earnings in 2011 is an other than temporary impairment of $4.7 million related to an equity method investment held as Securities and Indebtedness of related parties, which was undergoing financial difficulties as a result of class action litigation.

Realized losses on sales were on securities that we did not intend to sell at the prior balance sheet date or on securities that were impaired in a prior period, but decreased in value during the year. Realized gains and losses on sales of investments are determined on the basis of specific identification.

Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities

The following table sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which a portion of the other-than-temporary impairment was recognized in other comprehensive income (loss) and corresponding changes in such amounts.

	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Balance at beginning of period	$	(27,712	)	$	(22,746	)
Increases for which an impairment was not previously recognized	—			(3,815		)
Increases to previously impaired investments	(618		)	(1,449		)
Reductions due to investments sold	5,944			215
Reductions due to change of intent to not hold investments	794			83
Balance at end of period	$	(21,592	)	$	(27,712	)

Variable Interest Entities

We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and are then required to consolidate it for financial reporting purposes. None of our VIE investees were required to be consolidated during 2013, 2012 or 2011. Our VIE investments are as follows:

	December 31, 2013				December 31, 2012
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
Real estate limited partnerships	$	17,646	$	17,646	$	16,914	$	16,914

The real estate limited partnerships had revenues totaling $4.3 million for 2013, $4.1 million for 2012 and $4.9 million for 2011. We may make commitments to fund partnership investments in the normal course of business. We did not have any other commitments to investees designated as VIE's during the years ended December 31, 2013, 2012 or 2011.

Derivative Instruments

We are not significantly involved in hedging activities and have limited exposure to derivatives. We do not apply hedge accounting to any of our derivative positions. Derivative assets, which are primarily reported in reinsurance recoverable and other investments, totaled $3.7 million at December 31, 2013 and $5.6 million at December 31, 2012. Our derivative assets consist of derivatives embedded within our modified coinsurance agreements and call options which provide an economic hedge for a small block of index annuity contracts. Derivative liabilities totaled $0.3 million at December 31, 2013 and $0.5 million at December 31, 2012 and include derivatives embedded within our index annuity contracts and derivatives embedded within our modified coinsurance agreements. The net gain (loss) recognized on these derivatives was included in net investment income and interest sensitive benefits and totaled ($1.5) million in 2013, $1.6 million in 2012 and ($0.5) million in 2011.

Other

At December 31, 2013, affidavits of deposits covering investments with a carrying value totaling $6,480.9 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $356.0 million were on deposit with the Federal Home Loan Bank (FHLB) as collateral for funding agreements.

At December 31, 2013, we had committed to provide additional funds for investments in limited partnerships. The amounts of these unfunded commitments totaled $38.3 million.

The carrying value of investments which have been non-income producing for the twelve months preceding December 31, 2013 includes fixed maturities, real estate, short-term and equity securities totaling $3.8 million.

No investment in any entity or its affiliates (other than bonds issued by agencies of the United States Government) exceeded 10.0% of stockholders' equity at December 31, 2013.

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Fair Value Valuation of Financial Instruments Not Reported at Fair Value by Hierarchy Level (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	$ 575,861	$ 554,843
Policy loans	176,993	174,254
Liabilities related to separate accounts	693,955	618,809
Portion at Other than Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	594,451	600,448
Policy loans	210,401	227,161
Assets not measured at fair value	804,852	827,609
Future policy benefits not reported at fair value	3,371,420	3,351,945
Supplemental contracts without life contingencies, fair value disclosure	320,195	350,187
Advance premiums and other deposits, fair value disclosure	230,819	216,857
Long-term Debt, Fair Value	63,343	116,359
Liabilities related to separate accounts	686,387	609,704
Liabilities not measured at fair value	4,672,164	4,645,052
Portion at Other than Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Policy loans	0	0
Assets not measured at fair value	0	0
Future policy benefits not reported at fair value	0	0
Supplemental contracts without life contingencies, fair value disclosure	0	0
Advance premiums and other deposits, fair value disclosure	0	0
Long-term Debt, Fair Value	0	0
Liabilities related to separate accounts	0	0
Liabilities not measured at fair value	0	0
Portion at Other than Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Policy loans	0	0
Assets not measured at fair value	0	0
Future policy benefits not reported at fair value	0	0
Supplemental contracts without life contingencies, fair value disclosure	0	0
Advance premiums and other deposits, fair value disclosure	0	0
Long-term Debt, Fair Value	0	0
Liabilities related to separate accounts	0	0
Liabilities not measured at fair value	0	0
Portion at Other than Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	594,451	600,448
Policy loans	210,401	227,161
Assets not measured at fair value	804,852	827,609
Future policy benefits not reported at fair value	3,371,420	3,351,945
Supplemental contracts without life contingencies, fair value disclosure	320,195	350,187
Advance premiums and other deposits, fair value disclosure	230,819	216,857
Long-term Debt, Fair Value	63,343	116,359
Liabilities related to separate accounts	686,387	609,704
Liabilities not measured at fair value	$ 4,672,164	$ 4,645,052

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Investment Operations Available for Sale Securities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 90,071		$ 82,140
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	5,828,539		5,637,608
Available-for-sale Securities, Gross Unrealized Gain-temp	3,867		4,781
Available-for-sale Securities, Gross Unrealized Loss-temp	2,383		668
Available-for-sale Securities	91,555		86,253
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	0	[1]	0
Corporate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	3,142,476	[2]	2,906,622
Available-for-sale Securities, Gross Unrealized Gain-temp	229,151	[2]	399,144	[2]
Available-for-sale Securities, Gross Unrealized Loss-temp	64,848	[2]	10,183	[2]
Available-for-sale Securities	3,306,779	[2]	3,295,583	[2]
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	329	[1],[2]	(2,913)	[1],[2]
Residential mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	492,990		632,955
Available-for-sale Securities, Gross Unrealized Gain-temp	35,676		47,459
Available-for-sale Securities, Gross Unrealized Loss-temp	7,938		6,232
Available-for-sale Securities	520,728		674,182
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(4,155)	[1]	(5,164)	[1]
Commercial mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	391,845		463,504
Available-for-sale Securities, Gross Unrealized Gain-temp	20,014		49,173
Available-for-sale Securities, Gross Unrealized Loss-temp	7,192		1,858
Available-for-sale Securities	404,667		510,819
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	0	[1]	0	[1]
Other asset-backed
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	444,047		485,796
Available-for-sale Securities, Gross Unrealized Gain-temp	19,169		16,981
Available-for-sale Securities, Gross Unrealized Loss-temp	6,673		13,064
Available-for-sale Securities	456,543		489,713
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	1,725	[1]	(4,788)	[1]
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	76,300		99,600
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	17,100		5,600
United States Government and agencies
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	39,261		42,079
Available-for-sale Securities, Gross Unrealized Gain-temp	4,218		6,930
Available-for-sale Securities, Gross Unrealized Loss-temp	198		0
Available-for-sale Securities	43,281		49,009
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	0	[1]	0	[1]
State, municipal and other governments
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	1,317,920		1,106,652
Available-for-sale Securities, Gross Unrealized Gain-temp	60,869		142,704
Available-for-sale Securities, Gross Unrealized Loss-temp	29,034		2,917
Available-for-sale Securities	1,349,755		1,246,439
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	0	[1]	0	[1]
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Unrealized Gain-temp	369,097		662,391
Available-for-sale Securities, Gross Unrealized Loss-temp	115,883		34,254
Available-for-sale Securities	6,081,753		6,265,745
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(2,101)	[1]	(12,865)	[1]
Non-redeemable preferred stocks
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	65,692		56,909
Available-for-sale Securities, Gross Unrealized Gain-temp	3,141		4,251
Available-for-sale Securities, Gross Unrealized Loss-temp	2,383		668
Available-for-sale Securities	66,450		60,492
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	0		0
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	24,379		25,231
Available-for-sale Securities, Gross Unrealized Gain-temp	726		530
Available-for-sale Securities, Gross Unrealized Loss-temp	0		0
Available-for-sale Securities	25,105		25,761
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	$ 0		$ 0

[1] Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairments are included in the gross unrealized gains and losses column above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2013 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

[2] Corporate securities include hybrid preferred securities with a carrying value of $76.3 million at December 31, 2013 and $99.6 million at December 31, 2012. Corporate securities also include redeemable preferred stock with a carrying value of $17.1 million at December 31, 2013 and $5.6 million at December 31, 2012.

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Investment Operations (Tables)

12 Months Ended

Dec. 31, 2013

Investment Operations [Abstract]

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2013
	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair  Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,142,476	$	229,151	$	(64,848	)	$	3,306,779	$	329
Residential mortgage-backed	492,990		35,676		(7,938		)	520,728		(4,155		)
Commercial mortgage-backed	391,845		20,014		(7,192		)	404,667		—
Other asset-backed	444,047		19,169		(6,673		)	456,543		1,725
United States Government and agencies	39,261		4,218		(198		)	43,281		—
State, municipal and other governments	1,317,920		60,869		(29,034		)	1,349,755		—
Total fixed maturities	$	5,828,539	$	369,097	$	(115,883	)	$	6,081,753	$	(2,101	)
Equity securities:
Non-redeemable preferred stocks	$	65,692	$	3,141	$	(2,383	)	$	66,450	$	—
Common stocks	24,379		726		—			25,105		—
Total equity securities	$	90,071	$	3,867	$	(2,383	)	$	91,555	$	—

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2012
	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair  Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	2,906,622	$	399,144	$	(10,183	)	$	3,295,583	$	(2,913	)
Residential mortgage-backed	632,955		47,459		(6,232		)	674,182		(5,164		)
Commercial mortgage-backed	463,504		49,173		(1,858		)	510,819		—
Other asset-backed	485,796		16,981		(13,064		)	489,713		(4,788		)
United States Government and agencies	42,079		6,930		—			49,009		—
State, municipal and other governments	1,106,652		142,704		(2,917		)	1,246,439		—
Total fixed maturities	$	5,637,608	$	662,391	$	(34,254	)	$	6,265,745	$	(12,865	)
Equity securities:
Non-redeemable preferred stocks	$	56,909	$	4,251	$	(668	)	$	60,492	$	—
Common stocks	25,231		530		—			25,761		—
Total equity securities	$	82,140	$	4,781	$	(668	)	$	86,253	$	—

(1) Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairments are included in the gross unrealized gains and losses column above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2013 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

(2) Corporate securities include hybrid preferred securities with a carrying value of $76.3 million at December 31, 2013 and $99.6 million at December 31, 2012. Corporate securities also include redeemable preferred stock with a carrying value of $17.1 million at December 31, 2013 and $5.6 million at December 31, 2012.

Short-term investments have been excluded from the above schedules as amortized cost approximates fair value for these securities.

Available-For-Sale Fixed Maturities by Maturity Date

Available-For-Sale Fixed Maturities by Maturity Date
	December 31, 2013
	Amortized  Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	75,383	$	76,935
Due after one year through five years	691,894		764,826
Due after five years through ten years	1,014,618		1,085,568
Due after ten years	2,717,762		2,772,486
	4,499,657		4,699,815
Mortgage-backed and other asset-backed	1,328,882		1,381,938
Total fixed maturities	$	5,828,539	$	6,081,753

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity.

Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income

Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income
	December 31,
	2013			2012
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	253,214		$	628,137
Equity securities - available for sale	1,484			4,113
	254,698			632,250
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(55,550		)	(172,320		)
Value of insurance in force acquired	(6,356		)	(15,346		)
Unearned revenue reserve	2,790			13,554
Adjustments for assumed changes in policyholder liabilities	(2,957		)	—
Provision for deferred income taxes	(67,404		)	(160,333		)
Net unrealized investment gains	$	125,221		$	297,805

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income
	Year ended December 31,
	2013			2012		2011
	(Dollars in thousands)
Fixed maturities - available for sale	$	(374,923	)	$	247,581	$	278,142
Equity securities - available for sale	(2,629		)	2,378		161
Interest rate swaps	—			—		121
Change in unrealized appreciation/depreciation of investments	$	(377,552	)	$	249,959	$	278,424

The changes in net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in fair value of securities for which a previous non-credit other-than-temporary impairment loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no other-than-temporary impairment losses were previously recognized.

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2013
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	802,161	$	(60,138	)	$	43,500	$	(4,710	)	$	845,661	$	(64,848	)	56.0	%
Residential mortgage-backed	92,020		(3,548		)	20,948		(4,390		)	112,968		(7,938		)	6.8
Commercial mortgage-backed	53,647		(4,454		)	28,054		(2,738		)	81,701		(7,192		)	6.2
Other asset-backed	101,961		(1,109		)	33,170		(5,564		)	135,131		(6,673		)	5.8
United States Government and agencies	4,407		(198		)	—		—			4,407		(198		)	0.2
State, municipal and other governments	353,120		(25,700		)	19,165		(3,334		)	372,285		(29,034		)	25.0
Total fixed maturities	$	1,407,316	$	(95,147	)	$	144,837	$	(20,736	)	$	1,552,153	$	(115,883	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	31,639	$	(1,756	)	$	4,373	$	(627	)	$	36,012	$	(2,383	)
Total equity securities	$	31,639	$	(1,756	)	$	4,373	$	(627	)	$	36,012	$	(2,383	)

	December 31, 2012
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	123,610	$	(2,120	)	$	87,176	$	(8,063	)	$	210,786	$	(10,183	)	29.7	%
Residential mortgage-backed	10,560		(85		)	32,884		(6,147		)	43,444		(6,232		)	18.2
Commercial mortgage-backed	27,073		(380		)	32,697		(1,478		)	59,770		(1,858		)	5.4
Other asset-backed	31,749		(512		)	50,468		(12,552		)	82,217		(13,064		)	38.1
State, municipal and other governments	33,228		(542		)	15,932		(2,375		)	49,160		(2,917		)	8.6
Total fixed maturities	$	226,220	$	(3,639	)	$	219,157	$	(30,615	)	$	445,377	$	(34,254	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	3,858	$	(32	)	$	7,364	$	(636	)	$	11,222	$	(668	)
Total equity securities	$	3,858	$	(32	)	$	7,364	$	(636	)	$	11,222	$	(668	)

Included in fixed maturities in the above table are 440securities from 366 issuers at December 31, 2013 and 140 securities from 116 issuers at December 31, 2012. The unrealized losses in fixed maturities are generally due to an increase in risk free rates relative to the risk free rates when the securities were purchased. We do not intend to sell or believe we will be required to sell any of our impaired fixed maturities before recovery of their amortized cost basis. The following summarizes the more significant unrealized losses of fixed maturities and equity securities by investment category as of December 31, 2013.

Corporate securities: The largest unrealized losses are in the utilities sector ($206.2 million carrying value and $20.0 million unrealized loss). The largest unrealized losses in the utilities sector were in the electric ($141.6 million carrying value and $14.2 million unrealized loss) and the gas-pipeline ($50.4 million carrying value and $4.5 million unrealized loss) sub-sectors. The majority of losses in the sector are primarily attributable to general changes in market interest rates for corporate securities.

Residential mortgage-backed securities: The unrealized losses on residential mortgage-backed securities were primarily due to continued uncertainty regarding mortgage defaults on Alt-A loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities.

Commercial mortgage-backed securities: The unrealized losses on commercial mortgage-backed securities were primarily due to spread widening and concerns regarding the potential for future defaults. The contractual cash flows of these investments are based on mortgages backing the securities. Unrealized losses on military housing bonds were mainly attributable to spread widening relative to spreads at which we acquired the bonds. Insured military housing bonds have also been impacted by the removal of their ratings following downgrades of the insurance providers.

Other asset-backed securities: The unrealized losses on other asset-backed securities were primarily due to market concerns regarding defaults on subprime mortgages and home equity loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities.

State, municipal and other governments: The unrealized losses on state, municipal and other governments were primarily due to general spread widening relative to spreads at which we acquired the bonds.

Equity securities: Our gross unrealized losses were on investment grade non-redeemable perpetual preferred securities within the finance sector. These securities provide periodic cash flows, contain call features and are similarly rated and priced like other long-term callable bonds and are evaluated for other-than-temporary impairment similar to fixed maturities. The decline in fair value is primarily due to market concerns regarding the sector. We have evaluated the near-term prospects of our equity securities in relation to the severity and duration of their impairment and based on that evaluation have the intent and ability to hold these investments until recovery of fair value.

Mortgage Loans by Collateral Type

Mortgage Loans by Collateral Type
	December 31, 2013				December 31, 2012
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	241,951	42.0	%	$	218,837	39.4	%
Retail	194,053		33.7		184,135		33.2
Industrial	126,151		21.9		133,149		24.0
Other	13,706		2.4		18,722		3.4
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Geographic Location within the United States
	December 31, 2013				December 31, 2012
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	170,529	29.6	%	$	164,294	29.6	%
Pacific	92,538		16.1		81,333		14.7
West North Central	85,629		14.9		77,798		14.0
East North Central	79,128		13.7		81,015		14.6
Mountain	53,460		9.3		48,881		8.8
West South Central	39,780		6.9		42,141		7.6
Other	54,797		9.5		59,381		10.7
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Geographic Location within the United States

Mortgage Loans by Geographic Location within the United States
	December 31, 2013				December 31, 2012
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	170,529	29.6	%	$	164,294	29.6	%
Pacific	92,538		16.1		81,333		14.7
West North Central	85,629		14.9		77,798		14.0
East North Central	79,128		13.7		81,015		14.6
Mountain	53,460		9.3		48,881		8.8
West South Central	39,780		6.9		42,141		7.6
Other	54,797		9.5		59,381		10.7
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Loan-to-Value Ratio

Mortgage Loans by Loan-to-Value Ratio
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	149,719	26.0	%	$	173,040	31.2	%
50% - 60%	202,025		35.1		156,633		28.2
60% - 70%	204,460		35.5		186,738		33.7
70% - 80%	15,559		2.7		36,857		6.6
80% - 90%	4,098		0.7		1,575		0.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically including when there is indication of a possible significant collateral decline or loan modification and refinance requests.

Mortgage Loans by Year of Origination
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2013	$	84,478	14.7	%	—		—	%
2012	72,792		12.6		75,173		13.6
2011	48,190		8.4		47,405		8.5
2010	26,173		4.5		27,422		4.9
2008	68,323		11.9		70,346		12.7
2007 and prior	275,905		47.9		334,497		60.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

Mortgage Loans by Year of Origination

Mortgage Loans by Year of Origination
	December 31, 2013				December 31, 2012
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2013	$	84,478	14.7	%	—		—	%
2012	72,792		12.6		75,173		13.6
2011	48,190		8.4		47,405		8.5
2010	26,173		4.5		27,422		4.9
2008	68,323		11.9		70,346		12.7
2007 and prior	275,905		47.9		334,497		60.3
Total	$	575,861	100.0	%	$	554,843	100.0	%

Impaired Mortgage Loans

Impaired Mortgage Loans
	December 31,
	2013		2012
	(Dollars in thousands)
Unpaid principal balance	$	22,100	$	10,046
Less:
Related allowance	888		1,694
Discount	429		—
Carrying value of impaired mortgage loans	$	20,783	$	8,352

Allowance on Mortgage Loans

Allowance on Mortgage Loans
	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Balance at beginning of period	$	1,694		$	1,759
Allowances established	804			335
Charge offs	(1,610		)	(400		)
Balance at end of period	$	888		$	1,694

Components of Net Investment Income

Components of Net Investment Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Fixed maturities - available for sale	$	328,979		$	318,364		$	302,272
Equity securities - available for sale	4,295			3,508			3,368
Mortgage loans	32,447			32,369			34,619
Real estate	331			—			367
Policy loans	8,502			8,997			9,235
Short-term investments, cash and cash equivalents	102			215			50
Prepayment fee income and other	5,098			6,737			2,238
	379,754			370,190			352,149
Less investment expenses	(9,103		)	(8,866		)	(8,839		)
Net investment income	$	370,651		$	361,324		$	343,310

Realized Gains (Losses) - Recorded in Income

Realized Gains (Losses) - Recorded in Income
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	18,495		$	16,982		$	5,715
Gross losses	(2,374		)	(541		)	(368		)
Equity securities	—			309			(5		)
Mortgage loans	—			767			—
Real estate	12			(25		)	—
Other	(166		)	(13		)	13
Impairment losses recognized in earnings:
Credit-related portion of fixed maturity losses (1)	(618		)	(5,264		)	(1,454		)
Other credit-related (2)	(1,794		)	(11,763		)	(12,197		)
Realized gains (losses) on investments recorded in income	$	13,555		$	452		$	(8,296	)

(1) Amount represents the credit-related losses recognized for fixed maturities which were not written down to fair value. As discussed above the non-credit portion of the losses have been recognized in other comprehensive income (loss).

(2) Amount represents credit-related losses for mortgage loans, real estate and fixed maturities written down to fair value.

Proceeds from sales of fixed maturities were $138.4 million in 2013, $156.3 million in 2012 and $70.7 million in 2011.

Included in the net impairment loss recognized in earnings in 2011 is an other than temporary impairment of $4.7 million related to an equity method investment held as Securities and Indebtedness of related parties, which was undergoing financial difficulties as a result of class action litigation.

Realized losses on sales were on securities that we did not intend to sell at the prior balance sheet date or on securities that were impaired in a prior period, but decreased in value during the year. Realized gains and losses on sales of investments are determined on the basis of specific identification.

Credit Loss Component of Other-than-temporary Impairments on Fixed Maturities

Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities

The following table sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which a portion of the other-than-temporary impairment was recognized in other comprehensive income (loss) and corresponding changes in such amounts.

	Year ended December 31,
	2013			2012
	(Dollars in thousands)
Balance at beginning of period	$	(27,712	)	$	(22,746	)
Increases for which an impairment was not previously recognized	—			(3,815		)
Increases to previously impaired investments	(618		)	(1,449		)
Reductions due to investments sold	5,944			215
Reductions due to change of intent to not hold investments	794			83
Balance at end of period	$	(21,592	)	$	(27,712	)

Variable Interest Entities

Variable Interest Entities

We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and are then required to consolidate it for financial reporting purposes. None of our VIE investees were required to be consolidated during 2013, 2012 or 2011. Our VIE investments are as follows:

	December 31, 2013				December 31, 2012
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
Real estate limited partnerships	$	17,646	$	17,646	$	16,914	$	16,914

The real estate limited partnerships had revenues totaling $4.3 million for 2013, $4.1 million for 2012 and $4.9 million for 2011. We may make commitments to fund partnership investments in the normal course of business. We did not have any other commitments to investees designated as VIE's during the years ended December 31, 2013, 2012 or 2011.

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Significant Accounting Policies Insurance costs (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Recognition of underwriting, acquisition and insurance costs

Underwriting, Acquisition and Insurance Expenses
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	27,410	$	23,712	$	23,950
Amortization of deferred acquisition costs	29,908		37,651		34,819
Amortization of value of insurance in force acquired	2,565		5,562		(4,658		)
Other underwriting, acquisition and insurance expenses, net of deferrals	78,377		74,981		74,073
Total	$	138,260	$	141,906	$	128,184

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Sch III Supplementary Insurance Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	$ 335,514	$ 204,326	$ 260,256
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	5,819,495	5,532,443	5,168,474
Supplementary Insurance Information, Unearned Premiums	20,045	14,550	18,866
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	590,202	587,758	571,236
Supplementary Insurance Information, Premium Revenue	292,519	276,496	265,622
Supplementary Insurance Information, Net Investment Income	370,651	361,324	343,310
Investment Income, Nonoperating	(2,005)	1,778	447
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	364,070	352,677	341,041
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	29,908	37,651	34,819
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses)	973	1,200	919
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses)	(1,324)	709	(987)
Supplementary Insurance Information, Other Operating Expense	108,352	104,255	93,365
Scenario, Actual [Member] | Annuity
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	82,404	82,396	78,102
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	3,172,598	3,047,762	2,811,631
Supplementary Insurance Information, Unearned Premiums	0	0	0
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	376,879	384,375	379,354
Supplementary Insurance Information, Premium Revenue	1,236	775	664
Supplementary Insurance Information, Net Investment Income	196,303	191,211	181,974
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	102,308	102,961	100,487
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	9,422	9,327	8,916
Supplementary Insurance Information, Other Operating Expense	22,217	23,803	14,974
Scenario, Actual [Member] | Life Insurance
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	216,743	199,266	187,113
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	2,254,194	2,104,973	2,010,818
Supplementary Insurance Information, Unearned Premiums	8,884	13,585	12,218
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	191,478	182,597	174,561
Supplementary Insurance Information, Premium Revenue	245,148	229,986	217,665
Supplementary Insurance Information, Net Investment Income	140,510	138,076	134,999
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	231,861	218,856	211,330
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	15,760	21,216	18,042
Supplementary Insurance Information, Other Operating Expense	75,571	69,765	56,052
Scenario, Actual [Member] | Corporate and Other
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	91,917	94,984	99,916
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	389,746	379,708	346,025
Supplementary Insurance Information, Unearned Premiums	13,951	14,519	14,960
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	21,845	20,786	17,321
Supplementary Insurance Information, Premium Revenue	46,093	45,722	47,283
Supplementary Insurance Information, Net Investment Income	35,843	30,259	25,890
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	30,183	30,721	29,229
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	5,170	5,326	7,967
Supplementary Insurance Information, Other Operating Expense	10,499	10,582	22,294
Scenario, Adjustment [Member]
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	(55,550)	(172,320)	(104,875)
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	2,957	0	0
Supplementary Insurance Information, Unearned Premiums	(2,790)	(13,554)	(8,312)
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	0	0	0
Supplementary Insurance Information, Premium Revenue	0	0	0
Unearned revenue reserve, amortization due to realized gains	42	13	10
Supplementary Insurance Information, Net Investment Income	0	0	0
Investment Income, Nonoperating	(2,005)	1,778	447
Deferred sales inducements, amortization due to realized gains losses	28	22	(7)
Deferred sales inducements, amortization due to unrealized gains losses	(310)	117	2
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses)	880	1,073	881
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses)	(1,324)	709	(987)
Supplementary Insurance Information, Other Operating Expense	0	0	0
Present Value of Future Profits, amortization due to realized gains losses	$ 65	$ 105	$ 45

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Investment Operations Other (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Summary of Investment Holdings [Line Items]
Deposit Assets	$ 6,480.9
Investment, Non-Income Producing Flag	3.8
Available-for-sale Securities Pledged as Collateral	356.0
Other Commitment	$ 38.3

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Investment Operations Available-for-sale Fixed Maturities by Maturity Date (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis	$ 75,383
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	76,935
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	691,894
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value	764,826
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis	1,014,618
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	1,085,568
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	2,717,762
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	2,772,486
Available For Sale Securities Debt Maturities with Maturity Date, Amortized Cost	4,499,657
Available For Sale Securities Debt Maturities with Maturity Date, Fair Value	4,699,815
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	1,328,882
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	1,381,938
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	5,828,539	5,637,608
Available-for-sale Securities, Debt Securities	$ 6,081,753	$ 6,265,745

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Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Values and Carrying Values
	December 31,
	2013				2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	6,081,753	$	6,081,753	$	6,265,745	$	6,265,745
Equity securities - available for sale	91,555		91,555		86,253		86,253
Mortgage loans	575,861		594,451		554,843		600,448
Policy loans	176,993		210,401		174,254		227,161
Other investments	993		993		247		247
Cash, cash equivalents and short-term investments	115,047		115,047		152,590		152,590
Reinsurance recoverable	2,678		2,678		5,326		5,326
Assets held in separate accounts	693,955		693,955		618,809		618,809

Liabilities
Future policy benefits	$	3,360,519	$	3,371,706	$	3,226,765	$	3,352,252
Supplemental contracts without life contingencies	349,761		320,195		361,273		350,187
Advance premiums and other deposits	230,819		230,819		216,857		216,857
Long-term debt	97,000		63,343		147,000		116,359
Other liabilities	—		—		131		131
Liabilities related to separate accounts	693,955		686,387		618,809		609,704

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Corporate securities	$	—	$	3,224,785	$	81,994	$	3,306,779
Residential mortgage-backed securities	—		520,728		—		520,728
Commercial mortgage-backed securities	—		332,955		71,712		404,667
Other asset-backed securities	—		370,708		85,835		456,543
United States Government and agencies	15,291		19,946		8,044		43,281
State, municipal and other governments	—		1,349,755		—		1,349,755
Non-redeemable preferred stocks	—		58,655		7,795		66,450
Common stocks	3,295		21,810		—		25,105
Other investments	—		993		—		993
Cash, cash equivalents and short-term investments	115,047		—		—		115,047
Reinsurance recoverable	—		2,678		—		2,678
Assets held in separate accounts	693,955		—		—		693,955
Total assets	$	827,588	$	5,903,013	$	255,380	$	6,985,981
Liabilities
Future policy benefits - index annuity embedded derivatives	$	—	$	—	$	286	$	286
Total liabilities	$	—	$	—	$	286	$	286

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2012
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Corporate securities	$	—	$	3,195,120	$	100,463	$	3,295,583
Residential mortgage-backed securities	—		674,182		—		674,182
Commercial mortgage-backed securities	—		434,538		76,281		510,819
Other asset-backed securities	—		393,957		95,756		489,713
United States Government and agencies	14,884		25,570		8,555		49,009
State, municipal and other governments	—		1,246,216		223		1,246,439
Non-redeemable preferred stocks	—		53,101		7,391		60,492
Common stocks	2,773		22,988		—		25,761
Other investments	—		247		—		247
Cash, cash equivalents and short-term investments	152,590		—		—		152,590
Reinsurance recoverable	—		5,326		—		5,326
Assets held in separate accounts	618,809		—		—		618,809
Total assets	$	789,056	$	6,051,245	$	288,669	$	7,128,970
Liabilities
Future policy benefits - index annuity embedded derivatives	$	—	$	—	$	307	$	307
Other liabilities	—		131		—		131
Total liabilities	$	—	$	131	$	307	$	438

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Level 3 Fixed Maturity Securities on a Recurring Basis by Valuation Source
	December 31, 2013
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	59,812		$	22,182		$	81,994
Commercial mortgage-backed securities	71,712			—			71,712
Other asset-backed securities	65,003			20,832			85,835
United States Government and agencies	8,044			—			8,044
Total	$	204,571		$	43,014		$	247,585
Percent of total	82.6		%	17.4		%	100.0		%

	December 31, 2012
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	70,975		$	29,488		$	100,463
Commercial mortgage-backed securities	76,281			—			76,281
Other asset-backed securities	79,320			16,436			95,756
United States Government and agencies	8,555			—			8,555
State, municipal and other governments	223			—			223
Total	$	235,354		$	45,924		$	281,278
Percent of total	83.7		%	16.3		%	100.0		%

Fair Value, Measurement Inputs, Disclosure [Text Block]

Quantitative Information about Level 3 Fair Value Measurements
	December 31, 2013
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	46,023	Discounted cash flow	Credit spread	0.91% - 17.08% (7.84%)
Commercial mortgage-backed	71,712		Discounted cash flow	Credit spread	1.75% - 4.50% (2.95%)
Other asset-backed securities	38,305		Discounted cash flow	Credit spread	0.74% - 5.06% (3.55%)
Non-redeemable preferred stocks	7,795		Discounted cash flow	Credit spread	3.81% (3.81%)
Total Assets	$	163,835
Liabilities
Future policy benefits - index annuity embedded derivatives	$	286	Discounted cash flow	Credit risk Risk margin	0.30% - 1.70% (1.05%) 0.15% - 0.40% (0.25%)

	December 31, 2012
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	54,538	Discounted cash flow	Credit spread	0.78% - 9.21% (5.72%)
Commercial mortgage-backed	76,264		Discounted cash flow	Credit spread	1.95% - 4.80% (3.35%)
Other asset-backed securities	43,119		Discounted cash flow	Credit spread	1.24% - 6.07% (4.28%)
State, municipal and other governments	223		Discounted cash flow	Credit spread	1.75% (1.75%)
Non-redeemable preferred stocks	7,391		Discounted cash flow	Credit spread	6.00% (6.00%)
Total Assets	$	181,535
Liabilities
Future policy benefits - index annuity embedded derivatives	$	307	Discounted cash flow	Credit risk Risk margin	1.00% - 2.50% (1.80%) 0.15% - 0.40% (0.25%)

The table above excludes certain securities for which the fair value was based on non-binding broker quotes where we could not reasonably obtain the quantitative unobservable inputs.

Level 3 Financial Instruments Changes in Fair Value [Table Text Block]

Level 3 Financial Instruments Changes in Fair Value Recurring Basis
	December 31, 2013
								Realized and unrealized gains (losses), net
	Balance, December 31, 2012		Purchases		Disposals			Included in net income		Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income		Balance, December 31, 2013
	(Dollars in thousands)
Corporate securities	$	100,463	$	2,157	$	(7,946	)	$	—	$	(1,945	)	$	—	$	(10,798	)	$	63	$	81,994
Commercial mortgage-backed securities	76,281		—		(660		)	—		(3,996		)	—		—			87		71,712
Other asset-backed securities	95,756		38,468		(13,583		)	—		(971		)	4,062		(39,155		)	1,258		85,835
United States Government and agencies	8,555		—		—			—		(517		)	—		—			6		8,044
State, municipal and other governments	223		—		(218		)	—		(5		)	—		—			—		—
Non-redeemable preferred stocks	7,391		—		—			—		71			5,208		(4,875		)	—		7,795
Total	$	288,669	$	40,625	$	(22,407	)	$	—	$	(7,363	)	$	9,270	$	(54,828	)	$	1,414	$	255,380
Liabilities
Future policy benefits - index annuity embedded derivatives	$	307	$	—	$	(28	)	$	—	$	7		$	—	$	—		$	—	$	286
Total Liabilities	$	307	$	—	$	(28	)	$	—	$	7		$	—	$	—		$	—	$	286

	December 31, 2012
								Realized and unrealized gains (losses), net
	Balance, December 31, 2011		Purchases		Disposals			Included in net income			Included in other compre-hensive income			Transfers into Level 3 (2)		Transfers out of Level 3 (2)			Amort-ization included in net income		Balance, December 31, 2012
	(Dollars in thousands)
Corporate securities	$	106,412	$	—	$	(15,504	)	$	(9	)	$	3,113		$	21,654	$	(15,295	)	$	92	$	100,463
Residential mortgage-backed securities	7,711		—		—			—			—			—		(7,711		)	—		—
Commercial mortgage-backed securities	27,899		5,105		(3,101		)	—			1,251			59,096		(14,055		)	86		76,281
Other asset-backed securities	113,458		68,811		(11,351		)	(44		)	3,820			22,092		(102,192		)	1,162		95,756
Collateralized debt obligation	270		—		(27		)	(243		)	—			—		—			—		—
United States Government and agencies	12,588		—		—			—			(28		)	—		(4,010		)	5		8,555
State, municipal and other governments	12,044		—		(4,221		)	—			(316		)	—		(7,845		)	561		223
Non-redeemable preferred stocks	14,447		—		(5,105		)	105			749			—		(2,805		)	—		7,391
Total	$	294,829	$	73,916	$	(39,309	)	$	(191	)	$	8,589		$	102,842	$	(153,913	)	$	1,906	$	288,669
Liabilities
Future policy benefits - index annuity embedded derivatives	$	302	$	—	$	(37	)	$	—		$	42		$	—	$	—		$	—	$	307
Make-whole redemption feature on Senior Notes	33,144		—		(33,144		)	—			—			—		—			—		—
Total Liabilities	$	33,446	$	—	$	(33,181	)	$	—		$	42		$	—	$	—		$	—	$	307

(1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. There were no transfers between Level 1 and Level 2 during 2013.

(2) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. During 2012, we began using an external pricing service with access to observable inputs for a portion of our Level 3 investments for which non-binding broker quotes were previously used to estimate fair value. We believe the change in pricing sources is appropriate and consistent with our pricing waterfall policy to use higher level valuation methods when available. There were no transfers between Level 1 and Level 2 during 2012.

Financial Instruments Not Reported at Value [Table Text Block]

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	594,451	$	594,451
Policy loans	—		—		210,401		210,401
Total assets	$	—	$	—	$	804,852	$	804,852
Liabilities
Future policy benefits	$	—	$	—	$	3,371,420	$	3,371,420
Supplemental contracts without life contingencies	—		—		320,195		320,195
Advance premiums and other deposits	—		—		230,819		230,819
Long-term debt	—		—		63,343		63,343
Liabilities related to separate accounts	—		—		686,387		686,387
Total liabilities	$	—	$	—	$	4,672,164	$	4,672,164

	December 31, 2012
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	600,448	$	600,448
Policy loans	—		—		227,161		227,161
Total assets	$	—	$	—	$	827,609	$	827,609
Liabilities
Future policy benefits	$	—	$	—	$	3,351,945	$	3,351,945
Supplemental contracts without life contingencies	—		—		350,187		350,187
Advance premiums and other deposits	—		—		216,857		216,857
Long-term debt	—		—		116,359		116,359
Liabilities related to separate accounts	—		—		609,704		609,704
Total liabilities	$	—	$	—	$	4,645,052	$	4,645,052

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Reinsurance and Policy Provisions (Tables)

12 Months Ended

Dec. 31, 2013

Reinsurance and Policy Provisions [Abstract]

Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Disclosures [Text Block]

Analysis of the Value of Insurance In Force Acquired

	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Excluding impact of net unrealized investment gains and losses:
Balance at beginning of year	$	32,500		$	38,062		$	33,403
Accretion of interest during the year	902			1,068			1,266
Amortization of asset	(3,467		)	(6,630		)	3,393
Balance prior to impact of net unrealized investment gains and losses	29,935			32,500			38,062
Impact of net unrealized investment gains and losses	(6,356		)	(15,346		)	(12,281		)
Balance at end of year	$	23,579		$	17,154		$	25,781

We periodically revise key assumptions used in the calculation of the value of insurance in force acquired through an “unlocking” process, which increased amortization $2.6 million in 2012. As described in Note 1, during 2011 refinements were made to the methods and assumptions used to calculate the amortization of value of insurance in force acquired, resulting in a $6.9 million reduction in amortization. Net amortization, based on expected future gross profits/margins, for the next five years is expected to be as follows: 2014 - $2.8 million; 2015 - $2.8 million; 2016 - $2.5 million; 2017 - $2.5 million; and 2018 - $2.4 million.

Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block]

Certain variable annuity and variable universal life contracts in our separate accounts and in separate accounts of reinsurance partners have minimum interest guarantees on funds deposited in our general account. In addition, we have certain variable annuity contracts that include a) guaranteed minimum death benefits (GMDBs), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon death of the contract holder, and/or c) a guaranteed minimum income benefit (GMIB) that provides monthly income to the contract holder after the eighth policy year.

GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee
	December 31, 2013				December 31, 2012
	Separate Account Balance		Net Amount at Risk		Separate Account Balance		Net Amount at Risk
	(Dollars in thousands)
Guaranteed minimum death benefit:
Return of net deposits	$	195,593	$	791	$	178,443	$	1,346
Return the greater of highest anniversary value or net deposits	315,176		3,150		282,973		7,177
Incremental death benefit	283,556		57,964		252,925		35,502
Guaranteed minimum income benefit	42,850		—		38,072		—
Total			$	61,905			$	44,025

The separate account assets are principally comprised of stock and bond mutual funds. The net amount at risk for these contracts is based on the amount by which GMDB, IDB or GMIB exceeds account value. The reserve for GMDBs, IDBs or GMIBs, determined using modeling techniques and industry mortality assumptions, that is included in future policy benefits, totaled $2.4 million at December 31, 2013 and $1.9 million at December 31, 2012. The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 63 years at December 31, 2013 and 60 years at December 31, 2012. Benefits paid for GMDBs, IDBs and GMIBs totaled $0.3 million for 2013, $0.2 million for 2012 and $0.3 million for 2011.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Significant Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Nature of Business

FBL Financial Group, Inc. (we or the Company) operates predominantly in the life insurance industry through its principal subsidiary, Farm Bureau Life Insurance Company (Farm Bureau Life). Farm Bureau Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Greenfields Life Insurance Company (Greenfields), a subsidiary of Farm Bureau Life, was launched in early 2013 and offers life and annuity products in the state of Colorado. Several subsidiaries support various functional areas of Farm Bureau Life and other affiliates by providing investment advisory, marketing and distribution, and leasing services. In addition, we manage two Farm Bureau affiliated property-casualty companies.

See Note 15 for information on the sale of our former subsidiary, EquiTrust Life Insurance Company (EquiTrust Life). Financial results of this business component have been reclassified to discontinued operations in the prior period financial statements and excluded from the notes to the consolidated financial statements, unless otherwise noted.

Consolidation

Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated.

Future Adoption of Recent Accounting Pronouncements

In January 2014, the Financial Accounting Standards Board (FASB) issued guidance related to accounting for investments in low income housing tax credit limited partnerships. Presently, we account for these investments under the equity method and include related tax benefits as a component of equity income. The new guidance requires us to account for these partnerships using the proportional amortization method, which amortizes the acquisition cost of the partnership in proportion to the recognition of the tax credits associated with these projects. The tax credits, net of the amortization of the partnership interest, will be recognized as a component of income taxes. This guidance must be applied retrospectively and will be effective for fiscal years beginning after December 15, 2014, with early adoption permitted. We are currently evaluating the impact of this new guidance.

Significant Accounting Policies [Text Block]

Investments

Fixed Maturities and Equity Securities

Fixed maturities, comprised of bonds, redeemable preferred stock and certain non-redeemable preferred stock, which may be sold, are designated as "available for sale." Available-for-sale securities are reported at fair value and unrealized gains and losses on these securities, with the exception of unrealized gains and losses relating to synthetic collateralized debt obligations, are included directly in stockholders' equity as a component of accumulated other comprehensive income. Unrealized gains and losses relating to synthetic collateralized debt obligations are recorded as a component of net investment income in the consolidated statements of operations. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired and unearned revenue reserve that would have been required as a charge or credit to income had such amounts been realized.

Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on mortgage and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives.

Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income.

Mortgage Loans

Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. The carrying value of impaired loans is reduced by the establishment of a valuation allowance, changes to which are recognized as realized gains or losses on investments. Interest income is accrued on impaired loans to the extent it is deemed collectible (generally delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely.

Real Estate

Real estate is reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties not held for sale, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. If the fair value, less estimated sales costs, of real estate held for sale decreases to an amount lower than its carrying value, the carrying value of the real estate is reduced by the establishment of a valuation allowance recognized as a realized loss on investments. There was one property held for investment with a valuation allowance of less than $0.1 million as of December 31, 2013 and 2012. There were no properties held for sale as of December 31, 2013 and no properties held for sale with a valuation allowance as of 2012.

Other Investments

Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation.

We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments.

Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we are required to use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, insurance, broker/dealer and real estate industries and include low income housing tax credit generating partnerships. Such investments are accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios.

Accrued Investment Income

We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income.

Realized Gains and Losses on Investments

Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is other-than-temporary and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an other-than-temporary impairment write down is recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value.

We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is other-than-temporary. In determining whether or not an unrealized loss is other-than-temporary, we review factors such as:

• historical operating trends;

• business prospects;

• status of the industry in which the company operates;

• analyst ratings on the issuer and sector;

• quality of management;

• size of unrealized loss;

• level of current market interest rates compared to market interest rates when the security was purchased; and

• length of time the security has been in an unrealized loss position.

In order to determine the credit and non-credit impairment loss for fixed maturities, every quarter we estimate the future cash flows we expect to receive over the remaining life of the instrument as well as review our plans to hold or sell the instrument. Significant assumptions regarding the present value of expected cash flows for each security are used when an other-than-temporary impairment occurs and there is a non-credit portion of the unrealized loss that won't be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value.

After an other-than-temporary write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method andthe current estimate of the amount and timing of future cash flows.

Fair Values

Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values which are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models.

Cash and Cash Equivalents

For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Reinsurance Recoverable

We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. For business assumed from other companies, reinsurance recoverable includes premium receivable, net of our share of benefits and expenses we owe to the ceding company.

Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements.

Deferred Acquisition Costs and Value of Insurance In Force Acquired

Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value is determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Interest accrued on the unamortized balance at a weighted average rate of 4.56% in 2013, 4.70% in 2012 and 4.72% in 2011.

For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits.

All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.

Effective January 1, 2012, we retroactively adopted guidance issued by the FASB that narrowed the definition of deferrable acquisition costs associated with acquiring or renewing insurance contracts. In addition, during 2011, refinements were made to the methods and assumptions used to calculate the amortization of value of insurance in force and deferred acquisition costs, which increased net income from continuing operations $4.8 million ($0.15 per basic and diluted common share).

Other Assets

Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from two to twenty years. Property and equipment had a carrying value of $25.8 million at December 31, 2013 and $18.6 million at December 31, 2012, and accumulated depreciation and amortization of $50.3 million at December 31, 2013 and $65.9 million at December 31, 2012. Depreciation and amortization expense for property and equipment was $4.6 million in 2013, $4.8 million in 2012 and $3.5 million in 2011.

Other assets at December 31, 2013 and 2012, also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct our impairment review at least annually as well as when circumstances suggest an impairment may have occurred. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. In the event that we were to dispose of a reporting unit, a discounted cash flow approach would be used to estimate the fair value of that reporting unit. We believe this approach better approximates the fair value of our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of our impairment review, we have determined our goodwill was not impaired as of December 31, 2013 or 2012.

Future Policy Benefits

Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2013, 2012 and 2011.

The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from2.00% to6.00%. The average rate of assumed investment yields used in estimating gross margins was 5.84% in 2013 and 2012 and 6.04% in 2011. The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations.

The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred.

Other Policy Claims and Benefits

We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs.

We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 30% of receipts from policyholders during 2013 (2012 - 35% and 2011 - 38%) and represented 11%of life insurance in force at December 31, 2013, and 12% in 2012 and 2011.

Deferred Income Taxes

Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized.

Separate Accounts

The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations.

Recognition of Premium Revenues and Costs

Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy.

Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs.

All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business.

Underwriting, Acquisition and Insurance Expenses
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	27,410	$	23,712	$	23,950
Amortization of deferred acquisition costs	29,908		37,651		34,819
Amortization of value of insurance in force acquired	2,565		5,562		(4,658		)
Other underwriting, acquisition and insurance expenses, net of deferrals	78,377		74,981		74,073
Total	$	138,260	$	141,906	$	128,184

Other Income and Other Expenses

Other income and other expenses primarily consist of revenue and expenses generated by our various non-insurance subsidiaries for investment advisory, marketing and distribution, and leasing services. They also include revenues and expenses generated by our parent company for management services. Certain of these activities are performed on behalf of our affiliates. Lease income from leases with affiliates totaled $2.2 million in 2013, $2.4 million in 2012 and $1.8 million in 2011. Investment advisory fee income from affiliates totaled $1.7 million in 2013, $1.5 million in 2012 and $1.2 million in 2011. In addition, Farm Bureau Life has certain items reported as other income and other expense, which netted to $3.0 million in 2013, $3.3 million in 2012 and $3.2 million in 2011. During 2012, we also received fees of $3.5 million from the acquirer of EquiTrust Life to provide administrative support and transition services. We expense legal costs associated with a loss contingency as incurred.

Discontinued Operations

Upon the sale of EquiTrust Life our independent distribution business segment was discontinued. Discontinued operations are those in which we no longer have any significant continuing involvement in the operations after the disposal transaction. The results of discontinued operations are segregated from our continuing operations and reported as income (loss) from discontinued operations in the consolidated statements of operations for current and prior periods. The loss recognized on the disposal is also reported as a component of discontinued operations. Components of the income (loss) from discontinued operations are separately disclosed in Note 15.

Debt required to be redeemed due to selling a significant component of our business remains a liability until we have been legally released from the entire obligation and all conditions for extinguishment have been met. In addition, any gain or loss on the extinguishment is recognized when we are relieved of the entire obligation. Changes in fair value of embedded derivatives related to make-whole redemption provisions are reported as loss on debt redemption in the Consolidated Statements of Operations.

If the debt is not specific to the disposed component, the liability is not classified as held for sale and any related gain or loss is reported as part of continuing operations. However, interest on any debt required to be redeemed as a result of the disposal transaction is reported in income from discontinued operations for current and prior periods commencing in the period in which the business is either disposed of or accounted for as a disposal group.

Significant accounting policies related to the results from discontinued operations which are not discussed above include:

• Derivative instruments, which include call options used to fund index credits on index annuities, are measured at fair value, with changes in fair value reflected in our results of discontinued operations.

• Deferred sales inducements represent premium bonuses and bonus interest credited to contracts during the first contract year only. These costs are amortized similar to other deferred acquisition costs discussed above.

• Future policy benefit reserves for index annuities are equal to the sum of the fair value of the embedded index options, accumulated index credits and the host contract reserve computed using a method similar to that used for interest sensitive products. Fair value of the index options are calculated using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation.

• Changes in reserves for the embedded derivatives in the index annuities and amortization of deferred sales inducements are recognized as expenses over the life of the policy.

Retirement and Compensation Plans

We participate with several affiliates in several defined benefit pension plans, including a multiemployer plan. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period.

We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest.

We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. We recognize compensation expense for all share-based payments granted, modified or settled. The stock option non-performance related stock-based expense is recognized over the shorter of our five-year vesting schedule or the period ending when the employee becomes eligible for retirement using the straight-line method. The performance related stock-based expense is based on the number of shares expected to vest and is recognized over the required service period. The impact of forfeitures is estimated and compensation expense is recognized only for those stock-based instruments expected to vest. We report tax deductions related to stock-based instruments in excess of recognized compensation expense as a financing cash flow.

See Note 8 for additional details on these plans.

Comprehensive Income

Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities and certain interest rate swaps held in prior years, as well as the unfunded obligation for postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income, excludes net investment gains and losses included in net income which represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the unfunded obligation for postretirement benefit plans are provided in Note 8.

Dividend Restriction

We have agreed that we will not pay dividends on the Class A or Class B Common Stock, nor on the Series B Preferred Stock, if we are in default of the Subordinated Deferrable Interest Note Agreement dated May 30, 1997 with FBL Financial Group Capital Trust. We are compliant with all terms of this agreement at December 31, 2013. See Note 6 for additional information regarding this agreement.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized which could have a material impact on the consolidated financial statements.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income Tax Expenses (Credits)
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Taxes provided in consolidated statements of operations on:
Income from continuing operations before noncontrolling interest and equity income (loss):
Current	$	43,264		$	(8,717	)	$	27,637
Deferred	6,058			48,788			(8,840		)
	49,322			40,071			18,797
Equity income (loss) - current	(11,050		)	(6,260		)	(890		)
Discontinued operations	—			(382		)	23,003
Loss on sale of subsidiary	—			(1,213		)	(29,198		)
Taxes provided in consolidated statements of changes in stockholders' equity:
Accumulated other comprehensive income	(91,961		)	60,309			67,964
Class A and Class B common stock	(1,657		)	(2,167		)	(164		)
	(93,618		)	58,142			67,800
	$	(55,346	)	$	90,358		$	79,512

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Effective Tax Rate Reconciliation to Federal Income Tax Rate
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Income from continuing operations before income taxes, noncontrolling interest and equity income (loss)	$	150,305		$	118,184		$	69,722
Income tax at federal statutory rate (35%)	$	52,607		$	41,364		$	24,400
Tax effect (decrease) of:
Tax-exempt dividend and interest income	(2,802		)	(1,741		)	(2,393		)
Impact of incentive stock options	(594		)	(341		)	(1,029		)
Other items	111			789			(2,181		)
Income tax expense	$	49,322		$	40,071		$	18,797

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities
	December 31,
	2013		2012
	(Dollars in thousands)
Deferred income tax assets:
Future policy benefits	$	22,754	$	20,865
Accrued benefit and compensation costs	12,048		11,957
Loss carryforwards	17,041		18,259
Other	4,478		1,632
	56,321		52,713
Deferred income tax liabilities:
Fixed maturity and equity securities	90,360		219,372
Deferred acquisition costs	66,583		24,826
Other	22,217		16,948
	179,160		261,146
Net deferred income tax liability	$	122,839	$	208,433

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Retirement and Compensation Plans Other retirement plans (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ (1,798,000)	[1]	$ 8,051,000	[1]	$ 5,000	[1]
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Cost Recognized	1,800,000
Defined Benefit Plan, Net Periodic Benefit Cost			900,000		900,000
Health and medical post retirement plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	100,000		100,000		100,000
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ 200,000		$ (100,000)		$ 0
Minimum [Member] | 100% employer match [Member] | Defined Contribution Pension [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer discretionary percentage	2.75%
Maximum [Member] | 100% employer match [Member] | Defined Contribution Pension [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent	4.00%
Defined contribution plan, employer discretionary percentage	5.75%
Maximum [Member] | 100% employer match [Member] | Defined Contribution Plan Grandfathered Choice Participant [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent	2.00%
Maximum [Member] | 50% employer match [Member] | Defined Contribution Pension [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent	2.00%

[1] Other comprehensive income is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

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Significant Accounting Policies Other Assets (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Property and Equipment, Net	$ 25.8	$ 18.6
Accumulated Depreciation	50.3	65.9
Depreciation expense	4.6	4.8	3.5
Goodwill	$ 9.9	$ 9.9

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Investment Operations Credit loss component of other-than-temporary impairments on fixed maturities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at beginning of period	$ (27,712)	$ (22,746)
Increases for which an impairment was not previously recognized	0	3,815
Increases to previously impaired investments	618	1,449
Reduction due to investment sold	5,944	215
Reductions due to change of intent to not hold investments	794	83
Balance at end of period	$ (21,592)	$ (27,712)

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Stockholders' Equity (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	666,659	353,140	121,551
Issuance of common stock under compensation plans	$ 20,156,000	$ 10,901,000	$ 13,277,000
Preferred Stock, Liquidation Preference Per Share	$ 0.60
Preferred Stock, Dividend Rate, Percentage	$ 0.03
Preferred Stock, Redemption Price Per Share	$ 0.60
Shares of common stock repurchased	(1,387,378)	(5,528,700)	(412,975)
Stock Redeemed or Called During Period, Shares	0	0
Purchase of common stock	(60,603,000)	(181,890,000)	(13,619,000)
Common stock, shares outstanding	24,754,355	25,475,074	30,650,634	30,942,058
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	492,450,000	547,398,000
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments	93,300,000
Common Class A
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	666,659	353,140	121,551
Board of directors members	four to ten
Shares of common stock repurchased	(363,430)	(5,528,700)	(412,975)
Purchase of shares of common stock	14,200,000	181,900,000	13,600,000
Common stock, without par value	134,993,000	115,706,000
Common stock, shares outstanding	24,742,942	24,282,184	29,457,644	29,749,068
Stock Issued During Period, Shares, Conversion of Convertible Securities	157,529	100
Common Class B
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Board of directors members	five to seven
Shares of common stock repurchased	(1,023,948)	0	0
Stock Redeemed or Called During Period, Shares	(157,529)	(100)
Common stock, without par value	72,000	7,522,000
Common stock, shares outstanding	11,413	1,192,890	1,192,990	1,192,990
Class B tender offer [Member] | Common Class A
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	105,930
Class B tender offer [Member] | Common Class B
Class of Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 45.33
Purchase of common stock	(46,400,000)
repurchase authorization [Member] | Common Class A
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	230,000,000
Parent Company [Member]
Class of Stock [Line Items]
Sale of Stock, Percentage of Ownership after Transaction	71.00%
Common stocks
Class of Stock [Line Items]
Issuance of common stock under compensation plans	20,156,000	10,901,000	13,277,000
Purchase of common stock	(8,319,000)	(24,879,000)	(1,758,000)
Common stock, without par value	135,065,000	123,228,000	137,206,000	125,687,000
Stock Redeemed or Called During Period, Value	0	0
Common stocks | Common Class A
Class of Stock [Line Items]
Issuance of common stock under compensation plans	20,156,000	10,901,000	13,277,000
Stock Issued During Period, Value, Conversion of Convertible Securities	993,000	0
Purchase of common stock	(1,862,000)	(24,879,000)	(1,758,000)
Common stock, without par value	134,993,000	115,706,000	129,684,000	118,165,000
Common stocks | Common Class B
Class of Stock [Line Items]
Issuance of common stock under compensation plans	0	0	0
Purchase of common stock	(6,457,000)	0	0
Common stock, without par value	72,000	7,522,000	7,522,000	7,522,000
Stock Redeemed or Called During Period, Value	$ (993,000)	$ 0

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2013 - $5,828,539; 2012 - $5,637,608)	$ 6,081,753	$ 6,265,745
Equity securities - available for sale, at fair value (cost: 2013 - $90,071; 2012 - $82,140)	91,555	86,253
Mortgage loans	575,861	554,843
Real estate	4,084	4,668
Policy loans	176,993	174,254
Short-term investments	108,677	74,516
Other investments	1,079	371
Total investments	7,040,002	7,160,650
Cash and cash equivalents	6,370	78,074
Securities and indebtedness of related parties	116,305	100,606
Accrued investment income	75,186	69,965
Amounts receivable from affiliates	3,145	3,931
Reinsurance recoverable	100,001	98,238
Deferred acquisition costs	335,514	204,326
Value of insurance in force acquired	23,579	17,154
Current income taxes recoverable	0	6,735
Other assets	67,266	59,238
Assets held in separate accounts	693,955	618,809
Total Assets	8,461,323	8,417,726
Future policy benefits:
Interest sensitive products	4,278,871	4,050,846
Traditional life insurance and accident and health products	1,515,139	1,457,075
Other policy claims and benefits	45,530	39,072
Supplementary contracts without life contingencies	349,761	361,273
Advance premiums and other deposits	240,441	226,485
Amounts payable to affiliates	408	1,658
Long-term debt payable to affiliates	0	50,000
Long-term debt payable non-affiliates	97,000	97,000
Current income taxes	1,499	0
Deferred income taxes	122,839	208,433
Other liabilities	71,089	94,828
Liabilities related to separate accounts	693,955	618,809
Total liabilities	7,416,532	7,205,479
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
Accumulated other comprehensive income	119,067	289,853
Retained earnings	787,609	796,110
Total FBL Financial Group, Inc. stockholders' equity	1,044,741	1,212,191
Noncontrolling interest	50	56
Total stockholders' equity	1,044,791	1,212,247
Total liabilities and stockholders' equity	8,461,323	8,417,726
Common Class A
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	134,993	115,706
Common Class B
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	$ 72	$ 7,522

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Investment Operations Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Unrealized Gains Losses [Line Items]
Net Unrealized appreciation, fixed maturities, Available-for-sale	$ 253,214	$ 628,137
Net Unrealized appreciation, Equity Securities, Available for sale	1,484	4,113
Net Unrealized Gains Losses on Investments	254,698	632,250
Assumed changes in amortization of DAC	(55,550)	(172,320)
Impact of net unrealized investment gains and losses	(6,356)	(15,346)	(12,281)
Assumed changes in amortization patter of URR	2,790	13,554
Assumed change in policyholder liability	(2,957)	0
Provision for deferred income taxes	(67,404)	(160,333)
Net Unrealized gains losses on investments in Accumulated other comprehensive Income	$ 125,221	$ 297,805

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Sch I. Schedule of Investments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	$ 6,785,923	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	7,040,002
Fixed Maturities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	5,828,539	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	6,081,753
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	6,081,753
All Other Corporate Bonds [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	3,142,476	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	3,306,779
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	3,306,779
Asset-backed Securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	1,328,882	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	1,381,938
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	1,381,938
US Government and Government Agencies and Authorities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	39,261	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	43,281
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	43,281
State, municipal and other governments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	1,317,920	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	1,349,755
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	1,349,755
Equity Securities, Investment Summary [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	90,071	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	91,555
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	91,555
Banks, Trust and Insurance, Equities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	21,810	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	21,810
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	21,810
Industrial, Miscellaneous, and All Others [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	2,569	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	3,295
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	3,295
Non-redeemable preferred stocks
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	65,692	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	66,450
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	66,450
Mortgage Loans on Real Estate [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	576,880	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	575,861
Real Estate Investment [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	4,101	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	4,084	[2]
Policy Loans [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	176,993	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	176,993
Short-term Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	108,677	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	108,677
Other Long-term Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	662	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	$ 1,079

[1] On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans.

[2] Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost.

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Consolidated Statements of Shareholders' Equity (USD $) In Thousands, unless otherwise specified	Total		Preferred Stock [Member]	Common stocks	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Balance at beginning of period at Dec. 31, 2010	$ 1,044,725		$ 3,000	$ 125,687	$ 51,644	$ 864,302	$ 92
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,745	[1]				40,739	6
Other comprehensive income	126,201	[2]			126,201
Other comprehensive income	126,201					0	0
Issuance of common stock under compensation plans	13,277			13,277
Purchase of common stock	(13,619)			(1,758)		(11,861)
Dividends on preferred stock	(150)					(150)
Dividends on common stock	(8,767)					(8,767)
Receipts related to noncontrolling interest	17						17
Balance at end of period at Dec. 31, 2011	1,202,429		3,000	137,206	177,845	884,263	115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	79,857					79,940	(83)
Other comprehensive income	112,008	[2]			112,008
Other comprehensive income	112,008					0	0
Issuance of common stock under compensation plans	10,901			10,901
Purchase of common stock	(181,890)			(24,879)		(157,011)
Dividends on preferred stock	(150)					(150)
Dividends on common stock	(10,932)					(10,932)
Receipts related to noncontrolling interest	24						24
Balance at end of period at Dec. 31, 2012	1,212,247		3,000	123,228	289,853	796,110	56
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	108,393					108,558	(165)
Other comprehensive income	(170,786)	[2]			(170,786)
Other comprehensive income	(170,786)					0	0
Issuance of common stock under compensation plans	20,156			20,156
Purchase of common stock	(60,603)			(8,319)		(52,284)
Dividends on preferred stock	(150)					(150)
Dividends on common stock	(64,625)					(64,625)
Receipts related to noncontrolling interest	159						159
Balance at end of period at Dec. 31, 2013	$ 1,044,791		$ 3,000	$ 135,065	$ 119,067	$ 787,609	$ 50

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

[2] Other comprehensive income is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

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Sale of EquiTrust Life Business (Details) (USD $)	2 Months Ended	3 Months Ended				12 Months Ended
	Jan. 31, 2012	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds received from sale of subsidiary	$ 462,100,000
Loss on sale of subsidiary, net of tax	56,400,000					0	2,252,000	54,143,000	[1]
Income (loss) from discontinued operations	$ 1.84	$ 0.00	$ 0.00	$ 0.00	$ (0.10)	$ 0.00	$ (0.11)	$ (0.37)
Income (loss) from discontinued operations	$ 1.81	$ 0.00	$ 0.00	$ 0.00	$ (0.10)	$ 0.00	$ (0.10)	$ (0.37)
Transaction costs on sale of subsidiary						12,500,000
Income from discontinued operations, net of tax						0	(687,000)	42,679,000
Revenue from discontinued operations							0	436,391,000
Operating expense of discontinued operations							(214,000)	(358,753,000)
Interest expense related to discontinued operations							(855,000)	(13,818,000)
Equity income of discontinued operations							0	1,862,000
Tax related to discontinued operations							$ 382,000	$ (23,003,000)

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

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Fair Value Level 3 Fixed Maturity Securities on a recurring basis by valuation source (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 91,555		$ 86,253
Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	404,667		510,819
percent of total	6.20%		5.40%
Other asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	456,543		489,713
percent of total	5.80%		38.10%
United States Government and agencies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	43,281		49,009
percent of total	0.20%
State, municipal and other governments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	1,349,755		1,246,439
percent of total	25.00%		8.60%
Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	3,306,779	[1]	3,295,583	[1]
percent of total	56.00%		29.70%
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	520,728		674,182
percent of total	6.80%		18.20%
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	247,585		281,278
percent of total	100.00%		100.00%
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Third-party Vendor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	204,571		235,354
percent of total	82.60%		83.70%
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Internally priced [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	43,014		45,924
percent of total	17.40%		16.30%
Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	71,712		76,281
Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Fair Value, Inputs, Level 3 | Third-party Vendor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	71,712		76,281
Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Fair Value, Inputs, Level 3 | Internally priced [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	0		0
Fair Value, Measurements, Recurring [Member] | Other asset-backed | Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	85,835		95,756
Fair Value, Measurements, Recurring [Member] | Other asset-backed | Fair Value, Inputs, Level 3 | Third-party Vendor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	65,003		79,320
Fair Value, Measurements, Recurring [Member] | Other asset-backed | Fair Value, Inputs, Level 3 | Internally priced [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	20,832		16,436
Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	8,044		8,555
Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3 | Third-party Vendor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	8,044		8,555
Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3 | Internally priced [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	0		0
Fair Value, Measurements, Recurring [Member] | State, municipal and other governments | Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	0		223
Fair Value, Measurements, Recurring [Member] | State, municipal and other governments | Fair Value, Inputs, Level 3 | Third-party Vendor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities			223
Fair Value, Measurements, Recurring [Member] | State, municipal and other governments | Fair Value, Inputs, Level 3 | Internally priced [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities			0
Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	81,994		100,463
Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3 | Third-party Vendor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	59,812		70,975
Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3 | Internally priced [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 22,182		$ 29,488

[1] Corporate securities include hybrid preferred securities with a carrying value of $76.3 million at December 31, 2013 and $99.6 million at December 31, 2012. Corporate securities also include redeemable preferred stock with a carrying value of $17.1 million at December 31, 2013 and $5.6 million at December 31, 2012.

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Sch II - Condensed Financial Information on Registrant Notes - Dividends and debt (Details) (Parent Company [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Dividend income from subsidiaries			$ 45,000	$ 29,139
Dividends from subsidiaries (eliminated in consolidation)	120,000	140,000	45,000	29,139
Noncash dividends from subsidiaries		47,865	39,911	0
Former subsidiary [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)			4,500
Dividends in form of cash [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)		92,135	5,089	29,139
Dividends in form of securities [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)		$ 47,865	$ 39,911

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Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Computation of Earnings Per Common Share
	Year ended December 31,
	2013		2012			2011
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	108,558	$	79,940		$	40,739
Less: Net income (loss) from discontinued operations	—		(2,939		)	(11,464		)
Less: Dividends on Series B preferred stock	150		150			150
Income available to common stockholders from continuing operations	$	108,408	$	82,729		$	52,053
Denominator:
Weighted-average shares - basic	25,508,522		27,497,146			30,726,009
Effect of dilutive securities - stock-based compensation	265,893		341,402			489,014
Weighted-average shares - diluted	25,774,415		27,838,548			31,215,023
Earnings per common share:
Income from continuing operations	$	4.25	$	3.01		$	1.69
Income (loss) from discontinued operations	—		(0.11		)	(0.37		)
Total earnings per share	$	4.25	$	2.90		$	1.32
Earnings per common share - assuming dilution:
Income from continuing operations	$	4.21	$	2.97		$	1.67
Income (loss) from discontinued operations	—		(0.10		)	(0.37		)
Total earnings per share	$	4.21	$	2.87		$	1.30
Antidilutive stock options excluded from diluted earnings per share	—		790,216			1,042,587

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Reinsurance and Policy Provisions Value of insurance in force acquired (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Scenario, Actual [Member]	Dec. 31, 2012 Scenario, Actual [Member]	Dec. 31, 2011 Scenario, Actual [Member]	Dec. 31, 2010 Scenario, Actual [Member]
Movement in Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Roll Forward]
Value of insurance in force acquired	$ 17,154,000	$ 25,781,000		$ 29,935,000	$ 32,500,000	$ 38,062,000	$ 33,403,000
Accretion of interest during the year	902,000	1,068,000	1,266,000
Amortization of asset	(3,467,000)	(6,630,000)	3,393,000
Value of insurance in force acquired	23,579,000	17,154,000	25,781,000	29,935,000	32,500,000	38,062,000	33,403,000
Impact of net unrealized investment gains and losses	(6,356,000)	(15,346,000)	(12,281,000)
Present Value of Future Insurance Profits, Amortization Expense	(2,600,000)	6,900,000
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Next Twelve Months	2,800,000
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Two	2,800,000
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Three	2,500,000
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Four	2,500,000
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Five	$ 2,400,000

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Sale of EquiTrust Life Business

12 Months Ended

Dec. 31, 2013

EquiTrust Sale [Abstract]

EquiTrust Sale [Text Block]

Sale of EquiTrust Life Business

On December 30, 2011, we sold our wholly-owned subsidiary EquiTrust Life in an all cash transaction for $462.1 million. The sales price reflected adjustments to the initial closing price subsequent to the closing date based on a final statutory net worth reconciliation. The transaction resulted in an after-tax loss on the sale of $56.4 million, or $1.84 per basic and $1.81 per diluted common share. The loss consists of the sales price less the net book value of the assets and one-time transaction costs and termination benefits totaling $12.5 million, before tax.

The sale allowed us to exit the annuity business sold through the independent distribution channel, which represented a majority of EquiTrust Life's operations, focus on our core Farm Bureau Life operations and undertake certain capital management initiatives. While EquiTrust Life was sold in its entirety, Farm Bureau Life assumed 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. The business component sold is described herein as “the EquiTrust Life Business.”

EquiTrust Life retains all of its contingent liabilities after the sale. The Agreement contains customary representations, warranties and covenants of the parties, as well as post-closing indemnification obligations. The post-closing indemnification obligations may be triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. Certain of these obligations are subject to various time limitations and monetary thresholds and caps.

A summary of income (losses) from discontinued operations is as follows:

Condensed Statements of Income (Loss) from Discontinued Operations
	Year ended December 31,
	2012			2011
	(Dollars in thousands)
Revenues	$	—		$	436,391
Benefits and expenses	(214		)	(358,753		)
Interest expense allocation	(855		)	(13,818		)
Equity income	—			1,862
Income taxes	382			(23,003		)
Income (loss) from discontinued operations	$	(687	)	$	42,679

Expenses are reduced for estimated corporate overhead absorbed by the Company after the sale. In addition, as described below, the sale of EquiTrust Life required us to redeem a majority of our senior notes; therefore the related interest expense is allocated to the EquiTrust Life Business.

Notes Redemptions

In connection with the EquiTrust Life Sale, we redeemed $225.0 million of our long-term debt in accordance with the mandatory redemption provisions of the underlying notes. This includes $50.0 million Senior Notes with our affiliate, Farm Bureau Property & Casualty, which was extinguished on December 30, 2011. The remaining $175.0 million of unaffiliated debt was extinguished on January 30, 2012, at the make-whole redemption price of $210.9 million. On December 30, 2011, we exercised the provisions of the trust indentures and deposited $211.6 million into two irrevocable defeasance trusts for the principal, accrued interest and estimated make-whole premium. The trust funds were not withdrawable by us, and consisted of $126.4 million in cash and $85.2 million in short-term investments at December 31, 2011. The note holders were paid from assets in the trusts on January 30, 2012.

The make-whole redemption premium was based on U.S. Treasury yields and considered an embedded derivative with a fair value of $33.1 million at December 31, 2011. The change in fair value during 2012 was offset by the write off of deferred debt issuance costs and reported with the loss on debt redemption in the consolidated statements of operations. See Note 6 for additional details on our debt.

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Statutory Insurance Information (Tables)

12 Months Ended

Dec. 31, 2013

Statutory Insurance Information [Abstract]

Statutory Accounting Practices Disclosure [Table Text Block]

Farm Bureau Life Statutory Information
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Net gain from operations (excludes impact of realized gains and losses on investments)	$	93,306	$	92,988	$	87,792
Net income	94,583		86,589		72,653

	December 31,
	2013		2012
	(Dollars in thousands)
Capital and surplus	$	492,450	$	547,398

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Sch II - Condensed Financial Information on Registrant Cash Flow (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012		Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities		$ 182,275	$ 206,479		$ 359,426	[1]
Short-term investments, net change		(34,161)	(32,760)		306,839	[1]
Proceeds received from sale of subsidiary		0	9,315		(471,431)	[1]
Net Cash Provided by (Used in) Investing Activities		(277,961)	(548,706)		272,128	[1]
Transfer from (to) restricted debt defeasance trusts		0	211,627		(211,627)	[1]
Repayments of debt		(50,000)	(174,258)		(50,000)	[1]
Excess tax deductions on stock-based compensation		1,964	2,393		656	[1]
Repurchase of common stock, net		(43,707)	(173,253)		(5,869)	[1]
Dividends paid		(64,775)	(11,082)		(8,917)	[1]
Net Cash Provided by (Used in) Financing Activities		23,982	123,962		(340,009)	[1]
Increase in cash and cash equivalents		(71,704)	(218,265)		291,545	[1]
Cash and cash equivalents at end of period		6,370	78,074		296,339	[1]
Cash and cash equivalents at beginning of period		78,074	296,339	[1]	4,794	[1]
Income Taxes Paid, Net		(21,001)	27,957		(52,852)	[1]
Cash paid during the period for interest		7,104	11,383		22,298	[1]
Net assets of subsidiary sold		0	0	[1]	543,990	[1]
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities		(5,750)	(3,984)		(14,446)
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities		45,808	793		0
Payments to Acquire Available-for-sale Securities		(15,192)	(4,866)		(2,094)
Short-term investments, net change		(6,577)	11,045		(13,283)
Dividends from subsidiaries (eliminated in consolidation)	120,000	140,000	45,000		29,139
Proceeds received from sale of subsidiary		0	(9,315)		471,431
Net Cash Provided by (Used in) Investing Activities		116,174	2,746		485,193
Transfer from (to) restricted debt defeasance trusts		0	211,627		(211,627)
Repayments of debt		(50,000)	(174,258)		(50,000)
Excess tax deductions on stock-based compensation		1,964	2,393		656
Repurchase of common stock, net		(43,707)	(173,253)		(5,869)
Capital contribution by parent to subsidiary		(1,900)	(2,000)		0
Dividends paid		(64,775)	(11,082)		(8,917)
Net Cash Provided by (Used in) Financing Activities		(158,418)	(146,573)		(275,757)
Increase in cash and cash equivalents		(47,994)	(147,811)		194,990
Cash and cash equivalents at end of period		0	47,994		195,805
Cash and cash equivalents at beginning of period		47,994	195,805		815
Income Taxes Paid, Net		(9,182)	(54,237)		3,856
Cash paid during the period for interest		7,104	11,383		22,298
Net assets of subsidiary sold		0	0		(543,990)
Noncash dividends from subsidiaries		47,865	39,911		0
Dividends in form of cash [Member] | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)		$ 92,135	$ 5,089		$ 29,139

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

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Sch II - Condensed Financial Information on Registrant

12 Months Ended

Dec. 31, 2013

Schedule II. Condensed Financial Information of Registrant [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Schedule II - Condensed Financial Information of Registrant

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Balance Sheets

(Dollars in thousands)

	December 31,
	2013		2012
Assets
Investments in subsidiaries (eliminated in consolidation)	$	1,021,684	$	1,219,355
Fixed maturities - available for sale, at fair value (amortized cost: 2013 - $69,240; 2012 - $51,606)	71,507		52,480
Short-term investments	31,078		24,502
Cash and cash equivalents	—		47,994
Amounts receivable from affiliates	3,145		3,931
Amounts receivable from subsidiaries (eliminated in consolidation)	597		576
Accrued investment income	276		447
Current income taxes recoverable	—		173
Deferred income tax assets	21,879		24,822
Other assets	9,489		7,309
Total assets	$	1,159,655	$	1,381,589
Liabilities and stockholders' equity
Liabilities:
Accrued expenses and other liabilities	$	17,028	$	20,740
Amounts payable to affiliates	408		1,658
Current income taxes	478		—
Long-term debt payable to affiliates	—		50,000
Long-term debt payable to non-affiliates	97,000		97,000
Total liabilities	114,914		169,398
Stockholders' equity:
Preferred stock	3,000		3,000
Class A common stock	134,993		115,706
Class B common stock	72		7,522
Accumulated other comprehensive income	119,067		289,853
Retained earnings	787,609		796,110
Total stockholders' equity	1,044,741		1,212,191
Total liabilities and stockholders' equity	$	1,159,655	$	1,381,589

See accompanying notes to condensed financial statements.

Schedule II -Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Statements of Operations

(Dollars in thousands)

	Year Ended December 31,
	2013			2012			2011
Revenues:
Net investment income	$	2,120		$	557		$	396
Realized gains (losses) on investments	33			(25		)	—
Dividends from subsidiaries (eliminated in consolidation)	140,000			45,000			29,139
Management fee income from affiliates	1,760			1,907			3,701
Management fee income from subsidiaries (eliminated in consolidation) (1)	2,072			2,255			2,278
Other income	22			3,804			1,791
Total revenues	146,007			53,498			37,305
Expenses:
Interest expense (1)	6,967			7,935			8,532
Loss on debt redemption	—			33			33,176
General and administrative expenses	9,582			12,902			9,185
Total expenses	16,549			20,870			50,893
	129,458			32,628			(13,588		)
Income tax benefit	5,316			4,010			16,945
Income before equity in undistributed income of subsidiaries	134,774			36,638			3,357
Equity in undistributed income (dividends in excess of equity income) of subsidiaries (eliminated in consolidation)	(26,216		)	46,241			64,415
Net income from continuing operations	108,558			82,879			67,772
Discontinued operations:
Loss on sale of subsidiary, net of tax benefit	—			(2,252		)	(54,143		)
Income (loss) from discontinued operations, net of tax	—			(687		)	27,110
Total income (loss) from discontinued operations	—			(2,939		)	(27,033		)
Net income	$	108,558		$	79,940		$	40,739

(1) Excludes items classified as discontinued operations on a consolidated basis.

See accompanying notes to condensed financial statements.

Schedule II - Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Statements of Cash Flows

(Dollars in thousands)

	Year ended December 31,
	2013			2012			2011
Net cash used in operating activities	$	(5,750	)	$	(3,984	)	$	(14,446	)
Investing activities
Sales of fixed maturities - available for sale	45,808			793			—
Acquisitions of fixed maturities - available for sale	(15,192		)	(4,866		)	(2,094		)
Short-term investments, net change	(6,577		)	11,045			(13,283		)
Dividends from subsidiaries (eliminated in consolidation)	92,135			5,089			29,139
Proceeds received from sale of subsidiary	—			(9,315		)	471,431
Net cash provided by investing activities	116,174			2,746			485,193
Financing activities
Transfer from (to) restricted debt defeasance trusts	—			211,627			(211,627		)
Repayments of debt	(50,000		)	(174,258		)	(50,000		)
Excess tax deductions on stock-based compensation	1,964			2,393			656
Issuance (repurchase) of common stock, net	(43,707		)	(173,253		)	(5,869		)
Capital contribution to subsidiary	(1,900		)	(2,000		)	—
Dividends paid	(64,775		)	(11,082		)	(8,917		)
Net cash used in financing activities	(158,418		)	(146,573		)	(275,757		)
Increase (decrease) in cash and cash equivalents	(47,994		)	(147,811		)	194,990
Cash and cash equivalents at beginning of year	47,994			195,805			815
Cash and cash equivalents at end of year	$	—		$	47,994		$	195,805
Supplemental disclosure of cash flow information
Cash received (paid) during the year for:
Income taxes	$	9,182		$	54,237		$	3,856
Interest	(7,104		)	(11,383		)	(22,298		)
Non-cash operating activity:
Net assets of subsidiary sold	—			—			(543,990		)
Non-cash investing activity:
Dividend from subsidiary in the form of securities	47,865			39,911			—

See accompanying notes to condensed financial statements.

Schedule II - Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Notes to Condensed Financial Statements

December 31, 2013

1.Basis of Presentation

The accompanying condensed financial statements should be read in conjunction withthe consolidated financial statements and notes thereto of FBL Financial Group, Inc.

In the parent company only financial statements, our investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. In addition, the carrying value includes net unrealized gains/losses on the subsidiaries' investments classified as "available for sale."

2. Sale of EquiTrust Life Business

As further discussed in Note 15 to the consolidated financial statements included in Item 8, we sold our subsidiary, EquiTrust Life Insurance Company on December 30, 2011.

3. Dividends from Subsidiaries

The parent company received dividends totaling $140.0 million in 2013 and $45.0 million in 2012 in the form of cash ($92.1 million in 2013 and $5.1 million in 2012) and securities ($47.9 million in 2013 and $39.9 million in 2012). The parent company received cash dividends of $29.1 million in 2011, which includes $4.5 million from discontinued operations.

4. Debt

See Note 6 to the consolidated financial statements included in Item 8 for a description of the parent company's debt, including items paid off. The company's debt matures in 2047.

XML

Income Taxes Effective tax rate reconciliation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Contingency [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 150,305	$ 118,184	$ 69,722
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate	52,607	41,364	24,400
Effective Income Tax Rate Reconciliation, Tax Exempt Income	(2,802)	(1,741)	(2,393)
Income Tax Reconciliation, Nondeductible Expense, Share-based Compensation Cost	(594)	(341)	(1,029)
Effective Income Tax Rate Reconciliation, Other Adjustments	111	789	(2,181)
Management fee income from affiliates	$ 49,322	$ 40,071	$ 18,797

XML

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012		Dec. 31, 2011
Operating activities
Net income	$ 108,393,000	$ 79,857,000		$ 40,745,000	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	144,906,000	141,490,000		449,164,000	[1]
Charges for mortality, surrenders and administration	(100,820,000)	(95,437,000)		(111,881,000)	[1]
Net realized (gains) losses on investments	(13,555,000)	(452,000)		(30,096,000)	[1]
Change in the fair value of derivatives	(955,000)	259,000		(64,940,000)	[1]
Increase in traditional life and accident and health benefit liabilities	58,064,000	55,081,000		39,585,000	[1]
Deferral of acquisition costs	(43,452,000)	(47,552,000)		(109,803,000)	[1]
Amortization of deferred acquisition costs and value of insurnace in force	33,076,000	43,466,000		139,784,000	[1]
Change in reinsurance recoverable	(1,763,000)	(3,553,000)		12,195,000	[1]
Provision for deferred income taxes	6,058,000	48,789,000		(35,865,000)	[1]
Loss on sale of subsidiary	0	(2,252,000)		(54,143,000)	[1]
Loss on debt redemption	0	33,000		33,176,000	[1]
Other	(7,677,000)	(17,754,000)		(56,781,000)	[1]
Net cash provided by operating activities	182,275,000	206,479,000		359,426,000	[1]
Sales, maturities or repayments:
Fixed maturities - available for sale	720,316,000	653,067,000		1,267,355,000	[1]
Equity securities - available for sale	12,810,000	12,860,000		2,505,000	[1]
Mortgage loans	64,215,000	71,544,000		87,847,000	[1]
Derivative instruments	506,000	161,000		55,349,000	[1]
Policy loans	34,946,000	35,907,000		38,344,000	[1]
Securities and indebtedness of related parties	10,381,000	302,000		86,000	[1]
Other investments	30,000	0		0	[1]
Real estate	1,957,000	0		1,331,000	[1]
Acquisitions:
Fixed maturities - available for sale	(893,555,000)	(1,086,107,000)		(1,769,476,000)	[1]
Equity securities - available for sale	(26,740,000)	(38,994,000)		(4,643,000)	[1]
Mortgage loans	(87,568,000)	(75,780,000)		(49,303,000)	[1]
Derivative instruments	(607,000)	(223,000)		(63,478,000)	[1]
Policy loans	(37,685,000)	(37,793,000)		(40,371,000)	[1]
Securities and indebtedness of related parties	(30,960,000)	(38,153,000)		(26,680,000)	[1]
Short-term investments, net change	(34,161,000)	(32,760,000)		306,839,000	[1]
Purchases and disposals of property and equipment, net	(11,846,000)	(3,422,000)		(5,008,000)	[1]
Payments for (Proceeds from) Businesses and Interest in Affiliates	0	(9,315,000)		471,431,000	[1]
Net cash provided by (used in) investing activities	(277,961,000)	(548,706,000)		272,128,000	[1]
Financing activities
Contract holder account deposits	565,255,000	629,700,000		1,327,043,000	[1]
Contract holder account withdrawals	(384,914,000)	(361,189,000)		(1,391,312,000)	[1]
Transfer from (to) restricted debt defeasance trusts	0	211,627,000		(211,627,000)	[1]
Repayments of debt	(50,000,000)	(174,258,000)		(50,000,000)	[1]
Receipts related to noncontrolling interests, net	159,000	24,000		17,000	[1]
Excess tax deductions on stock-based compensation	1,964,000	2,393,000		656,000	[1]
Repurchase of common stock, net	(43,707,000)	(173,253,000)		(5,869,000)	[1]
Dividends paid	(64,775,000)	(11,082,000)		(8,917,000)	[1]
Net cash provided by (used in) financing activities	23,982,000	123,962,000		(340,009,000)	[1]
Increase in cash and cash equivalents	(71,704,000)	(218,265,000)		291,545,000	[1]
Cash and cash equivalents at beginning of period	78,074,000	296,339,000	[1]	4,794,000	[1]
Cash and cash equivalents at end of period	6,370,000	78,074,000		296,339,000	[1]
Supplemental disclosures of cash flow information
Cash paid during the period for interest	7,104,000	11,383,000		22,298,000	[1]
Cash paid during the period for income taxes	21,001,000	(27,957,000)		52,852,000	[1]
Non-cash operating activity:
Deferral of sales inducements	1,477,000	1,872,000		51,502,000	[1]
Net assets of subsidiary sold	0	0	[1]	(543,990,000)	[1]
Non-cash investing and financing activity:
Non-cash refinancing of debt payable to affiliates	$ 0	$ 0	[1]	$ 100,000,000	[1]

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

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Consolidated Balance Sheets Parenthetical disclosures (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	$ 5,828,539	$ 5,637,608
Available-for-sale Equity Securities, Amortized Cost Basis	$ 90,071	$ 82,140
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	5,000,000	5,000,000
Preferred stock, shares outstanding	5,000,000	5,000,000
Common stock, shares outstanding	24,754,355	25,475,074
Common Class A
Common stock, shares authorized	88,500,000	88,500,000
Common Stock, Shares, Issued	24,742,942	24,282,184
Common stock, shares outstanding	24,742,942	24,282,184
Common Class B
Common stock, shares authorized	1,500,000	1,500,000
Common Stock, Shares, Issued	11,413	1,192,890
Common stock, shares outstanding	11,413	1,192,890

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Committments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Legal Proceedings

In the normal course of business, we may be involved in litigation where damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We are not aware of any such matters threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries.

Other

We self-insure our employee health and dental claims. However, claims in excess of our self-insurance limits are fully insured. We fund insurance claims through a self-insurance trust. Deposits to the trust are made at an amount equal to our best estimate of claims to be paid during the period and a liability is established at each balance sheet date for any unpaid claims. Adjustments, if any, resulting in changes in the estimate of claims incurred will be reflected in operations in the periods in which such adjustments are known.

We lease our home office properties under a 10-year operating lease from a wholly-owned subsidiary of the IFBF. Future remaining minimum lease payments under this lease, as of December 31, 2013, are as follows: 2014 - $2.3 million, 2015 - $2.3 million, 2016 - $2.3 million, 2017 - $2.3 million, 2018 - $2.3 million and thereafter, through 2021 - $7.0 million. Rent expense for the lease totaled $4.3 million in 2013, $4.5 million in 2012 and $3.6 million in 2011. These amounts are net of $0.2 million in 2013 and 2012 and $1.4 million in 2011 in amortization of a deferred gain on the exchange of our home office properties for common stock in 1998. The remaining unamortized deferred gain totaled $1.4 million at December 31, 2013 and $1.6 million at December 31, 2012.

From time to time, assessments are levied on our insurance subsidiaries by guaranty associations in most states in which the subsidiaries are licensed. These assessments, which are accrued for, are to cover losses of policyholders of insolvent or rehabilitated companies. In some states, these assessments can be partially recovered through a reduction in future premium taxes. Recoveries (expenses) for guaranty fund assessments, net of related premium tax offsets, totaled less than ($0.1) million in 2013, less than $0.1 million in 2012 and $0.1 million in 2011.

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Quarterly Financial Information (unaudited) (Details) (USD $)	2 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Premiums and product charges		$ 73,275,000	$ 76,153,000	$ 72,853,000	$ 70,238,000	$ 70,519,000	$ 67,524,000	$ 70,098,000	$ 68,355,000
Net investment income		93,561,000	93,382,000	92,898,000	90,810,000	91,531,000	93,482,000	89,423,000	86,888,000	370,651,000	361,324,000	343,310,000
Realized gains (losses) on investments		2,340,000	693,000	7,236,000	3,286,000	(1,099,000)	1,462,000	732,000	(643,000)	13,555,000	452,000	30,096,000	[1]
Revenues		172,984,000	173,516,000	176,683,000	168,048,000	164,594,000	165,359,000	165,982,000	159,605,000	691,231,000	655,540,000	618,337,000
Net income from continuing operations		26,917,000	26,985,000	29,553,000	24,938,000	22,533,000	20,487,000	20,277,000	19,499,000	108,393,000	82,796,000	52,209,000
Income (loss) from discontinued operations, net of tax						22,000	55,000	(84,000)	(2,932,000)	0	(2,939,000)	(11,464,000)
Net income attributable to FBL Financial Group, Inc.		26,952,000	27,053,000	29,587,000	24,966,000	22,586,000	20,476,000	20,291,000	16,587,000	108,558,000	79,940,000	40,739,000
Income from continuing operations		$ 1.08	$ 1.05	$ 1.14	$ 0.97	$ 0.87	$ 0.77	$ 0.74	$ 0.64	$ 4.25	$ 3.01	$ 1.69
Income (loss) from discontinued operations	$ 1.84					$ 0.00	$ 0.00	$ 0.00	$ (0.10)	$ 0.00	$ (0.11)	$ (0.37)
Earnings per common share						$ 0.87	$ 0.77	$ 0.74	$ 0.54	$ 4.25	$ 2.90	$ 1.32
Income from continuing operations		$ 1.07	$ 1.04	$ 1.13	$ 0.96	$ 0.86	$ 0.76	$ 0.73	$ 0.63	$ 4.21	$ 2.97	$ 1.67
Income (loss) from discontinued operations	$ 1.81					$ 0.00	$ 0.00	$ 0.00	$ (0.10)	$ 0.00	$ (0.10)	$ (0.37)
Earnings per common share - assuming dilution						$ 0.86	$ 0.76	$ 0.73	$ 0.53	$ 4.21	$ 2.87	$ 1.30
Loss on debt redemption net of tax										0	22,000	21,564,000
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit											$ 4,800,000

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

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Segment Information Reconciliation of non-GAAP measures (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	$ 111,575	$ 101,410	$ 97,103
Proceeds from Insurance Premiums Collected	635,600	646,300	678,900
Increase (Decrease) in Premiums Receivable	741	589	(247)
Traditional life insurance premiums	180,944	175,086	168,519
Annuity
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	1,236	775	664
Traditional life insurance premiums
Segment Reporting, Other Significant Reconciling Item [Line Items]
Proceeds from Insurance Premiums Collected	180,203	174,497	168,766
Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	64,245	54,909	49,147
Proceeds from Insurance Premiums Collected	307,474	255,709	229,468
Life insurance - interest sensitive [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Proceeds from Insurance Premiums Collected	127,271	81,212	60,702
Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	46,094	45,726	47,292
Admiin charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	19,602	11,726	9,922
Admiin charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	6,138	5,975	6,317
Cost of insurance charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	42,697	39,886	37,334
Cost of insurance charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	29,567	29,638	29,794
Surrender charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	484	943	578
Surrender charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	525	780	1,151
Separate account charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	8,742	8,372	8,748
Amortization of policy initiation fees [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	1,462	2,354	1,313
Amortization of policy initiation fees [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	$ 1,122	$ 961	$ 1,282

XML

Document and entity information Document (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 18, 2014 Common Class A	Feb. 18, 2014 Common Class B
Document Information [Line Items]
Entity Registrant Name	FBL FINANCIAL GROUP INC
Entity Central Index Key	0001012771
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		24,787,511	11,413
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 416,478,677

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Earnings per Share

12 Months Ended

Dec. 31, 2013

Earnings (Loss) Per Share [Abstract]

Earnings Per Share [Text Block]

Computation of Earnings Per Common Share
	Year ended December 31,
	2013		2012			2011
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	108,558	$	79,940		$	40,739
Less: Net income (loss) from discontinued operations	—		(2,939		)	(11,464		)
Less: Dividends on Series B preferred stock	150		150			150
Income available to common stockholders from continuing operations	$	108,408	$	82,729		$	52,053
Denominator:
Weighted-average shares - basic	25,508,522		27,497,146			30,726,009
Effect of dilutive securities - stock-based compensation	265,893		341,402			489,014
Weighted-average shares - diluted	25,774,415		27,838,548			31,215,023
Earnings per common share:
Income from continuing operations	$	4.25	$	3.01		$	1.69
Income (loss) from discontinued operations	—		(0.11		)	(0.37		)
Total earnings per share	$	4.25	$	2.90		$	1.32
Earnings per common share - assuming dilution:
Income from continuing operations	$	4.21	$	2.97		$	1.67
Income (loss) from discontinued operations	—		(0.10		)	(0.37		)
Total earnings per share	$	4.21	$	2.87		$	1.30
Antidilutive stock options excluded from diluted earnings per share	—		790,216			1,042,587

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Retirement and Compensation Plans Weighted average assumptions (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.99%	4.18%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	3.00%	3.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.18%	4.67%	5.09%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	7.00%	7.00%	7.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase	3.00%	4.00%	4.00%
Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage	0.55
Defined Benefit Plan, Actual Plan Asset Allocations	57.00%
Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage	0.40
Defined Benefit Plan, Actual Plan Asset Allocations	42.00%
Alternative investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage	0.05
Defined Benefit Plan, Actual Plan Asset Allocations	1.00%

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Segment Information Segment assets (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Goodwill	$ 9,900,000	$ 9,900,000
Proceeds from Insurance Premiums Collected	635,600,000	646,300,000	678,900,000
Assets	8,461,323,000	8,417,726,000
Segment assets	8,268,531,000	7,973,142,000
Unrealized Gains on assets in AOCI	192,792,000	444,584,000
Annuity
Segment Reporting Information [Line Items]
Goodwill	3,900,000	3,900,000
Assets	3,778,018,000	3,627,891,000
Corporate and Other
Segment Reporting Information [Line Items]
Assets	1,701,368,000	1,735,996,000
Life Insurance
Segment Reporting Information [Line Items]
Goodwill	6,100,000	6,100,000
Proceeds from Insurance Premiums Collected	307,474,000	255,709,000	229,468,000
Assets	2,789,145,000	2,609,255,000
Farm Bureau Property & Casualty insurance company [Member]
Segment Reporting Information [Line Items]
Lease income	$ 2,200,000	$ 2,400,000	$ 1,800,000

XML

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:
Interest sensitive product charges	$ 111,575	$ 101,410	$ 97,103
Traditional life insurance premiums	180,944	175,086	168,519
Net investment income	370,651	361,324	343,310
Net realized capital gains on sales of investments	15,967	17,479	5,355
Total other-than-temporary impairment losses	(6,662)	(26,399)	(20,206)
Non-credit portion in other comprehensive income/loss	4,250	9,372	6,555
Net impairment losses recognized in earnings	(2,412)	(17,027)	(13,651)
Other income	14,506	17,268	17,701
Total revenues	691,231	655,540	618,337
Benefits and expenses:
Interest sensitive product benefits	203,599	196,387	192,082
Traditional life insurance benefits	160,471	156,290	148,959
Policyholder dividends	13,319	14,275	17,030
Underwriting, acquisition and insurance expenses	138,260	141,906	128,184
Interest expense	6,863	7,952	8,532
Loss on debt redemption	0	33	33,176
Other expenses	18,414	20,513	20,652
Total benefits and expenses	540,926	537,356	548,615
Income from continuing operations before equity income, income taxes and noncontrolling interest	150,305	118,184	69,722
Income taxes	(49,322)	(40,071)	(18,797)
Equity income, net of related income taxes	7,410	4,683	1,284
Net income from continuing operations	108,393	82,796	52,209
Discontinued operations:
Loss on sale of subsidiary, net of tax benefit ($1,213 in 2012 and $29,198 in 2011)	0	(2,252)	(54,143)	[1]
Income from discontinued operations, net of tax	0	(687)	42,679
Total income (loss) from discontinued operations	0	(2,939)	(11,464)
Net income	108,393	79,857	40,745	[1]
Net loss (income) attributable to noncontrolling interest	165	83	(6)
Net income attributable to FBL Financial Group, Inc.	$ 108,558	$ 79,940	$ 40,739
Earnings per common share:
Income from continuing operations	$ 4.25	$ 3.01	$ 1.69
Income (loss) from discontinued operations	$ 0.00	$ (0.11)	$ (0.37)
Earnings per common share	$ 4.25	$ 2.90	$ 1.32
Earnings per common share - assuming dilution:
Income from continuing operations	$ 4.21	$ 2.97	$ 1.67
Income (loss) from discontinued operations	$ 0.00	$ (0.10)	$ (0.37)
Earnings per common share - assuming dilution	$ 4.21	$ 2.87	$ 1.30
Regular quarterly cash dividend [Member]
Earnings per common share - assuming dilution:
Cash dividends per common share	$ 0.5200	$ 0.4000	$ 0.2875
Special cash dividend [Member]
Earnings per common share - assuming dilution:
Cash dividends per common share	$ 2.0000	$ 0.0000	$ 0.0000

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

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Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

We file a consolidated federal income tax return with Farm Bureau Life and FBL Financial Services, Inc. and certain of their subsidiaries. The companies included in the consolidated federal income tax return each report current income tax expense as allocated under a consolidated tax allocation agreement. This allocation typically results in profitable companies recognizing a tax provision as if the individual company filed a separate return and loss companies recognizing a benefit to the extent their losses contribute to reduce consolidated taxes.

Deferred income taxes have been established based upon the temporary differences between the financial statement and income tax bases of assets and liabilities. The reversal of the temporary differences will result in taxable or deductible amounts in future years when the related asset or liability is recovered or settled. A valuation allowance is required if it is more likely than not that a deferred tax asset will not be realized. In assessing the need for a valuation allowance we considered the scheduled reversal of deferred tax assets, projected future taxable income, taxable income from prior years available for recovery and tax planning strategies. Our tax planning strategies assume deferred tax assets related to unrealized losses on our investments are temporary as we have the ability to hold the investments until maturity, at which time, the existing temporary difference is expected to reverse. As such, we have determined that the establishment of a valuation allowance was not necessary at December 31, 2013 and 2012.

Income Tax Expenses (Credits)
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Taxes provided in consolidated statements of operations on:
Income from continuing operations before noncontrolling interest and equity income (loss):
Current	$	43,264		$	(8,717	)	$	27,637
Deferred	6,058			48,788			(8,840		)
	49,322			40,071			18,797
Equity income (loss) - current	(11,050		)	(6,260		)	(890		)
Discontinued operations	—			(382		)	23,003
Loss on sale of subsidiary	—			(1,213		)	(29,198		)
Taxes provided in consolidated statements of changes in stockholders' equity:
Accumulated other comprehensive income	(91,961		)	60,309			67,964
Class A and Class B common stock	(1,657		)	(2,167		)	(164		)
	(93,618		)	58,142			67,800
	$	(55,346	)	$	90,358		$	79,512

Effective Tax Rate Reconciliation to Federal Income Tax Rate
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Income from continuing operations before income taxes, noncontrolling interest and equity income (loss)	$	150,305		$	118,184		$	69,722
Income tax at federal statutory rate (35%)	$	52,607		$	41,364		$	24,400
Tax effect (decrease) of:
Tax-exempt dividend and interest income	(2,802		)	(1,741		)	(2,393		)
Impact of incentive stock options	(594		)	(341		)	(1,029		)
Other items	111			789			(2,181		)
Income tax expense	$	49,322		$	40,071		$	18,797

Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities
	December 31,
	2013		2012
	(Dollars in thousands)
Deferred income tax assets:
Future policy benefits	$	22,754	$	20,865
Accrued benefit and compensation costs	12,048		11,957
Loss carryforwards	17,041		18,259
Other	4,478		1,632
	56,321		52,713
Deferred income tax liabilities:
Fixed maturity and equity securities	90,360		219,372
Deferred acquisition costs	66,583		24,826
Other	22,217		16,948
	179,160		261,146
Net deferred income tax liability	$	122,839	$	208,433

We recognize the benefits of uncertain tax positions in accordance with the provisions of the FASB interpretation on accounting for uncertainty in income taxes. At December 31, 2013 and 2012, our reserve for uncertain tax positions of less than $0.5 million. Unrecognized tax benefits included in our reserve, if recognized, would impact our effective tax rate, although we do not expect these impacts to be material. We recognized interest related to unrecognized tax benefits in interest expense and related penalties in other expenses. We do not expect any significant increases or decreases in the amount of our reserve for uncertain tax positions within the next twelve months. Other than 2007, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2010.

At December 31, 2013, we had non-life net operating loss carryforwards for federal income tax purposes totaling $48.7 million which expire beginning in 2029 through 2032.

We are continuing to invest in low income housing tax credit partnerships which generate pre-tax losses but after tax gains as the related tax credits are realized. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and when tax credits are approved. These tax credits, which are reported in equity income, totaled $9.8 million in 2013, $5.7 million in 2012 and $1.0 million in 2011. In addition, in 2011 we reported $0.5 million of tax credits in tax expense.

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Reinsurance and Policy Provisions

12 Months Ended

Dec. 31, 2013

Reinsurance and Policy Provisions [Abstract]

Reinsurance and Policy Provisions [Text Block]

Reinsurance and Policy Provisions

Reinsurance

In the normal course of business, we seek to limit our exposure to loss on any single insured or event and to recover a portion of benefits paid by ceding a portion of our exposure to other insurance companies. Our reinsurance coverage for life insurance varies according to the age and risk classification of the insured with retention limits ranging up to $1.5 million of coverage per individual life. New sales of certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance.

We participate in a reinsurance pool with various unaffiliated life insurance companies to mitigate the impact of a catastrophic event on our financial position and results of operations. Members of the pool share in the eligible catastrophic losses based on their size and contribution to the pool. The maximum loss we could incur as a result of losses assumed from other pool members is $7.7 million per event. As of the date of this filing, there have been no claims on the reinsurance pool.

In addition, Farm Bureau Life may cede certain losses under an annual 100% quota share accidental death reinsurance agreement. Coverage includes all acts of terrorism including those of a nuclear, chemical or biological origin. Coverage is subject to an annual aggregate retention of $13.0 million. A maximum occurrence limit of $50.0 million applies to policies written on agents of the Company who are participating in company-sponsored incentive trips. Additionally, a $200.0 million occurrence limit applies to employees in the home office building, net of reinsurance on group life policies. All other occurrence catastrophes are unlimited in amount.

Life insurance in force ceded totaled $13,220.0 million (24.2%of life insurance in force) at December 31, 2013 and $11,999.3 million (23.1% of life insurance in force) at December 31, 2012. Insurance premiums and product charges have been reduced by $29.4 million in 2013, $28.9 million in 2012 and $30.8 million in 2011 and insurance benefits have been reduced by $21.7 million in 2013, $20.5 million in 2012 and $15.5 million in 2011 as a result of cession agreements.

Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet obligations under reinsurance agreements, our insurance subsidiaries would be liable for these obligations, and payment of these obligations could result in losses. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers and monitor concentrations of credit risk. No allowance for uncollectible amounts has been established against our asset for reinsurance recoverable since none of our receivables are deemed to be uncollectible.

We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements. Life insurance in force assumed totaled $613.3 million (1.5% of total life insurance in force) at December 31, 2013 and $612.9 million (1.5% of total life insurance in force) at December 31, 2012. Premiums and product charges assumed totaled $0.8 million in 2013, $0.6 million in 2012 and $0.4 million in 2011. Insurance benefits assumed totaled $1.7 million in 2013, $0.3 million in 2012 and less than $0.1 million in 2011.

Policy Provisions

Analysis of the Value of Insurance In Force Acquired

	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Excluding impact of net unrealized investment gains and losses:
Balance at beginning of year	$	32,500		$	38,062		$	33,403
Accretion of interest during the year	902			1,068			1,266
Amortization of asset	(3,467		)	(6,630		)	3,393
Balance prior to impact of net unrealized investment gains and losses	29,935			32,500			38,062
Impact of net unrealized investment gains and losses	(6,356		)	(15,346		)	(12,281		)
Balance at end of year	$	23,579		$	17,154		$	25,781

We periodically revise key assumptions used in the calculation of the value of insurance in force acquired through an “unlocking” process, which increased amortization $2.6 million in 2012. As described in Note 1, during 2011 refinements were made to the methods and assumptions used to calculate the amortization of value of insurance in force acquired, resulting in a $6.9 million reduction in amortization. Net amortization, based on expected future gross profits/margins, for the next five years is expected to be as follows: 2014 - $2.8 million; 2015 - $2.8 million; 2016 - $2.5 million; 2017 - $2.5 million; and 2018 - $2.4 million.

Certain variable annuity and variable universal life contracts in our separate accounts and in separate accounts of reinsurance partners have minimum interest guarantees on funds deposited in our general account. In addition, we have certain variable annuity contracts that include a) guaranteed minimum death benefits (GMDBs), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon death of the contract holder, and/or c) a guaranteed minimum income benefit (GMIB) that provides monthly income to the contract holder after the eighth policy year.

GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee
	December 31, 2013				December 31, 2012
	Separate Account Balance		Net Amount at Risk		Separate Account Balance		Net Amount at Risk
	(Dollars in thousands)
Guaranteed minimum death benefit:
Return of net deposits	$	195,593	$	791	$	178,443	$	1,346
Return the greater of highest anniversary value or net deposits	315,176		3,150		282,973		7,177
Incremental death benefit	283,556		57,964		252,925		35,502
Guaranteed minimum income benefit	42,850		—		38,072		—
Total			$	61,905			$	44,025

The separate account assets are principally comprised of stock and bond mutual funds. The net amount at risk for these contracts is based on the amount by which GMDB, IDB or GMIB exceeds account value. The reserve for GMDBs, IDBs or GMIBs, determined using modeling techniques and industry mortality assumptions, that is included in future policy benefits, totaled $2.4 million at December 31, 2013 and $1.9 million at December 31, 2012. The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 63 years at December 31, 2013 and 60 years at December 31, 2012. Benefits paid for GMDBs, IDBs and GMIBs totaled $0.3 million for 2013, $0.2 million for 2012 and $0.3 million for 2011.

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Sch I. Schedule of Investments

12 Months Ended

Dec. 31, 2013

Summary of Investments [Abstract]

Summary of Investments, Other than Investments in Related Parties [Text Block]

Schedule I - Summary of Investments - Other

Than Investments in Related Parties

FBL FINANCIAL GROUP, INC.

December 31, 2013

Column A	Column B		Column C		Column D
Type of Investment	Cost (1)		Value		Amount at which shown in the balance sheet
	(Dollars in thousands)
Fixed maturities, available for sale:
Bonds:
Corporate	$	3,142,476	$	3,306,779	$	3,306,779
Mortgage and asset-backed	1,328,882		1,381,938		1,381,938
United States Government and agencies	39,261		43,281		43,281
State, municipal and other governments	1,317,920		1,349,755		1,349,755
Total	5,828,539		$	6,081,753	6,081,753
Equity securities, available for sale:
Common stocks:
Banks, trusts and insurance companies	21,810		$	21,810	21,810
Industrial, miscellaneous and all other	2,569		3,295		3,295
Non-redeemable preferred stocks	65,692		66,450		66,450
Total	90,071		$	91,555	91,555
Mortgage loans	576,880				575,861
Investment real estate (2)	4,101				4,084
Policy loans	176,993				176,993
Short-term investments	108,677				108,677
Other investments	662				1,079
Total investments	$	6,785,923			$	7,040,002

(1) On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans.

(2) Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost.

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Statutory Insurance Information

12 Months Ended

Dec. 31, 2013

Statutory Information [Abstract]

Statutory insurance information [Text Block]

Statutory Insurance Information

The statutory financial statements of Farm Bureau Life are prepared in accordance with the accounting practices prescribed or permitted by the Insurance Division. The Insurance Division has adopted the accounting guidance contained in the National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (the “Manual”) as the prescribed accounting practice for insurance companies domiciled in Iowa. The Insurance Division may permit accounting practices which differ from those prescribed by the Manual. None of our statutory accounting practices differed materially from those prescribed by the Manual. Several differences exist between GAAP and statutory accounting practices. Principally, under statutory accounting, deferred acquisition costs are not capitalized, fixed maturity securities are generally carried at amortized cost, insurance liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted.

Farm Bureau Life has a subsidiary, Greenfields, which launched in 2013 and regulated by the Colorado Division of Insurance. Greenfields' operations are immaterial and implicitly included in the financial results of Farm Bureau Life below.

Farm Bureau Life Statutory Information
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Net gain from operations (excludes impact of realized gains and losses on investments)	$	93,306	$	92,988	$	87,792
Net income	94,583		86,589		72,653

	December 31,
	2013		2012
	(Dollars in thousands)
Capital and surplus	$	492,450	$	547,398

State laws specify regulatory actions if an insurer's risk-based capital (RBC) ratio, a measure of solvency, falls below certain levels. The NAIC has a standard formula for annually assessing RBC based on the various risk factors related to an insurance company's capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against a statutory "authorized control level" RBC at which point regulators have the option to assume control of the insurance company. The company action level RBC is 200% of the authorized control level and is the first point at which any action would be triggered. As of December 31, 2013, our total adjusted capital was $558.4 million, resulting in a RBC ratio of 499%, based on company action level capital of $111.8 million.

Farm Bureau Life's ability to pay dividends to the parent company is restricted by the Iowa Insurance Holding Company Act to earned surplus arising from its business. In addition, prior approval of the Iowa Insurance Commissioner is required for a dividend distribution of cash or other property whose fair value, together with that of other dividends made within the preceding 12 months, exceeds the greater of (i) 10% of policyholders' surplus as of the preceding year end, or (ii) the statutory net gain from operations of the insurer for the preceding calendar year. At December 31, 2013, Farm Bureau Life’s statutory unassigned surplus was $359.0 million. The 2013 net gain from operations, which exceeds 10% of statutory surplus, was $93.3 million.

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Retirement and Compensation Plans Share based compensation (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	2.01%
Fair Value Assumptions, Expected Dividend Rate	1.30%
Fair Value Assumptions, Weighted Average Volatility Rate	67.00%
Fair Value Assumptions, Expected Term				5 years 2 months
Options, Outstanding [Roll Forward]
Options, Outstanding, Number	651,497		1,311,668
Options, Exercises in Period	(652,308)
Options, Forfeitures in Period	(7,863)
Options, Outstanding, Number	651,497		1,311,668
Options, Vested and Expected to Vest, Outstanding, Number	650,555
Options, Exercisable, Number	495,443
Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options, Outstanding, Weighted Average Exercise Price	$ 28.67
Options, Exercises in Period, Weighted Average Exercise Price	$ 29.73
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 28.55
Options, Outstanding, Weighted Average Exercise Price	$ 27.61		$ 28.67
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 27.61
Options, Exercisable, Weighted Average Exercise Price	$ 29.54
Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 11 months 12 days
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 11 months 12 days
Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 2 months 26 days
Options, Outstanding, Intrinsic Value	$ 11,193,000	[1]
Options, Exercisable, Intrinsic Value	7,557,000	[1]
Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	11,175,000	[1]
Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 14.90
Options, Exercises in Period, Total Intrinsic Value	6,600,000		5,400,000	3,500,000
Nonvested Awards, Total Compensation Cost Not yet Recognized	100,000
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 0 months
Cash Received from Exercise of Stock Options	19,400,000		9,700,000	7,500,000
Tax Benefit Realized from Exercise of Stock Options	2,300,000		1,800,000	1,100,000
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning	142,648
Stock units, Forfeited in Period	(210)
Stock units, Vested in Period	(142,438)
Number of shares or units end of period	0		142,648
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Weighted Average Grant Date Fair Value	$ 0.00		$ 19.96
Stock units, Forfeitures, Weighted Average Grant Date Fair Value	$ 19.96
Stock units, Vested in Period, Weighted Average Grant Date Fair Value	$ 19.96
Nonvested stock released to employees, tax benefit	1,700,000		1,600,000	100,000
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	666,659		353,140	121,551
Number of Shares Available for Grant	3,430,142
Class A common stock compensation plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	300,000		2,100,000	5,000,000
Tax Benefit from Compensation Expense	100,000		900,000	1,900,000
Cash-based restricted stock unit plan [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	1,000,000		200,000	600,000
Tax Benefit from Compensation Expense	600,000		100,000	300,000
Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Nonvested Awards, Total Compensation Cost Not yet Recognized	3,500,000
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 months 22 days
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning	85,559
Stock units, Grants in Period	61,140
Stock units, Forfeited in Period	(8,456)
Stock units, Vested in Period	(20,277)
Number of shares or units end of period	117,966		85,559
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Weighted Average Grant Date Fair Value	$ 34.92		$ 34.91
Stock units, Grants in Period, Weighted Average Grant Date Fair Value	$ 34.94		$ 35.10
Stock units, Forfeitures, Weighted Average Grant Date Fair Value	$ 35.01
Stock units, Vested in Period, Weighted Average Grant Date Fair Value	$ 34.94
Directors stock grants-cash based units [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units end of period	17,295		12,073
Directors nonrestricted Class A stock grants [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Tax Benefit from Compensation Expense			300,000	0
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units end of period	58,159		110,971
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures				24,806
Number of Shares Available for Grant	119,234
Executive Salary and Bonus Deferred Compensation Plan-cash based units [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units end of period	13,308		3,189
Executive Salary and Bonus Deferred Compensation Plan [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units end of period	98,630		97,903
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Number of Shares Available for Grant	111,047
Executive excess 401(k) plan-cash based units [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units end of period	93		44
Executive excess 401(k) plan [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units end of period	4,355		4,122
Other Postretirement Benefit Plans, Defined Benefit [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost			900,000	900,000
Health and medical post retirement plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	$ 100,000		$ 100,000	$ 100,000

[1] Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2013.

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Retirement and Compensation Plans

12 Months Ended

Dec. 31, 2013

Retirement and Compensation Plans [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Defined Benefit Pension Plans

We participate in various defined benefit pension plans (the Plans), including a multiemployer plan. The multiemployer plan is considered qualified under Internal Revenue Service regulations, and covers our employees and the employees of the other participating companies who have attained age 21, have one year of service, and were employed prior to January 1, 2013. We also have a plan which provides supplemental pension benefits to employees with salaries and/or pension benefits in excess of the qualified limits imposed by federal law and started prior to January 1, 2013. Benefits of these plans are based on years of service and the employee's compensation. The plans are discussed below.

Multiemployer Defined Benefit Plan

The FBL Financial Group Retirement Plan (the Multiemployer Plan) is considered a multiemployer plan, with the participation of unaffiliated and affiliated organizations along with FBL Financial Group, Inc. and its subsidiaries. Under the multiemployer plan structure, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. If an employer elects to discontinue participation, prior to departure they will be required to contribute their portion of the unfunded pension obligation associated with their employees. This required contribution will be based on an actuarial estimate of future benefit obligations, which as an estimate may not ultimately be sufficient to fund future actual benefits. None of the participating employers have provided notice that they would be discontinuing participation in the Multiemployer Plan or would otherwise be unable to continue providing their share of required funding as of December 31, 2013.

Contributions are made each year, resulting in the Multiemployer Plan being partially funded for payment of projected future benefit obligations. Beginning in 2013, no new participants entered the Multiemployer Plan and those participants who had not attained age 40 and 10 years of service as of December 31, 2012 no longer accrued additional years of service in the Multiemployer Plan.

Multiemployer Plan name		FBL Financial Group Retirement Plan
Employer identification number		42-1411715
Plan number		1
FBL's contributions (in thousands)
	2013	$22,500
	2012	$15,000
	2011	$15,000

Net periodic pension cost of the Multiemployer Plan is allocated between participating employers on a basis of time incurred by the respective employees for each employer. Such allocations are reviewed annually. This Multiemployer Plan was not subject to collective bargaining agreements, a financial improvement plan or a rehabilitation plan. No surcharges were required to be paid to the Multiemployer Plan during 2013, 2012 or 2011. We are the primary employer in the Multiemployer Plan, providing more than 5 percent of the total contributions during 2013, 2012 or 2011.

Other Defined Benefit Plans

The other defined benefit plans (the Other Plans) provide benefits in addition to those offered under the Multiemployer Plan to certain of our employees or those of our affiliates. These non-qualified benefit plans are unfunded, with contributions provided as necessary to fund current benefit obligations. Net periodic pension cost of the Other Plans is allocated between the subsidiaries of FBL Financial Group, Inc. and the Farm Bureau affiliated property-casualty companies on a basis of time incurred by the respective employees for each company.

Funding Status and Net Periodic Pension Costs

	Multiemployer Plan							Other Plans
	As of and for the year ended December 31,							As of and for the year ended December 31,
	2013				2012			2013			2012
	(Dollars in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of the year	$	330,320			$	283,613		$	26,664		$	26,562
Service cost	6,472				8,117			252			442
Interest cost	13,384				12,706			1,035			1,160
Actuarial (gain) loss	(41,794		)		43,015			(1,305		)	1,890
Benefits paid	(15,933		)		(17,131		)	(3,381		)	(3,390		)
Projected benefit obligation	292,449				330,320			23,265			26,664
Change in plan assets:
Fair value of plan assets at beginning of the year	220,000				205,054			—			—
Actual return on plan assets	24,253			—	17,077			—			—
Employer contributions	22,500				15,000			3,381			3,390
Benefits paid	(15,933		)		(17,131		)	(3,381		)	(3,390		)
Fair value of plan assets at end of the year	250,820				220,000			—			—
Underfunded status at end of the year	$	(41,629	)		$	(110,320	)	$	(23,265	)	$	(26,664	)
Accumulated benefit obligation	$	266,891			$	291,728		$	21,944		$	24,642

For all the Plans we participate in, the accumulated benefit obligation exceeds the fair value of plan assets. The projected benefit obligations, accumulated benefit obligation and fair value of plan assets are included above.

Net Periodic Pension Costs Incurred by the Plans

	Multiemployer Plan									Other Plans
	As of and for the year ended December 31,									As of and for the year ended December 31,
	2013			2012			2011			2013			2012			2011
	(Dollars in thousands)
Service cost	$	6,472		$	8,117		$	7,938		$	252		$	442		$	258
Interest cost	13,384			12,706			12,620			1,035			1,160			1,215
Expected return on assets	(15,666		)	(14,081		)	(13,845		)	—			—			—
Amortization of prior service cost	144			424			1,724			(11		)	(11		)	(225		)
Amortization of actuarial loss	12,468			9,467			7,003			1,267			1,108			890
Net periodic pension cost	$	16,802		$	16,633		$	15,440		$	2,543		$	2,699		$	2,138
FBL Financial Group, Inc. share of net periodic pension cost	$	5,363		$	5,437		$	5,758		$	1,436		$	1,533		$	1,131

The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period of the employees. For actuarial gains and losses, we use a corridor to determine the amounts to amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2014 will include $5.4 million for amortization of the actuarial loss and $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2014, included in accumulated other comprehensive income at December 31, 2013, will include $1.1 million for amortization of the actuarial loss and less than ($0.1) million of prior service cost (credit) amortization.

We expect contributions to be paid to the Multiemployer Plan by us and affiliates for 2014 to be approximately $15.0 million, of which $4.9 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2014 to be approximately $3.4 million, of which $1.7 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2014 - $23.0 million, 2015 - $24.1 million, 2016 - $23.1 million, 2017 - $19.7 million, 2018 - $21.4 million and 2019 through 2023 - $102.5 million. Expected benefits to be paid under the Other Plans are as follows: 2014 - $3.4 million, 2015 - $3.6 million, 2016 - $3.1 million, 2017 - $2.0 million, 2018 - $2.0 million and 2019 through 2023 - $9.1 million.

FBL's Proportionate Share of Prepaid or Accrued Pension Cost

	Multiemployer Plan				Other Plans
	As of and for the year ended December 31,				As of and for the year ended December 31,
	2013		2012		2013			2012
	(Dollars in thousands)
Amount recognized in FBL's statement of financial position
Prepaid benefit cost	$	16,330	$	14,511	$	1,284		$	696
Accrued benefit cost	—		—		(17,302		)	(19,608		)
Net amount recognized	$	16,330	$	14,511	$	(16,018	)	$	(18,912	)
Amount recognized in FBL's accumulated other comprehensive income, before taxes (1) (2)
Net actuarial loss					$	9,701		$	12,274
Prior service cost					(24		)	(35		)
Net amount recognized					$	9,677		$	12,239

(1) For multiemployer plans, the funded status is not required to be recognized as an asset or liability in the consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled$41.6 million at December 31, 2013 and $110.3 million at December 31, 2012.

(2) During 2012, we determined that our nonqualified employee benefit plans should apply single employer plan accounting. The change had no impact on earnings, although it resulted in an immaterial reduction of accumulated other comprehensive income.

Weighted Average Assumptions Used to Determine Benefit Obligation
	December 31
	2013		2012
Discount rate	4.99	%	4.18	%
Annual salary increases	3.00	%	3.00	%

We estimate the discount rate by projecting and discounting future benefit payments inherent in the projected benefit obligation using a commercially available "spot" yield curve constructed using techniques and a bond universe specifically selected to meet the accounting standard requirements.

Our expected long-term return on plan assets represents the rate of earnings expected in the funds invested to provide for anticipated benefit payments. We have analyzed the expected rates of return on assets and determined that a long-term return of

7.00% is reasonable based on the current and expected asset allocations and on the Multiemployer Plan's historical investment performance and best estimates for future investment performance.

Weighted Average Assumptions Used to Determine Net Periodic Pension Cost
	Year Ended December 31,
	2013		2012		2011
Discount rate	4.18	%	4.67	%	5.09	%
Expected long-term return on plan assets	7.00	%	7.00	%	7.00	%
Annual salary increases	3.00	%	4.00	%	4.00	%

Multiemployer Plan Assets

The Multiemployer Plan assets are primarily invested in annuity products and insurance company pooled separate accounts that invest predominately in equity securities and real estate. We have certain pension obligations that are fully funded through annuity contracts with Farm Bureau Life which are presented as funded annuity contracts below. For 2013, excluding the funded annuity contracts, we employed a long-term investment strategy of diversifying the Multiemployer Plan assets with 55% in fixed income investments, 40% in equities and 5% in alternative investments. At December 31, 2013, the Multiemployer Plan assets were invested approximately 57% in fixed income investments, 42% in diversified equities and 1% in alternative investments. The fixed income investments consist primarily of the group annuity contract and fixed income securities held in pooled separate accounts. The equity securities are in pooled separate accounts and mutual funds. The alternative investments consist of interests in limited partnerships that own various liquid and illiquid assets. Our investment strategy is to (1) achieve a long-term return sufficient to satisfy all Multiemployer Plan obligations, (2) assume a prudent level of risk and (3) maintain adequate liquidity. The expected return on Multiemployer Plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the Multiemployer Plan. In estimating the expected rate of return for each asset class, we take into account factors such as historical rates of return, expected future risk free rates of return and anticipated returns expected given the risk profile of each asset class.

The valuation methodologies used for assets measured at fair value are:

• Group and funded annuity contracts: contract value is equivalent to fair value, as the interest-crediting rates are periodically reset to market at the discretion of the issuer.

• Pooled separate accounts: the net asset value of our separate account shares is based on the latest quoted market price of the underlying investments or in the case of a real estate separate account, estimates of the current market value of the underlying property held.

• Mutual funds: the net asset value of our mutual funds is based on quoted market prices available in active markets.

• Alternative investments: the carrying value of the limited partnership interests reflects the Plan’s proportionate share of the net asset value of those partnerships which is derived from the fair value of the underlying holdings.

The pension financial instruments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Unadjusted quoted prices in active markets for identical assets that are accessible to us at the measurement date.

Level 2 - Inputs other than quoted prices in active markets for identical assets that are either directly or indirectly observable for substantially the full term of the asset or liability.

Level 3 - Inputs are unobservable and require management's judgment about the assumptions that market participants would use in pricing the assets.

Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Mutual funds: (1)
U.S. equity funds	$	31,325	$	—	$	—	$	31,325
International funds	30,884		—		—		30,884
Pooled separate accounts: (1)
Short-term fixed income funds	—		6,904		—		6,904
Fixed income funds	—		12,166		—		12,166
U.S. equity funds	—		24,934		—		24,934
Real estate fund	—		12,253		—		12,253
Annuities: (2)
Group annuity contract	—		—		117,226		117,226
Funded annuity contracts	—		—		12,932		12,932
Alternative investments: (3)
Limited partnerships	—		—		2,196		2,196
Total	$	62,209	$	56,257	$	132,354	$	250,820

	December 31, 2012
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Mutual funds: (1)
U.S. equity funds	$	30,535	$	—	$	—	$	30,535
International equity funds	20,506		—		—		20,506
Pooled separate accounts: (1)
Short-term fixed income funds	—		520		—		520
Fixed income funds	—		10,504		—		10,504
U.S. equity funds	—		25,495		—		25,495
Real estate fund	—		9,930		—		9,930
Annuities: (2)
Group annuity contract	—		—		109,275		109,275
Funded annuity contracts	—		—		13,235		13,235
Total	$	51,041	$	46,449	$	122,510	$	220,000

(1) Represents mutual funds and pooled separate account investments with Principal Life Insurance Company.

(2) Represents group annuity contracts with Farm Bureau Life.

(3) Represents interests in several limited partnerships.

Level 3 Multiemployer Plan Asset Changes in Fair Value
	December 31, 2013
						Return on assets
	December 31, 2012		Purchases (disposals), net			Held at year end			Sold during year		Transfers into (out) of level 3		December 31, 2013
	(Dollars in thousands)
Group annuity contract	$	109,275	$	2,793		$	5,158		$	—	$	—	$	117,226
Funded annuity contracts	13,235		(1,103		)	800			—		—		12,932
Limited partnerships	—		2,258			(62		)	—		—		2,196
Total	$	122,510	$	3,948		$	5,896		$	—	$	—	$	132,354

	December 31, 2012
						Return on assets
	December 31, 2011		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3		December 31, 2012
	(Dollars in thousands)
Group annuity contract	$	101,970	$	2,838		$	4,467	$	—	$	—	$	109,275
Funded annuity contracts	14,010		(1,621		)	846		—		—		13,235
Total	$	115,980	$	1,217		$	5,313	$	—	$	—	$	122,510

Postemployment Benefits Disclosure [Text Block]

Other Retirement Plans

We participate with several affiliates in a 401(k) defined contribution plan which covers substantially all employees. We contributed cash in an amount equal to 100% of an employee's contributions up to 2% or 4% of the eligible compensation contributed by the employee and an amount equal to 50% of an employee's contributions on the next 2% of the eligible compensation contributed by the employee. As shown in the table below, certain employees will also receive an annual discretionary employer contribution based on age plus years of service ranging from 2.75% to 5.75% as a percent of pay. Costs are allocated among the affiliates on a basis of time incurred by the respective employees for each company. Our expense related to the plan totaled $1.8 million in 2013 and $0.9 million in 2012 and in 2011.

Attained age 40 and 10 years of service at December 31, 2012	Accruing years of service in the Multiemployer Plan	100% Employer Match	50% Employer Match	Discretionary Employer Contribution
Yes	Yes	first 2% of employee's contributions	employee contributions between 2% and 4%	No
No	No	first 4% of employee's contributions	employee contributions between 4% and 6%	2.75% to 5.75%

We have established deferred compensation plans for certain key current and former employees and have certain other benefit plans which provide for retirement and other benefits. Liabilities for these plans are accrued as the related benefits are earned.

Certain of the assets related to these plans are on deposit with us and amounts relating to these plans are included in our financial statements. In addition, certain amounts included in the policy liabilities for interest sensitive products relate to deposit administration funds maintained by us on behalf of affiliates.

In addition to benefits offered under the aforementioned benefit plans, we and several other affiliates sponsor a plan that provides group term life insurance benefits to retirees who have worked full-time for ten years and attained age 55 while in service. Postretirement benefit expense for this plan is allocated in a manner consistent with pension expense discussed above. We also have two single employer plans that provide health and medical benefits to a small group of retirees. Postretirement benefit expense totaled $0.1 million in 2013, 2012and 2011. Changes in the underfunded status of these plans, reported in other comprehensive income, aggregated $0.2 million in 2013, ($0.1) million in 2012 and less than ($0.1) million in 2011.

Compensation and Employee Benefit Plans [Text Block]

Share-based Compensation Plans

We have three share-based payment arrangements under our Class A Common Stock Compensation Plan, which are described below. Compensation expense for these arrangements totaled $0.3 million for 2013, $2.1 million for 2012 and $5.0 million for 2011. The income tax benefit recognized in the statements of operations for these arrangements totaled less than $0.1 million for 2013, $0.9 million for 2012 and $1.9 million for 2011.

In 2011, we introduced a Cash-Based Restricted Stock Unit Plan. Compensation expense for arrangements under this plan totaled $1.0 million for 2013, $0.2 million for 2012 and $0.6 million for 2011. The income tax benefit recognized in the statements of operations for this arrangement totaled $0.6 million in 2013, $0.1 million in 2012 and $0.3 million in 2011.

Stock Option Awards

In 2011 and prior years, we granted stock options for Class A common stock to officers and employees, which have a contractual term of 10 years and vest over a period up to five years, contingent upon continued employment with us. Prior to 2009, we also granted stock options for Class A common stock to directors, which were fully vested upon grant and had a contractual term that varied with the length of time the director remained on the Board, up to 10 years. The share price for all options is equal to the fair value of the common stock on the grant date. The fair value of each option award is estimated on the date of grant using a Black-Scholes-Merton option valuation model.

Assumptions Used in our Valuation Model

	Year ended December 31, 2011
Weighted average risk-free interest rate	2.01	%
Dividend yield	1.30	%
Weighted average volatility factor of the expected market price	0.67
Weighted average expected term	5.2 years

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. We use the historical realized volatility of our stock for the expected volatility assumption within the valuation model. The weighted average expected term for the majority of our options was calculated using average historical behavior.

Stock Option Activity
	Number of Shares		Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (1)
	(Dollars in thousands, except per share data)
Shares under option at January 1, 2013	1,311,668		$	28.67
Exercised	(652,308	)	29.73
Forfeited or expired	(7,863	)	28.55
Shares under option at December 31, 2013	651,497		27.61		3.95	$	11,193
Vested at December 31, 2013 or expected to vest in the future	650,555		$	27.61	3.95	$	11,175
Exercisable options at December 31, 2013	495,443		$	29.54	3.24	$	7,557

(1) Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2013.

The weighted average grant-date fair value of options granted per common share was $14.90 for 2011. The intrinsic value of options exercised during the year totaled $6.6 million for 2013, $5.4 million for 2012 and $3.5 million for 2011.

Unrecognized compensation expense related to nonvested share-based compensation granted under the stock option arrangement totaled $0.1 million as of December 31, 2013. This expense is expected to be recognized over a weighted-average period of 1.0 years.

We issue new shares to satisfy stock option exercises. Beginning in 2014, conditional upon market conditions, we intend to repurchase Class A common shares on the open market for shares issued upon the exercise of stock options. Cash received from stock options exercised totaled $19.4 million for 2013, $9.7 million for 2012 and $7.5 million for 2011. The actual tax benefit realized from stock options exercised totaled $2.3 million for 2013, $1.8 million for 2012 and $1.1 million for 2011.

Nonvested Stock Awards

In 2011 and prior years, we granted nonvested Class A common shares to certain executives. The restrictions on these shares lapsed and the shares vested if we met or exceeded operating goals, such as earnings per share, book value and expense targets, within or during a three year period. Depending on performance, the actual amount of shares issued could range from zero to 100% of the granted amount. The value of the awards was based on the grant date fair value of the nonvested stock adjusted for expected forfeitures and an estimate of the number of shares expected to vest. The estimate for the number of shares to vest was reviewed each period and the impact of any changes in the estimate on expense was recorded in the current period. These awards were charged to expense using the straight-line method over the required service period. Dividends on the restricted stock during the restriction period were contingent upon vesting.

Nonvested Stock Activity
	Number of Shares		Weighted-Average Grant-Date Fair Value per Share
Nonvested stock at January 1, 2013	142.648		$	19.96
Released	(142.438	)	19.96
Forfeited or canceled	(210	)	19.96
Nonvested stock at December 31, 2013	—		—

The expense related to the unvested share-based compensation granted under the nonvested stock arrangement has been fully recognized at December 31, 2013. The tax benefit realized from nonvested stock released to employees was $1.7 million in 2013, $1.6 million in 2012 and less than $0.1 million in 2011. We have a policy of withholding shares to cover estimated future tax payments.

Other Stock Awards

Directors were awarded nonrestricted Class A common shares totaling 24,806 during 2011. The value of the stock was based on the fair value on the date of the grant. The tax benefit realized from the shares awarded to directors was $0.3 million in 2011.

Shares of Class A common stock available for grant as additional awards under the Class A Common Stock Compensation Plan totaled 3,430,142 at December 31, 2013.

Cash-Based Restricted Stock Units

We annually grant cash-based restricted stock units to certain executives beginning in 2012. The restricted stock units will vest and be paid out in cash over 5 years, contingent on continued employment with us. Cash-based restricted stock units were also granted to certain executives in 2012 that will vest and be paid out in cash after a two-year required service period.

The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The effects of changes in the stock price during the service period are recognized as compensation cost over the service period.

We also issued performance cash-based restricted stock units to an executive in 2013. These units will vest and be paid out in cash over 5 years, contingent upon meeting an earnings per share goal as well as continued employment with the Company.

Restricted Stock Unit Activity
	Number of Units		Weighted-Average Grant-Date Fair Value per Unit
Restricted stock units at January 1, 2013	85,559		$	34.91
Granted	61,140		34.94
Vested	(20,277	)	34.94
Forfeited or canceled	(8,456	)	35.01
Restricted stock units at December 31, 2013	117,966		34.92

The weighted average grant-date fair value per common share of restricted stock units granted was $34.94 in 2013 and $35.10 in 2012. Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2013 totaled $3.5 million. This expense is expected to be recognized over a weighted-average period of 2.31 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $0.5 million in 2013.

Other

We have a Director Compensation Plan under which non-employee directors on our Board may elect to receive a portion of their compensation in the form of cash or deferred cash-based stock units. Cash-based stock units outstanding total 17,295 at December 31, 2013 and 12,073 at December 31, 2012. Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 58,159 at December 31, 2013 and 110,971 at December 31, 2012. At December 31, 2013, there were 119,234 shares of Class A common stock available for future issuance under the Director Compensation Plan.We also have an Executive Salary and Bonus Deferred Compensation Plan under which certain officers of the Company are allowed to use their base salary and annual cash bonus to purchase deferred cash-based stock units. Cash-based stock units outstanding total 13,308 at December 31, 2013 and 3,189 at December 31, 2012. Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 98,630 at December 31, 2013 and 97,903 at December 31, 2012. At December 31, 2013, shares of Class A common stock available for future issuance under this plan totaled 111,047. This plan was frozen to future deferrals on December 31, 2013. We also have an Executive Excess 401(k) Plan under which officers of the Company who meet salary guidelines and 401(k) contribution guidelines are allowed to purchase unregistered deferred cash-based stock units. Cash based stock units outstanding total 93 at December 31, 2013 and 44 at December 31, 2012. Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 4,355at December 31, 2013 and 4,122 at December 31, 2012. This plan was frozen to future deferrals on December 31, 2013.

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Fair Value Quantitative Information about Level 3 Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 3, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 255,380	$ 288,669
Liabilities, Fair Value Disclosure	286	307
Corporate | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	46,023	54,538
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	0.91% - 17.08% (7.84%)	0.78% - 9.21% (5.72%)
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	71,712	76,264
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	1.75% - 4.50% (2.95%)	1.95% - 4.80% (3.35%)
Other asset-backed | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	38,305	43,119
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	0.74% - 5.06% (3.55%)	1.24% - 6.07% (4.28%)
State and Local Jurisdiction [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		223
Fair Value Measurements, Valuation Techniques		Discounted cash flow
Fair Value Measurements, Significant Assumptions		Credit spread
Input range and weighted average		1.75% (1.75%)
Non-redeemable preferred stocks | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	7,795	7,391
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	3.81% (3.81%)	6.00% (6.00%)
Asset fair value by technique [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	163,835	181,535
Index Annuity Embedded Derivatives [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit risk Risk margin	Credit risk Risk margin
Input range and weighted average	0.30% - 1.70% (1.05%) 0.15% - 0.40% (0.25%)	1.00% - 2.50% (1.80%) 0.15% - 0.40% (0.25%)
Liabilities, Fair Value Disclosure	$ 286	$ 307

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Credit Arrangements

12 Months Ended

Dec. 31, 2013

Credit Arrangements [Abstract]

Debt Disclosure [Text Block]

Credit Arrangements

Long-term debt includes $97.0 million of our subordinated debt obligation to FBL Financial Group Capital Trust (the Trust). We issued 5% Subordinated Deferrable Interest Notes due June 30, 2047 (the Notes) with a principal amount of $100.0 million to support $97.0 million of 5% Preferred Securities issued by the Trust. We also have a $3.0 million equity investment in the Trust, which is netted against the Notes on the consolidated balance sheets due to a contractual right of offset. The sole assets of the Trust are and will be the Notes and any interest accrued thereon. The interest payment dates on the Notes correspond to the distribution dates on the 5% Preferred Securities. The 5% Preferred Securities, which have a liquidation value of $1,000.00 per share plus accrued and unpaid distributions, mature simultaneously with the Notes. As of December 31, 2013 and 2012, 97,000 shares of 5% Preferred Securities were outstanding, all of which we unconditionally guarantee.

On September 26, 2013, we redeemed the Senior Notes payable to affiliates that had a balance of $50.0 million at December 31, 2012. These 6.10% Senior Notes were due May 3, 2015 and prepayable anytime at par. These notes were issued to Farm Bureau Property & Casualty Insurance Company (Farm Bureau Property & Casualty), an affiliate, and an investment affiliate of the Iowa Farm Bureau Federation (IFBF), our majority stockholder.

As described in Note 15, during the first quarter of 2012 we completed the required redemption of $175.0 million of our long term debt in accordance with the mandatory redemption provisions of the underlying notes at the make-whole redemption price of $210.9 million.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders' Equity

The IFBF owns our Series B preferred stock. Each share of Series B preferred stock has a liquidation preference of $0.60 and voting rights identical to that of Class A common stock with the exception that each Series B share is entitled to two votes while each Class A share is entitled to one vote. The Series B preferred stock pays cumulative annual cash dividends of $0.03 per share, payable quarterly, and is redeemable by us, at our option, at $0.60 per share plus unpaid dividends if the stock ceases to be beneficially owned by a Farm Bureau organization.

Reconciliation of Outstanding Common Stock
	Class A					Class B					Total
	Shares		Dollars			Shares		Dollars			Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2011	29,749,068		$	118,165		1,192,990		$	7,522		30,942,058		$	125,687
Issuance of common stock under compensation plans	121,551		13,277			—		—			121,551		13,277
Purchase of common stock	(412,975	)	(1,758		)	—		—			(412,975	)	(1,758		)
Outstanding at December 31, 2011	29,457,644		129,684			1,192,990		7,522			30,650,634		137,206
Issuance of common stock under compensation plans	353,140		10,901			—		—			353,140		10,901
Purchase of common stock	(5,528,700	)	(24,879		)	—		—			(5,528,700	)	(24,879		)
Conversion of Class B to Class A common stock	100		—			(100	)	—			—		$	—
Outstanding at December 31, 2012	24,282,184		$	115,706		1,192,890		$	7,522		25,475,074		$	123,228
Issuance of common stock under compensation plans	666,659		20,156			—		—			666,659		20,156
Purchase of common stock	(363,430	)	(1,862		)	(1,023,948	)	(6,457		)	(1,387,378	)	(8,319		)
Conversion of Class B to Class A common stock	157,529		993			(157,529	)	(993		)	—		—
Outstanding at December 31, 2013	24,742,942		$	134,993		11,413		$	72		24,754,355		$	135,065

Holders of the Class A common stock and Series B preferred stock vote together as a group in the election of Class A Directors (four to ten). The Class B common stock votes as a separate class to elect the Class B Directors (five to seven). Voting for the Directors is noncumulative. Ownership aspects of our Class B common stock are governed by a Class B Shareholder Agreement. The IFBF's ownership in the three classes of stock results in IFBF owning 71% of our voting stock as of December 31, 2013, and having the ability to control the Company. Holders of Class A common stock and Class B common stock receive equal per-share common stock dividends.

Share Repurchases

On August 21, 2013, the Board of Directors authorized a tender offer to repurchase 99 percent of all Class B common shares outstanding. The tender price of $45.33 was based upon the average of the closing price of FBL’s Class A common stock for the seven consecutive business days preceding the tender closing date of September 25, 2013. All Class B shareholders participated with 1,023,948 Class B common shares repurchased for $46.4 million and 105,930 shares of Class B common stock converted to Class A common stock.

During 2011 and 2012, the Board of Directors approved a plan to repurchase up to $230.0 million of Class A common stock. These repurchase plans authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. In connection with the Class A repurchase plans, we repurchased 0.4 million shares of stock for $14.2 million in 2013, 5.5 million shares of stock for $181.9 million in 2012 and 0.4 million shares of stock for $13.6 million in 2011. Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice.

During February 2014, the Board of Directors approved a plan to repurchase up to $50.0 million of Class A common stock. This repurchase plan will commence upon the earlier of the completion of the current repurchase plan or its expiration on March 31, 2014.

Dividend Restrictions

The amount of dividends we have available to pay our common shareholders is limited to a certain extent by the amount of dividends our primary operating subsidiary, Farm Bureau Life, is able to pay to its parent, FBL Financial Group, Inc. Farm Bureau Life's ability to pay dividends to FBL Financial Group, Inc. is limited by Iowa law to earned profits (statutory unassigned surplus) as of the date the dividend is paid, as determined in accordance with accounting practices prescribed by insurance regulatory authorities of the State of Iowa. Further, Farm Bureau Life’s dividends are required to be approved by the Insurance Division, Department of Commerce, State of Iowa (Insurance Division) if the dividend plus all dividend distributions for the preceding twelve months exceed the greater of ten percent of its statutory surplus or its statutory net gain from operations for the twelve-month period ended December 31^st of the preceding year. At December 31, 2013, Farm Bureau Life’s statutory unassigned surplus was $359.0 million. The 2013 net gain from operations, which exceeds 10% of statutory surplus, was $93.3 million. Farm Bureau Life obtained approval from the Insurance Division prior to paying a $120.0 million extraordinary dividend during the third quarter of 2013 and will be required to obtain approval for any dividends paid prior to the fourth quarter of 2014.

Special Dividend

On August 21, 2013, the Board of Directors approved a special $2.00 per share cash dividend to Class A and B common shareholders of record as of September 6, 2013. The aggregate dividend totaling $51.4 million was paid on September 13, 2013.

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses			Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Balance at January 1, 2011	$	67,777		$	(16,237	)	$	104		$	51,644
Other comprehensive income before reclassifications	125,548			7,795			—			133,343
Reclassification adjustments	(2,876		)	(4,261		)	(5		)	(7,142		)
Balance at December 31, 2011	190,449			(12,703		)	99			177,845
Other comprehensive income before reclassifications	125,948			10,325			—			136,273
Reclassification adjustments	(10,230		)	(5,984		)	(8,051		)	(24,265		)
Balance at December 31, 2012	306,167			(8,362		)	(7,952		)	289,853
Other comprehensive income before reclassifications	(169,627		)	9,686			—			(159,941		)
Reclassification adjustments	(9,953		)	(2,690		)	1,798			(10,845		)
Balance at December 31, 2013	$	126,587		$	(1,366	)	$	(6,154	)	$	119,067

(1) Unrealized net investment gains (losses) relate to available-for-sale securities and includes the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 for further information.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2013
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Status of Postretirement Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(16,121	)	$	—		$	—		$	(16,121	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	809			112			—			921
Other than temporary impairment losses	—			(4,250		)	—			(4,250		)
Other expenses: Amortization of unrecognized postretirement items:
Prior service costs	—			—			(11		)	(11		)
Net actuarial loss	—			—			2,777			2,777
Reclassifications before income taxes	(15,312		)	(4,138		)	2,766			(16,684		)
Income taxes	5,359			1,448			(968		)	5,839
Reclassification adjustments	$	(9,953	)	$	(2,690	)	$	1,798		$	(10,845	)

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2012
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Status of Postretirement Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(16,750	)	$	—		$	—		$	(16,750	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	1,012			166			—			1,178
Other than temporary impairment losses	—			(9,372		)	—			(9,372		)
Other expenses: Amortization of unrecognized postretirement items:
Prior service costs	—			—			35			35
Net actuarial loss	—			—			(12,421		)	(12,421		)
Reclassifications before income taxes	(15,738		)	(9,206		)	(12,386		)	(37,330		)
Income taxes	5,508			3,222			4,335			13,065
Reclassification adjustments	$	(10,230	)	$	(5,984	)	$	(8,051	)	$	(24,265	)

	Year ended December 31, 2011
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Unfunded Status of Postretirement Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(5,342	)	$	—		$	—		$	(5,342	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	918			—			—			918
Other than temporary impairment losses	—			(6,555		)	—			(6,555		)
Other expenses: Amortization of unrecognized postretirement items:
Net actuarial loss	—			—			(8		)	(8		)
Reclassifications before income taxes	(4,424		)	(6,555		)	(8		)	(10,987		)
Income taxes	1,548			2,294			3			3,845
Reclassification adjustments	$	(2,876	)	$	(4,261	)	$	(5	)	$	(7,142	)

(1) See Note 2 for further information.

(2) See Note 8 discussion on Defined Benefit Plans and Other Retirement Plans for further information.

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Managment and Other Agreements

12 Months Ended

Dec. 31, 2013

Management and Other Agreements [Abstract]

Management and other agreements [Text Block]

Management and Other Agreements

We share certain office facilities and services with the IFBF and its affiliated companies. These expenses are allocated on the basis of cost and time studies that are updated annually and primarily consist of rent, salaries and related expenses, travel and other operating costs. We also have an expense allocation agreement with Farm Bureau Property & Casualty for the use of property and equipment. Expense relating to this agreement totaled $1.1 million in 2013 and 2012 and $1.0 million in 2011.

We have management agreements, which include Farm Bureau Property & Casualty and other affiliates, under which we provide general business, administrative and management services. Fee income for these services totaled $1.8 million in 2013, $1.9 million in 2012 and $3.7 million in 2011. In addition, Farm Bureau Management Corporation, a wholly-owned subsidiary of the IFBF, provides certain services to us under a separate arrangement. We incurred related expenses totaling $0.9 million in 2013, and $1.0 million in 2012 and 2011.

We have service agreements with the Farm Bureau-affiliated property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty and another affiliate. Under the service agreements, the property-casualty companies are responsible for development and management of our agency force for a fee. We incurred expenses totaling $9.7 million in 2013, $10.0 million in 2012 and $9.7 million in 2011 relating to these arrangements.

We are licensed by the IFBF to use the "Farm Bureau" and "FB" designations in Iowa. In connection with this license, we incurred royalty expense totaling $0.5 million in 2013, 2012 and 2011. We have similar arrangements with other state Farm Bureau organizations in our market territory. Total royalty expense to Farm Bureau organizations other than the IFBF totaled $1.8 million in 2013, $1.4 million in 2012 and $1.5 million in 2011. The royalty agreement with the IFBF provides them an option to terminate the agreement when the quarterly common stock dividend is below $0.10 per share.

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Reinsurance and Policy Provisions (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Reinsurance retention limit	$ 1,500,000
Ceded Premiums Earned	29,360,000	28,863,000	30,766,000
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded	21,700,000	20,500,000	15,500,000
Assumed Premiums, Life Insurance in Force	613,281,000	612,850,000	588,791,000
Reinsurance effect on in force ceded, percentage	24.20%	23.10%
Ceded Premiums, Life Insurance in Force	13,220,004,000	11,999,297,000	11,031,493,000
Assumed Premiums Earned	786,000	638,000	439,000
Reinsurance Effect on Claims and Benefits Incurred, Amount Assumed	1,700,000	300,000
Contracts in Force Subject to Participation Through Reinsurance, Percentage	1.50%	1.50%
Catastropic loss reinsurance pool [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	7,700,000
100% Quota Share Accidental Death [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Reinsurance retention limit	13,000,000
Company sponsored agent trip [Member] | 100% Quota Share Accidental Death [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	50,000,000
Home office [Member] | 100% Quota Share Accidental Death [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	$ 200,000,000

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Managment and Other Agreements (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Farm Bureau Property & Casualty insurance company [Member]
Related Party Transaction [Line Items]
Equipment Expense	$ 1,100,000	$ 1,100,000	$ 1,000,000
Management Fees Revenue	1,800,000	1,900,000	3,700,000
Professional and Contract Services Expense	9,700,000	10,000,000	9,700,000
Subsidiary of Common Parent [Member]
Related Party Transaction [Line Items]
Professional and Contract Services Expense	900,000	1,000,000	1,000,000
Majority Shareholder [Member]
Related Party Transaction [Line Items]
Royalty Expense	500,000	500,000	500,000
Royalty agreement restriction	$ 0.10
Other Farm Bureau organizations [Member]
Related Party Transaction [Line Items]
Royalty Expense	$ 1,800,000	$ 1,400,000	$ 1,500,000

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Reinsurance and Policy Provisions GMDB, IDB, GMIB (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount at Risk by Product and Guarantee, General Account Value	$ 2,400,000	$ 1,900,000
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	61,905,000	44,025,000
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age	63 years	60 years
Net amount at risk by product and guarantee, benefits paid	300,000	200,000	300,000
GMDB return of net deposits [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount at Risk by Product and Guarantee, Separate Account Value	195,593,000	178,443,000
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	791,000	1,346,000
Guaranteed Minimum Death Benefit [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount at Risk by Product and Guarantee, Separate Account Value	315,176,000	282,973,000
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	3,150,000	7,177,000
Incremental Death Benefit [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount at Risk by Product and Guarantee, Separate Account Value	283,556,000	252,925,000
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	57,964,000	35,502,000
Guaranteed Minimum Income Benefit [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount at Risk by Product and Guarantee, Separate Account Value	42,850,000	38,072,000
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	$ 0	$ 0

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Fair Value Level 3 Financial Instruments Measured at Fair Value on a Non-recurring Basis (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage Loans on Real Estate, current year impairment	$ 1.9	$ 1.6
Mortgage Loans on Real Estate, Period Increase (Decrease)	$ 0.2	$ 0.3

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Segment Information Premium concentration (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
IOWA
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.60%	28.70%	26.50%
KANSAS
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.00%	21.90%	20.90%
OKLAHOMA
Concentration Risk [Line Items]
Concentration Risk, Percentage	7.70%	7.30%	9.20%

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Retirement and Compensation Plans Stock based compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Assumptions Used in our Valuation Model

	Year ended December 31, 2011
Weighted average risk-free interest rate	2.01	%
Dividend yield	1.30	%
Weighted average volatility factor of the expected market price	0.67
Weighted average expected term	5.2 years

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Stock Option Activity
	Number of Shares		Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (1)
	(Dollars in thousands, except per share data)
Shares under option at January 1, 2013	1,311,668		$	28.67
Exercised	(652,308	)	29.73
Forfeited or expired	(7,863	)	28.55
Shares under option at December 31, 2013	651,497		27.61		3.95	$	11,193
Vested at December 31, 2013 or expected to vest in the future	650,555		$	27.61	3.95	$	11,175
Exercisable options at December 31, 2013	495,443		$	29.54	3.24	$	7,557

(1) Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2013.

The weighted average grant-date fair value of options granted per common share was $14.90 for 2011. The intrinsic value of options exercised during the year totaled $6.6 million for 2013, $5.4 million for 2012 and $3.5 million for 2011.

Unrecognized compensation expense related to nonvested share-based compensation granted under the stock option arrangement totaled $0.1 million as of December 31, 2013. This expense is expected to be recognized over a weighted-average period of 1.0 years.

We issue new shares to satisfy stock option exercises. Beginning in 2014, conditional upon market conditions, we intend to repurchase Class A common shares on the open market for shares issued upon the exercise of stock options. Cash received from stock options exercised totaled $19.4 million for 2013, $9.7 million for 2012 and $7.5 million for 2011. The actual tax benefit realized from stock options exercised totaled $2.3 million for 2013, $1.8 million for 2012 and $1.1 million for 2011.

Schedule of Nonvested Share Activity [Table Text Block]

Nonvested Stock Activity
	Number of Shares		Weighted-Average Grant-Date Fair Value per Share
Nonvested stock at January 1, 2013	142.648		$	19.96
Released	(142.438	)	19.96
Forfeited or canceled	(210	)	19.96
Nonvested stock at December 31, 2013	—		—

The expense related to the unvested share-based compensation granted under the nonvested stock arrangement has been fully recognized at December 31, 2013. The tax benefit realized from nonvested stock released to employees was $1.7 million in 2013, $1.6 million in 2012 and less than $0.1 million in 2011. We have a policy of withholding shares to cover estimated future tax payments.

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

Restricted Stock Unit Activity
	Number of Units		Weighted-Average Grant-Date Fair Value per Unit
Restricted stock units at January 1, 2013	85,559		$	34.91
Granted	61,140		34.94
Vested	(20,277	)	34.94
Forfeited or canceled	(8,456	)	35.01
Restricted stock units at December 31, 2013	117,966		34.92

The weighted average grant-date fair value per common share of restricted stock units granted was $34.94 in 2013 and $35.10 in 2012. Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2013 totaled $3.5 million. This expense is expected to be recognized over a weighted-average period of 2.31 years. Dividends are paid on restricted stock units upon vesting.

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Investment Operations Components of Net Investment Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									$ 379,754	$ 370,190	$ 352,149
Prepayment fee income and other									5,098	6,737	2,238
Less investment expenses									(9,103)	(8,866)	(8,839)
Net investment income	93,561	93,382	92,898	90,810	91,531	93,482	89,423	86,888	370,651	361,324	343,310
Fixed Maturities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									328,979	318,364	302,272
Equity Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									4,295	3,508	3,368
Mortgage Loans on Real Estate [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									32,447	32,369	34,619
Real Estate [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									331	0	367
Policy Loans [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									8,502	8,997	9,235
Short-term Investments [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									$ 102	$ 215	$ 50

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Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information [Abstract]

Quarterly Financial Information [Text Block]

Quarterly Financial Information (Unaudited)

Unaudited Quarterly Results of Operations

	2013
Quarter ended	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	70,238	$	72,853	$	76,153	$	73,275
Net investment income	90,810		92,898		93,382		93,561
Realized gains (losses) on investments	3,286		7,236		693		2,340
Total revenues	168,048		176,683		173,516		172,984
Net income from continuing operations	24,938		29,553		26,985		26,917
Net income (loss) attributable to FBL Financial Group, Inc.	24,966		29,587		27,053		26,952
Earnings per common share	$	0.97	$	1.14	$	1.05	$	1.08
Earnings per common share - assuming dilution	$	0.96	$	1.13	$	1.04	$	1.07

	2012
Quarter ended	March 31,			June 30,			September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	68,355		$	70,098		$	67,524	$	70,519
Net investment income	86,888			89,423			93,482		91,531
Realized gains (losses) on investments	(643		)	732			1,462		(1,099		)
Total revenues	159,605			165,982			165,359		164,594
Net income from continuing operations	19,499			20,277			20,487		22,533
Income (loss) from discontinued operations	(2,932		)	(84		)	55		22
Net income (loss) attributable to FBL Financial Group, Inc.	16,587			20,291			20,476		22,586
Earnings (loss) per common share:
Income (loss) from continuing operations	$	0.64		$	0.74		$	0.77	0.87
Income (loss) from discontinued operations	(0.10		)	—			—		—
Earnings (loss) per common share	$	0.54		$	0.74		$	0.77	$	0.87
Earnings (loss) per common share - assuming dilution:
Income (loss) from continuing operations	$	0.63		$	0.73		$	0.76	$	0.86
Income (loss) from discontinued operations	(0.10		)	—			—		—
Earnings (loss) per common share - assuming dilution	$	0.53		$	0.73		$	0.76	$	0.86

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Sch IV Reinsurance

12 Months Ended

Dec. 31, 2013

Schedule IV. Reinsurance [Abstract]

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block]

Schedule IV - Reinsurance

FBL FINANCIAL GROUP, INC.

Column A	Column B		Column C		Column D		Column E		Column F
	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percent of amount assumed to net
	(Dollars in thousands)
Year ended December 31, 2013:
Life insurance in force, at end of year	$	54,603,479	$	13,220,004	$	613,281	$	41,996,756	1.5	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	112,229	$	1,026	$	372	$	111,575	0.3	%
Traditional life insurance premiums	200,729		20,199		414		180,944		0.2
Accident and health premiums	8,540		8,135		—		405		—
	$	321,498	$	29,360	$	786	$	292,924	0.3
Year ended December 31, 2012:
Life insurance in force, at end of year	$	51,955,217	$	11,999,297	$	612,850	$	40,568,770	1.5	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	102,027	$	1,010	$	393	$	101,410	0.4	%
Traditional life insurance premiums	194,090		19,249		245		175,086		0.1
Accident and health premiums	9,012		8,604		—		408		—
	$	305,129	$	28,863	$	638	$	276,904	0.2
Year ended December 31, 2011:
Life insurance in force, at end of year	$	49,778,838	$	11,031,493	$	588,791	$	39,336,136	1.5	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	97,725	$	1,061	$	439	$	97,103	0.5	%
Traditional life insurance premiums	189,159		20,640		—		168,519		—
Accident and health premiums	9,468		9,065		—		403		—
	$	296,352	$	30,766	$	439	$	266,025	0.2

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Sale of EquiTrust Life Business Notes redemption (Details) (USD $) In Millions, unless otherwise specified	2 Months Ended		12 Months Ended
	Jan. 31, 2012	Dec. 31, 2012	Dec. 31, 2012 Senior Notes, affiliated [Member]	Dec. 31, 2013 Senior Notes, unaffiliated [Member]	Dec. 31, 2013 Senior Notes [Member]	Dec. 31, 2012 Cash and Cash Equivalents [Member]	Dec. 31, 2012 Short-term Investments [Member]
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	$ 225.0		$ 50.0	$ 175.0
Redemption amount					210.9
Restricted debt defeasance trust assets		211.6				126.4	85.2
Embedded Derivative, Fair Value of Embedded Derivative Liability		$ 33.1

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Investment Operations Impaired Mortgage Loans (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Impaired mortgage loans, Recorded Investment	$ 22,100	$ 10,046
Impaired mortgage loans, Unpaid Principal Balance	888	1,694
Debt Instrument, Unamortized Discount	429	0
Impaired mortgage loans, Related Allowance	$ 20,783	$ 8,352

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Significant Accounting Policies Recognition of costs (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Recognition of underwriting, acquisition and insurance costs [Line Items]
Commission expense, net of deferrals	$ 27,410	$ 23,712	$ 23,950
Amortization of deferred acquisition costs	29,908	37,651	34,819
Amortization of value of insurance in force acquired	2,565	5,562	(4,658)
Other underwriting, acquisition and insurance expenses	78,377	74,981	74,073
Underwriting, acquisition and insurance expenses	$ 138,260	$ 141,906	$ 128,184

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Net income	$ 108,393		$ 79,857		$ 40,745	[1]
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in net unrealized investment gains/losses	(169,894)	[2]	126,043	[2]	130,467	[2]
Non-credit impairment losses	(2,690)	[2]	(5,984)	[2]	(4,261)	[2]
Change in funded status of the other postretirement benefit plans	1,798	[2]	(8,051)	[2]	(5)	[2]
Total other comprehensive income, net of tax	(170,786)	[2]	112,008	[2]	126,201	[2]
Total comprehensive income, net of tax	(62,393)		191,865		166,946
Comprehensive income (loss) attributable to noncontrolling interest	(165)		(83)		6
Comprehensive income attributable to FBL Financial Group, Inc.	$ (62,228)		$ 191,948		$ 166,940

[1] Our consolidated statements of cash flows combine the cash flows from discontinued operations with the cash flows from continuing operations within each major category (operating, investing and financing) of the statements and supplemental disclosures.

[2] Other comprehensive income is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

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Statutory Insurance Information (Details) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statutory Accounting Practices [Line Items]
Statutory accounting practices, net gain from operations		$ 93,306,000	$ 92,988,000	$ 87,792,000
Statutory Accounting Practices, Statutory Net Income Amount		94,583,000	86,589,000	72,653,000
Statutory Accounting Practices, Statutory Capital and Surplus, Balance		492,450,000	547,398,000
Statutory Accounting Practices, Statutory Capital and Surplus Required		111,800,000
Statutory RBC Total adjusted capital		558,400,000
Statutory RBC Ratio		499.00%
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus		359,000,000
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments		93,300,000
Parent Company [Member]
Statutory Accounting Practices [Line Items]
Dividends from subsidiaries (eliminated in consolidation)	$ 120,000,000	$ 140,000,000	$ 45,000,000	$ 29,139,000

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Fair Value

12 Months Ended

Dec. 31, 2013

Fair Value [Abstract]

Fair Value Disclosures [Text Block]

Fair Value

The carrying and estimated fair values of our financial instruments are as follows:

Fair Values and Carrying Values
	December 31,
	2013				2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	6,081,753	$	6,081,753	$	6,265,745	$	6,265,745
Equity securities - available for sale	91,555		91,555		86,253		86,253
Mortgage loans	575,861		594,451		554,843		600,448
Policy loans	176,993		210,401		174,254		227,161
Other investments	993		993		247		247
Cash, cash equivalents and short-term investments	115,047		115,047		152,590		152,590
Reinsurance recoverable	2,678		2,678		5,326		5,326
Assets held in separate accounts	693,955		693,955		618,809		618,809

Liabilities
Future policy benefits	$	3,360,519	$	3,371,706	$	3,226,765	$	3,352,252
Supplemental contracts without life contingencies	349,761		320,195		361,273		350,187
Advance premiums and other deposits	230,819		230,819		216,857		216,857
Long-term debt	97,000		63,343		147,000		116,359
Other liabilities	—		—		131		131
Liabilities related to separate accounts	693,955		686,387		618,809		609,704

Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As not all financial instruments are actively traded, various valuation methods may be used to estimate fair value. These methods rely on observable market data and where observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available.

In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows:

• Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly.

• Level 3 - Fair values are based on significant unobservable inputs for the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source of the information from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period.

The following methods and assumptions were used in estimating the fair value of our financial instruments:

Fixed maturities:

Level 1 fixed maturities consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 fixed maturities consist of corporate, mortgage and other asset-backed, United States Government agencies and private placement securities with observable market data, and in some circumstances recent trade activity. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2.

Also included in Level 2 are corporate bonds where quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread.

Level 3 fixed maturities include private placements as well as corporate, mortgage and other asset-backed and state and municipal securities for which there is little or no current market data available. We use external pricing sources, or if prices are not available, we will estimate fair value internally. Fair values of private investments in Level 3 are determined by reference to public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities where an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through use of matrix pricing methods rely on an estimate of credit spreads to a risk free U.S. Treasury yield. Selecting the credit spread requires judgment based on an understanding of the security and may include a market liquidity premium. Our selection of comparable companies as well as the level of spread requires significant judgment. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

We obtain fixed maturity fair values from a variety of external independent pricing services, including brokers, with access to observable data including recent trade information, if available. In certain circumstances in which an external price is not available for a Level 3 security, we will internally estimate its fair value. Our process for evaluation and selection of the fair values includes:

• We follow a “pricing waterfall” policy, which establishes the pricing source preference for a particular security or security type. The order of preference is based on our evaluation of the valuation methods used, the source's knowledge of the instrument and the reliability of the prices we have received from the source in the past. Our valuation policy dictates that fair values are initially sought from third party pricing services. If our review of the prices received from our preferred source indicates an inaccurate price, we will use an alternative source within the waterfall and document the decision. In the event that fair values are not available from one of our external pricing services or upon review of the fair values provided it is determined that they may not be reflective of market conditions, those securities are submitted to brokers familiar with the security to obtain non-binding price quotes. Broker quotes tend to be used in limited circumstances such as for newly issued, private placement and other instruments that are not widely traded. For those securities for which an externally provided fair value is not available we use cash flow modeling techniques to estimate fair value.

• We evaluate third party pricing source estimation methodologies to assess whether they will provide a fair value which approximates a market exit price.

• We perform an overall analysis of portfolio fair value movement against general movements in interest rates and spreads.

• We compare month-to-month price trends to detect unexpected price fluctuation based on our knowledge of the market and the particular instrument. As fluctuations are noted, we will perform further research which may include discussions with the original pricing source or other external sources to ensure we are in agreement with the valuation.

• We compare prices between different pricing sources for unusual disparity.

• We meet at least quarterly with our Investment Committee, the group that oversees our valuation process, to discuss valuation practices and observations during the pricing process.

Equity securities:

Level 1 equity securities consist of listed common stocks and mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 equity securities consist of common stock issued by the FHLB, with estimated fair value based on the current redemption value of the shares and non-redeemable preferred stock with estimated fair value obtained from external pricing sources using a matrix pricing approach.

Level 3 equity securities consist of non-redeemable preferred stock for which no active market exists, and fair value estimates for these securities is based on the values of comparable securities which are actively traded. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

In the case where external pricing services are used for certain Level 1 and Level 2 equity securities, our review process is consistent with the process used to determine the fair value of fixed maturities discussed above.

Mortgage loans:

Mortgage loans are not measured at fair value on a recurring basis. Mortgage loans are a Level 3 measurement as there is no current market for the loans. The fair value of our mortgage loans is estimated internally using a matrix pricing approach. Along with specific loan terms, two key management assumptions are required including the risk rating of the loan (our current rating system A-highest quality, B-moderate quality, C-low quality and W-watch or F-foreclosure) and estimated spreads for new loans over the U.S. Treasury yield curve. Spreads are updated quarterly and loans are reviewed and rated annually with quarterly adjustments should significant changes occur. Our determination of each loan's risk rating as well as selection of the credit spread requires significant judgment. A higher risk rating, as well as an increase in spreads, would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Policy loans:

Policy loans are not measured at fair value on a recurring basis. Policy loans are a Level 3 measurement as there is no current market since they are specifically tied to the underlying insurance policy. The loans are relatively risk free as they cannot exceed the cash surrender value of the insurance policy. Fair values are estimated by discounting expected cash flows using a risk-free interest rate based on the U.S. Treasury curve. An increase in the risk-free interest rate would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Other investments:

Level 2 other investments include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty.

Cash, cash equivalents and short-term investments:

Level 1 cash, cash equivalents and short-term investments are highly liquid instruments for which historical cost approximates fair value.

Reinsurance recoverable:

Level 2 reinsurance recoverable includes embedded derivatives in our modified coinsurance contracts under which we cede or assume business. Fair values of these embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities, which are valued consistent with the discussion of fixed maturities above.

Assets held in separate accounts:

Level 1 assets held in separate accounts consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Future policy benefits, supplemental contracts without life contingencies and advance premiums and other deposits:

Level 3 policy related financial instruments of investment-type contracts are those not involving significant mortality or morbidity risks. No active market exists for these contracts and they are not measured at fair value on a recurring basis. Fair values for our insurance contracts, other than investment-type contracts, are not required to be disclosed. Fair values for our investment-type contracts with expected maturities, including deferred annuities, funding agreements and supplementary contracts, are determined using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation. For certain deposit liabilities with no defined maturities and no surrender charges, including pension related deposit administration funds, advance premiums and other deposits, fair value is the account value or amount payable on demand. Significant judgment is required in selecting the assumptions used to estimate the fair values of these financial instruments. For contracts with known maturities, increases in current rates will result in a decrease in discounted cash flows and a decrease in the estimated fair value of the policy obligation.

Certain annuity contracts include embedded derivatives, which are measured at fair value on a recurring basis. These embedded derivatives are a Level 3 measurement. The fair value of the embedded derivatives is based on the discounted excess of projected account values (including a risk margin) over projected guaranteed account values. The key unobservable inputs required in the projection of future values which require management judgment include the risk margin as well as the credit risk of our company. Should the risk margin increase or the credit risk decrease the discounted cash flows and the estimated fair value of the obligation will increase.

Long-term debt:

Long-term debt is not measured at fair value on a recurring basis. Long-term debt is a Level 3 measurement. The fair value of our outstanding debt is estimated using a discounted cash flow method based on the market's assessment or our current incremental borrowing rate for similar types of borrowing arrangements adjusted, as needed, to reflect our credit risk. Our selection of the credit spread requires significant judgment. A decrease in the spread will increase the estimated fair value of the outstanding debt.

Other liabilities:

Level 2 other liabilities include the embedded derivatives in our modified coinsurance contracts under which we cede business. Fair values for the embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities.

Level 3 other liabilities include an embedded derivative related to the make-whole redemption feature of our unaffiliated Senior Notes. Fair value was determined using a discounted cash flow valuation analysis based on applicable U.S. Treasury rates and make-whole spread.

Liabilities related to separate accounts:

Separate account liabilities are not measured at fair value on a recurring basis. Level 3 separate account liabilities' fair value is based on the cash surrender value of the underlying contract, which is the cost we would incur to extinguish the liability.

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Corporate securities	$	—	$	3,224,785	$	81,994	$	3,306,779
Residential mortgage-backed securities	—		520,728		—		520,728
Commercial mortgage-backed securities	—		332,955		71,712		404,667
Other asset-backed securities	—		370,708		85,835		456,543
United States Government and agencies	15,291		19,946		8,044		43,281
State, municipal and other governments	—		1,349,755		—		1,349,755
Non-redeemable preferred stocks	—		58,655		7,795		66,450
Common stocks	3,295		21,810		—		25,105
Other investments	—		993		—		993
Cash, cash equivalents and short-term investments	115,047		—		—		115,047
Reinsurance recoverable	—		2,678		—		2,678
Assets held in separate accounts	693,955		—		—		693,955
Total assets	$	827,588	$	5,903,013	$	255,380	$	6,985,981
Liabilities
Future policy benefits - index annuity embedded derivatives	$	—	$	—	$	286	$	286
Total liabilities	$	—	$	—	$	286	$	286

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2012
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Corporate securities	$	—	$	3,195,120	$	100,463	$	3,295,583
Residential mortgage-backed securities	—		674,182		—		674,182
Commercial mortgage-backed securities	—		434,538		76,281		510,819
Other asset-backed securities	—		393,957		95,756		489,713
United States Government and agencies	14,884		25,570		8,555		49,009
State, municipal and other governments	—		1,246,216		223		1,246,439
Non-redeemable preferred stocks	—		53,101		7,391		60,492
Common stocks	2,773		22,988		—		25,761
Other investments	—		247		—		247
Cash, cash equivalents and short-term investments	152,590		—		—		152,590
Reinsurance recoverable	—		5,326		—		5,326
Assets held in separate accounts	618,809		—		—		618,809
Total assets	$	789,056	$	6,051,245	$	288,669	$	7,128,970
Liabilities
Future policy benefits - index annuity embedded derivatives	$	—	$	—	$	307	$	307
Other liabilities	—		131		—		131
Total liabilities	$	—	$	131	$	307	$	438

Level 3 Fixed Maturity Securities on a Recurring Basis by Valuation Source
	December 31, 2013
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	59,812		$	22,182		$	81,994
Commercial mortgage-backed securities	71,712			—			71,712
Other asset-backed securities	65,003			20,832			85,835
United States Government and agencies	8,044			—			8,044
Total	$	204,571		$	43,014		$	247,585
Percent of total	82.6		%	17.4		%	100.0		%

	December 31, 2012
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	70,975		$	29,488		$	100,463
Commercial mortgage-backed securities	76,281			—			76,281
Other asset-backed securities	79,320			16,436			95,756
United States Government and agencies	8,555			—			8,555
State, municipal and other governments	223			—			223
Total	$	235,354		$	45,924		$	281,278
Percent of total	83.7		%	16.3		%	100.0		%

Quantitative Information about Level 3 Fair Value Measurements
	December 31, 2013
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	46,023	Discounted cash flow	Credit spread	0.91% - 17.08% (7.84%)
Commercial mortgage-backed	71,712		Discounted cash flow	Credit spread	1.75% - 4.50% (2.95%)
Other asset-backed securities	38,305		Discounted cash flow	Credit spread	0.74% - 5.06% (3.55%)
Non-redeemable preferred stocks	7,795		Discounted cash flow	Credit spread	3.81% (3.81%)
Total Assets	$	163,835
Liabilities
Future policy benefits - index annuity embedded derivatives	$	286	Discounted cash flow	Credit risk Risk margin	0.30% - 1.70% (1.05%) 0.15% - 0.40% (0.25%)

	December 31, 2012
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	54,538	Discounted cash flow	Credit spread	0.78% - 9.21% (5.72%)
Commercial mortgage-backed	76,264		Discounted cash flow	Credit spread	1.95% - 4.80% (3.35%)
Other asset-backed securities	43,119		Discounted cash flow	Credit spread	1.24% - 6.07% (4.28%)
State, municipal and other governments	223		Discounted cash flow	Credit spread	1.75% (1.75%)
Non-redeemable preferred stocks	7,391		Discounted cash flow	Credit spread	6.00% (6.00%)
Total Assets	$	181,535
Liabilities
Future policy benefits - index annuity embedded derivatives	$	307	Discounted cash flow	Credit risk Risk margin	1.00% - 2.50% (1.80%) 0.15% - 0.40% (0.25%)

The table above excludes certain securities for which the fair value was based on non-binding broker quotes where we could not reasonably obtain the quantitative unobservable inputs.

Level 3 Financial Instruments Changes in Fair Value Recurring Basis
	December 31, 2013
								Realized and unrealized gains (losses), net
	Balance, December 31, 2012		Purchases		Disposals			Included in net income		Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income		Balance, December 31, 2013
	(Dollars in thousands)
Corporate securities	$	100,463	$	2,157	$	(7,946	)	$	—	$	(1,945	)	$	—	$	(10,798	)	$	63	$	81,994
Commercial mortgage-backed securities	76,281		—		(660		)	—		(3,996		)	—		—			87		71,712
Other asset-backed securities	95,756		38,468		(13,583		)	—		(971		)	4,062		(39,155		)	1,258		85,835
United States Government and agencies	8,555		—		—			—		(517		)	—		—			6		8,044
State, municipal and other governments	223		—		(218		)	—		(5		)	—		—			—		—
Non-redeemable preferred stocks	7,391		—		—			—		71			5,208		(4,875		)	—		7,795
Total	$	288,669	$	40,625	$	(22,407	)	$	—	$	(7,363	)	$	9,270	$	(54,828	)	$	1,414	$	255,380
Liabilities
Future policy benefits - index annuity embedded derivatives	$	307	$	—	$	(28	)	$	—	$	7		$	—	$	—		$	—	$	286
Total Liabilities	$	307	$	—	$	(28	)	$	—	$	7		$	—	$	—		$	—	$	286

	December 31, 2012
								Realized and unrealized gains (losses), net
	Balance, December 31, 2011		Purchases		Disposals			Included in net income			Included in other compre-hensive income			Transfers into Level 3 (2)		Transfers out of Level 3 (2)			Amort-ization included in net income		Balance, December 31, 2012
	(Dollars in thousands)
Corporate securities	$	106,412	$	—	$	(15,504	)	$	(9	)	$	3,113		$	21,654	$	(15,295	)	$	92	$	100,463
Residential mortgage-backed securities	7,711		—		—			—			—			—		(7,711		)	—		—
Commercial mortgage-backed securities	27,899		5,105		(3,101		)	—			1,251			59,096		(14,055		)	86		76,281
Other asset-backed securities	113,458		68,811		(11,351		)	(44		)	3,820			22,092		(102,192		)	1,162		95,756
Collateralized debt obligation	270		—		(27		)	(243		)	—			—		—			—		—
United States Government and agencies	12,588		—		—			—			(28		)	—		(4,010		)	5		8,555
State, municipal and other governments	12,044		—		(4,221		)	—			(316		)	—		(7,845		)	561		223
Non-redeemable preferred stocks	14,447		—		(5,105		)	105			749			—		(2,805		)	—		7,391
Total	$	294,829	$	73,916	$	(39,309	)	$	(191	)	$	8,589		$	102,842	$	(153,913	)	$	1,906	$	288,669
Liabilities
Future policy benefits - index annuity embedded derivatives	$	302	$	—	$	(37	)	$	—		$	42		$	—	$	—		$	—	$	307
Make-whole redemption feature on Senior Notes	33,144		—		(33,144		)	—			—			—		—			—		—
Total Liabilities	$	33,446	$	—	$	(33,181	)	$	—		$	42		$	—	$	—		$	—	$	307

(1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. There were no transfers between Level 1 and Level 2 during 2013.

(2) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. During 2012, we began using an external pricing service with access to observable inputs for a portion of our Level 3 investments for which non-binding broker quotes were previously used to estimate fair value. We believe the change in pricing sources is appropriate and consistent with our pricing waterfall policy to use higher level valuation methods when available. There were no transfers between Level 1 and Level 2 during 2012.

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	December 31, 2013
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	594,451	$	594,451
Policy loans	—		—		210,401		210,401
Total assets	$	—	$	—	$	804,852	$	804,852
Liabilities
Future policy benefits	$	—	$	—	$	3,371,420	$	3,371,420
Supplemental contracts without life contingencies	—		—		320,195		320,195
Advance premiums and other deposits	—		—		230,819		230,819
Long-term debt	—		—		63,343		63,343
Liabilities related to separate accounts	—		—		686,387		686,387
Total liabilities	$	—	$	—	$	4,672,164	$	4,672,164

	December 31, 2012
	Quoted prices in active markets  for identical assets (Level 1)		Significant other observable  inputs (Level 2)		Significant unobservable  inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	600,448	$	600,448
Policy loans	—		—		227,161		227,161
Total assets	$	—	$	—	$	827,609	$	827,609
Liabilities
Future policy benefits	$	—	$	—	$	3,351,945	$	3,351,945
Supplemental contracts without life contingencies	—		—		350,187		350,187
Advance premiums and other deposits	—		—		216,857		216,857
Long-term debt	—		—		116,359		116,359
Liabilities related to separate accounts	—		—		609,704		609,704
Total liabilities	$	—	$	—	$	4,645,052	$	4,645,052

Level 3 Financial Instruments Measured at Fair Value on a Non-Recurring Basis

Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate which have been deemed to be impaired during the reporting period. During 2013, one real estate property was impaired to a fair value totaling $1.9 million which resulted in an impairment charge of $0.2 million. During 2012, one mortgage loan was impaired to a fair value totaling $1.6 million which resulted in an impairment charge of $0.3 million.

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Fair Value Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 91,555		$ 86,253
Derivative Assets	3,700		5,600
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	0		0
Derivative Assets	0		0
Cash and short-term investments, fair value disclosure	115,047		152,590
Reinsurance Recoverable Fair Value Disclosure	0		0
Fair Value Measured on Recurring Basis Separate Account Assets	693,955		618,809
Assets, Fair Value Disclosure	827,588		789,056
Future Policy Benefits, Fair Value Disclosure	0		0
Other Liabilities, Fair Value Disclosure			0
Liabilities, Fair Value Disclosure	0		0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	370,708		393,957
Derivative Assets	993		247
Cash and short-term investments, fair value disclosure	0		0
Reinsurance Recoverable Fair Value Disclosure	2,678		5,326
Fair Value Measured on Recurring Basis Separate Account Assets	0		0
Assets, Fair Value Disclosure	5,903,013		6,051,245
Future Policy Benefits, Fair Value Disclosure	0		0
Other Liabilities, Fair Value Disclosure			131
Liabilities, Fair Value Disclosure	0		131
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	247,585		281,278
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	85,835		95,756
Derivative Assets	0		0
Cash and short-term investments, fair value disclosure	0		0
Reinsurance Recoverable Fair Value Disclosure	0		0
Fair Value Measured on Recurring Basis Separate Account Assets	0		0
Assets, Fair Value Disclosure	255,380		288,669
Future Policy Benefits, Fair Value Disclosure			307
Other Liabilities, Fair Value Disclosure			0
Liabilities, Fair Value Disclosure	286		307
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	66,450		60,492
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	456,543		489,713
Derivative Assets	993		247
Cash and short-term investments, fair value disclosure	115,047		152,590
Reinsurance Recoverable Fair Value Disclosure	2,678		5,326
Fair Value Measured on Recurring Basis Separate Account Assets	693,955		618,809
Assets, Fair Value Disclosure	6,985,981		7,128,970
Future Policy Benefits, Fair Value Disclosure	286		307
Other Liabilities, Fair Value Disclosure			131
Liabilities, Fair Value Disclosure	286		438
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,306,779	[1]	3,295,583	[1]
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0		0
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,224,785		3,195,120
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	81,994		100,463
Corporate | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,306,779		3,295,583
Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	520,728		674,182
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	0		0
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	520,728		674,182
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	0		0
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	520,728		674,182
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	404,667		510,819
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	0		0
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	332,955		434,538
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	71,712		76,281
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	71,712		76,281
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	404,667		510,819
United States Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	43,281		49,009
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	15,291		14,884
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	19,946		25,570
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	8,044		8,555
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	43,281		49,009
State, municipal and other governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,349,755		1,246,439
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0		0
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,349,755		1,246,216
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0		223
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,349,755		1,246,439
Non-redeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	66,450		60,492
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0		0
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	58,655		53,101
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	7,795		7,391
Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	25,105		25,761
Common stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,295		2,773
Common stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	21,810		22,988
Common stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0		0
Common stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 25,105		$ 25,761

[1] Corporate securities include hybrid preferred securities with a carrying value of $76.3 million at December 31, 2013 and $99.6 million at December 31, 2012. Corporate securities also include redeemable preferred stock with a carrying value of $17.1 million at December 31, 2013 and $5.6 million at December 31, 2012.

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Retirement and Compensation Plans Level 3 plan assets changes in fair value (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	$ 250,820,000		$ 220,000,000
Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	122,510,000		115,980,000
Defined Benefit Plan, Purchases, Sales, and Settlements	3,948,000		1,217,000
Defined Benefit Plan, Actual Return on Plan Assets Still Held	5,896,000		5,313,000
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period	0		0
Defined Benefit Plan, Transfers Between Measurement Levels	0	[1]	0	[2]
Fair Value of Plan Assets, End of period	132,354,000		122,510,000
Funded annuity contract [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	12,932,000		13,235,000	[3]
Funded annuity contract [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	13,235,000	[3]	14,010,000
Defined Benefit Plan, Purchases, Sales, and Settlements	(1,103,000)		(1,621,000)
Defined Benefit Plan, Actual Return on Plan Assets Still Held	800,000		846,000
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period	0		0
Defined Benefit Plan, Transfers Between Measurement Levels	0	[1]	0	[2]
Fair Value of Plan Assets, End of period	12,932,000		13,235,000	[3]
Real Estate Funds [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	12,253,000		9,930,000	[4]
Real Estate Funds [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	0		0	[4]
Limited partnership [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	2,196,000
Limited partnership [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	0
Defined Benefit Plan, Purchases, Sales, and Settlements	2,258,000
Defined Benefit Plan, Actual Return on Plan Assets Still Held	(62,000)
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period	0
Defined Benefit Plan, Transfers Between Measurement Levels	0	[1]
Fair Value of Plan Assets, End of period	2,196,000
Group annuity contract [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, End of period	117,226,000		109,275,000	[3]
Group annuity contract [Member] | Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	109,275,000	[3]	101,970,000
Defined Benefit Plan, Purchases, Sales, and Settlements	2,793,000		2,838,000
Defined Benefit Plan, Actual Return on Plan Assets Still Held	5,158,000		4,467,000
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period	0		0
Defined Benefit Plan, Transfers Between Measurement Levels	0	[1]	0	[2]
Fair Value of Plan Assets, End of period	$ 117,226,000		$ 109,275,000	[3]

[1] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmQ1NzVhOGIyMmVjMzRlMzI5YWUwYTVjMzFmOTZmMWNkfFRleHRTZWxlY3Rpb246REQzNDVCMDY3MzZBNkEzNzcxNDEyNDBBRTc4NTk5ODgM}

[2] Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. During 2012, we began using an external pricing service with access to observable inputs for a portion of our Level 3 investments for which non-binding broker quotes were previously used to estimate fair value. We believe the change in pricing sources is appropriate and consistent with our pricing waterfall policy to use higher level valuation methods when available. There were no transfers between Level 1 and Level 2 during 2012.

[3] Represents group annuity contracts with Farm Bureau Life

[4] Represents mutual funds and pooled separate account investments with Principal Life Insurance Company.

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Income Taxes Components of deferred tax assets and liabilities (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred Tax Assets, Gross [Abstract]
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities	$ 22,754,000	$ 20,865,000
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	12,048,000	11,957,000
Deferred Tax Assets, Operating Loss Carryforwards	17,041,000	18,259,000
Deferred Tax Assets, Other	4,478,000	1,632,000
Deferred Tax Assets, Gross	56,321,000	52,713,000
Deferred Tax Liabilities, Gross [Abstract]
Deferred Tax Liabilities, Other Comprehensive Income	90,360,000	219,372,000
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost	66,583,000	24,826,000
Deferred Tax Liabilities, Other	22,217,000	16,948,000
Deferred Tax Liabilities, Gross	179,160,000	261,146,000
Deferred income taxes	122,839,000	208,433,000
Operating Loss Carryforwards	$ 48,700,000

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Significant Accounting Policies Level 2 (Policies)

12 Months Ended

Dec. 31, 2013

Significant Accounting Policies [Abstract]

Consolidation, Policy

Consolidation

Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated.

Reinsurance Accounting Policy

Reinsurance Recoverable

We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. For business assumed from other companies, reinsurance recoverable includes premium receivable, net of our share of benefits and expenses we owe to the ceding company.

Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements.

Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

Marketable Securities, Policy

Fixed Maturities and Equity Securities

Fixed maturities, comprised of bonds, redeemable preferred stock and certain non-redeemable preferred stock, which may be sold, are designated as "available for sale." Available-for-sale securities are reported at fair value and unrealized gains and losses on these securities, with the exception of unrealized gains and losses relating to synthetic collateralized debt obligations, are included directly in stockholders' equity as a component of accumulated other comprehensive income. Unrealized gains and losses relating to synthetic collateralized debt obligations are recorded as a component of net investment income in the consolidated statements of operations. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired and unearned revenue reserve that would have been required as a charge or credit to income had such amounts been realized.

Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on mortgage and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives.

Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income.

Investment, Policy

Mortgage Loans

Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. The carrying value of impaired loans is reduced by the establishment of a valuation allowance, changes to which are recognized as realized gains or losses on investments. Interest income is accrued on impaired loans to the extent it is deemed collectible (generally delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely.

Real Estate

Real estate is reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties not held for sale, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. If the fair value, less estimated sales costs, of real estate held for sale decreases to an amount lower than its carrying value, the carrying value of the real estate is reduced by the establishment of a valuation allowance recognized as a realized loss on investments. There was one property held for investment with a valuation allowance of less than $0.1 million as of December 31, 2013 and 2012. There were no properties held for sale as of December 31, 2013 and no properties held for sale with a valuation allowance as of 2012.

Other Investments

Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation.

We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments.

Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we are required to use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, insurance, broker/dealer and real estate industries and include low income housing tax credit generating partnerships. Such investments are accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios.

Accrued Investment Income

We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income.

Realized Gains and Losses on Investments

Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is other-than-temporary and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an other-than-temporary impairment write down is recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value.

We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is other-than-temporary. In determining whether or not an unrealized loss is other-than-temporary, we review factors such as:

• historical operating trends;

• business prospects;

• status of the industry in which the company operates;

• analyst ratings on the issuer and sector;

• quality of management;

• size of unrealized loss;

• level of current market interest rates compared to market interest rates when the security was purchased; and

• length of time the security has been in an unrealized loss position.

In order to determine the credit and non-credit impairment loss for fixed maturities, every quarter we estimate the future cash flows we expect to receive over the remaining life of the instrument as well as review our plans to hold or sell the instrument. Significant assumptions regarding the present value of expected cash flows for each security are used when an other-than-temporary impairment occurs and there is a non-credit portion of the unrealized loss that won't be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value.

After an other-than-temporary write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method andthe current estimate of the amount and timing of future cash flows.

Fair Value of Financial Instruments, Policy

Fair Values

Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values which are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models.

Capitalization of Deferred Policy Acquisition Costs, Policy

Deferred Acquisition Costs and Value of Insurance In Force Acquired

Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value is determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Interest accrued on the unamortized balance at a weighted average rate of 4.56% in 2013, 4.70% in 2012 and 4.72% in 2011.

For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits.

All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.

Effective January 1, 2012, we retroactively adopted guidance issued by the FASB that narrowed the definition of deferrable acquisition costs associated with acquiring or renewing insurance contracts. In addition, during 2011, refinements were made to the methods and assumptions used to calculate the amortization of value of insurance in force and deferred acquisition costs, which increased net income from continuing operations $4.8 million ($0.15 per basic and diluted common share).

Depreciation, Depletion, and Amortization, Policy

Other Assets

Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from two to twenty years. Property and equipment had a carrying value of $25.8 million at December 31, 2013 and $18.6 million at December 31, 2012, and accumulated depreciation and amortization of $50.3 million at December 31, 2013 and $65.9 million at December 31, 2012. Depreciation and amortization expense for property and equipment was $4.6 million in 2013, $4.8 million in 2012 and $3.5 million in 2011.

Goodwill and Intangible Assets, Policy

Other assets at December 31, 2013 and 2012, also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct our impairment review at least annually as well as when circumstances suggest an impairment may have occurred. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. In the event that we were to dispose of a reporting unit, a discounted cash flow approach would be used to estimate the fair value of that reporting unit. We believe this approach better approximates the fair value of our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of our impairment review, we have determined our goodwill was not impaired as of December 31, 2013 or 2012.

Future Policy Benefits Liability, Policy

Future Policy Benefits

Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2013, 2012 and 2011.

The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from2.00% to6.00%. The average rate of assumed investment yields used in estimating gross margins was 5.84% in 2013 and 2012 and 6.04% in 2011. The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations.

The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred.

Revenue Recognition, Deferred Revenue, Policy

Other Policy Claims and Benefits

We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs.

Policyholders' Dividend, Policy

We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 30% of receipts from policyholders during 2013 (2012 - 35% and 2011 - 38%) and represented 11%of life insurance in force at December 31, 2013, and 12% in 2012 and 2011.

Income Tax, Policy

Deferred Income Taxes

Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized.

Policyholder Accounts, Policy

Separate Accounts

The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations.

Revenue Recognition, Premiums Earned, Policy

Recognition of Premium Revenues and Costs

Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy.

Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs.

All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business.

Underwriting, Acquisition and Insurance Expenses
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	27,410	$	23,712	$	23,950
Amortization of deferred acquisition costs	29,908		37,651		34,819
Amortization of value of insurance in force acquired	2,565		5,562		(4,658		)
Other underwriting, acquisition and insurance expenses, net of deferrals	78,377		74,981		74,073
Total	$	138,260	$	141,906	$	128,184

Discontinued Operations, Policy

Discontinued Operations

Upon the sale of EquiTrust Life our independent distribution business segment was discontinued. Discontinued operations are those in which we no longer have any significant continuing involvement in the operations after the disposal transaction. The results of discontinued operations are segregated from our continuing operations and reported as income (loss) from discontinued operations in the consolidated statements of operations for current and prior periods. The loss recognized on the disposal is also reported as a component of discontinued operations. Components of the income (loss) from discontinued operations are separately disclosed in Note 15.

Debt required to be redeemed due to selling a significant component of our business remains a liability until we have been legally released from the entire obligation and all conditions for extinguishment have been met. In addition, any gain or loss on the extinguishment is recognized when we are relieved of the entire obligation. Changes in fair value of embedded derivatives related to make-whole redemption provisions are reported as loss on debt redemption in the Consolidated Statements of Operations.

If the debt is not specific to the disposed component, the liability is not classified as held for sale and any related gain or loss is reported as part of continuing operations. However, interest on any debt required to be redeemed as a result of the disposal transaction is reported in income from discontinued operations for current and prior periods commencing in the period in which the business is either disposed of or accounted for as a disposal group.

Significant accounting policies related to the results from discontinued operations which are not discussed above include:

• Derivative instruments, which include call options used to fund index credits on index annuities, are measured at fair value, with changes in fair value reflected in our results of discontinued operations.

• Deferred sales inducements represent premium bonuses and bonus interest credited to contracts during the first contract year only. These costs are amortized similar to other deferred acquisition costs discussed above.

• Future policy benefit reserves for index annuities are equal to the sum of the fair value of the embedded index options, accumulated index credits and the host contract reserve computed using a method similar to that used for interest sensitive products. Fair value of the index options are calculated using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation.

• Changes in reserves for the embedded derivatives in the index annuities and amortization of deferred sales inducements are recognized as expenses over the life of the policy.

Pension and Other Postretirement Plans, Policy

Retirement and Compensation Plans

We participate with several affiliates in several defined benefit pension plans, including a multiemployer plan. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period.

Share-based Compensation, Option and Incentive Plans Policy

We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest.

We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. We recognize compensation expense for all share-based payments granted, modified or settled. The stock option non-performance related stock-based expense is recognized over the shorter of our five-year vesting schedule or the period ending when the employee becomes eligible for retirement using the straight-line method. The performance related stock-based expense is based on the number of shares expected to vest and is recognized over the required service period. The impact of forfeitures is estimated and compensation expense is recognized only for those stock-based instruments expected to vest. We report tax deductions related to stock-based instruments in excess of recognized compensation expense as a financing cash flow.

See Note 8 for additional details on these plans.

Comprehensive Income, Policy

Comprehensive Income

Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities and certain interest rate swaps held in prior years, as well as the unfunded obligation for postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income, excludes net investment gains and losses included in net income which represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the unfunded obligation for postretirement benefit plans are provided in Note 8.

Use of Estimates, Policy

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized which could have a material impact on the consolidated financial statements.

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Stockholders' Equity AOCI Reclassifications (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net realized capital gains on sales of investments	$ 15,967		$ 17,479		$ 5,355
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	2,412		17,027		13,651
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(10,845)		(24,265)		(7,142)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(1,798)	[1]	8,051	[1]	5	[1]
reclassifications out of accumulated other comprehensive income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net realized capital gains on sales of investments	(16,121)		(16,750)		(5,342)
Change in offsets to unrealized on investments	921		1,178		918
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(4,250)		(9,372)		(6,555)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax	(11)		35
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	2,777		(12,421)		(8)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax	(16,684)		(37,330)		(10,987)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax	5,839		13,065		3,845
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	(10,845)		(24,265)		(7,142)
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net realized capital gains on sales of investments	(16,121)		(16,750)		(5,342)
Change in offsets to unrealized on investments	809		1,012		918
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax	0		0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	0		0		0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	(15,312)		(15,738)		(4,424)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	5,359		5,508		1,548
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(9,953)		(10,230)		(2,876)
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net realized capital gains on sales of investments	0		0		0
Change in offsets to unrealized on investments	112		166		0
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(4,250)		(9,372)		(6,555)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax	0		0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	0		0		0
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax	(4,138)		(9,206)		(6,555)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax	1,448		3,222		2,294
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	(2,690)		(5,984)		(4,261)
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net realized capital gains on sales of investments	0		0		0
Change in offsets to unrealized on investments	0		0		0
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax	(11)		35
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	2,777		(12,421)		(8)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax	2,766		(12,386)		(8)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	(968)		4,335		3
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ 1,798		$ (8,051)		$ (5)

[1] Other comprehensive income is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

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Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Unaudited Quarterly Results of Operations

	2013
Quarter ended	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	70,238	$	72,853	$	76,153	$	73,275
Net investment income	90,810		92,898		93,382		93,561
Realized gains (losses) on investments	3,286		7,236		693		2,340
Total revenues	168,048		176,683		173,516		172,984
Net income from continuing operations	24,938		29,553		26,985		26,917
Net income (loss) attributable to FBL Financial Group, Inc.	24,966		29,587		27,053		26,952
Earnings per common share	$	0.97	$	1.14	$	1.05	$	1.08
Earnings per common share - assuming dilution	$	0.96	$	1.13	$	1.04	$	1.07

	2012
Quarter ended	March 31,			June 30,			September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	68,355		$	70,098		$	67,524	$	70,519
Net investment income	86,888			89,423			93,482		91,531
Realized gains (losses) on investments	(643		)	732			1,462		(1,099		)
Total revenues	159,605			165,982			165,359		164,594
Net income from continuing operations	19,499			20,277			20,487		22,533
Income (loss) from discontinued operations	(2,932		)	(84		)	55		22
Net income (loss) attributable to FBL Financial Group, Inc.	16,587			20,291			20,476		22,586
Earnings (loss) per common share:
Income (loss) from continuing operations	$	0.64		$	0.74		$	0.77	0.87
Income (loss) from discontinued operations	(0.10		)	—			—		—
Earnings (loss) per common share	$	0.54		$	0.74		$	0.77	$	0.87
Earnings (loss) per common share - assuming dilution:
Income (loss) from continuing operations	$	0.63		$	0.73		$	0.76	$	0.86
Income (loss) from discontinued operations	(0.10		)	—			—		—
Earnings (loss) per common share - assuming dilution	$	0.53		$	0.73		$	0.76	$	0.86

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Segment Information

12 Months Ended

Dec. 31, 2013

Segment Information [Abstract]

Segment Reporting Disclosure [Text Block]

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 primarily consist 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 with affiliates.

We analyze our segment results based on pre-tax operating income. Accordingly, income taxes are not allocated to the segments. In addition, operating results are reported net of transactions between the segments. Operating income for the three years ended December 31, 2013 represents net income excluding, as applicable, 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, 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 year to year. Also, the discontinued operations and related loss on debt redemption are nonrecurring items. A view of our operating performance without the impact of these 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.

Financial Information Concerning our Operating Segments
	Year ended December 31,
	2013			2012		2011
	(Dollars in thousands)
Operating revenues:
Annuity	$	197,539		$	192,001	$	182,640
Life Insurance	385,325			367,853		352,956
Corporate and Other	96,775			93,443		90,580
	679,639			653,297		626,176
Realized gains (losses) on investments (1)	13,597			465		(8,286		)
Change in net unrealized gains/losses on derivatives (1)	(2,005		)	1,778		447
Consolidated revenues	$	691,231		$	655,540	$	618,337
Net investment income:
Annuity	$	196,303		191,211		181,974
Life Insurance	140,510			138,076		134,999
Corporate and Other	35,843			30,259		25,890
	372,656			359,546		342,863
Change in net unrealized gains/losses on derivatives (1)	(2,005		)	1,778		447
Consolidated net investment income	$	370,651		$	361,324	$	343,310
Depreciation and amortization:
Annuity	$	7,186		$	8,271	$	8,469
Life Insurance	19,430			25,727		14,981
Corporate and Other	2,157			5,225		8,668
	28,773			39,223		32,118
Realized gains/losses on investments (1)	973			1,200		919
Change in net unrealized gains/losses on derivatives (1)	(1,324		)	709		(987		)
Consolidated depreciation and amortization	$	28,422		$	41,132	$	32,050

Pre-tax operating income:
Annuity	$	63,592		$	55,910		$	58,263
Life Insurance	48,814			43,741			50,502
Corporate and Other	22,172			16,856			2,293
	134,578			116,507			111,058
Income taxes on operating income	(33,985		)	(33,748		)	(32,240		)
Realized gains/losses on investments (1)	8,206			(477		)	(5,983		)
Change in net unrealized gains/losses on derivatives (1)	(241		)	619			932
Loss on debt redemption (1)	—			(22		)	(21,564		)
Loss from discontinued operations	—			(2,939		)	(11,464		)
Consolidated net income attributable to FBL Financial Group, Inc.	$	108,558		$	79,940		$	40,739

Financial Information Concerning our Operating Segments - continued
	December 31,
	2013		2012
	(Dollars in thousands)
Assets:
Annuity	$	3,778,018	$	3,627,891
Life Insurance	2,789,145		2,609,255
Corporate and Other	1,701,368		1,735,996
	8,268,531		7,973,142
Unrealized gains in accumulated other comprehensive income (2)	192,792		444,584
Consolidated assets	$	8,461,323	$	8,417,726

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired and income taxes attributable to these items.

(2) Amounts are net adjustments for assumed changes in deferred acquisition costs and value of insurance in force acquired and deferred income taxes attributable to these items.

Depreciation and amortization related to property and equipment are allocated to the product segments while the related property, equipment and capitalized software are allocated to the Corporate and Other segment. Depreciation and amortization for the Corporate and Other segment include $2.2 million for 2013, $2.4 million for 2012 and $1.8 million for 2011 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates.

Our investment in equity method investees, the related equity income and interest expense are attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2013 and 2012 was allocated among the segments as follows: Annuity ($3.9 million) and Life Insurance ($6.1 million).

Premiums collected, which is not a measure used in financial statements prepared according to GAAP, include premiums received on life insurance policies and deposits on annuities and universal life-type products. Net premiums collected totaled $635.6 million in 2013, $646.3 million in 2012 and $678.9 million in 2011.

Under GAAP, premiums on whole life and term life policies are recognized as revenues over the premium-paying period and reported in the Life Insurance segment. The following chart provides a reconciliation of life insurance premiums collected to those reported in the GAAP financial statements.

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Year ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	307,474		$	255,709		$	229,468
Premiums collected on interest sensitive products	(127,271		)	(81,212		)	(60,702		)
Traditional life insurance premiums collected	180,203			174,497			168,766
Change in due premiums and other	741			589			(247		)
Traditional life insurance premiums	$	180,944		$	175,086		$	168,519

There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below.

Interest Sensitive Product Charges by Segment
	Year ended December 31,
	2013		2012		2011
	(Dollars in thousands)
Annuity
Surrender charges and other	$	1,236	$	775	$	664
Life Insurance
Administration charges	$	19,602	$	11,726	$	9,922
Cost of insurance charges	42,697		39,886		37,334
Surrender charges	484		943		578
Amortization of policy initiation fees	1,462		2,354		1,313
Total	$	64,245	$	54,909	$	49,147
Corporate and Other
Administration charges	$	6,138	$	5,975	$	6,317
Cost of insurance charges	29,567		29,638		29,794
Surrender charges	525		780		1,151
Separate account charges	8,742		8,372		8,748
Amortization of policy initiation fees	1,122		961		1,282
Total	$	46,094	$	45,726	$	47,292
Consolidated interest sensitive product charges	$	111,575	$	101,410	$	97,103

Premium Concentration by State
	Year ended December 31,
	2013		2012		2011
Life and annuity collected premiums:
Iowa	27.6	%	28.7	%	26.5	%
Kansas	20.0		21.9		20.9
Oklahoma	7.7		7.3		9.2

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Sch IV Reinsurance (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums, Life Insurance in Force	$ 54,603,479	$ 51,955,217	$ 49,778,838
Ceded Premiums, Life Insurance in Force	13,220,004	11,999,297	11,031,493
Assumed Premiums, Life Insurance in Force	613,281	612,850	588,791
Premiums, Net, Life Insurance in Force	41,996,756	40,568,770	39,336,136
Life Insurance in Force Premiums, Percentage Assumed to Net	1.50%	1.50%	1.50%
Direct Premiums Earned	321,498	305,129	296,352
Ceded Premiums Earned	29,360	28,863	30,766
Assumed Premiums Earned	786	638	439
Premiums Earned, Net	292,924	276,904	266,025
Premiums, Percentage Assumed to Net	0.30%	0.20%	0.20%
Interest sensitive product charges
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums Earned	112,229	102,027	97,725
Ceded Premiums Earned	1,026	1,010	1,061
Assumed Premiums Earned	372	393	439
Premiums Earned, Net	111,575	101,410	97,103
Premiums, Percentage Assumed to Net	0.30%	0.40%	0.50%
Traditional life insurance premiums
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums Earned	200,729	194,090	189,159
Ceded Premiums Earned	20,199	19,249	20,640
Assumed Premiums Earned	414	245	0
Premiums Earned, Net	180,944	175,086	168,519
Premiums, Percentage Assumed to Net	0.20%	0.10%	0.00%
Accident and health premiums
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums Earned	8,540	9,012	9,468
Ceded Premiums Earned	8,135	8,604	9,065
Assumed Premiums Earned	0	0	0
Premiums Earned, Net	$ 405	$ 408	$ 403
Premiums, Percentage Assumed to Net	0.00%	0.00%	0.00%