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Retirement and Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Multiemployer Plans [Table Text Block]
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,
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Amount recognized in FBL's statement of financial position
 
 
 
 
 
 
 
Prepaid benefit cost
$
26,006

 
$
20,258

 
$
876

 
$
969

Accrued benefit cost
—

 
—

 
(19,159
)
 
(16,746
)
Net amount recognized
$
26,006

 
$
20,258

 
$
(18,283
)
 
$
(15,777
)
 
 
 
 
 
 
 
 
Amount recognized in FBL's accumulated other comprehensive income, before taxes (1)
 
 
 
 
 
 
 
Net actuarial loss
 
 
 
 
$
12,094

 
$
9,695

Prior service cost
 
 
 
 
—

 
(1
)
Net amount recognized

 

 
$
12,094

 
$
9,694


(1)
For our Multiemployer Plan, the underfunded portion of the pension benefit obligation is not required to be recognized as a liability in our consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled $45.4 million at December 31, 2016 and $57.1 million at December 31, 2015.

 
 
 
Multiemployer Plan name
FBL Financial Group Retirement Plan
Employer identification number
42-1411715
Plan number
001
FBL's contributions (in thousands)
 
 
2016
$30,000
 
2015
$30,000
 
2014
$16,800
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
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,
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Change in projected benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at beginning of the year
$
319,420

 
$
339,139

 
$
22,275

 
$
26,729

Service cost
5,795

 
5,892

 
335

 
435

Interest cost
14,447

 
13,472

 
966

 
1,000

Actuarial loss (gain)
15,767

 
(13,281
)
 
3,317

 
(2,812
)
Benefits paid
(18,975
)
 
(2,501
)
 
(2,308
)
 
(3,077
)
Settlements
—

 
(23,301
)
 
—

 
—

Projected benefit obligation
336,454

 
319,420

 
24,585

 
22,275

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of the year
262,276

 
257,010

 
—

 
—

Actual return on plan assets
17,770


1,068

 
—

 
—

Employer contributions
30,000

 
30,000

 
2,308

 
3,077

Benefits paid
(18,975
)
 
(2,501
)
 
(2,308
)
 
(3,077
)
Settlements
—

 
(23,301
)
 
—

 
—

Fair value of plan assets at end of the year
291,071

 
262,276

 
—

 
—

Underfunded status at end of the year
$
(45,383
)
 
$
(57,144
)
 
$
(24,585
)
 
$
(22,275
)
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
297,753

 
$
279,858

 
$
21,407

 
$
20,980


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.

Schedule of Net Benefit Costs [Table Text Block]
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,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
(Dollars in thousands)
Service cost
$
5,795

 
$
5,892

 
$
5,295

 
$
335

 
$
435

 
$
269

Interest cost
14,447

 
13,472

 
13,919

 
966

 
1,000

 
1,077

Expected return on assets
(17,865
)
 
(17,563
)
 
(17,504
)
 
—

 
—

 
—

Amortization of prior service cost
144

 
144

 
144

 
(1
)
 
(11
)
 
(11
)
Amortization of actuarial loss
9,432

 
10,464

 
6,087

 
918

 
1,528

 
1,131

Effect of settlement
—

 
7,998

 
6,306

 
—

 
—

 
—

Net periodic pension cost
$
11,953

 
$
20,407

 
$
14,247

 
$
2,218

 
$
2,952

 
$
2,466

 
 
 
 
 
 
 
 
 
 
 
 
FBL Financial Group, Inc. share of net periodic pension cost
$
3,807

 
$
6,614

 
$
4,569

 
$
1,260

 
$
1,671

 
$
1,372


Pension settlement charges were recognized after determining the total cash payments exceeded the sum of the service and interest cost for 2015 and 2014.

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 (10% of the greater of the projected benefit obligation or the market value of plan assets) to determine the amounts to amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2017 will include $10.1 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 2017, included in accumulated other comprehensive income, will include $1.2 million for amortization of the actuarial loss.

We expect contributions to be paid to the Multiemployer Plan by us and affiliates for 2017 to be approximately $15.0 million, of which $4.8 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2017 to be approximately $1.9 million, of which $0.9 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2017 - $14.4 million, 2018 - $16.8 million, 2019 - $17.3 million, 2020 - $19.6 million, 2021 - $19.4 million and 2022 through 2026 - $115.4 million. Expected benefits to be paid under the Other Plans are as follows: 2017 - $2.4 million, 2018 - $2.5 million, 2019 - $3.2 million, 2020 - $2.6 million, 2021 - $2.3 million and 2022 through 2026 - $9.4 million.
Schedule of Assumptions Used [Table Text Block]
Weighted Average Assumptions Used to Determine Benefit Obligation
 
December 31
 
2016
 
2015
Discount rate
4.29
%
 
4.65
%
Annual salary increases
3.31
%
 
3.31
%

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.

Weighted Average Assumptions Used to Determine Net Periodic Pension Cost
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
Discount rate
4.65
%
 
4.52% / 4.05%
 
4.42% / 4.99%

Expected long-term return on plan assets
6.75
%
 
6.75% / 7.00%
 
7.00
%
Annual salary increases
3.31
%
 
3.31% / 3.00%
 
3.00
%


The discount rate was 4.05% for the nine months ended September 30, 2015 and 4.52% for the three months ended December 31, 2015 due to remeasurement at September 30, 2015 for settlement accounting. The discount rate was 4.99% for the nine months ended September 30, 2014 and 4.42% for the three months ended December 31, 2014 due to remeasurement at September 30, 2014 for settlement accounting. 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 the long-term return assumption is reasonable based on the current and expected asset allocations and on the Multiemployer Plan's historical investment performance. We also completed an actuarial study of our assumptions during 2015. At the remeasurement, this resulted in reducing the expected long-term return on plan assets from 7.00% to 6.75% and increasing assumed annual salary increases from 3.00% to 3.31%.
Schedule of Allocation of Plan Assets [Table Text Block]
Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels
 
 
 
December 31, 2016
 
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
$
35,888

 
$
—

 
$
—

 
$
35,888

International funds
35,709

 
—

 
—

 
35,709

Pooled separate accounts: (1)
 
 
 
 
 
 
 
Short-term fixed income funds
—

 
606

 
—

 
606

Fixed income funds
—

 
14,271

 
—

 
14,271

U.S. equity funds
—

 
28,640

 
—

 
28,640

Real estate fund
—

 
14,346

 
—

 
14,346

Annuities: (2)
 
 
 
 


 


Group annuity contract
—

 
—

 
141,782

 
141,782

Funded annuity contracts
—

 
—

 
11,382

 
11,382

Alternative investments: (3)
 
 
 
 
 
 
 
Limited partnerships
—

 
—

 
8,447

 
8,447

Total
$
71,597

 
$
57,863

 
$
161,611

 
$
291,071

 
December 31, 2015
 
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
$
30,326

 
$
—

 
$
—

 
$
30,326

International funds
29,140

 
—

 
—

 
29,140

Pooled separate accounts: (1)
 
 
 
 
 
 
 
Short-term fixed income funds
—

 
1,584

 
—

 
1,584

Fixed income funds
—

 
11,468

 
—

 
11,468

U.S. equity funds
—

 
24,091

 
—

 
24,091

Real estate fund
—

 
12,660

 
—

 
12,660

Annuities: (2)
 
 
 
 
 
 
 
Group annuity contract
—

 
—

 
134,749

 
134,749

Funded annuity contracts
—

 
—

 
11,996

 
11,996

Alternative investments: (3)
 
 
 
 
 
 
 
Limited partnerships
—

 
—

 
6,262

 
6,262

Total
$
59,466

 
$
49,803

 
$
153,007

 
$
262,276


(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, 2016
 
 
 
 
 
Return on assets
 
 
 
 
 
December 31,
2015
 
Purchases
(disposals),
net
 
Held at year end
 
Sold during year
 
Transfers into (out) of level 3
 
December 31, 2016
 
(Dollars in thousands)
Group annuity contract
$
134,749

 
$
1,334

 
$
5,699

 
$
—

 
$
—

 
$
141,782

Funded annuity contracts
11,996

 
(1,287
)
 
673

 
—

 
—

 
11,382

Limited partnerships
6,262

 
1,536

 
649

 
—

 
—

 
8,447

Total
$
153,007

 
$
1,583

 
$
7,021

 
$
—

 
$
—

 
$
161,611
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block]
Level 3 Multiemployer Plan Asset Changes in Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
Return on assets
 
 
 
 
 
December 31,
2015
 
Purchases
(disposals),
net
 
Held at year end
 
Sold during year
 
Transfers into (out) of level 3
 
December 31, 2016
 
(Dollars in thousands)
Group annuity contract
$
134,749

 
$
1,334

 
$
5,699

 
$
—

 
$
—

 
$
141,782

Funded annuity contracts
11,996

 
(1,287
)
 
673

 
—

 
—

 
11,382

Limited partnerships
6,262

 
1,536

 
649

 
—

 
—

 
8,447

Total
$
153,007

 
$
1,583

 
$
7,021

 
$
—

 
$
—

 
$
161,611


 
December 31, 2015
 
 
 
 
 
Return on assets
 
 
 
 
 
December 31,
2014
 
Purchases
(disposals),
net
 
Held at year end
 
Sold during year
 
Transfers into (out) of level 3
 
December 31, 2015
 
(Dollars in thousands)
Group annuity contract
$
128,244

 
$
1,156

 
$
5,349

 
$
—

 
$
—

 
$
134,749

Funded annuity contracts
12,298

 
(1,012
)
 
710

 
—

 
—

 
11,996

Limited partnerships
4,520

 
1,680

 
62

 
—

 
—

 
6,262

Total
$
145,062

 
$
1,824

 
$
6,121

 
$
—

 
$
—

 
$
153,007