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, 2017
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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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, 2017, the aggregate market value of the registrant's Class A Common Stock and Class B Common Stock held by non-affiliates of the registrant was $609,145,446 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 latest practicable date:
Title of each class	Outstanding at February 27, 2018
Class A Common Stock, without par value	24,879,776
Class B Common Stock, without par value	11,413
DOCUMENTS INCORPORATED BY REFERENCE
Document	Parts Into Which Incorporated
Portions of the definitive proxy statement for annual shareholders meeting to be held on May 16, 2018	Part III

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FBL FINANCIAL GROUP, INC.
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2017
TABLE OF CONTENTS
PART I.
	Cautionary Statement Regarding Forward Looking Information	1
Item 1.	Business	2
Item 1A.	Risk Factors	14
Item 1B.	Unresolved Staff Comments	21
Item 2.	Properties	21
Item 3.	Legal Proceedings	21
Item 4.	Mine Safety Disclosures	21
PART II.
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	22
Item 6.	Selected Consolidated Financial Data	25
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
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	59
	Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting	59
	Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements	60
	Consolidated Balance Sheets	62
	Consolidated Statements of Operations	64
	Consolidated Statements of Comprehensive Income	65
	Consolidated Statements of Changes in Stockholders' Equity	65
	Consolidated Statements of Cash Flows	66
	Notes to Consolidated Financial Statements	68
Item 9.	Changes In and Disagreements with Accountants on Accounting and Financial Disclosure	118
Item 9A.	Controls and Procedures	119
Item 9B.	Other Information	119
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, 2017.
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	120
	SIGNATURES	122
	Schedule I - Summary of Investments - Other than Investments in Related Parties	123
	Schedule II - Condensed Financial Information of Registrant	124
	Schedule III - Supplementary Insurance Information	128
	Schedule IV - Reinsurance	130

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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. These forward-looking statements are based on assumptions that we believe to be reasonable; however, no assurance can be given that the assumptions will prove to be correct. We undertake no obligation to update any 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.

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

• 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.

• 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.

• Cyber attacks, system security risks, data protection breaches and other technology failures could adversely affect our business and results of operations.

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

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

• A significant change in accounting guidance could have a material effect on our financial condition or results of operations.

• Actual experience that differs from our assumptions regarding future persistency, mortality, interest rates and benefit utilization 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.

• 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), majority owned by the Iowa Farm Bureau Federation (IFBF), 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, 2017, these distribution channels consisted of 1,840 exclusive agents and agency managers, who sell our products in the Midwestern and Western sections of the United States.

The Company 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 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 (Wholly-owned)	Managed by FBL Financial Group. Underwriting results do not impact FBL Financial Group's results
BRAND
DISTRIBUTION	1,827 exclusive Farm Bureau Financial Services agents and agency managers	13 exclusive agents and agency managers	1,192 exclusive Farm Bureau Financial Services agents and agency managers (included under the 1,827 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 codes of ethics, board 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 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 branded review program, called SuperCheck. This review program is a free yearly service that can help our customers identify gaps in their insurance coverage. We 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 Farm Bureau Financial Services 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 the Life Insurance and Market Research Association (LIMRA). We believe there is further opportunity for growth from cross-selling as 70% of Farm Bureau members in the eight-state region have a Farm Bureau Financial Services 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 marketing and sales materials, training and a high level of field management and sales support. Additionally, the field sales support team includes Life Sales Advisors and Regional Financial Consultants who work as a resource to help agents with life and annuity sales.

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.

This business strategy and sales model results in deep customer engagement and long-term customer relationships. Our agents are often viewed as the go-to person for all the insurance needs of their customers. As a result, while we underwrite the majority of the life and annuity 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 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. Agents who are Investment Advisor Representatives (IARs) offer fee-based financial planning. In 2018 we plan to launch a wealth management initiative that will allow us to offer an open architecture mutual fund platform. With this initiative, in 2018 we plan to expand the advisory services offered by our IARs and create a new role known as the Farm Bureau Wealth Management Advisor. These advisors will serve as wealth management resources to other Farm Bureau Financial Services agents. Once implemented, we expect this initiative will allow our agents to add more value, enhance the customer experience and further strengthen the agent/customer relationship. We expect that this will also add a diversified earnings stream to FBL Financial Group given the fee-based nature of wealth management. This is a long term strategy that we expect to invest in and build out over time.

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

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Bureau affiliated life company but 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.

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 growing presence in 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 Organizations

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 6.0 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. There are approximately 720,000 member families in the states where we have rights to use the Farm Bureau name, brand and logo.

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 may include policy development, government relations activities, leadership development and training, communications outreach and training, 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, farm transition workshops, rural entrepreneurial seminars, scholarships and grants and guidance on enhancing profitability. Other benefits of membership include newspaper and magazine subscriptions, as well as savings in areas such as health care, travel, entertainment, farm equipment and automobile rebates. In addition, members have access to accidental death insurance, banking services, computerized farm accounting services, electronic information networks, 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 2017, royalty expense totaled approximately $2.4 million.

Our relationship with 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, 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 $61 and are available to individuals, families, partnerships and 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, 2024. In 2017, we paid $9.1 million for the services provided under these agreements.

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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 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 2017 First Year Premiums Collected
Iowa	December 31, 2024	December 31, 2033	26.6	%
Kansas	December 31, 2024	December 31, 2033	16.5
Oklahoma	December 31, 2022	December 31, 2022	8.2
Arizona	December 31, 2024	December 31, 2033	7.1
Wyoming	December 31, 2021	December 31, 2021	6.9
Nebraska	December 31, 2024	December 31, 2033	6.5
Utah	December 31, 2024	December 31, 2033	5.8
Minnesota	December 31, 2024	December 31, 2033	4.4
Montana	December 31, 2021	December 31, 2021	4.1
Idaho	December 31, 2021	December 31, 2021	3.9
Wisconsin	December 31, 2020	December 31, 2020	3.6
New Mexico	December 31, 2024	December 31, 2033	2.5
South Dakota	December 31, 2024	December 31, 2033	1.5
Colorado	December 31, 2021	Not Applicable	0.6
North Dakota	December 31, 2021	December 31, 2021	0.4
Other	Not Applicable	Not Applicable	1.4
			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 agents are independent contractors and exclusive agents. We have a written contract with each member of our agency force. The contract covers a number of topics including privacy, compensation payments and reserving our ownership of customer lists.

In the multi-line states where we manage the Farm Bureau affiliated property-casualty companies, our agents are supervised by agency managers employed by Farm Bureau Property & Casualty Insurance Company. There are 1,192 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. These agents are supported by 1,096 sales associates who assist them and provide a variety of support in the sales process. We are responsible for product and sales training for all lines of business in our multi-line states.

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 648 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. We are responsible for training the agency force in life insurance products and sales methods in our life partner states.

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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 provides opportunities for additional customers, cross-selling of additional insurance products and increased retention.

The focus of agency managers is to recruit, train, supervise and retain agents to achieve high production levels of profitable business. Agency manager compensation has historically been comprised of 1) overwrite commissions, which vary according to the productivity level and persistency of business of the agents managed and 2) a reward related to the attainment of sales goals. We have a compensation program comprised of salary and a performance-based component, which compensates for attainment of distribution and sales goals. This compensation structure aligns with the requirements of the agency manager role and offers a financial incentive that aligns with the strategic priorities of growing both agency scale and productivity.

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.

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 13% of our agents and agency managers qualify for our primary annual incentive trip. Agent recruiting, training, financing and compensation programs are designed to develop a productive agent for the long term.

In order to increase an agent's opportunity for success and increase retention, we offer a reserve agent program in which the agent completes a training program that can take up to four months and achieves certain production minimums on a part-time basis before being contracted as a full-time agent. This program gives us and the agent an opportunity to assess whether the candidate is expected to have a successful long-term career as our agent. The reserve agent program, along with distribution initiatives focused on new agent financing, centralized training, a quality recruiting/selection process and a strong field leadership team are designed to strengthen our distribution and improve agent retention. Our one-year agent retention was 85% for 2017 and our four-year agency force retention rate for 2017 was approximately 31%.

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,
	2017		2016		2015
	(Dollars in thousands)
Individual fixed rate
First year	$	89,367	$	123,687	$	137,015
Renewal	78,301		89,584		100,594
Individual indexed	110,553		125,546		90,869
Group	6,399		10,575		9,414
Total Annuity	$	284,620	$	349,392	$	337,892

Annuity premiums collected decreased in 2017 due to a decline in sales of both fixed rate and indexed annuity products. Premiums collected increased in 2016 compared to 2015 due to increased sales of indexed annuity products, partially offset by decreased sales of fixed rate deferred annuity products. The decline in annuity premium collected in 2017 is consistent with industry experience and believed to be attributable to the impact of low market interest rates and the current regulatory environment. (See "Item 1A. Risk Factors.") The amount of traditional annuity premiums collected is also 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 2.70% in 2017, 2.77% in 2016 and 2.81% in 2015. Traditional annuity premiums collected in our Farm Bureau market territory in 2017 were concentrated primarily in the states of Iowa (29%), Kansas (22%) and Oklahoma (7%).

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 SPIA products are currently suspended due to the low interest rate environment.

Approximately 41% of our existing individual traditional annuity business, based on account balances, is held in qualified retirement plans. For deferred annuity products, in order to encourage persistency, a surrender charge is imposed against the policyholder's account balance for early termination of the annuity contract within a specified period after its effective date. The surrender charge structure varies by product, but typically starts at 6% to 10% and decreases 1% to 2% 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.

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Withdrawal Rates

Withdrawal rates (excluding death benefits) for our individual deferred annuities were 4.2% for 2017, 4.0% for 2016 and 4.0% for 2015. We believe the competitive environment, due to the low level of market interest rates, 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 2.18% at December 31, 2017 and 2.24% at December 31, 2016. The weighted average interest rate guarantees on annuity contracts issued during 2017 was 1.00%.

Indexed Annuities

With an indexed annuity, the policyholder may choose from a traditional fixed rate strategy or an indexed 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 re-allocate funds among the indexed 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.

In 2017 we introduced a flexible premium indexed annuity, which allows contract holders to make additional contributions into their indexed annuity contracts. Previously we had a single premium indexed annuity.

The indexed annuity contract value is equal to the premiums paid less partial withdrawals and rider charges taken from the contract plus interest credited to the fixed portion of the contract and index credits on the indexed portion of the contract. The minimum guaranteed contract values are equal to 87.5% of the premium collected, adjusted for withdrawals and rider charges, plus interest credited at an annual rate of 1.0%. If there were little or no indexed credits over the life of an indexed annuity, we would incur expenses to increase the account value to the minimum guaranteed contract values. 

Indexed annuity premiums are invested in our general account similar to fixed rate annuities. A portion of the investments are used to purchase one-year call options on the S&P 500 to fund the index credits on the accounts. New call options are purchased at each reset date. The cost of the call options is managed through the terms of the indexed annuities, which permit changes to caps, subject to minimum guarantees. Our spread is also influenced by the aggregate call option costs. Additionally, if we are not successful in matching the terms of the call options with the terms of the indexed annuities, the call option proceeds could vary from the indexed credits, thus increasing or reducing aggregate call option costs and causing spreads to widen or tighten.

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Interest Crediting Rates Compared to Guarantees - Annuity Segment
	Liabilities at
	December 31, 2017
	(Dollars in thousands)
Fixed rate annuities:
Greater than or equal to 100 basis points over guarantee	$	19,066
50 basis points to 99 basis points over guarantee	557,355
1 basis point to 49 basis points over guarantee	342,349
At guaranteed rate	1,962,776
Indexed annuities	478,566
Non-discretionary rate setting products	610,003
Total interest sensitive product liabilities	$	3,970,115
Impact of unrealized gains and losses	(6,928		)
Interest sensitive reserves	$	3,963,187

In Force - Annuity Segment
	December 31,
	2017		2016		2015
	(Dollars in thousands)
Number of contracts	53,250		53,676		53,319
Interest sensitive reserves	$	3,963,187	$	3,827,295	$	3,550,364
Other insurance reserves	355,877		364,966		370,326

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.

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Premiums Collected - Life Insurance Segment
	For the year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Universal life:
First year	$	26,438		$	17,480		$	25,006
Renewal	74,070			70,157			67,676
Total	100,508			87,637			92,682
Participating whole life:
First year	11,918			16,177			14,533
Renewal	95,846			97,665			97,030
Total	107,764			113,842			111,563
Term life and other:
First year	10,282			9,944			11,710
Renewal	101,623			97,467			91,748
Total	111,905			107,411			103,458
Total Life Insurance	320,177			308,890			307,703
Reinsurance ceded	(27,833		)	(27,339		)	(26,700		)
Total Life Insurance, net of reinsurance	$	292,344		$	281,551		$	281,003

Life premiums collected were higher in 2017 compared to 2016 due to increased sales of universal life and term life policies. These increases were partially offset by a decline in sales of whole life. Life insurance premiums collected in our market territory in 2017 were concentrated primarily in the states of Iowa (23%), 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 the overall performance of the participating life block to the extent determined by Farm Bureau Life, generally through annual dividends. Participating business accounted for 32% of life receipts from policyholders during 2017 and represented 11% of life insurance in force at December 31, 2017.

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.

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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.

Our indexed universal life insurance product provides life insurance protection with flexible premium payments and provides a death benefit with cash accumulation. The premium is paid into a holding account and once it is fully funded with a year's worth of policy charges, the excess value is transferred into an indexed segment that earns interest based on the percentage change in the S&P 500. A quarterly review is conducted to determine whether the holding account contains 12 months' worth of policy charges. We purchase one-year call options on the S&P 500 to fund the indexed segment credits. Interest on each of the indexed segments is credited annually on a point-to-point basis. After any annual earned interest is credited to an indexed segment, the money is transferred back to the holding account where it can become eligible for a new indexed segment. Positive interest credit is subject to a cap. If the ending index value is less than the initial index value, the interest credit will be zero.

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 13 underwriters who have an average of 21 years of experience in the insurance industry.

Our underwriters review each application, which is prepared under the supervision of our agents, and supported by any required testing and records: blood, urine or oral fluid testing, paramedical/physicians' examinations, motor vehicle or pharmacological inspection reports and medical records. We generally begin employing blood, oral fluid or urine testing (including HIV antibody testing) whenever the applicant is at least 18 and at face amounts of at least $50,000. Additional underwriting requirements and inspection reports are required as either the face amount or the age of the proposed insured increases. 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 select term policies available only between ages 18 to 60 and for face amounts of $20,000 to $100,000. When using our automated underwriting guidelines we 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.

In 2017 we began an accelerated underwriting program on a pilot basis. This program is a non-medical underwriting approach that includes (1) an oral swab, which can detect nicotine use, (2) an electronic inspection report, which can identify a variety of risks and (3) a diagnostic review, which for a portion of applicants, will provide insight into previous medical lab results. This pilot program was available only for ages 18 to 59 and for face amounts of $100,000 to $250,000. We are currently evaluating this pilot program.

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 3.76% in 2017, 3.79% in 2016 and 3.90% in 2015. Our universal life contracts have guaranteed minimum crediting rates that range from1.00% to 4.50%, with a weighted average guaranteed crediting rate of 3.58% at December 31, 2017 and 3.63% at December 31, 2016.

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Interest Crediting Rates of Interest Sensitive Life Products Compared to Guarantees - Life Insurance Segment
	Liabilities at
	December 31, 2017
	(Dollars in thousands)
Discretionary rate setting products with minimum guarantees:
Greater than or equal to 100 basis points over guarantee	$	42,316
50 basis points to 99 basis points over guarantee	—
At guaranteed rate	800,273
Non-discretionary rate setting products	113,328
Total interest sensitive product liabilities	$	955,917
Impact of unrealized gains and losses	(11,227		)
Interest sensitive reserves	$	944,690

Policyholder dividends are 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, expense levels and other factors. Our participating business does not have minimum guaranteed dividend rates.

In Force - Life Insurance Segment
	December 31,
	2017		2016		2015
	(Dollars in thousands, except face amounts in millions)
Number of policies - traditional life	365,382		364,698		365,029
Number of policies - universal life	66,382		64,044		62,661
Face amounts - traditional life	$	50,842	$	49,108	$	47,490
Face amounts - universal life	7,276		6,872		6,616
Traditional insurance reserves	1,951,565		1,887,539		1,818,245
Interest sensitive reserves	944,690		899,207		859,582

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 previously issued our own variable products, but in 2010 discontinued underwriting new sales. The existing in force business remains on our books and we continue to administer this business. Variable premiums collected from prior sales were $53.6 million in 2017, $58.3 million in 2016 and $63.8 million in 2015. For a period between 2010 and 2017, we sold variable products underwritten by another insurance company with variable product expertise. This was discontinued in 2017. We earned fees from the sale of these brokered products and we are not responsible for administering this business. A portion of these revenues was passed on to our agents as commissions for the underlying sales.

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 current maximum retention limit on an insured life is $1.0 million.

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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.

Primary Reinsurers as of December 31, 2017

Reinsurer	A.M. Best Rating	Amount of In Force Ceded		Reserve Credit
		(Dollars in millions)
Swiss Re Life & Health America Inc.	A+	$	6,191.3	$	28.6
RGA Reinsurance Company	A+	4,241.7		30.2
SCOR Global Life USA Reinsurance Company	A+	2,262.7		11.3
All other (11 reinsurers)*	A- to A++	1,390.9		7.5
Total		$	14,086.6	$	77.6

* All other include 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. Hannover Re has since acquired a number of Scottish Re blocks of business. As of December 31, 2017, $255.3 million of in force and $4.4 million of reserves were ceded to Scottish Re, of which Hannover Re owns 88% of the ceded in force and 98% of the ceded reserves. Hannover Re is currently rated A+ by A.M. Best.

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 $15.2 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 stable outlook and it long-term issuer credit rating is "a+" with a stable outlook. FBL Financial Group's A.M. Best long-term issuer credit rating is "bbb+" with a stable 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 issuer 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 negative rating outlook. This rating outlook considers a flattening yield curve, low Treasury rates, declining annuity sales, evolving regulatory issues, the potential for a correction in the equity and credit markets, and the need to invest significantly in insurtech solutions to modernize the business model. The negative outlook also reflects the long duration of lower rates and lower financial flexibility.

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

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companies and other financial institutions, such as banks and broker/dealers, many of which have financial resources substantially greater than ours.

Regulation

All segments of our business are highly regulated. See "Item 1A. Risk Factors."

Employees

At December 31, 2017, we had 1,692 full-time 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 that 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.

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 contractual minimum crediting rate guarantees. 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.

Conversely, in periods of rapidly increasing interest rates, surrenders and withdrawals may increase as policyholders seek financial instruments with higher investment returns, commonly referred to as disintermediation. This may lead to net cash outflows and the resulting liquidity demands may require us to sell investments when the prices of those assets are adversely affected by the increase in interest rates, which may result in realized investment losses.

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.

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. In the financial markets, liquidity, corporate profitability and moderate economic growth continue to support fundamental credit quality. However, strong demand for U.S. assets has constrained interest rates broadly, challenging growth in investment income and resulting in declining portfolio investment yields across the life insurance and annuity industry.

Our business generally benefits from moderate to strong economic expansion. Conversely, a lackluster economy characterized by higher unemployment, lower family income, lower consumer spending, muted corporate earnings growth and lower business

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investment could adversely impact the demand for our products in the future. In addition, a significant portion of our customer base operates in the agricultural industry; accordingly, fluctuations in commodity prices, federal subsidies and the value of farm land may impact our customers' demand for our insurance and investment products. We also may experience a higher incidence of claims, lapses or surrenders of policies following such fluctuations. We cannot predict with certainty 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.

Capital requirements depend on factors including the rate of sales growth of our products, aggregate reserve levels and the levels of risks in our insurance products and invested assets. In order to meet 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 additional financing, thereby ultimately impacting our profitability, liquidity and ability to support or grow our businesses. Without sufficient capital and liquidity, 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, 2017, 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 during and after periods of volatile and illiquid market conditions, increasing the difficulty in valuing certain instruments, as trading becomes less frequent and/or market data less observable. As a result, certain valuations may 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.

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.

During a major downturn in the economy, 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, 2017, we held $7.3 billion of fixed income securities, $0.3 billion of which represented below-investment grade holdings. We generally do not purchase below-investment grade securities. Typically, the below-investment grade holdings we own were acquired as investment grade holdings, but subsequently downgraded. An increase in defaults on our fixed maturity securities and commercial mortgage loans 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.

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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 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, 2017, Farm Bureau Life’s statutory unassigned surplus was $482.5 million. There are certain additional limits to the amount of dividends 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 included in Item 8. During 2018, the maximum amount available for distribution to FBL Financial Group, Inc. from Farm Bureau Life without regulatory approval is $106.1 million.

In addition, Farm Bureau Life is subject to the risk-based capital (RBC) requirement of the National Association of Insurance Commissioners (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 impose regulatory actions when a company's total adjusted capital is equal to or lower than 200% of its authorized control level risk-based capital. The severity of regulatory actions increase until the point at which regulators assume control of an insurance company when its total adjusted capital is equal to or less than 70% of its authorized control level risk-based capital.

Failure to maintain adequate capital levels could lead to ratings downgrades and liquidity issues that could adversely affect our business and financial condition.

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.

Cyber attacks, system security risks, data protection breaches and other technology failures could adversely affect our business and results of operations.

A technology failure could occur and potentially disrupt our business, damage our reputation and adversely affect our profitability. Our information technology systems are subject to computer viruses or other malicious codes, unauthorized access and cyber attacks. The administrative and technical controls and other preventive actions we take to reduce the risk of cyber incidents and protect our information technology systems may be insufficient to prevent physical and electronic break-ins, cyber attacks or other security breaches to our computer systems. In addition, disruptions or breaches could occur as a result of

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natural disasters, man-made disasters, industrial accident, blackout, criminal activity, technological changes or events, terrorism or other unanticipated events beyond our control. Any compromise of the security of our technology systems could damage our reputation, expose us to losses and litigation and require us to incur significant technical, legal and other expenses. While the company has insurance intended to provide coverage from certain losses related to such incidents and a variety of preventative security measures such as risk management, information protection, disaster recovery and business continuity plans, we cannot predict the method or outcome of every possible cyber incident. Unanticipated problems with our systems or recovery plans could have a material adverse impact on our ability to conduct business, our results of operations and our financial position.

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, third parties and investors. It is crucial to our business to reach a large number of people and secure, store and provide sizable 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. A failure to provide customers with the information systems they need to conduct business with us could negatively impact relationships with our customers.

Our business is dependent, in part, upon third-party software and services for some of the above-listed technology needs. If one of our third-party vendors is unable to provide the service we require, there could be an adverse impact on our ability to meet our customer, agent, reporting, regulatory and other operational needs.

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. An inability to provide and maintain effective information technology systems could adversely impact our results of operations and financial condition.

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 insurance 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.

Our variable insurance products, investment advisors, broker/dealer and certain licensed agents who are also registered representatives and investment advisor representatives are subject to regulation by the Securities and Exchange Commission (SEC), state securities regulators (in most states where they are authorized to do business) and the Financial Industry Regulatory Authority (FINRA).

As noted above, through adoption by law in states where we do business, our life insurance 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 insurance 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 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 and regulations as other corporations, including, but not limited to pension regulation, employment laws, financial services regulation, securities regulation and federal taxation. Each of these laws and regulations 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. The Dodd-Frank Act of 2010 established the Federal Insurance Office (FIO) within the Department of Treasury to

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collect information about the insurance industry, recommend prudential standards and represent the U.S. in dealings with foreign insurance regulators. We monitor the activities of the FIO, NAIC and the state insurance regulators.

As part of the Dodd-Frank Act, many key rules have yet to be finalized, 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.

Our investment management subsidiary is an SEC-registered investment advisor. This entity manages the investment portfolios for certain non-affiliated organizations, as well as oversees financial advisory services provided by our agent force. Agents who are Investment Advisor Representatives (IARs) offer fee-based financial planning. In 2018 we plan to expand these services. Our registered separate accounts are themselves 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 mutual funds through our broker/dealer subsidiary and are regulated by FINRA and state securities regulators. The failure of our broker-dealer subsidiary and registered representatives to acquire and maintain required securities registrations and comply with SEC and FINRA regulations could materially impact our business reputation and subject the company to financial penalties.

On April 8, 2016, the U.S. Department of Labor (DOL) issued regulations (the Final Rule) addressing when companies and individuals providing investment advice with respect to certain employee benefit plans or individual retirement accounts (IRAs) are considered a fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Under the Final Rule, the agents who sell fixed indexed annuities and the registered representatives who sell variable annuities or investment products for use in certain employee benefit plans or IRAs would be considered fiduciaries, and could subject themselves and one or more of our companies to additional disclosures, reporting, record keeping and other regulatory requirements. Amendments to the Final Rule went into effect on June 9, 2017, without some of the more onerous requirements of the Best Interest Contract Exemption (BICE). On November 29, 2017, a new rule became effective that delayed the effective date of implementation of the balance of the requirements of the Final Rule until July 1, 2019. Based on statements by the DOL, FINRA (Financial Industry Regulatory Authority) and the NAIC (National Association of Insurance Commissioners), there is speculation that the three groups will seek to adopt a new uniform best interest standard that would apply to sales of securities products and annuities, prior to the new July 1, 2019, effective date. Until more information is provided with respect to this new standard, we are unable to assess the effect this might have on our business. We do not anticipate making any additional changes in the way we currently handle business during calendar year 2018. We continue to analyze the effect of the Final Rule (as adopted to date) on our business.

A significant change in accounting guidance could have a material effect on our financial condition or results of operations.

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. 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. In addition, there is currently a project underway, by the accounting setting body, to evaluate the accounting for long-term insurance contracts. While it is uncertain what the final outcome of the project will be or when it will be completed, it is possible that changes to the accounting guidance could be significant. In addition, our insurance subsidiaries are subject to statutory accounting principles. Any changes in these accounting principles may materially impact our minimum required capital levels.

Actual experience that differs from our assumptions regarding future persistency, mortality, interest rates and benefit utilization 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 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.

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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. Bonus interest credited to contracts during the first policy year is also included. 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 or decreases in expected future investment returns, 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 our closed block of 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 and any corresponding reinsurance offset. We are exposed to the risk of catastrophic mortality, such as a pandemic or other event that causes a large number of deaths. 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 current maximum retention limit on an insured life is $1.0 million.

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.

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 Organizations" 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. The loss of the right to use these designations in a key state or states could have a material adverse effect on operating results.

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 and its affiliates, and state Farm Bureau organizations and their affiliates. The Company and its wholly-owned subsidiary, Farm Bureau Life, share common directors with the American Farm Bureau Federation and certain state Farm Bureau organizations and their affiliates. Farm Bureau Life has written agreements with certain state Farm Bureau organizations, which cover the use of the Farm Bureau name and logo in their respective states. Farm Bureau Life also has written service agreements with affiliates of these state Farm Bureau organizations covering the management of our shared distribution in those states. Negotiation and approval of those agreements may give rise to conflicts of interest for those who serve on the boards of directors of both parties to such agreements. Conflicts could also arise with respect to other business dealings among the parties.

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The Company and its wholly-owned subsidiary, Farm Bureau Life, have comparable agreements with Farm Bureau Property & Casualty Insurance Company. With respect to those agreements, in addition to individuals who serve as directors on the boards of both companies, the Company, Farm Bureau Life and Farm Bureau Property & Casualty Insurance Company have common executive management, which may give rise to conflicts of interest for those executives.

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

The Tax Cuts & Jobs Act of 2017 (the Tax Act) was enacted on December 22, 2017. The Tax Act reduced the corporate tax rate from 35% to 21% and contained many base-broadening provisions specific to the life insurance industry. The reduction in the corporate tax rate will generally result in increased net income for the year of enactment and future years. However, additional guidance is still needed to fully evaluate the extent to which several of the base-broadening provisions might offset the benefit of the lower rate.

Additionally, the Tax Act reduced individual tax rates and doubled the estate tax exemptions. The Tax Act does not change the taxation of annuity and life products, and they maintain the policyholder tax advantages not present in other savings instruments, such as certificates of deposit and taxable bonds. Federal income tax law allows for the deferral of income tax on the earnings during the accumulation period of certain annuity and life insurance products, as opposed to the current taxation of other savings instruments. In addition, life insurance death benefits are generally exempt from income tax.

The impact, if any, on the sales of our products from lower individual tax rates and a higher estate tax exemption is uncertain at this time.

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 our 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. There can be no certainty regarding the length of time any of our named executive officers will remain with us. 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.

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. Some lawsuits naming us as defendants may be, or purport to be, class actions. In addition, state regulators such as the Iowa Insurance Division, and federal regulators such as the SEC, FINRA, DOL and the Internal Revenue Service, are entitled to 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. 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 for particular customers. While we are currently 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 any litigation will not have such an effect, whether financially, through distraction of our management or otherwise.

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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 141,000 square feet of a 400,000 square foot office building in West Des Moines, Iowa. In addition to our home office building, we lease additional space in West Des Moines, Iowa, to meet our business needs.

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 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 2017 and 2016.

Class A Common Stock Data (per share)	1st Qtr.		2nd Qtr.		3rd Qtr.		4th Qtr.
2017
High	$	79.60	$	69.75	$	76.60	$	79.80
Low	61.80		59.75		61.00		69.65
Dividends declared and paid	1.94		0.44		0.44		0.44
2016
High	$	62.03	$	63.85	$	67.31	$	82.60
Low	53.32		56.41		58.01		60.80
Dividends declared and paid	2.42		0.42		0.42		0.42

Special Dividends

In March 2017, the Board of Directors approved a special $1.50 per share cash dividend payable to Class A and Class B common shareholders totaling $37.4 million. In March 2016, the Board of Directors approved a special $2.00 per share cash dividend payable to Class A and Class B common shareholders totaling $49.7 million.

Other Information

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 of January 26, 2018, there were approximately 5,100 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 2018 will increase to $0.46 per share and a special dividend of $1.50 per common share will be paid in the first quarter of 2018.

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 ended
	12/31/2012		12/31/2013		12/31/2014		12/31/2015		12/31/2016		12/31/2017
FBL Financial Group, Inc.	$	100.00	$	138.63	$	185.06	$	215.68	$	281.08	$	261.33
S&P 500 Index	100.00		132.39		150.51		152.59		170.84		208.14
S&P 500 Life & Health Insurance Index	100.00		163.48		166.66		156.14		194.96		226.98

Source: S&P Global Market Intelligence

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

The following table sets forth issuer purchases of equity securities for the quarter ended December 31, 2017.

Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1, 2017 through October 31, 2017	—	$	—	—	$49,454,692
November 1, 2017 through November 30, 2017	—	—		—	$49,454,692
December 1, 2017 through December 31, 2017	3,511	70.02		3,511	$49,208,863
Total	3,511	$	70.02

Activity in this table represents Class A common shares repurchased by the Company in connection with the repurchase program announced on March 3, 2016, which will expire on March 31, 2018. It is anticipated that a new $50.0 million program will be authorized upon expiration of the current program, remaining open through March 31, 2022. The program authorizes us to make 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,
	2017			2016			2015		2014		2013
	(Dollars in thousands, except per share data)
Consolidated Statement of Income Data
Interest sensitive product charges	$	112,936		$	111,928		$	114,584	$	109,770	$	111,575
Traditional life insurance premiums	195,330			196,914			190,956		183,300		180,944
Net investment income	415,199			404,170			391,149		382,082		370,651
Realized gains (losses) on investments	(3,387		)	(1,763		)	10,489		2,938		13,555
Total revenues	735,478			726,414			722,809		692,939		691,231
Net income (1)	194,355			107,219			113,473		109,869		108,393
Per common share:
Earnings (1)	7.76			4.29			4.55		4.42		4.25
Earnings - assuming dilution (1)	7.75			4.28			4.53		4.39		4.21
Cash dividends (2)	3.26			3.68			3.60		1.40		2.52
Weighted average common shares outstanding - assuming dilution	25,057,445			25,029,083			25,016,483		25,016,244		25,774,415
Consolidated Balance Sheet Data
Total investments	$	8,620,243		$	8,174,660		$	7,722,753	$	7,680,970	$	7,040,002
Assets held in separate accounts	651,963			597,072			625,257		683,033		693,955
Total assets	10,066,613			9,566,134			9,132,004		9,064,408		8,461,323
Long-term debt	97,000			97,000			97,000		97,000		97,000
Total liabilities	8,677,763			8,377,876			7,997,530		7,811,526		7,416,532
Total stockholders' equity (3)	1,388,850			1,188,258			1,134,474		1,252,882		1,044,791
Book value per common share (3)	55.59			47.61			45.61		50.57		42.08

Notes to Selected Consolidated Financial Data

(1) Net income and earnings per share in 2017 were positively impacted by the initial impact to deferred income taxes from the change in the federal statutory tax rate totaling $85.8 million ($3.43 and $3.42 basic and diluted earnings per share, respectively).

(2) Dividends in 2017 include a special $1.50 per share cash dividend to Class A and B common shareholders. Dividends in 2016, 2015 and 2013 include a special $2.00 per share cash dividend to Class A and B common shareholders.

(3) Amounts are impacted by accumulated other comprehensive income totaling $285.0 million in 2017, $149.6 million in 2016, $114.5 million in 2015, $258.4 million in 2014 and $119.1 million in 2013. 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:

• 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 use net income determined using U.S. Generally Accepted Accounting Principles (GAAP), in addition to non-GAAP operating income (a measure of earnings not recognized under GAAP), to measure our performance. Non-GAAP operating income is a common life insurance industry measure of performance. Non-GAAP operating income, for the periods presented, consists of net income adjusted to exclude the impact of realized gains and losses on investments and the change in net unrealized gains and losses on derivatives, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). Specifically, call options relating to our indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed annuities are expected to be in force. During 2017, we revised our non-GAAP operating income definition to remove from net income the initial impact to deferred income taxes from a change in tax laws. Such changes can create an unusual one-time remeasurement of deferred taxes not reflective of normal operations. The revision did not impact 2016 or 2015 non-GAAP operating earnings but did affect 2017, with the recent enactment of the Tax Cuts and Jobs Act of 2017 (Tax Act). See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act. A view of our operating performance without the impact of these items enhances the analysis of our results, although it should not be viewed as a substitute for net income as a measure of financial performance. See Note 13 to our consolidated financial statements included in Item 8 for further information regarding how we define our segments and non-GAAP operating income.

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We also include within our analysis “premiums collected,” another measure that is not used in financial statements prepared in accordance with GAAP, but is a common life insurance industry measure of agent productivity. See Note 13 to our consolidated financial statements included in Item 8 for further information regarding this measure and its relationship to GAAP revenues.

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, benefit utilization, 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. See Note 1 to our consolidated financial statements included in Item 8 for details on adopted and pending accounting pronouncements. In addition to guidance that has been adopted, the accounting standards setting bodies are currently working on other projects that could impact the timing of profit emergence including the accounting for insurance contracts. It is uncertain what the outcome of these or other projects will be or when they will be completed.

Impact of Recent Business Environment

Our business generally benefits from moderate to strong economic expansion. Conversely, a lackluster economy 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 during such times. 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.

Economic and other environmental factors that may impact our business include, but are not limited to, the following:

• Gross Domestic Product increased at an annual rate of 2.6% during 2017 based on recent estimates.

• U.S. unemployment was estimated to be 4.1% at year-end 2017.

• U.S. net farm income is estimated to have increased 2.7% and farm real estate value is estimated to have increased 3.3% during 2017 according to recent U.S. Department of Agriculture estimates.

• The U.S. 10-year Treasury yield decreased during 2017 from 2.45% at December 31, 2016 to 2.40% at December 31, 2017.

• Continued uncertainty as to actions the United States Congress will take to address the national debt

• The pending Department of Labor fiduciary rule that expands the regulation of sales of insurance products used in retirement plans. See Part 1, Item 1A for further discussion of this proposal.

• The enactment of the Tax Act during December 2017 may alter consumer demand for our insurance products.

The low market interest rate environment continues to impact our investment yields as well as the interest we credit on our interest sensitive products. The benchmark 10-year U.S. Treasury yield fluctuated during 2017, reaching a high of 2.62% in March and ultimately ending 2017 at 2.40%, five basis points lower than year-end 2016. Credit spreads continued to tighten during 2017. Low crediting rates pose challenges to maintaining attractive annuity and universal life products, although our rates are comparable to other insurance companies, allowing us to maintain our competitive position within the market. We experienced an increase in the fair value of our fixed maturity security portfolio during 2017 primarily due to a decrease in market yields. See the segment discussion and “Financial Condition” section that follows for additional information regarding the impact of low market interest rates on our business.

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Results of Operations for the Three Years Ended December 31, 2017

	Year ended December 31,									Change over prior year
	2017			2016			2015			2017		2016
	(Dollars in thousands, except per share data)
Net income attributable to FBL Financial Group, Inc.	$	194,327		$	107,223		$	113,527		81	%	(6	)%
Net income adjustments:
Initial impact of the Tax Act	(85,797		)	—			—			N/A		N/A
Realized gains/losses on investments (1)	2,381			713			(8,498		)	234	%	(108	)%
Change in net unrealized gains/losses on derivatives (1)	(2,549		)	(1,485		)	(141		)	72	%	953	%
Non-GAAP operating income (2)	$	108,362		$	106,451		$	104,888		2	%	1	%
Pre-tax non-GAAP operating income:
Annuity segment	$	68,821		$	66,025		$	69,950		4	%	(6	)%
Life Insurance segment	53,856			55,977			53,146			(4	)%	5	%
Corporate and Other segment	14,861			14,548			11,668			2	%	25	%
Total pre-tax non-GAAP operating income	137,538			136,550			134,764			1	%	1	%
Income taxes on non-GAAP operating income	(29,176		)	(30,099		)	(29,876		)	(3	)%	1	%
Non-GAAP operating income (2)	$	108,362		$	106,451		$	104,888		2	%	1	%
Earnings per common share - assuming dilution	$	7.75		$	4.28		$	4.53		81	%	(6	)%
Non-GAAP operating income per common share - assuming dilution (2)	$	4.32		$	4.25		$	4.19		2	%	1	%
Effective tax rate on non-GAAP operating income	21		%	22		%	22		%
Average invested assets, at amortized cost (3)	$	8,057,865		$	7,722,411		$	7,384,110		4	%	5	%
Annualized yield on average invested assets (3)	5.30		%	5.32		%	5.44		%
Impact on non-GAAP operating income of unlocking deferred acquisition costs, value of insurance in force acquired, deferred sales inducements, unearned revenue reserve and interest sensitive product reserves, net of tax (2)	$	682		$	(3,260	)	$	(257	)	(121	)%	1,168	%

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

(2) See Note 13 to our consolidated financial statements.

(3) Average invested assets and annualized yield including, beginning in 2017, investments held as securities and indebtedness of related parties; 2016 and 2015 amounts have been adjusted for comparability.

Our net income increased in 2017, compared to 2016, primarily due to the initial impact of the Tax Act. Net income and non-GAAP operating income were positively impacted by increased earnings from an increase in the volume of business in force and the impact of unlocking, partially offset by increases in death benefits.

Our net income decreased in 2016, compared to 2015, primarily due to lower realized investment gains related to higher impairment charges as well as fewer sales of investments in a gain position. Net income and non-GAAP operating income were positively impacted by increased earnings from an increase in the volume of business in force, partially offset by lower other investment related-income and the impact of unlocking. See the discussion that follows for details regarding operating income by segment.

We periodically revise key assumptions used in the calculation of the amortization of deferred acquisition costs, value of insurance in force acquired, deferred sales inducements, unearned revenue reserve for participating life insurance and interest sensitive products, as well as certain reserves on 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

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typically takes place annually. We incurred additional amortization through unlocking as a result of our analysis of the impact of the low interest rate environment on projected investment and spread income in 2017 in the Life Insurance and Corporate and Other segments and in 2016 in all segments. 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
	2017		2016		2015		2017		2016
	(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges and other income	$	4,484	$	3,807	$	2,524	18	%	51	%
Net investment income	219,700		210,679		209,896		4	%	—	%
Total non-GAAP operating revenues	224,184		214,486		212,420		5	%	1	%
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits	122,224		113,543		110,356		8	%	3	%
Underwriting, acquisition and insurance expenses:
Commissions net of deferrals	2,162		2,214		1,874		(2	)%	18	%
Amortization of deferred acquisition costs	8,506		11,185		9,658		(24	)%	16	%
Amortization of value of insurance in force	678		886		946		(23	)%	(6	)%
Other underwriting expenses	21,793		20,633		19,636		6	%	5	%
Total underwriting, acquisition and insurance expenses	33,139		34,918		32,114		(5	)%	9	%
Total non-GAAP operating benefits and expenses	155,363		148,461		142,470		5	%	4	%
Pre-tax non-GAAP operating income (1)	$	68,821	$	66,025	$	69,950	4	%	(6	)%

Other data
Annuity premiums collected, direct (2)	$	284,620		$	349,392		$	337,892		(19	)%	3	%
Policy liabilities and accruals, end of period	4,319,064			4,192,261			3,920,690			3	%	7	%
Average invested assets, at amortized cost	4,356,670			4,159,686			3,967,972			5	%	5	%
Other investment-related income included in net investment income (3)	7,075			8,426			9,015			(16	)%	(7	)%
Average individual annuity account value	3,033,636			2,879,458			2,696,987			5	%	7	%
Earned spread on individual annuity products:
Weighted average yield on cash and invested assets	5.15		%	5.28		%	5.54		%
Weighted average interest crediting rate	2.59		%	2.69		%	2.78		%
Spread	2.56		%	2.59		%	2.76		%
Individual annuity withdrawal rate	4.2		%	4.0		%	4.0		%

(1) See Note 13 to our consolidated financial statements.

(2) Premiums collected is a non-GAAP measure of sales production, see Note 13 to our consolidated financial statements.

(3) Includes prepayment fee income and adjustments to the amortization of premium or discounts from changes in our payment speed assumptions.

Pre-tax non-GAAP operating income for the Annuity segment increased in 2017, compared to 2016, primarily due to the impact from an increase in the volume of business in force and a benefit from unlocking, partially offset by lower other investment-related income and higher other underwriting expenses. Pre-tax non-GAAP operating income decreased in 2016, compared to 2015, primarily due to the impact of unlocking and increases in interest sensitive benefits.

The average aggregate account value for individual annuity contracts in force increased in 2017 and 2016, compared to the prior periods, due to continued sales and the crediting of interest. Continued growth in our business in force contributes to the increase in revenues, benefits and expenses. Premiums collected decreased in 2017 compared to 2016 due to decreased sales of our fixed rate deferred and indexed annuity products. The decrease in annuity premium collected in 2017 is consistent with industry experience and believed to be attributable to the impact of low market interest rates and the current regulatory

29

environment. Premiums collected increased in 2016 compared to 2015 due to increased sales of our indexed annuity product, partially offset by decreased sales of fixed rate deferred annuity products. Individual fixed rate deferred annuity collected premiums were $167.7 million in 2017, $213.3 million in 2016 and $237.6 million in 2015. Indexed annuity collected premiums were $110.6 million in 2017, $125.5 million in 2016 and $90.9 million in 2015.

The Annuity segment also includes advances on our funding agreements with the Federal Home Loan Bank of Des Moines (FHLB). Outstanding funding agreements totaled $415.1 million at December 31, 2017, $437.4 million at December 31, 2016 and $366.4 million at December 31, 2015.

Amortization of deferred acquisition costs and the value of insurance in force changed in 2017 and 2016, compared to prior periods, due to changes in actual and expected profits on the underlying business. Amortization, as well as reserves held on certain interest sensitive products, also changed due to the impact of unlocking. Unlocking generally reflects changes in our projected policy lapses and mortality assumptions. Amortization was also impacted in 2016 due to unlocking our projected investment and spread income assumptions. The impact of unlocking on pre-tax non-GAAP operating income was as follows:

Impact of Unlocking on Pre-tax Non-GAAP Operating Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Amortization of deferred sales inducements reported in interest sensitive product benefits	$	10		$	1		$	1
Amortization of deferred acquisition costs	1,743			(1,219		)	1,418
Amortization of value of insurance in force acquired	—			(194		)	(52		)
Changes in interest sensitive product reserves	(228		)	—			(722		)
Increase (decrease) to pre-tax non-GAAP operating income (1)	$	1,525		$	(1,412	)	$	645

(1) See Note 13 to our consolidated financial statements.

The weighted average yield on cash and invested assets for individual annuities decreased in 2017 and 2016, compared to the prior periods, 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 and lower other investment-related income. See the "Financial Condition" section that follows for additional information regarding the yields obtained on investment acquisitions. Weighted average interest crediting rates on our individual annuity products decreased due to crediting rate actions taken in 2017, 2016 and 2015 in response to the declining portfolio yield and a change in the underlying product mix.

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Life Insurance Segment
	Year ended December 31,						Change over prior year
	2017		2016		2015		2017		2016
	(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges and other income	$	64,945	$	63,105	$	65,280	3	%	(3	)%
Traditional life insurance premiums	195,330		196,914		190,956		(1	)%	3	%
Net investment income	158,318		154,427		152,730		3	%	1	%
Total non-GAAP operating revenues	418,593		414,446		408,966		1	%	1	%
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits:
Interest credited	33,034		32,507		33,251		2	%	(2	)%
Death benefits and other	58,598		51,550		44,066		14	%	17	%
Total interest sensitive product benefits	91,632		84,057		77,317		9	%	9	%
Traditional life insurance benefits:
Death benefits	86,901		85,630		87,686		1	%	(2	)%
Surrender and other benefits	35,416		32,664		28,586		8	%	14	%
Increase in traditional life future policy benefits	50,708		59,406		59,872		(15	)%	(1	)%
Total traditional life insurance benefits	173,025		177,700		176,144		(3	)%	1	%
Distributions to participating policyholders	10,140		10,574		11,828		(4	)%	(11	)%
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	19,240		17,614		17,154		9	%	3	%
Amortization of deferred acquisition costs	14,368		11,038		14,364		30	%	(23	)%
Amortization of value of insurance in force	1,500		1,508		1,481		(1	)%	2	%
Other underwriting expenses	57,573		55,978		57,532		3	%	(3	)%
Total underwriting, acquisition and insurance expenses	92,681		86,138		90,531		8	%	(5	)%
Total non-GAAP operating benefits and expenses	367,478		358,469		355,820		3	%	1	%
	51,115		55,977		53,146		(9	)%	5	%
Equity income, before tax	2,741		—		—		N/A		N/A
Pre-tax non-GAAP operating income (1)	$	53,856	$	55,977	$	53,146	(4	)%	5	%

Other data
Life premiums collected, net of reinsurance (2)	$	292,344		$	281,551		$	281,003		4	%	—	%
Policy liabilities and accruals, end of period	2,896,255			2,786,746			2,677,827			4	%	4	%
Life insurance in force, end of period	58,117,575			55,980,731			54,106,365			4	%	3	%
Average invested assets, at amortized cost (3)	2,925,719			2,802,743			2,686,230			4	%	4	%
Other investment-related income included in net investment income (4)	3,270			1,552			4,664			111	%	(67	)%
Average interest sensitive life account value	830,886			811,390			791,352			2	%	3	%
Interest sensitive life insurance spread:
Weighted average yield on cash and invested assets (3)	5.70		%	5.56		%	5.86		%
Weighted average interest crediting rate	3.87		%	3.82		%	3.90		%
Spread	1.83		%	1.74		%	1.96		%
Life insurance lapse and surrender rates	4.7		%	5.4		%	5.6		%
Death benefits, net of reinsurance and reserves released	$	88,615		$	83,444		$	87,979		6	%	(5	)%

(1) See Note 13 to our consolidated financial statements.

(2) Premiums collected is a non-GAAP measure of sales production, see Note 13 to our consolidated financial statements.

(3) Average invested assets and weighted average yield including investments held as securities and indebtedness of related parties.

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(4) Includes prepayment fee income and adjustments to the amortization of premium or discounts from changes in our payment speed assumptions.

Pre-tax non-GAAP operating income for the Life Insurance segment decreased in 2017, compared to 2016, primarily due to increases in death benefits and the correction of an immaterial error, partially offset by the impact of increases in the volume of business in force and other investment-related income. Pre-tax non-GAAP operating income increased in 2016, compared to 2015, primarily due to the impact of an increase in the volume of business in force and a decrease in death benefits, partially offset by the impact of unlocking and lower other investment-related income.

Continued growth in our business in force contributes to the increase in revenues, benefits and expenses.

Amortization of deferred acquisition costs, deferred sales inducements, the value of insurance in force and unearned revenue reserves changed in 2017 and 2016, compared to prior periods, due to changes in actual and expected profits on the underlying business. Amortization, as well as reserves held on certain interest sensitive products, also changed due to the impact of unlocking. Unlocking generally reflects changes in our projected policy lapses, premium persistency and mortality assumptions. Amortization, as well as reserves held on certain interest sensitive products, was also impacted in 2017 and 2016 due to unlocking our projected investment and spread income. The impact of unlocking on pre-tax non-GAAP operating income was as follows:

Impact of Unlocking on Pre-tax Non-GAAP Operating Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Amortization of unearned revenue reserve reported in interest sensitive product charges and other income	$	(1,166	)	$	(2,130	)	$	252
Amortization of deferred sales inducements reported in interest sensitive product benefits	422			471			(64		)
Amortization of deferred sales inducements reported in traditional life insurance benefits	55			69			192
Amortization of deferred acquisition costs	3,873			7,179			2,439
Changes in interest sensitive product reserves	(5,574		)	(9,284		)	74
Increase (decrease) to pre-tax non-GAAP operating income (1)	$	(2,390	)	$	(3,695	)	$	2,893

(1) See Note 13 to our consolidated financial statements.

Death benefits, net of reinsurance and reserves released, increased in 2017, compared to 2016, due to increases in the average size of claims and an increase in the number of claims reported. Death benefits, net of reinsurance and reserves released, decreased in 2016, compared to 2015, due to decreases in the number of claims reported. Other interest sensitive product benefits increased in 2017, compared to 2016, due to an increase in our universal life secondary guarantee reserves from growth in our business in force.

In 2017, we assigned a portion of our investments held in securities and indebtedness of related parties to the Life Insurance segment. These investments include equity interests in limited liability partnerships and corporations, accounted for under the equity method of accounting. Equity income, before tax, consists of our proportionate share of gains and losses attributable to our relative ownership interest in these investments. See the Equity Income discussion that follows for additional information regarding these investments.

Results for 2017 were unfavorably impacted by the correction of an immaterial error that decreased pre-tax operating earnings by $3.2 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 decreased by $3.2 million and interest credited, included in interest sensitive product benefits, increased $0.4 million.

The weighted average yield on cash and invested assets for interest sensitive life insurance products increased in 2017, compared to 2016, due to higher other investment-related income, partially offset by lower yields on new investment acquisitions from premium receipts and reinvestment of the proceeds from maturing investments, compared with the average existing portfolio yield. The weighted average yield on cash and invested assets decreased in 2016, compared to 2015, due to

32

lower other investment-related income and lower yields on new investment acquisitions from premium receipts and reinvestment of the proceeds from maturing investments, compared with the average existing portfolio. See the "Financial Condition" section that follows for additional information regarding the yields obtained on investment acquisitions. Weighted average interest crediting rates on our interest sensitive life insurance products increased in 2017, compared to the prior year, due to the immaterial error mentioned above. We incurred decreases in weighted average interest crediting rates in 2017, 2016 and 2015 due to crediting rate actions taken on various products in 2017, 2016 and 2015 in response to the declining portfolio yield.

Corporate and Other Segment
	Year ended December 31,									Change over prior year
	2017			2016			2015			2017		2016
	(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges	$	43,517		$	44,716		$	46,519		(3	)%	(4	)%
Net investment income	34,918			32,514			31,214			7	%	4	%
Other income	15,905			15,473			15,899			3	%	(3	)%
Total non-GAAP operating revenues	94,340			92,703			93,632			2	%	(1	)%
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits	39,060			37,296			32,346			5	%	15	%
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	2,954			2,907			3,232			2	%	(10	)%
Amortization of deferred acquisition costs	488			6,078			11,316			(92	)%	(46	)%
Other underwriting expenses	6,471			6,005			6,584			8	%	(9	)%
Total underwriting, acquisition and insurance expenses	9,913			14,990			21,132			(34	)%	(29	)%
Interest expense	4,850			4,850			4,850			—	%	—	%
Other expenses	18,382			16,966			17,507			8	%	(3	)%
Total non-GAAP operating benefits and expenses	72,205			74,102			75,835			(3	)%	(2	)%
	22,135			18,601			17,797			19	%	5	%
Net loss (income) attributable to noncontrolling interest	(28		)	4			54			(800	)%	(93	)%
Equity loss, before tax	(7,246		)	(4,057		)	(6,183		)	79	%	(34	)%
Pre-tax non-GAAP operating income (1)	$	14,861		$	14,548		$	11,668		2	%	25	%

Other data
Average invested assets, at amortized cost (2)	$	775,476	$	782,156		$	756,663		(1	)%	3	%
Other investment-related income included in net investment income (3)	1,368		517			471			165	%	10	%
Average interest sensitive life account value	362,897		354,621			341,136			2	%	4	%
Death benefits, net of reinsurance and reserves released	25,376		24,262			18,970			5	%	28	%
Estimated impact on pre-tax non-GAAP operating income from separate account performance on amortization of deferred acquisition costs (1)	2,131		(386		)	(2,148		)	(652	)%	(82	)%

(1) See Note 13 to our consolidated financial statements.

(2) Average invested assets including, beginning in 2017, investments held as securities and indebtedness of related parties; 2016 and 2015 amounts have been adjusted for comparability.

(3) Includes prepayment fee income and adjustments to the amortization of premium or discounts from changes in our prepayment speed assumptions.

Pre-tax non-GAAP operating income for the Corporate and Other segment increased in 2017, compared to 2016, primarily due to decreases in amortization of deferred acquisition costs from the impact of unlocking and market performance on our variable

33

business, partially offset by increases in death benefits, expenses and pre-tax losses on equity method investments. Pre-tax non-GAAP operating income increased in 2016, compared to 2015, primarily due to decreases in pre-tax losses on equity method investments and amortization of deferred acquisition costs from the impact of unlocking and market performance on our variable business, partially offset by increases in death benefits.

Death benefits, net of reinsurance and reserves released, increased in 2017, compared to 2016, due to increases in the number of claims reported, partially offset by lower average size of claims. Death benefits, net of reinsurance and reserves released, increased in 2016, compared to 2015, due to increases in the number of claims reported and in the average size of claims.

Amortization of deferred acquisition costs, deferred sales inducements, and unearned revenue reserves changed in 2017 and 2016, compared to prior periods, primarily due to the impact of unlocking and market performance on our variable business. Unlocking generally reflects changes in projected separate account performance and withdrawal and mortality assumptions. Amortization was also impacted in 2017 and 2016 due to unlocking our projected investment and spread income assumptions. The impact of unlocking on pre-tax non-GAAP operating income for the three years was as follows:

Impact of Unlocking on Pre-tax Non-GAAP Operating Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Amortization of unearned revenue reserve reported in interest sensitive product charges	$	(579	)	$	(236	)	$	299
Amortization of deferred sales inducements reported in interest sensitive product benefits	98			54			96
Amortization of deferred acquisition costs	3,194			558			(3,251		)
Changes in interest sensitive product reserves	(799		)	(284		)	(1,078		)
Increase (decrease) to pre-tax non-GAAP operating income (1)	$	1,914		$	92		$	(3,934	)

(1) See Note 13 to our consolidated financial statements.

Other underwriting expenses in 2017 included $0.7 million in expenses associated with our routine five-year state insurance department examination. Other income and other expenses 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. Other expenses also increased $0.7 million in 2017 due to costs associated with expanding our wealth management offerings in the future.

In 2017, we assigned a portion of our investments held in securities and indebtedness of related parties from the Corporate and Other segment to the Life Insurance segment, resulting in a net decrease in pre-tax income in the Corporate and Other segment for 2017, compared to prior periods. These investments include equity interests in limited liability partnerships and corporations, accounted for under the equity method of accounting. Equity loss, before tax, consists of our proportionate share of gains and losses attributable to our relative ownership interest in these investments. See the Equity Income discussion that follows for additional information regarding these investments.

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Equity Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Equity income (loss):
Low income housing tax credit investments (LIHTC)	$	(8,489	)	$	(7,547	)	$	(7,022	)
Other equity method investments	3,984			3,490			839
	(4,505		)	(4,057		)	(6,183		)
Income taxes:
Taxes on equity income (loss)	1,577			1,420			2,164
Investment tax credits	14,227			14,077			13,542
Equity income, net of related income taxes	$	11,299		$	11,440		$	9,523

Equity income includes our proportionate share of gains and losses attributable to our ownership interest in partnerships, joint ventures and certain companies over which we exhibit some control but have a minority ownership interest. We consistently use the most recent financial information available, which is generally for periods not more than three months prior to the ending date of the period for which we are reporting, to account for equity income. 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, the timing and success of initial public offerings or exit strategies, and the timing of the sale of investments held by the partnerships and joint ventures. Our LIHTC investments geneally generate pre-tax losses and 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 the approval of tax credits.

Income Taxes on Non-GAAP Operating Income

The effective tax rate on non-GAAP operating income was 21.2% for 2017, 22.0% for 2016 and 22.2% for 2015. 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 and tax-exempt investment income. The effective tax rate decreased in 2017 and 2016, compared to the prior year, primarily due to increases in tax-exempt investment income and tax benefits for equity-based compensation. See Note 5 to our consolidated financial statements included in Item 8 for additional information on income taxes.

Under the Tax Act, the federal statutory rate has been changed from 35% to 21%, effective for 2018. Although this change has impacted net income at December 31, 2017, as discussed earlier, we exclude the initial impact to deferred income taxes from a change in tax laws from non-GAAP operating income. See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act.

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Impact of Adjustments to Net Income attributable to FBL
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Initial impact of the Tax Act (1)	$	85,797		$	—		$	—
Realized gains (losses) on investments	(3,387		)	(1,763		)	10,489
Change in net unrealized gains/losses on derivatives	2,584			4,160			(114		)
Change in amortization of:
Deferred acquisition costs	880			108			116
Value of insurance in force acquired	—			3			(9		)
Unearned revenue reserve	(515		)	(8		)	(7		)
Reserve change offset on interest sensitive products (2)	694			(1,314		)	—
Income tax offset	(88		)	(414		)	(1,836		)
Net impact of adjustments to net income	$	85,965		$	772		$	8,639

Summary of adjustments noted above after offsets and income taxes as applicable:
Initial impact of the Tax Act (1)	$	85,797		$	—		$	—
Net realized gains/losses on investments	(2,381		)	(713		)	8,498
Change in net unrealized gains/losses on derivatives	2,549			1,485			141
Net impact of adjustments to net income	$	85,965		$	772		$	8,639
Net impact per common share - basic	$	3.43		$	0.03		$	0.35
Net impact per common share - assuming dilution	$	3.43		$	0.03		$	0.34

(1) During 2017, we revised our non-GAAP operating income definition to remove from net income the initial impact to deferred income taxes from a change in tax laws. Such changes can create an unusual one-time remeasurement of deferred taxes not reflective of normal operations. The revision did not impact 2016 or 2015 non-GAAP operating earnings but did affect 2017, with the recent enactment of the Tax Act. See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act.

(2) In 2016, due to changes in product offerings since the last amendment to our policy for calculating non-GAAP operating income, we refined our calculation of non-GAAP operating income to include offsets relating to changes in interest sensitive product reserves. These offsets, net of tax, decreased non-GAAP operating income $0.5 million in 2017 and increased non-GAAP operating income $0.9 million in 2016. These offsets, net of tax, would have increased 2015 non-GAAP operating income by $0.1 million.

In 2015, 2016 and 2017, income taxes on adjustments to net income have been recorded at 35% as there are no permanent differences between book and taxable income relating to these adjustments. In 2015, income taxes on these adjustments included a $1.8 million tax benefit resulting from the disposition of an equity method investment, for which the carrying value consisted solely of nondeductible goodwill.

Under the Tax Act, the federal statutory tax rate was changed from 35 percent to 21 percent, effective for 2018. FBL Financial Group estimates that its 2018 effective tax rate for net income will be between 17 and 20 percent. This compares to an effective tax rate of 31.7 percent for 2017, excluding the benefit from the enactment of the Tax Act. See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act.

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Realized Gains (Losses) on Investments
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Realized gains (losses) on investments:
Realized gains on sales	$	1,770		$	11,630		$	13,014
Realized losses on sales	(1,171		)	(8,524		)	(1,952		)
Total other-than-temporary impairment charges	(3,986		)	(7,320		)	(719		)
Net realized investment gains (losses)	(3,387		)	(4,214		)	10,343
Non-credit losses included in other comprehensive income (loss)	—			2,451			146
Total reported in statements of operations	$	(3,387	)	$	(1,763	)	$	10,489

The level of realized gains (losses) is subject to fluctuation from period to period due to movements in credit spreads and prevailing interest rates, changes in the economic environment, the timing of the sales of the investments generating the realized gains and losses, as well as the timing of other than temporary impairment charges. During 2017, we sold securities to reduce our exposure to a retailer and to the energy sector, resulting in realized losses of $0.9 million. During 2016, we sold securities to decrease our exposure to the energy sector, resulting in realized gains of $3.9 million and realized losses of $8.4 million. See "Financial Condition - Investments" and Note 2 to our consolidated financial statements included in Item 8 for details regarding our unrealized gains and losses on available-for-sale securities at December 31, 2017 and 2016.

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 for which we have concerns regarding credit quality that could potentially be other than temporarily impaired. See additional details regarding write downs and our methodology for evaluating investments for other-than-temporary impairment in Notes 1 and 2 to our consolidated financial statements included in Item 8.

Investment Credit Impairment Losses Recognized in Net Income
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Corporate securities:
Construction	$	1,420	$	—	$	—
Manufacturing	—		27		—
Energy	—		2,595		—
Residential mortgage-backed	83		2,172		363
Securities and Indebtedness of Related Parties	2,483		75		50
Real estate	—		—		160
Total other-than-temporary impairment losses reported in net income	$	3,986	$	4,869	$	573

Fixed maturity other-than-temporary credit losses for 2017 occurred in the construction sector due to an expected reduction in future revenue and the declining liquidity of an issuer. Impairment charges were also recognized on securities and indebtedness of related parties as the Tax Act resulted in a change in the expected future tax benefits of LIHTC entities.

Fixed maturity other-than-temporary credit losses for 2016 occurred within the energy sector due to a decline in credit of an issuer that led to a decrease in the expected future cash flows. Other than temporary credit losses also occurred within residential mortgage-backed securities due to reduced reliance on insurance credit support, resulting in a decline in the present value of expected cash flows.

Fixed maturity other-than-temporary credit losses for 2015 occurred in the residential mortgage-backed sector due to changes in the amount and timing of future cash flows resulting in a decline in the present value. An impairment charge was also recognized on a real estate investment due to an appraisal declining below our current carrying value.

37

Financial Condition

Investments

Our investment portfolio increased 5.5% to $8,620.2 million at December 31, 2017, compared to $8,174.7 million at December 31, 2016. The portfolio increased due to positive cash flows from operating and financing activities as well as an increase of $187.6 million of net unrealized appreciation of fixed maturities during 2017. Additional details regarding securities in an unrealized gain or loss position at December 31, 2017 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.

Fixed Maturity Acquisitions Selected Information
	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Cost of acquisitions:
Corporate	$	140,896		$	339,083
Mortgage- and asset-backed	529,158			405,259
United States Government and agencies	1,248			2,739
Tax-exempt municipals	17,566			41,127
Taxable municipals	22,144			30,675
Total	$	711,012		$	818,883
Effective annual yield	3.86		%	4.04		%
Credit quality
NAIC 1 designation	75.9		%	60.7		%
NAIC 2 designation	23.2		%	36.7		%
Non-investment grade	0.9		%	2.6		%
Weighted-average life in years	12.0			12.0

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 non-callable 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 life is calculated using scheduled pay-downs and expected prepayments for amortizing securities. For non-amortizing securities, the weighted-average life is equal to the stated maturity date.

A portion of the securities acquired during 2017 and 2016 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, certain 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 3.95% in 2017 and 4.39% in 2016.

38

Investment Portfolio Summary
	December 31, 2017				December 31, 2016
	Carrying Value		Percent		Carrying Value		Percent
	(Dollars in thousands)
Fixed maturities - available for sale:
Public	$	5,510,658	64.0	%	$	5,320,670	65.2	%
144A private placement	1,547,097		17.9		1,442,589		17.6
Private placement	234,212		2.7		245,531		3.0
Total fixed maturities - available for sale	7,291,967		84.6		7,008,790		85.8
Equity securities	130,750		1.5		132,968		1.6
Mortgage loans	971,812		11.3		816,471		10.0
Real estate	1,543		—		1,955		—
Policy loans	191,398		2.2		188,254		2.3
Short-term investments	17,007		0.2		16,348		0.2
Other investments	15,766		0.2		9,874		0.1
Total investments	$	8,620,243	100.0	%	$	8,174,660	100.0	%

As of December 31, 2017, 96.5% (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 (NAIC designations 3 through 6). As of December 31, 2017, no single non-investment grade holding exceeded 0.2% of total investments.

Credit Quality by NAIC Designation and Equivalent Rating
		December 31, 2017				December 31, 2016
NAIC Designation	Equivalent Rating (1)	Carrying Value		Percent		Carrying Value		Percent
		(Dollars in thousands)
1	AAA, AA, A	$	4,771,407	65.4	%	$	4,465,027	63.7	%
2	BBB	2,267,892		31.1		2,232,384		31.9
	Total investment grade	7,039,299		96.5		6,697,411		95.6
3	BB	174,660		2.4		209,092		2.9
4	B	57,970		0.8		81,210		1.2
5	CCC	13,111		0.2		13,705		0.2
6	In or near default	6,927		0.1		7,372		0.1
	Total below investment grade	252,668		3.5		311,379		4.4
	Total fixed maturities - available for sale	$	7,291,967	100.0	%	$	7,008,790	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 that are based on the expected loss of the security rather than the probability of default. This may result in a final designation being higher or lower than the equivalent credit rating.

See Note 2 to our consolidated financial statements included in Item 8 for a summary of fixed maturities by contractual maturity date.

39

Gross Unrealized Gains and Gross Unrealized Losses by Internal Industry Classification
	December 31, 2017
	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	$	353,351	$	336,293	$	29,849	$	17,058	$	(479	)
Capital goods	279,281		271,346		21,624		7,935		(139		)
Communications	151,763		133,263		12,364		18,500		(862		)
Consumer cyclical	128,618		117,370		9,118		11,248		(516		)
Consumer non-cyclical	521,128		461,205		41,221		59,923		(4,684		)
Energy	462,437		409,768		34,028		52,669		(5,950		)
Finance	695,604		633,513		50,908		62,091		(1,143		)
Transportation	103,049		93,921		7,978		9,128		(141		)
Utilities	814,238		796,782		108,914		17,456		(1,909		)
Other	178,802		165,971		13,295		12,831		(132		)
Total corporate securities	3,688,271		3,419,432		329,299		268,839		(15,955		)
Mortgage- and asset-backed securities	2,055,090		1,549,187		88,999		505,903		(9,727		)
United States Government and agencies	24,905		17,343		1,606		7,562		(79		)
States and political subdivisions	1,523,701		1,497,292		141,813		26,409		(1,239		)
Total	$	7,291,967	$	6,483,254	$	561,717	$	808,713	$	(27,000	)

	December 31, 2016
	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	$	342,832	$	220,528	$	15,557	$	122,304	$	(6,904	)
Capital goods	273,602		222,671		17,451		50,931		(2,580		)
Communications	148,355		114,397		9,923		33,958		(2,819		)
Consumer cyclical	132,492		110,335		8,387		22,157		(602		)
Consumer non-cyclical	477,132		309,320		22,128		167,812		(8,181		)
Energy	490,128		336,139		25,404		153,989		(13,643		)
Finance	753,213		529,277		34,925		223,936		(6,672		)
Transportation	109,228		95,944		6,215		13,284		(1,929		)
Utilities	802,346		667,397		80,459		134,949		(5,489		)
Other	179,327		139,082		8,152		40,245		(1,124		)
Total corporate securities	3,708,655		2,745,090		228,601		963,565		(49,943		)
Mortgage- and asset-backed securities	1,768,904		1,124,418		71,612		644,486		(16,834		)
United States Government and agencies	32,072		25,634		1,629		6,438		(132		)
States and political subdivisions	1,499,159		1,349,107		119,298		150,052		(7,152		)
Total	$	7,008,790	$	5,244,249	$	421,140	$	1,764,541	$	(74,061	)

40

Gross Unrealized Gains and Gross Unrealized Losses by Energy Industry Classification
	December 31, 2017
	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)
Energy securities:
Midstream	$	180,447	$	158,249	$	8,725	$	22,198	$	(404	)
Oil field services	41,541		24,864		2,527		16,677		(4,689		)
Independent exploration & production	114,026		100,232		9,260		13,794		(857		)
Integrated energy	80,691		80,691		8,750		—		—
Refiners	45,732		45,732		4,766		—		—
Total	$	462,437	$	409,768	$	34,028	$	52,669	$	(5,950	)

	December 31, 2016
	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)
Energy securities:
Midstream	$	179,533	$	112,683	$	6,333	$	66,850	$	(3,997	)
Oil field services	54,898		27,135		2,181		27,763		(5,648		)
Independent exploration & production	128,329		98,242		8,092		30,087		(2,477		)
Integrated energy	84,319		64,107		5,759		20,212		(494		)
Refiners	43,049		33,972		3,039		9,077		(1,027		)
Total	$	490,128	$	336,139	$	25,404	$	153,989	$	(13,643	)

At December 31, 2017, 83.5% of our energy holdings were investment grade. Our non-investment grade holdings included oil field services with a carrying value of $18.6 million and an unrealized loss of $4.2 million.

Credit Quality of Available-for-Sale Fixed Maturities with Unrealized Losses
		December 31, 2017
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	$	518,748	64.1	%	$	(8,638	)	32.0	%
2	BBB	199,529		24.7		(6,927		)	25.6
	Total investment grade	718,277		88.8		(15,565		)	57.6
3	BB	41,488		5.1		(819		)	3.0
4	B	37,944		4.7		(8,125		)	30.1
5	CCC	4,109		0.5		(1,314		)	4.9
6	In or near default	6,895		0.9		(1,177		)	4.4
	Total below investment grade	90,436		11.2		(11,435		)	42.4
	Total	$	808,713	100.0	%	$	(27,000	)	100.0	%

41

Credit Quality of Available-for-Sale Fixed Maturities with Unrealized Losses
		December 31, 2016
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	$	941,794	53.4	%	$	(27,615	)	37.3	%
2	BBB	679,428		38.5		(28,472		)	38.4
	Total investment grade	1,621,222		91.9		(56,087		)	75.7
3	BB	77,750		4.4		(7,658		)	10.4
4	B	54,958		3.1		(8,163		)	11.0
5	CCC	3,270		0.2		(1,461		)	2.0
6	In or near default	7,341		0.4		(692		)	0.9
	Total below investment grade	143,319		8.1		(17,974		)	24.3
	Total	$	1,764,541	100.0	%	$	(74,061	)	100.0	%

Available-For-Sale Fixed Maturities with Unrealized Losses by Length of Time
	December 31, 2017
	Amortized Cost				Gross Unrealized Losses
	Fair Value is Less than 75% of Cost		Fair Value is  75% or Greater  than Cost		Fair Value is Less than 75% of Cost			Fair Value is 75% or Greater than Cost
	(Dollars in thousands)
Three months or less	$	—	$	292,187	$	—		$	(3,974	)
Greater than three months to six months	—		164,170		—			(2,331		)
Greater than six months to nine months	—		24,821		—			(579		)
Greater than nine months to twelve months	—		9,350		—			(361		)
Greater than twelve months	16,747		328,438		(4,798		)	(14,957		)
Total	$	16,747	$	818,966	$	(4,798	)	$	(22,202	)

	December 31, 2016
	Amortized Cost				Gross Unrealized Losses
	Fair Value is Less than 75% of Cost		Fair Value is  75% or Greater  than Cost		Fair Value is Less than 75% of Cost			Fair Value is 75% or Greater than Cost
	(Dollars in thousands)
Three months or less	$	—	$	1,218,024	$	—		$	(30,040	)
Greater than three months to six months	—		218,857		—			(10,522		)
Greater than six months to nine months	—		9,702		—			(79		)
Greater than nine months to twelve months	—		12,765		—			(199		)
Greater than twelve months	18,947		360,307		(5,926		)	(27,295		)
Total	$	18,947	$	1,819,655	$	(5,926	)	$	(68,135	)

42

Available-For-Sale Fixed Maturities with Unrealized Losses by Maturity Date
	December 31, 2017					December 31, 2016
	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	$	872	$	(2	)	$	414	$	(104	)
Due after one year through five years	25,857		(1,052		)	14,883		(283		)
Due after five years through ten years	107,198		(3,657		)	234,944		(7,686		)
Due after ten years	168,883		(12,562		)	869,814		(49,154		)
	302,810		(17,273		)	1,120,055		(57,227		)
Mortgage- and asset-backed	505,903		(9,727		)	644,486		(16,834		)
Total	$	808,713	$	(27,000	)	$	1,764,541	$	(74,061	)

See Note 2 to our consolidated financial statements included in Item 8 for additional analysis of these unrealized losses.

Mortgage- and Asset-Backed Securities

Mortgage-backed 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. 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. See Note 1 to our consolidated financial statements included in Item 8 for more detail on accounting for the amortization of premium and accrual of discount on mortgage-backed and asset-backed securities.

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 one fund at December 31, 2017 and two funds at December 31, 2016, 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 with a fair value of $3.0 million at December 31, 2017 and $8.0 million at December 31, 2016. We do not own any direct investments in subprime lenders.

Mortgage- and Asset-Backed Securities by Collateral Type
	December 31, 2017						December 31, 2016
	Amortized Cost		Carrying Value		Percent of Fixed Maturities		Amortized Cost		Carrying Value		Percent of Fixed Maturities
	(Dollars in thousands)
Government agency	$	220,385	$	230,792	3.2	%	$	190,016	$	201,135	2.9	%
Prime	181,397		194,081		2.7		121,101		129,988		1.9
Alt-A	98,100		111,993		1.5		114,625		125,363		1.8
Subprime	139,826		149,469		2.0		129,504		127,529		1.8
Commercial mortgage	674,076		705,307		9.7		546,446		575,954		8.2
Non-mortgage	662,034		663,448		9.1		612,434		608,935		8.7
Total	$	1,975,818	$	2,055,090	28.2	%	$	1,714,126	$	1,768,904	25.3	%

43

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

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 or mortgages divided into sections or “tranches” with varying stated maturities that provide sequential retirement of the bonds. While each tranche receives monthly interest payments, a subsequent tranche is not entitled to receive payment of principal until the entire principal of the preceding tranche is paid off. We primarily invest in sequential tranches, which allow us to manage cash flow stability and prepayment risk by the level of tranche in which we invest. 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. PAC bonds provide more predictable cash flows within a range of prepayment speeds and provide some protection against prepayment risk. TAC bonds provide protection from a rise in the prepayment rate due to falling interest rates. We generally do not purchase certain types of CMOs that we believe would subject the investment portfolio to excessive prepayment risk.

Residential Mortgage-Backed Securities by NAIC Designation and Origination Year
	December 31, 2017
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	88,773	$	91,424	$	79,358	$	101,123	$	303,659	$	311,883	$	471,790	$	504,430
2	—		—		876		877		—		—		876		877
3	—		—		1,697		1,634		—		—		1,697		1,634
4	584		592		8,713		8,738		—		—		9,297		9,330
6	11		10		—		—		—		—		11		10
Total	$	89,368	$	92,026	$	90,644	$	112,372	$	303,659	$	311,883	$	483,671	$	516,281

	December 31, 2016
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	106,819	$	110,696	$	86,461	$	102,877	$	188,782	$	195,947	$	382,062	$	409,520
2	1,026		1,032		3,515		3,444		—		—		4,541		4,476
3	—		—		5,397		4,686		—		—		5,397		4,686
4	—		—		4,098		3,607		—		—		4,098		3,607
5	12		11		—		—		—		—		12		11
Total	$	107,857	$	111,739	$	99,471	$	114,614	$	188,782	$	195,947	$	396,110	$	422,300

The commercial mortgage-backed securities (CMBS) are primarily sequential securities. CMBS 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.

Commercial Mortgage-Backed Securities by NAIC Designation and Origination Year
	December 31, 2017
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	8,878	$	9,661	$	114,230	$	128,907	$	515,654	$	529,192	$	638,762	$	667,760
2	—		—		35,314		37,547		—		—		35,314		37,547
Total (1)	$	8,878	$	9,661	$	149,544	$	166,454	$	515,654	$	529,192	$	674,076	$	705,307

44

Commercial Mortgage-Backed Securities by NAIC Designation and Origination Year
	December 31, 2016
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	9,330	$	9,549	$	133,036	$	142,404	$	364,936	$	384,026	$	507,302	$	535,979
2	—		—		31,144		31,775		—		—		31,144		31,775
3	—		—		8,000		8,200		—		—		8,000		8,200
Total (1)	$	9,330	$	9,549	$	172,180	$	182,379	$	364,936	$	384,026	$	546,446	$	575,954

(1) The CMBS portfolio included government agency-backed securities with a carrying value of $515.7 million at December 31, 2017 and $387.4 million at December 31, 2016. Also included in the CMBS are military housing bonds totaling $161.1 million at December 31, 2017 and $148.0 million at December 31, 2016. 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.

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. The majority of these securities are high-quality, short-duration assets with limited cash flow variability.

Other Asset-Backed Securities by NAIC Designation and Origination Year
	December 31, 2017
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	10,606	$	10,367	$	151,775	$	166,223	$	512,548	$	513,792	$	674,929	$	690,382
2	1,745		1,846		2,612		2,557		97,549		98,811		101,906		103,214
3	—		—		—		—		26,586		26,444		26,586		26,444
4	189		178		—		—		—		—		189		178
5	—		—		—		—		6,400		6,400		6,400		6,400
6	—		—		8,061		6,884		—		—		8,061		6,884
Total	$	12,540	$	12,391	$	162,448	$	175,664	$	643,083	$	645,447	$	818,071	$	833,502

	December 31, 2016
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	10,723	$	10,258	$	163,214	$	166,553	$	479,281	$	476,630	$	653,218	$	653,441
2	1,951		2,100		5,441		5,519		70,001		69,670		77,393		77,289
3	—		—		—		—		25,084		24,743		25,084		24,743
4	192		189		—		—		1,250		1,247		1,442		1,436
5	—		—		—		—		6,400		6,400		6,400		6,400
6	—		—		8,033		7,341		—		—		8,033		7,341
Total	$	12,866	$	12,547	$	176,688	$	179,413	$	582,016	$	578,690	$	771,570	$	770,650

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State and Political Subdivision Securities

State and political subdivision securities totaled $1,523.7 million, or 20.9% of total fixed maturities at December 31, 2017, and $1,499.2 million, or 21.4% of total fixed maturities at December 31, 2016, 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 any Puerto Rico-related bonds. Exposure to the state of Illinois and municipalities within the state accounted for 1.5% of our total fixed maturities at December 31, 2017. As of December 31, 2017, our Illinois-related portfolio holdings were rated investment grade, and were trading at 111.0% of amortized cost. Our municipal bond exposure had an average rating of Aa2/AA and our holdings were trading at 110.2% of amortized cost at December 31, 2017.

Equity Securities

Equity securities totaled $130.8 million at December 31, 2017 and $133.0 million at December 31, 2016. Gross unrealized gains totaled $7.7 million and gross unrealized losses totaled $0.3 million at December 31, 2017. At December 31, 2016, gross unrealized gains totaled $4.2 million and gross unrealized losses totaled $1.7 million on these securities. The unrealized losses during 2017 were attributable to non-redeemable perpetual preferred securities from issuers in the financial sector. See Note 2 to our consolidated financial statements included in Item 8 for further discussion regarding our analysis of unrealized losses related to these securities.

Mortgage Loans

Mortgage loans totaled $971.8 million at December 31, 2017 and $816.5 million at December 31, 2016. 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 190 at December 31, 2017 and 178 at December 31, 2016. In 2017, new loans ranged from $2.5 million to $12.5 million in size, with an average loan size of $8.0 million, an average loan term of 15 years and an average net yield of 4.20%. 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 2.5% that are interest-only loans at December 31, 2017. At December 31, 2017, the average loan-to-value of the current outstanding principal balance using the most recent appraised value was 55.0% and the weighted average debt service coverage ratio was 1.6 based on the results of our 2016 annual study. See Note 2 to our consolidated financial statements included in Item 8 for further discussion regarding our mortgage loans.

Other Assets

Assets held in separate accounts increased 9.2% to $652.0 million primarily due to market performance on the underlying investment portfolio. Other assets increased 21.8% to $112.1 million primarily due to increases in prepaid pension assets and property and equipment. Cash and cash equivalents increased 56.9% to $52.7 million primarily due to normal fluctuations in timing of payments made and received. Deferred acquisition costs decreased 8.4% to $302.6 million at December 31, 2017, primarily due to a $51.5 million increase in the impact of the change in net unrealized appreciation on fixed maturity securities during the period.

Liabilities

Future policy benefits increased 3.7% to $7,050.5 million at December 31, 2017 primarily due to an increase in the volume of annuity and life insurance business in force. Liabilities related to separate accounts increased 9.2% to $652.0 million primarily due to market performance on the underlying investment portfolio. Other liabilities increased 36.9% to $111.1 million primarily due to an increase in our liabilities for unsettled security trades. Deferred income taxes decreased 19.3% to $131.9 million at December 31, 2017, primarily due to remeasurement at the lower federal statutory tax rate under the Tax Act. See Note 5 to our consolidated financial statements included in Item 8 for additional discussion of the impact of the Tax Act.

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Stockholders' Equity

As discussed in Note 7 to our consolidated financial statements included in Item 8, stockholders' equity was impacted by capital deployment actions during 2017. We paid a special cash dividend of $1.50 per share on Class A common stock and Class B common stock and increased our regular quarterly dividend by 4.8% to $0.44 per share.

Our stockholders' equity increased 16.9% to $1,388.8 million at December 31, 2017, compared to $1,188.2 million at December 31, 2016, primarily due to net income and the change in unrealized appreciation of fixed maturity securities during the period, partially offset by dividends paid.

At December 31, 2017, FBL's common stockholders' equity was $1,385.8 million, or $55.59per share, compared to $1,185.2 million, or $47.61 per share at December 31, 2016. Included in stockholders' equity per common share is $11.43 at December 31, 2017 and $6.01 at December 31, 2016 attributable to accumulated other comprehensive income.

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 10.9 years at December 31, 2017 and 11.0 years at December 31, 2016. 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, 2017		2018		2019		2020		2021		2022		2023 and Thereafter
	(Dollars in thousands)
Fixed maturity securities	$	6,757,250	$	365,641	$	445,007	$	284,782	$	361,688	$	320,245	$	4,979,887
Mortgage loans	971,812		58,431		65,276		74,786		51,365		71,660		650,294
Total	$	7,729,062	$	424,072	$	510,283	$	359,568	$	413,053	$	391,905	$	5,630,181

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 or voluntary sales of these securities. 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 or changes to these assumptions during the year. In a declining or low interest rate environment, prepayments and redemptions affecting our fixed maturity securities and mortgage loan investments may increase as issuers and borrowers seek to refinance at a lower rate. 

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.

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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 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, Business Segments 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 2018 and 2019 without any corresponding change in current investment spreads. The level of investments maturing 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, 2017		Percent Above Minimum Guarantee
	(Dollars in thousands)
Discretionary rate setting products with minimum guarantees:
Fixed rate annuities	$	2,881,546	31.9	%
Indexed annuities	478,566		98.4
Universal life insurance	842,589		5.0
Variable annuities and variable universal life insurance	361,101		—
Total discretionary products	4,563,802
Non-discretionary products	736,159
Total interest sensitive product liabilities	$	5,299,961

Non-discretionary products primarily represent funding agreements, guaranteed investment contracts and supplementary contracts involving life contingencies for which 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% to 2.0% for every year the contract is in force.

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Surrender and Discretionary Withdrawal Characteristics of Interest Sensitive Products and Supplementary Contracts Without Life Contingencies
	Liabilities at December 31, 2017
	(Dollars in thousands)
Surrender charge rate:
Greater than or equal to 5%	$	951,351
Less than 5%, but still subject to surrender charge	771,312
Not subject to surrender charge	3,406,007
Not subject to surrender or discretionary withdrawal	493,921
Total	$	5,622,591

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.

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 years at December 31, 2017 and at December 31, 2016. The effective duration of our annuity liabilities was approximately 7.0 years at December 31, 2017 and 6.3 years at December 31, 2016.

If interest rates had increased 10% from levels at December 31, 2017 and 2016, the fair value of our fixed maturity securities and short-term investments would have decreased approximately $136.0 million at December 31, 2017 and $135.4 million at December 31, 2016. 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 had decreased 10% from levels at December 31, 2017 and 2016, the fair value of our debt would increase $3.1 million at December 31, 2017 and $2.7 million at December 31, 2016.

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.

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Equity Risk

Equity price risk is limited due to the relatively small equity portfolio held at December 31, 2017. 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% for2017, 2016 and 2015. As a result, revenues from these sources 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 included in Item 8 for additional discussion of these provisions.

• Our profitability would be impacted if there were little or no gains in the entire series of options purchased over the expected life of an indexed product, as we would incur expenses for credited interest over and above our option costs.

• 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 2017, our operating activities generated cash flows totaling $241.7 million, consisting of net income of $194.4 million adjusted for non-cash operating revenues and expenses netting to $47.3 million. We used cash of $235.4 million in our investing activities during 2017. The primary uses were $974.6 million of investment acquisitions, mostly in fixed maturity securities, partially offset by $751.3 million in sales, maturities and repayments of investments. Our financing activities provided cash of $12.8 million during 2017. The primary financing source was $534.4 million in receipts from interest sensitive products credited to policyholder account balances, which was partially offset by $440.6 million for return of policyholder account balances on interest sensitive products and $81.4 million for dividends paid to stockholders.

Sources and Uses of Capital Resources

Parent company cash inflows from operations consist primarily of fees that it charges various subsidiaries and affiliates for management of their operations, expense reimbursements and tax settlements from subsidiaries and affiliates, proceeds from the exercise of employee stock options, investment income and dividends from subsidiaries, if declared and paid. Revenue sources for the parent company during 2017 included management fees from subsidiaries and affiliates totaling $7.8million and dividends of $71.5 million. Cash outflows are principally for salaries, taxes and other expenses related to providing management services, dividends on outstanding stock, stock repurchases and interest on our parent company debt.

We paid regular cash dividends on our common and preferred stock totaling $44.0 million in 2017, $41.9 million in 2016 and $39.8 million in 2015. In addition, we paid a special $1.50 per common share cash dividend in March 2017 totaling $37.4 million and a $2.00 per common share cash dividend in March 2016 and 2015 totaling $49.7 million $49.5 million, respectfully. It is anticipated that quarterly cash dividend requirements for 2018 will be $0.0075 per Series B redeemable preferred share and $0.46 per common share. In addition, we expect to pay a special dividend of $1.50 per common share in the first quarter of 2018. 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 these quarterly dividend rates and special dividend, the common and preferred dividends would total approximately $82.6million in 2018. The parent company expects to have sufficient resources and cash flows to meet its interest and dividend payments throughout 2018. The parent company had available cash and investments totaling $64.2 million at December 31, 2017. FBL Financial Group, Inc. expects to rely on available cash resources, dividends from Farm Bureau Life 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 stock repurchases. As of December 31, 2017, we had no other material commitments for capital expenditures.

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As discussed in Note 7 to our consolidated financial statements included in Item 8, we have periodically taken advantage of opportunities to repurchase our outstanding Class A common stock through Class A common stock repurchase programs approved by our Board of Directors. There was $49.2 million remaining available for repurchases at December 31, 2017, under the current $50 million Class A common stock repurchase program. 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. We repurchased 3,511 shares of Class A common stock for $0.2 million in 2017, 10,322 shares of Class A common stock for $0.6 million in 2016 and 66,904 shares of stock Class A common stock for $3.7 million in 2015. These transactions were primarily funded with available cash and resources at the parent company, including dividends received from subsidiaries of $71.5 million in 2017, $85.9 million in 2016 and $50.0 million in 2015.

Interest payments on debt totaled $4.9 million in 2017, 2016 and 2015. Interest payments on our debt outstanding at December 31, 2017 are estimated to be $4.9 million in 2018.

Farm Bureau Life's cash inflows primarily consist of premiums, 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 that 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 $325.2 million in 2017, $490.9 million in 2016 and $385.3 million in 2015.

Farm Bureau Life's ability to pay dividends to the parent company 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, 2017, Farm Bureau Life’s statutory unassigned surplus was $482.5 million. There are certain additional limits on the amount of dividends 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 included in Item 8. During 2018, the maximum amount legally available for distribution to the parent company without further regulatory approval is $106.1 million. Timing of such dividends during the year is limited based on the timing of dividends paid within the preceding 12 months.

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 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, 2017, Farm Bureau Life's statutory total adjusted capital was $682.6 million, resulting in a RBC ratio of 552%, based on company action level capital of $123.6 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. 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, our 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, 2017 or 2016.

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Contractual Obligations

In the normal course of business, we enter into insurance contracts, financing transactions, lease agreements or other commitments that 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, 2017:

Contractual Obligations as of December 31, 2017
	Payments Due by Period
	Total		Less than 1 year		1 - 3 years		4 - 5 years		After 5 years
	(Dollars in thousands)
Insurance liabilities (1)	$	16,923,755	$	1,299,152	$	1,719,516	$	1,325,982	$	12,579,105
Subordinated note payable to Capital Trust, including interest payments (2)	240,075		4,850		9,700		9,700		215,825
Home office operating leases	8,832		2,208		4,416		2,208		—
Purchase obligations:
Commitments to purchase or fund investments	72,031		48,736		22,010		1,253		32
Commercial mortgage loan commitments	14,645		14,645		—		—		—
Other purchase obligations (3)	71,080		45,592		24,003		1,485		—
Other long-term liabilities (4)	14,079		6,718		2,758		1,823		2,780
Total	$	17,344,497	$	1,421,901	$	1,782,403	$	1,342,451	$	12,797,742

(1) Amounts shown in this table are projected payments through the year 2067 that we are contractually obligated to pay to our life insurance and annuity contract holders. The payments are derived from actuarial models that 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	$	10,732,532	$	5,801,282	$	4,931,250
(b) Supplementary contracts involving life contingencies	216,619		150,642		65,977
	10,949,151		5,951,924		4,997,227
(c) Traditional life insurance and accident and health products	5,332,936		1,750,504		3,582,432
(b) Supplementary contracts without life contingencies	346,494		322,630		23,864
(d) Other	295,174		295,174		—
Total	$	16,923,755	$	8,320,232	$	8,603,523

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 differences between contractual obligations and the account values are primarily the accumulation of interest and death benefits on universal life business in excess of projected account values;

(b) 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;

(c) 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

(d) 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.

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(3) Primarily related to service and maintenance agreements, a portion of which are incurred in our capacity as manager of our property-casualty affiliates. We receive reimbursement from our property-casualty affiliates for such amounts.

(4) Includes our estimated future contributions to defined and postretirement benefit plans. Contributions related to the qualified pension plan are included through 2018. No amounts related to the qualified pension plan are included beyond 2018 as the contribution amounts will be re-evaluated based on actual results.

We are also a party to other operating leases with insignificant total payments 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.

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, 2017 pension obligation was computed based on an average 3.72% 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 decrease our

53

net pension asset. Our net pension asset 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 included in Item 8.	At December 31, 2017, our fixed maturity securities classified as available for sale had a fair value of $7,292.0 million, with gross unrealized gains totaling $561.7 million and gross unrealized losses totaling $27.0 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, 2017, we had 249 fixed maturity and equity securities with gross unrealized losses totaling $27.3 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 included in Item 8, 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 $24.5 million for 2018, excluding the impact of new production in 2018. 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 2018 would result in $1.8 million of additional amortization expense. Correspondingly, a 10% decrease in estimated gross profits would result in a $1.8 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 assets/liabilities	The determination of net periodic pension cost and related accrued/prepaid pension expense 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 2017 totaled $5.0 million.	To determine our net periodic pension costs for 2017, we assumed an expected long-term rate of return on plan assets of 6.60% and a discount rate of 4.29%. Details regarding the method used to determine the discount rate are summarized in Note 8 to our consolidated financial statements included in Item 8.	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 $1.1 million increase in pension expense and a 100 basis point increase would result in a $1.1 million decrease to pension expense. A 100 basis point decrease in the assumed discount rate would result in a $2.6 million increase in pension expense while a 100 basis point increase would result in a $2.1 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, 2017.	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, 2017, we held gross deferred tax assets totaling $31.5 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. Future changes in tax rates and other tax laws may also impact the utilization of deferred tax assets.

Recent Accounting Pronouncements

No material accounting pronouncements have been adopted during the year. See Note 1 to our consolidated financial statements included in Item 8 for a discussion of recent accounting pronouncements that may impact us in the future.

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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.

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58

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 (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control - Integrated Framework (2013),our management concluded that our internal control over financial reporting was effective as of December 31, 2017.

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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

FBL Financial Group, Inc.

Opinion on Internal Control over Financial Reporting

We have audited FBL Financial Group, Inc.'s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, FBL Financial Group, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of FBL Financial Group, Inc. as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedules listed in the Index at Item 15(a) and our report dated March 1, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management 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 are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. 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.

59

Definition and Limitations of Internal Control over Financial Reporting

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 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 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.

/s/ Ernst & Young LLP

Des Moines, Iowa

March 1, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

FBL Financial Group, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of FBL Financial Group, Inc. (the Company) as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, 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) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 1, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

60

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1993.

Des Moines, Iowa

March 1, 2018

61

FBL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	December 31,
	2017		2016
Assets
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2017 - $6,757,250; 2016 - $6,661,711)	$	7,291,967	$	7,008,790
Equity securities - available for sale, at fair value (cost: 2017 - $123,320; 2016 - $130,479)	130,750		132,968
Mortgage loans	971,812		816,471
Real estate	1,543		1,955
Policy loans	191,398		188,254
Short-term investments	17,007		16,348
Other investments	15,766		9,874
Total investments	8,620,243		8,174,660
Cash and cash equivalents	52,696		33,583
Securities and indebtedness of related parties	130,240		137,422
Accrued investment income	76,468		78,437
Amounts receivable from affiliates	3,561		3,790
Reinsurance recoverable	108,948		105,290
Deferred acquisition costs	302,611		330,324
Value of insurance in force acquired	4,560		9,226
Current income taxes recoverable	3,269		4,309
Other assets	112,054		92,021
Assets held in separate accounts	651,963		597,072
Total assets	$	10,066,613	$	9,566,134

62

FBL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in thousands)

	December 31,
	2017		2016
Liabilities and stockholders' equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	5,299,961	$	5,100,625
Traditional life insurance and accident and health products	1,750,504		1,698,792
Other policy claims and benefits	44,475		43,395
Supplementary contracts without life contingencies	322,630		330,232
Advance premiums and other deposits	267,023		265,221
Amounts payable to affiliates	1,164		862
Long-term debt payable to non-affiliates	97,000		97,000
Deferred income taxes	131,912		163,495
Other liabilities	111,131		81,182
Liabilities related to separate accounts	651,963		597,072
Total liabilities	8,677,763		8,377,876
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 24,919,113 shares in 2017 and 24,882,542 shares in 2016	153,589		152,903
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2017 and 2016	72		72
Accumulated other comprehensive income	284,983		149,555
Retained earnings	947,148		882,672
Total FBL Financial Group, Inc. stockholders' equity	1,388,792		1,188,202
Noncontrolling interest	58		56
Total stockholders' equity	1,388,850		1,188,258
Total liabilities and stockholders' equity	$	10,066,613	$	9,566,134

See accompanying notes.

63

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

	Year ended December 31,
	2017			2016			2015
Revenues:
Interest sensitive product charges	$	112,936		$	111,928		$	114,584
Traditional life insurance premiums	195,330			196,914			190,956
Net investment income	415,199			404,170			391,149
Net realized capital gains on sales of investments	599			3,106			11,062
Total other-than-temporary impairment losses	(3,986		)	(7,320		)	(719		)
Non-credit portion in other comprehensive income/loss	—			2,451			146
Net impairment losses recognized in earnings	(3,986		)	(4,869		)	(573		)
Other income	15,400			15,165			15,631
Total revenues	735,478			726,414			722,809
Benefits and expenses:
Interest sensitive product benefits	251,878			238,586			217,443
Traditional life insurance benefits	173,023			177,682			176,145
Policyholder dividends	10,140			10,574			11,828
Underwriting, acquisition and insurance expenses	134,878			135,967			143,668
Interest expense	4,850			4,850			4,850
Other expenses	18,382			16,966			17,507
Total benefits and expenses	593,151			584,625			571,441
	142,327			141,789			151,368
Income tax benefit (expense)	40,729			(46,010		)	(47,418		)
Equity income, net of related income taxes	11,299			11,440			9,523
Net income	194,355			107,219			113,473
Net loss (income) attributable to noncontrolling interest	(28		)	4			54
Net income attributable to FBL Financial Group, Inc.	$	194,327		$	107,223		$	113,527
Earnings per common share	$	7.76		$	4.29		$	4.55
Earnings per common share - assuming dilution	$	7.75		$	4.28		$	4.53
Cash dividends per common share	$	1.76		$	1.68		$	1.60
Special cash dividend per common share	$	1.50		$	2.00		$	2.00

See accompanying notes.

64

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

	Year ended December 31,
	2017			2016			2015
Net income	$	194,355		$	107,219		$	113,473
Other comprehensive income (loss) (1)
Change in net unrealized investment gains/losses	88,685			38,077			(146,579		)
Non-credit impairment losses	—			(1,476		)	(90		)
Change in underfunded status of postretirement benefit plans	(1,483		)	(1,578		)	2,791
Total other comprehensive income (loss), net of tax	87,202			35,023			(143,878		)
Total comprehensive income (loss), net of tax	281,557			142,242			(30,405		)
Comprehensive loss (income) attributable to noncontrolling interest	(28		)	4			54
Total comprehensive income (loss) applicable to FBL Financial Group, Inc.	$	281,529		$	142,246		$	(30,351	)

(1) Other comprehensive income (loss) 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, 2015	$	3,000	$	144,697		$	258,410		$	846,737		$	38		$	1,252,882
Net income	—		—			—			113,527			(54		)	113,473
Other comprehensive income	—		—			(143,878		)	—			—			(143,878		)
Issuance of common stock under compensation plans	—		5,022			—			—			—			5,022
Purchase of common stock	—		(399		)	—			(3,343		)	—			(3,742		)
Dividends on preferred stock	—		—			—			(150		)	—			(150		)
Dividends on common stock	—		—			—			(89,197		)	—			(89,197		)
Receipts related to noncontrolling interest	—		—			—			—			64			64
Balance at December 31, 2015	3,000		149,320			114,532			867,574			48			1,134,474
Net income	—		—			—			107,223			(4		)	107,219
Other comprehensive loss	—		—			35,023			—			—			35,023
Issuance of common stock under compensation plans	—		3,718			—			—			—			3,718
Purchase of common stock	—		(63		)	—			(523		)	—			(586		)
Dividends on preferred stock	—		—			—			(150		)	—			(150		)
Dividends on common stock	—		—			—			(91,452		)	—			(91,452		)
Receipts related to noncontrolling interest	—		—			—			—			12			12
Balance at December 31, 2016	3,000		152,975			149,555			882,672			56			1,188,258
Net income	—		—			—			194,327			28			194,355
Other comprehensive income	—		—			87,202			—			—			87,202
Reclassification related to the Tax Act	—		—			48,226			(48,226		)	—			—
Issuance of common stock under compensation plans	—		708			—			—			—			708
Purchase of common stock	—		(22		)	—			(224		)	—			(246		)
Dividends on preferred stock	—		—			—			(150		)	—			(150		)
Dividends on common stock	—		—			—			(81,251		)	—			(81,251		)
Disbursements related to noncontrolling interest	—		—			—			—			(26		)	(26		)
Balance at December 31, 2017	$	3,000	$	153,661		$	284,983		$	947,148		$	58		$	1,388,850

See accompanying notes.

65

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Year ended December 31,
	2017			2016			2015
Operating activities
Net income	$	194,355		$	107,219		$	113,473
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	163,111			153,856			152,467
Charges for mortality, surrenders and administration	(112,682		)	(111,792		)	(108,250		)
Net realized (gains) losses on investments	3,387			1,763			(10,489		)
Change in fair value of derivatives	(8,007		)	(828		)	(1,098		)
Increase in liabilities for life insurance and other future policy benefits	87,489			91,080			76,474
Deferral of acquisition costs	(44,409		)	(42,553		)	(43,215		)
Amortization of deferred acquisition costs and value of insurance in force	25,016			30,898			38,306
Change in reinsurance recoverable	(5,097		)	(1,392		)	(2,651		)
Provision for deferred income taxes	(75,030		)	9,550			6,840
Other	13,585			1,993			3,053
Net cash provided by operating activities	241,718			239,794			224,910
Investing activities
Sales, maturities or repayments:
Fixed maturities - available for sale	619,627			539,657			615,811
Equity securities - available for sale	9,880			5,532			14,921
Mortgage loans	62,285			81,425			42,429
Derivative instruments	13,220			2,987			3,899
Policy loans	36,330			35,458			35,406
Securities and indebtedness of related parties	9,032			10,086			27,789
Other investments	164			171			—
Real estate	717			—			—
Acquisitions:
Fixed maturities - available for sale	(690,013		)	(829,184		)	(871,406		)
Equity securities - available for sale	(2,692		)	(11,057		)	(23,833		)
Mortgage loans	(217,409		)	(160,005		)	(155,815		)
Derivative instruments	(9,311		)	(6,847		)	(4,122		)
Policy loans	(39,474		)	(37,928		)	(38,688		)
Securities and indebtedness of related parties	(15,672		)	(17,927		)	(26,213		)
Short-term investments, net change	(659		)	11,903			20,334
Purchases and disposals of property and equipment, net	(11,427		)	(11,787		)	(9,869		)
Net cash used in investing activities	(235,402		)	(387,516		)	(369,357		)

66

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in thousands)

	Year ended December 31,
	2017			2016			2015
Financing activities
Contract holder account deposits	$	534,449		$	600,383		$	586,072
Contract holder account withdrawals	(440,581		)	(344,664		)	(415,262		)
Proceeds from the issuance of short-term debt	—			—			15,000
Repayments of debt	—			(15,000		)	—
Issuance (repurchase) of common stock, net	356			1,840			(584		)
Dividends paid	(81,401		)	(91,602		)	(89,347		)
Other financing activities	(26		)	858			1,426
Net cash provided by financing activities	12,797			151,815			97,305
Increase (decrease) in cash and cash equivalents	19,113			4,093			(47,142		)
Cash and cash equivalents at beginning of year	33,583			29,490			76,632
Cash and cash equivalents at end of year	$	52,696		$	33,583		$	29,490

Supplemental disclosures of cash flow information
Cash (paid) during the year for:
Interest	$	(4,850	)	$	(4,854	)	$	(4,850	)
Income taxes	(16,347		)	(20,894		)	(27,701		)

See accompanying notes.

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FBL FINANCIAL GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Significant Accounting Policies

Nature of Business

FBL Financial Group, Inc. (we or the Company), majority owned by the Iowa Farm Bureau Federation (IFBF), 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, 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.

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.

Adoption of New Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards adopted:
Share-based compensation In March 2016, the Financial Accounting Standards Board (FASB) issued guidance that impacted the accounting for share-based compensation, including the accounting for excess tax benefits and deficiencies, classification of excess tax benefits within the consolidated statement of cash flows, and the accounting for forfeitures.	January 1, 2017	The guidance was adopted prospectively. Adoption resulted in a federal income tax benefit of $0.6 million ($0.02 per basic and diluted common share) for the year ended December 31, 2017. Prior periods were not restated.
Stockholders' Equity In February 2018 the FASB issued guidance allowing a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from changes in the federal income tax rate due to enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (Tax Act). Accounting guidance requires that deferred tax assets and liabilities, including those associated with components of AOCI, be remeasured during the period new tax laws are enacted, with any changes reflected as a component of income tax expense (benefit). Under the previous guidance retained earnings would reflect the full amount of the change and AOCI would not be adjusted for the portion of the change related to its components, leaving the unadjusted change “stranded” in AOCI. The new guidance allows AOCI be adjusted to reclassify these stranded tax effects to retained earnings.	October 1, 2017	The new guidance is effective for 2018, with early adoption permitted for public companies during periods for which financial statements have not been issued. We adopted the new guidance in 2017, and have reported the reclassification in our Consolidated Statement of Stockholders’ Equity. The adjustment does not impact earnings, but rather is a reclassification of amounts between stockholders’ equity accounts.

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Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Financial instruments - recognition and measurement In January 2016, the FASB issued guidance that amends certain aspects of the recognition and measurement of financial instruments. The new guidance primarily affects the accounting for equity investments, the presentation and disclosure requirements for financial instruments and the methodology for assessing the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities.	January 1, 2018	Adoption of the guidance will require us to recognize gains or losses from changes in the fair value of our equity security investments through the consolidated statement of operations rather than as unrealized gains or losses reflected in other comprehensive income. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, on January 1, 2018, we will reclassify $4.8 million of net unrealized investment gains, net of offsets, on our equity investments, from accumulated other comprehensive income to retained earnings as a cumulative effect adjustment.
Revenue recognition In May 2014, the FASB issued guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which supersedes most current revenue recognition guidance, including industry-specific guidance. Although insurance contracts are specifically excluded from the scope of this guidance, almost all entities will be affected to some extent by the increase in required disclosures. The new guidance is based on the principle that an entity should recognize revenue to reflect the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract.	January 1, 2018	The new guidance could have impacted our non-insurance contract revenues, primarily net commissions on products we broker for others ,which are insignificant to our operations. We have evaluated those contracts and concluded that none will be impacted by the new guidance; accordingly, we will not be required to report a cumulative effect adjustment to opening retained earnings on January 1, 2018, under the modified retrospective method of adoption.
Leases In February 2016, the FASB issued a new lease accounting standard, which, for most lessees, will result in a gross-up of the balance sheet. Under the new standard, lessees will recognize the leased assets on the balance sheet and will recognize a corresponding liability for the present value of lease payments over the lease term. The new standard requires the application of judgment and estimates. Also, there are accounting policy elections that may be taken both at transition and for the accounting post-transition, including whether to adopt a short-term lease recognition exemption.	January 1, 2019	We are currently evaluating the impact of this guidance on our consolidated financial statements. Upon adoption we will be required to recognize and measure leases at the beginning of the earliest period presented using the modified retrospective approach.

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Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Financial Instruments - credit impairment In June 2016, the FASB issued guidance amending the accounting for the credit impairment of financial instruments. Under the new guidance, impairment losses are required to be estimated using an expected loss model under which a valuation allowance is established and adjusted over time. The valuation allowance will be based on the probability of loss over the life of the instrument, considering historical, current and forecasted information. The new guidance differs significantly from the incurred loss model used today, and will result in the earlier recognition of impairment losses. The new guidance may also increase the volatility of earnings to the extent actual results differ from the assumptions used in the establishment of the valuation allowance. The financial instruments for which we will be required to use the new model include but are not limited to, mortgage loans, lease receivables and reinsurance recoverables. Our available-for-sale fixed maturities will continue to apply the incurred loss model. However, rather than impairment losses resulting in a permanent reduction of carrying value as they do today, such losses will be in the form of a valuation allowance, which can be increased in the case of future credit losses or decreased should conditions improve.	January 1, 2020	We are currently evaluating the impact of this new guidance on our consolidated financial statements. We believe the most significant impact upon adoption will be the establishment of an additional valuation allowance for our mortgage loan investments. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.

Investments

Fixed Maturities and Equity Securities

Fixed maturities are comprised of bonds and redeemable preferred stock and are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. 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, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations.

Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return.

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

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based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. We evaluate each of our mortgage loans individually and establish a valuation allowance for estimated losses, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. 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 such that the collection of interest is considered likely.

Real Estate

Our real estate is held for investment and reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, 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. No properties were held for investment with impairment charges as of December 31, 2017 or as of December 31, 2016.

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, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, 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 use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include non-guaranteed low income housing tax credit entities (LIHTC). In applying the equity method, we record our share of income or loss reported by the equity investees. In accounting for these investments, we consistently use the most recent financial information available, which is generally for periods not more than three months prior to the ending date of the period for which we are reporting. 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 an other-than-temporary impairment (OTTI) 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 OTTI 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.

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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 OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as:

• historical operating trends;

• business prospects;

• status of the industry in which we operate;

• analyst ratings on the issuer and sector;

• quality of management;

• size of the 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 OTTI occurs and there is a non-credit portion of the unrealized loss that will not 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 OTTI 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 that 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. We monitor the financial condition of these reinsurers, establishing an allowance for uncollectible reinsurance recoverables as necessary. We have concluded that no such allowance was required at December 31, 2017 or 2016. 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.

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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 was determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Value of insurance in force acquired is being amortized on a fixed amortization schedule.

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.

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 three to twenty years. Property and equipment had a carrying value of $35.8 million at December 31, 2017 and $33.5 million at December 31, 2016, and accumulated depreciation and amortization of $78.7 million at December 31, 2017 and $70.1 million at December 31, 2016. Depreciation and amortization expense for property and equipment was $8.7 million in 2017 and 2016, and $8.2 million in 2015.

Other assets at December 31, 2017 and 2016, 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 a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. 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. 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 this analysis, we have determined our goodwill was not impaired as of December 31, 2017 or 2016.

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. We also have additional benefit reserves that are established for

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annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. 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 2017, 2016 and 2015.

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 5.47% in 2017, 5.51% in 2016 and 5.66% in 2015. 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 29% of receipts from policyholders during 2017 (2016 - 32% and 2015 - 31%) and represented 10%of life insurance in force at December 31, 2017 and 11% at December 31, 2016 and 2015.

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 tax rates expected to be in effect when the assets or liabilities are recovered or settled. 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 and product guarantees, 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.

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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,
	2017		2016		2015
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	24,356	$	22,735	$	22,260
Amortization of deferred acquisition costs	22,507		28,225		35,220
Amortization of value of insurance in force acquired	2,178		2,392		2,436
Other underwriting, acquisition and insurance expenses, net of deferrals	85,837		82,615		83,752
Total	$	134,878	$	135,967	$	143,668

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 $4.6 million in 2017, $4.8 million in 2016 and $4.9 million in 2015. Investment advisory fee income from affiliates totaled $2.7 million in 2017, $2.5 million in 2016 and $2.3 million in 2015. In addition, Farm Bureau Life has certain items, including fees earned from brokered products, reported as other income and other expense, which netted to $2.5 million in 2017, $3.4 million in 2016 and $3.2 million in 2015. We expense legal costs associated with a loss contingency as incurred.

Retirement and Compensation Plans

We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, 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. 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.

See Note 8 for additional details on these plans.

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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 as well as the underfunded obligation for certain retirement and 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 (Loss), excludes net investment gains and losses included in net income that represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (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, 2017
	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)	$	3,374,927	$	329,299	$	(15,955	)	$	3,688,271	$	(504	)
Residential mortgage-backed	483,671		35,890		(3,280		)	516,281		339
Commercial mortgage-backed	674,076		34,464		(3,233		)	705,307		—
Other asset-backed	818,071		18,645		(3,214		)	833,502		845
United States Government and agencies	23,378		1,606		(79		)	24,905		—
States and political subdivisions	1,383,127		141,813		(1,239		)	1,523,701		—
Total fixed maturities	$	6,757,250	$	561,717	$	(27,000	)	$	7,291,967	$	680
Equity securities:
Non-redeemable preferred stocks	$	92,951	$	7,146	$	(265	)	$	99,832
Common stocks	30,369		549		—			30,918
Total equity securities	$	123,320	$	7,695	$	(265	)	$	130,750

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Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2016
	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)	$	3,529,997	$	228,601	$	(49,943	)	$	3,708,655	$	(1,082	)
Residential mortgage-backed	396,110		29,121		(2,931		)	422,300		(983		)
Commercial mortgage-backed	546,446		33,645		(4,137		)	575,954		—
Other asset-backed	771,570		8,846		(9,766		)	770,650		2,544
United States Government and agencies	30,575		1,629		(132		)	32,072		—
States and political subdivisions	1,387,013		119,298		(7,152		)	1,499,159		—
Total fixed maturities	$	6,661,711	$	421,140	$	(74,061	)	$	7,008,790	$	479
Equity securities:
Non-redeemable preferred stocks	$	100,042	$	4,050	$	(1,675	)	$	102,417
Common stocks	30,437		114		—			30,551
Total equity securities	$	130,479	$	4,164	$	(1,675	)	$	132,968

(1) Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position 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 fair value of $17.5 million at December 31, 2017 and $23.3 million at December 31, 2016. Corporate securities also include redeemable preferred stock with a fair value of $21.7 million at December 31, 2017 and $24.5 million at December 31, 2016.

Available-For-Sale Fixed Maturities by Maturity Date
	December 31, 2017
	Amortized  Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	152,509	$	155,126
Due after one year through five years	647,454		686,727
Due after five years through ten years	700,297		742,583
Due after ten years	3,281,172		3,652,441
	4,781,432		5,236,877
Mortgage-backed and other asset-backed	1,975,818		2,055,090
Total fixed maturities	$	6,757,250	$	7,291,967

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,
	2017			2016
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	534,718		$	347,079
Equity securities - available for sale	7,430			2,489
	542,148			349,568
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(147,173		)	(95,647		)
Value of insurance in force acquired	(14,870		)	(12,382		)
Unearned revenue reserve	12,705			4,215
Adjustments for assumed changes in policyholder liabilities	(18,499		)	(3,795		)
Provision for deferred income taxes (see Note 5)	(78,605		)	(84,684		)
Net unrealized investment gains	$	295,706		$	157,275

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income
	Year ended December 31,
	2017		2016			2015
	(Dollars in thousands)
Fixed maturities - available for sale	$	187,639	$	89,222		$	(331,408	)
Equity securities - available for sale	4,941		(2,842		)	118
Change in unrealized appreciation/depreciation of investments	$	192,580	$	86,380		$	(331,290	)

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 the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no OTTI losses were previously recognized.

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2017
	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	$	85,019	$	(1,261	)	$	183,820	$	(14,694	)	$	268,839	$	(15,955	)	59.1	%
Residential mortgage-backed	76,393		(1,757		)	31,779		(1,523		)	108,172		(3,280		)	12.1
Commercial mortgage-backed	151,158		(2,078		)	16,398		(1,155		)	167,556		(3,233		)	12.0
Other asset-backed	159,111		(2,006		)	71,064		(1,208		)	230,175		(3,214		)	11.9
United States Government and agencies	5,698		(47		)	1,864		(32		)	7,562		(79		)	0.3
States and political subdivisions	5,904		(96		)	20,505		(1,143		)	26,409		(1,239		)	4.6
Total fixed maturities	$	483,283	$	(7,245	)	$	325,430	$	(19,755	)	$	808,713	$	(27,000	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)
Total equity securities	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)

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Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2016
	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	$	742,626	$	(23,142	)	$	220,939	$	(26,801	)	$	963,565	$	(49,943	)	67.3	%
Residential mortgage-backed	51,873		(1,014		)	22,744		(1,917		)	74,617		(2,931		)	4.0
Commercial mortgage-backed	95,690		(3,590		)	6,610		(547		)	102,300		(4,137		)	5.6
Other asset-backed	371,829		(5,810		)	95,740		(3,956		)	467,569		(9,766		)	13.2
United States Government and agencies	6,438		(132		)	—		—			6,438		(132		)	0.2
States and political subdivisions	150,052		(7,152		)	—		—			150,052		(7,152		)	9.7
Total fixed maturities	$	1,418,508	$	(40,840	)	$	346,033	$	(33,221	)	$	1,764,541	$	(74,061	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	12,774	$	(150	)	$	13,438	$	(1,525	)	$	26,212	$	(1,675	)
Total equity securities	$	12,774	$	(150	)	$	13,438	$	(1,525	)	$	26,212	$	(1,675	)

Fixed maturities in the above tables include 247securities from 154 issuers at December 31, 2017 and 516 securities from 404 issuers at December 31, 2016.

Unrealized losses decreased during 2017 primarily due to a decrease in treasury rates as well as a general decrease in credit spreads. We do not consider securities to be OTTI when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality when recovery of all amounts due under the contractual terms of the security is anticipated. Based on our intent not to sell or our belief that we will not be required to sell these securities before recovery of their amortized cost basis, we do not consider these investments to be OTTI at December 31, 2017. We will continue to monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified.

Our largest unrealized loss was from a retailer and totaled $2.6 million at December 31, 2017.

Mortgage Loans

Our mortgage loan portfolio consists 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 collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses, management maintains and regularly 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 estimated loss, if needed, for each impaired loan identified. An estimated loss 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. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as non-accrual 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 such that the collection of interest is considered likely. At December 31, 2017 and December 31, 2016, there were no non-performing loans over 90 days past due on contractual payments. At December 31, 2017, we had committed to provide additional funding for mortgage loans totaling $14.6 million. These commitments arose in the normal course of business at terms that are comparable to similar investments.

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Mortgage Loans by Collateral Type
	December 31, 2017				December 31, 2016
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	410,090	42.2	%	$	361,088	44.2	%
Retail	292,257		30.1		240,602		29.5
Industrial	207,180		21.3		154,005		18.9
Other	62,285		6.4		60,776		7.4
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Geographic Location within the United States
	December 31, 2017				December 31, 2016
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	296,947	30.5	%	$	266,019	32.6	%
Pacific	146,320		15.0		104,337		12.8
West North Central	127,096		13.1		105,753		12.9
Mountain	105,627		10.9		79,707		9.8
East North Central	91,971		9.5		91,550		11.2
West South Central	85,566		8.8		74,258		9.1
East South Central	67,228		6.9		54,676		6.7
New England	35,005		3.6		35,246		4.3
Middle Atlantic	16,052		1.7		4,925		0.6
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Loan-to-Value Ratio
	December 31, 2017				December 31, 2016
Loan-to-Value Ratio	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	334,037	34.4	%	$	274,953	33.7	%
50% - 60%	258,359		26.6		210,555		25.8
60% - 70%	297,404		30.6		233,216		28.5
70% - 80%	63,116		6.5		67,607		8.3
80% - 90%	18,896		1.9		30,140		3.7
Total	$	971,812	100.0	%	$	816,471	100.0	%

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

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Mortgage Loans by Year of Origination
	December 31, 2017				December 31, 2016
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2017	$	214,365	22.1	%	$	—	—	%
2016	154,359		15.9		158,817		19.4
2015	144,890		14.9		149,302		18.3
2014	77,866		8.0		80,771		9.9
2013	67,142		6.9		69,887		8.6
2012 and prior	313,190		32.2		357,694		43.8
Total	$	971,812	100.0	%	$	816,471	100.0	%

Impaired Mortgage Loans
	December 31,
	2017			2016
	(Dollars in thousands)
Unpaid principal balance	$	19,027		$	21,459
Less:
Related allowance	(497		)	(713		)
Carrying value of impaired mortgage loans	$	18,530		$	20,746

Allowance on Mortgage Loans
	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at beginning of period	$	713		$	851
Recoveries	(216		)	(138		)
Balance at end of period	$	497		$	713

Mortgage Loan Modifications

Our commercial mortgage loan portfolio can include loans that have been modified. We assess loan modifications on a loan-by-loan basis to evaluate whether a troubled-debt restructuring has occurred. Generally, the types of concessions include: reduction of the contractual interest rate to a below-market rate, extension of the maturity date and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining if an impairment loss is needed for the restructuring. There were no loan modifications during 2017 or 2016.

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Components of Net Investment Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Fixed maturities - available for sale	$	344,302		$	342,657		$	338,952
Equity securities - available for sale	6,502			6,558			6,091
Mortgage loans	42,185			38,098			35,923
Real estate	—			—			169
Policy loans	9,014			8,956			8,871
Short-term investments, cash and cash equivalents	506			365			141
Derivative income (loss)	7,687			3,935			(2,266		)
Prepayment fee income and other	12,470			10,992			11,555
	422,666			411,561			399,436
Less investment expenses	(7,467		)	(7,391		)	(8,287		)
Net investment income	$	415,199		$	404,170		$	391,149

Realized Gains (Losses) - Recorded in Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	1,426		$	9,793		$	4,781
Gross losses	(1,081		)	(8,523		)	(1,952		)
Equity securities	(90		)	529			—
Mortgage loans	—			817			—
Real estate	304			—			—
Other	40			490			8,233
	599			3,106			11,062
Impairment losses recognized in earnings:
Credit-related portion of fixed maturity losses (1)	—			(4,767		)	(363		)
Other credit-related (2)	(3,986		)	(102		)	(210		)
Realized gains (losses) on investments recorded in income	$	(3,387	)	$	(1,763	)	$	10,489

(1) Amount represents the credit-related losses recognized for fixed maturities that were impaired through income but 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 other investments, real estate and fixed maturities written down to fair value through income. Also included are impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

Proceeds from sales of fixed maturities were $58.7 million in 2017, $109.5 million in 2016 and $108.5 million in 2015.

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 and were sold during the current reporting period.

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 the non-credit portion of the OTTI was recognized in other comprehensive income (loss) and corresponding

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changes in such amounts. Credit loss impairments with no portion of the loss recognized in other comprehensive income, such as securities for which OTTI were measured at fair value, are excluded from the table.

	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at beginning of period	$	(14,500	)	$	(11,498	)
Increases for newly impaired investments	—			(2,595		)
Increases to previously impaired investments	—			(2,172		)
Reductions due to investments sold	1,521			1,765
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	587			—
Balance at end of period	$	(12,392	)	$	(14,500	)

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 would therefore be required to consolidate it for financial reporting purposes. After determining that VIE status exists, we review our involvement in the VIE to determine whether we have both the power to direct activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the rights to receive benefits that could be potentially significant to the VIE. This analysis includes a review of the purpose and design of the VIE, as well as the role that we played in the formation of the entity and how that role could impact our ability to control the VIE. We also review the activities and decisions considered significant to the economic performance of the VIE and assess what power we have in directing those activities and decisions. Finally, we review the agreements in place to determine if there are any guarantees that would affect our maximum exposure to loss.

We have reviewed the circumstances surrounding our investments in VIEs, which are classified as securities and indebtedness of related parties, and consist of LIHTC, limited partnerships or limited liability companies accounted for under the equity method. In addition, we have reviewed the ownership interests in our VIEs and determined that we do not hold direct majority ownership or have other contractual rights (such as kick out rights) that give us effective control over these entities resulting in us having both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The maximum loss exposure relative to our VIEs is limited to the carrying value and any unfunded commitments that exist for each particular VIE. We also have not provided additional support or other guarantees that were not previously contractually required (financial or otherwise) to any of the VIEs as of December 31, 2017 or December 31, 2016. Based on this analysis, none of our VIEs were required to be consolidated at December 31, 2017 or December 31, 2016.

VIE Investments by Category
	December 31, 2017				December 31, 2016
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
LIHTC	$	82,417	$	84,103	$	91,255	$	95,058
Investment companies	25,335		62,372		23,379		45,569
Real estate limited partnerships	8,589		20,590		10,790		14,558
Other	1,182		1,488		429		2,034
Total	$	117,523	$	168,553	$	125,853	$	157,219

In addition, we make passive investments in the normal course of business in structured securities issued by VIEs for which we are not the investment manager. These structured securities include all of the residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities included in our fixed maturities. Our maximum exposure to loss on these securities is limited to our carrying value in the investment. We have determined that we are not the

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primary beneficiary of these structured securities because we do not have the power to direct the activities that most significantly impact the entities' economic performance.

Derivative Instruments

Our primary derivative exposure relates to purchased call options, which provide an economic hedge to the embedded derivatives in our indexed annuity and universal life insurance products. We also have embedded derivatives within our modified coinsurance agreements as well as an interest-only fixed maturity investment. We do not apply hedge accounting to any of our derivative positions, and they are held at fair value.

Derivatives Instruments by Type
	December 31, 2017		December 31, 2016
	(Dollars in thousands)
Assets
Freestanding derivatives:
Call options (reported in other investments)	$	14,824	$	9,360
Embedded derivatives:
Modified coinsurance (reported in reinsurance recoverable)	2,125		3,411
Interest-only security (reported in fixed maturities)	2,096		3,374
Total assets	$	19,045	$	16,145
Liabilities
Embedded derivatives:
Indexed annuity and universal life products (reported in liability for future policy benefits)	$	27,774	$	15,778
Modified coinsurance agreements (reported in other liabilities)	268		114
Total liabilities	$	28,042	$	15,892

Derivative Income (Loss)
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Change in fair value of free standing derivatives:
Call options	$	9,373		$	2,990		$	(1,480	)
Change in fair value of embedded derivatives:
Modified coinsurance agreements	(1,440		)	716			(809		)
Interest-only security	(246		)	229			23
Indexed annuity and universal life products	320			(2,390		)	2,577
Total income from derivatives	$	8,007		$	1,545		$	311

Derivative income (loss) is reported in net investment income except for the change in fair value of the embedded derivatives on our indexed annuity and universal life products, which is reported in interest sensitive product benefits.

We are exposed to credit losses in the event of nonperformance of the counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings (currently rated A or better by nationally recognized statistical rating organizations). We have also entered into credit support agreements with the counterparties requiring them to post collateral when net exposures exceed pre-determined thresholds that vary by counterparty. The net amount of such exposure is essentially the market value less collateral held for such agreements with each counterparty. The call options are supported by securities collateral received of $7.9 million at December 31, 2017, which is held in a separate custodial account. Subject to certain constraints, we are permitted to sell or re-pledge this collateral, but do not have legal rights to the collateral; accordingly, it has not been recorded on our balance sheet. At December 31, 2017, none of the collateral had been sold or re-pledged. As of December 31, 2017 our net exposure to credit losses on derivatives was $6.9 million.

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Low Income Housing Tax Credit Investments

We invest in non-guaranteed federal LIHTC, which are included in securities and indebtedness of related parties in the balance sheet. The carrying value of these investments totaled $82.4 million at December 31, 2017 and $91.3 million at December 31, 2016. There were impairment losses of $2.4 million recorded on these investments during 2017 with no impairments in 2016 or 2015. We use the equity method of accounting for these investments and recorded the following in our consolidated statement of operations.

LIHTC Equity Income (Loss), Net of Related Income Taxes
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Equity losses from LIHTC	$	(8,489	)	$	(7,547	)	$	(7,022	)
Income tax benefits:
Tax benefits from equity losses	2,971			2,641			2,458
Investment tax credits	14,227			14,077			13,542
Equity income from LIHTC, net of related income benefits	$	8,709		$	9,171		$	8,978

At December 31, 2017, we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $51.0 million, including $1.7 million for commitments to LIHTC, which are summarized by year in the following table.

Commitments to LIHTC by Year
	December 31, 2017
	(Dollars in thousands)
2018	$	829
2019	46
2020-2025	811
Total	$	1,686

Other

At December 31, 2017, affidavits of deposits covering investments with a carrying value totaling $8,066.4 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $443.9 million were on deposit with the Federal Home Loan Bank of Des Moines (FHLB) as collateral for funding agreements.

The carrying value of investments which have been non-income producing for the twelve months preceding December 31, 2017 includes real estate totaling $1.5 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, 2017.

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3. Fair Values

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

Fair Values and Carrying Values
	December 31,
	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	7,291,967	$	7,291,967	$	7,008,790	$	7,008,790
Equity securities - available for sale	130,750		130,750		132,968		132,968
Mortgage loans	971,812		989,503		816,471		840,337
Policy loans	191,398		236,223		188,254		230,656
Other investments	15,713		16,838		9,809		11,272
Cash, cash equivalents and short-term investments	69,703		69,703		49,931		49,931
Reinsurance recoverable	2,125		2,125		3,411		3,411
Assets held in separate accounts	651,963		651,963		597,072		597,072

Liabilities
Future policy benefits	$	4,192,367	$	4,147,654	$	4,044,148	$	3,903,177
Supplementary contracts without life contingencies	322,630		327,151		330,232		330,633
Advance premiums and other deposits	259,099		259,099		257,171		257,171
Long-term debt	97,000		78,628		97,000		67,599
Other liabilities	268		268		114		114
Liabilities related to separate accounts	651,963		649,610		597,072		593,760

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 or, if 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 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:

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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 asset-backed, United States Government agencies, state and political subdivisions and private placement corporate 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 private placement corporate bonds with no quoted market prices 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 corporate, mortgage- and asset-backed and private placement corporate 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 corporate investments in Level 3 are determined by reference to the public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities for which an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through the 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 corporate bonds 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 that 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 period-to-period 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 that 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.

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• 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 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 Federal Home Loan Bank of Des Moines (FHLB), with estimated fair value based on the current redemption value of the shares and non-redeemable preferred stock. Estimated fair value for the non-redeemable preferred stock is 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 that 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 for which 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 is A-highest quality, B-moderate quality, C-low quality, 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 measured at fair value on a recurring basis include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty, net of collateral received. Level 3 other investments, which are not measured at fair value on a recurring basis, include a promissory note that is priced internally using a discounted cash flow based on our assessment of the credit risk of the borrower.

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.

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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, supplementary 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 that 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 that 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.

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.

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Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2017
	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
Fixed maturities:
Corporate securities	$	—	$	3,654,671	$	33,600	$	3,688,271
Residential mortgage-backed securities	—		507,157		9,124		516,281
Commercial mortgage-backed securities	—		619,606		85,701		705,307
Other asset-backed securities	—		780,022		53,480		833,502
United States Government and agencies	9,078		15,827		—		24,905
States and political subdivisions	—		1,523,701		—		1,523,701
Total fixed maturities	9,078		7,100,984		181,905		7,291,967
Non-redeemable preferred stocks	—		92,425		7,407		99,832
Common stocks	4,313		26,605		—		30,918
Other investments	—		14,824		—		14,824
Cash, cash equivalents and short-term investments	69,703		—		—		69,703
Reinsurance recoverable	—		2,125		—		2,125
Assets held in separate accounts	651,963		—		—		651,963
Total assets	$	735,057	$	7,236,963	$	189,312	$	8,161,332
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	—	$	—	$	27,774	$	27,774
Other liabilities	—		268		—		268
Total liabilities	$	—	$	268	$	27,774	$	28,042

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Valuation of our Financial Instruments Measured on a Recurring Basis by 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)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,649,536	$	59,119	$	3,708,655
Residential mortgage-backed securities	—		422,300		—		422,300
Commercial mortgage-backed securities	—		494,520		81,434		575,954
Other asset-backed securities	—		716,282		54,368		770,650
United States Government and agencies	11,943		20,129		—		32,072
States and political subdivisions	—		1,499,159		—		1,499,159
Total fixed maturities	11,943		6,801,926		194,921		7,008,790
Non-redeemable preferred stocks	—		95,006		7,411		102,417
Common stocks	3,056		27,495		—		30,551
Other investments	—		9,360		—		9,360
Cash, cash equivalents and short-term investments	49,931		—		—		49,931
Reinsurance recoverable	—		3,411		—		3,411
Assets held in separate accounts	597,072		—		—		597,072
Total assets	$	662,002	$	6,937,198	$	202,332	$	7,801,532
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	—	$	—	$	15,778	$	15,778
Other liabilities	—		114		—		114
Total liabilities	$	—	$	114	$	15,778	$	15,892

Level 3 Fixed Maturities by Valuation Source - Recurring Basis
	December 31, 2017
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	4,555		$	29,045		$	33,600
Commercial mortgage-backed securities	85,701			—			85,701
Residential mortgage-backed securities	9,124			—			9,124
Other asset-backed securities	47,080			6,400			53,480
Total	$	146,460		$	35,445		$	181,905
Percent of total	80.5		%	19.5		%	100.0		%

	December 31, 2016
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	17,684		$	41,435		$	59,119
Commercial mortgage-backed securities	81,434			—			81,434
Other asset-backed securities	39,308			15,060			54,368
Total	$	138,426		$	56,495		$	194,921
Percent of total	71.0		%	29.0		%	100.0		%

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Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis
	December 31, 2017
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	27,682	Discounted cash flow	Credit spread	0.91% - 6.20% (4.17%)
Commercial mortgage-backed	72,224		Discounted cash flow	Credit spread	1.40% - 4.10% (2.50%)
Non-redeemable preferred stocks	7,407		Discounted cash flow	Credit spread	2.94% (2.94%)
Total assets	$	107,313
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	27,774	Discounted cash flow	Credit risk Risk margin	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)

	December 31, 2016
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	47,398	Discounted cash flow	Credit spread	0.58% - 4.25% (2.81%)
Commercial mortgage-backed	81,434		Discounted cash flow	Credit spread	1.10% - 4.15% (2.95%)
Other asset-backed securities	6,461		Discounted cash flow	Credit spread	1.08% - 4.87% (3.45%)
Non-redeemable preferred stocks	7,411		Discounted cash flow	Credit spread	4.05% (4.05%)
Total assets	$	142,704
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	15,778	Discounted cash flow	Credit risk Risk margin	0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%)

The tables above exclude certain securities with fair value based on non-binding broker quotes for which 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, 2017
								Realized and unrealized gains (losses), net
	Balance, December 31, 2016		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, 2017
	(Dollars in thousands)
Assets
Corporate securities	$	59,119	$	5,000	$	(12,230	)	$	84	$	(1,365	)	$	13,440	$	(30,409	)	$	(39	)	$	33,600
Residential mortgage-backed securities	—		32,455		—			—		(1		)	—		(23,331		)	1			9,124
Commercial mortgage-backed securities	81,434		25,591		(802		)	—		6,218			—		(26,658		)	(82		)	85,701
Other asset-backed securities	54,368		126,867		(8,886		)	—		499			13,353		(132,700		)	(21		)	53,480
Non-redeemable preferred stocks	7,411		—		—			—		(4		)	—		—			—			7,407
Total assets	$	202,332	$	189,913	$	(21,918	)	$	84	$	5,347		$	26,793	$	(213,098	)	$	(141	)	$	189,312
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	15,778	$	6,594	$	(2,128	)	$	7,530	$	—		$	—	$	—		$	—		$	27,774

	December 31, 2016
								Realized and unrealized gains (losses), net
	Balance, December 31, 2015		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, 2016
	(Dollars in thousands)
Assets
Corporate securities	$	49,076	$	2,000	$	(13,751	)	$	(27	)	$	(490	)	$	35,956	$	(13,572	)	$	(73	)	$	59,119
Residential mortgage-backed securities	3,729		—		(3,722		)	—			(137		)	—		—			130			—
Commercial mortgage-backed securities	88,180		18,826		(1,656		)	—			(141		)	—		(23,852		)	77			81,434
Other asset-backed securities	55,557		64,146		(11,621		)	—			212			30,098		(84,045		)	21			54,368
United States Government and agencies	8,726		—		—			—			486			—		(9,218		)	6			—
State, municipal and other governments	—		—		—			—			108			2,393		(2,501		)	—			—
Non-redeemable preferred stocks	7,471		—		—			—			(60		)	—		—			—			7,411
Total assets	$	212,739	$	84,972	$	(30,750	)	$	(27	)	$	(22	)	$	68,447	$	(133,188	)	$	161		$	202,332
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	9,374	$	5,913	$	(115	)	$	606		$	—		$	—	$	—		$	—		$	15,778

(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. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

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Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	December 31, 2017
	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	$	—	$	—	$	989,503	$	989,503
Policy loans	—		—		236,223		236,223
Other investments	—		—		2,014		2,014
Total assets	$	—	$	—	$	1,227,740	$	1,227,740
Liabilities
Future policy benefits	$	—	$	—	$	4,119,880	$	4,119,880
Supplementary contracts without life contingencies	—		—		327,151		327,151
Advance premiums and other deposits	—		—		259,099		259,099
Long-term debt	—		—		78,628		78,628
Liabilities related to separate accounts	—		—		649,610		649,610
Total liabilities	$	—	$	—	$	5,434,368	$	5,434,368

	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)
Assets
Mortgage loans	$	—	$	—	$	840,337	$	840,337
Policy loans	—		—		230,656		230,656
Other investments					1,912		1,912
Total assets	$	—	$	—	$	1,072,905	$	1,072,905
Liabilities
Future policy benefits	$	—	$	—	$	3,887,399	$	3,887,399
Supplementary contracts without life contingencies	—		—		330,633		330,633
Advance premiums and other deposits	—		—		257,171		257,171
Long-term debt	—		—		67,599		67,599
Liabilities related to separate accounts	—		—		593,760		593,760
Total liabilities	$	—	$	—	$	5,136,562	$	5,136,562

Level 3 Financial Instruments Measured at Fair Value on a Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate that have been deemed to be impaired during the reporting period. There were no mortgage loans or real estate impaired to fair value during 2017 or 2016.

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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 current retention limits ranging up to $1.0 million of coverage per individual life. Certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance. We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements.

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 $15.2 million. A maximum occurrence limit of $50.0 million per aircraft 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.

Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet their 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.

Ceded reinsurance reduces our revenues by the amount that we pay for premium or forego in product charges and reduces our benefits and expenses by reimbursements of claims by our reinsurers. Assumed reinsurance adds to our premiums or product charges and to benefits and expenses related to the business we assume. These impacts are shown in the table below.

Impact of Reinsurance on our Financial Statements
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Ceded (reductions to financial statement items):
Premiums and product charges	$	32,922	$	33,058	$	33,462
Insurance benefits	24,159		22,515		26,183
Allowances for expenses and commissions	4,548		4,709		4,945
Assumed (additions to financial statement items):
Premiums and product charges	2,637		2,670		2,751
Insurance benefits	6,356		2,302		1,231
Allowances for expenses and commissions	1,543		1,427		1,570

Reinsurance in Force and Percentage of Direct Life Insurance in Force
	Year ended December 31,
	2017				2016
	(Dollars in millions)
Ceded reinsurance	$	14,087	22.5	%	$	14,258	23.5	%
Assumed reinsurance	487		0.8	%	524		0.9	%

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Policy Provisions

Analysis of the Value of Insurance in Force Acquired

	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Balance at beginning of year	$	21,608		$	24,000		$	26,436
Amortization per fixed schedule	(2,178		)	(2,198		)	(2,384		)
Impact of unlocking actuarial assumptions	—			(194		)	(52		)
Balance at end of year	19,430			21,608			24,000
Impact of net unrealized investment gains and losses	(14,870		)	(12,382		)	(3,087		)
Value of insurance in force acquired	$	4,560		$	9,226		$	20,913

We amortize the value of insurance in force based on a fixed amortization schedule. Net amortization, based on our fixed amortization schedules, for the next five years is expected to be as follows: 2018 - $2.2 million; 2019 - $2.1 million; 2020 - $2.2 million; 2021 - $2.0 million; and 2022 - $2.0 million.

Certain variable annuity and variable universal life contracts in our separate accounts and in variable business we have assumed through 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 (GMDB), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon the 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, 2017				December 31, 2016
	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	$	173,761	$	442	$	159,617	$	543
Return the greater of highest anniversary value or net deposits	292,112		1,068		270,539		2,920
Incremental death benefit	265,456		67,350		241,142		53,933
Guaranteed minimum income benefit	29,987		—		32,733		—
Total			$	68,860			$	57,396

The separate account assets are primarily 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 $6.9 million at December 31, 2017 and $5.8 million at December 31, 2016. The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 66 years at December 31, 2017 and 62 years at December 31, 2016. Benefits paid for GMDBs, IDBs and GMIBs totaled $0.8 million for 2017, $0.5 million for 2016 and $0.4 million for 2015.

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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 liabilities, projected future taxable income and tax planning strategies. Based on the available positive and negative evidence regarding future sources of taxable income, we have determined that the establishment of a valuation allowance was not necessary at December 31, 2017 and 2016.

The Tax Act makes broad changes to the U.S. tax code that potentially impact our companies, including 1) reducing the federal statutory tax rate from 35% to 21%, 2) eliminating the corporate alternative minimum tax, 3) further limiting interest expense deductions, 4) changing the rules regarding use of net operating losses, and 5) allowing immediate expensing of capital assets acquired after September 27, 2017. Due to the reduced statutory tax rate, we were required to remeasure our deferred tax assets and liabilities using the lower rate at December 22, 2017, the date of enactment. This remeasurement resulted in a reduction of net deferred tax liabilities of $85.8 million, which includes $48.2 million related to deferred taxes previously recognized in accumulated other comprehensive income. This represents a provisional estimate of the impact of the Tax Act, as it is based on our current understanding of the legislation. As additional guidance is released, the estimate will be updated as necessary during 2018. No other provisions of the Tax Act had a significant impact on our 2017 income tax provisions.

Income Tax Expenses (Credits)
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Taxes provided in consolidated statements of operations on:
Income before equity loss:
Current	$	34,301		$	36,461		$	40,578
Deferred	(75,030		)	9,549			6,840
	(40,729		)	46,010			47,418
Equity loss, including low income housing tax credits	(15,804		)	(15,498		)	(15,706		)
Taxes provided in consolidated statements of changes in stockholders' equity:
Accumulated other comprehensive income	43,448			18,882			(77,473		)
Class A and Class B common stock (1)	—			(846		)	(1,363		)
	43,448			18,036			(78,836		)
	$	(13,085	)	$	48,548		$	(47,124	)

(1) Beginning in 2017, accounting guidance requires tax benefits of equity-based compensation to be recorded through net income rather than directly to stockholders' equity. Accordingly, we do not expect to have a provision for taxes on Class A and B common stock for years after 2016. See Note 1 for further discussion of this accounting change.

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Effective Tax Rate Reconciliation to Federal Income Tax Rate
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Income before income taxes and equity loss	$	142,327		$	141,789		$	151,368
Income tax at federal statutory rate (35%)	$	49,814		$	49,626		$	52,979
Tax effect (decrease) of:
Tax-exempt dividend and interest income	(3,384		)	(2,950		)	(3,233		)
Remeasurement of deferred taxes under the Tax Act	(85,797		)	—			—
Other items	(1,362		)	(666		)	(2,328		)
Income tax expense	$	(40,729	)	$	46,010		$	47,418

In 2015, the other items affecting the effective tax rate include a $1.8 million tax benefit resulting from the disposition of an equity method investment, for which the carrying value consisted solely of nondeductible goodwill. In 2017, the other items affecting the effective tax rate include $0.6 million in tax benefits from equity-based compensation deductions. Prior to 2017, these tax benefits were recorded to stockholders equity, so they did not impact the effective tax rate.

Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities
	December 31,
	2017		2016
	(Dollars in thousands)
Deferred income tax assets:
Future policy benefits	$	21,926	$	30,340
Accrued benefit and compensation costs	3,435		10,001
Loss carryforwards	3,452		5,709
Other	2,669		2,393
	31,482		48,443
Deferred income tax liabilities:
Fixed maturity and equity securities	118,716		131,655
Deferred acquisition costs	33,177		62,599
Value of insurance in force acquired	958		3,229
Property and equipment	5,883		7,777
Other	4,660		6,678
	163,394		211,938
Net deferred income tax liability	$	131,912	$	163,495

Deferred tax assets and liabilities at December 31, 2016 are recorded at a 35% tax rate, the enacted tax rate at that time.  Deferred taxes at December 31, 2017 are recorded at a 21% tax rate, as under the Tax Act this is the enacted rate that will be in effect when the temporary differences are expected to reverse.

We recognize the benefits of uncertain tax positions when the benefits are more-likely-than-not to be sustained. We had no reserve for uncertain tax positions at December 31, 2017 or 2016. We recognize interest related to uncertain tax positions in interest expense and related penalties in other expenses. We paid no such interest and penalties related to federal income taxes during 2017 or 2016. We do not expect any significant changes in the amount of our reserve for uncertain tax positions within the next twelve months. We are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2014.

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At December 31, 2017, we had non-life net operating loss carryforwards for federal income tax purposes totaling $15.5 million, which expire beginning in 2032. We also had non-life net operating loss carryforwards in several state jurisdictions, with varying expiration dates. State deferred taxes are not generally provided on any temporary differences or carryforwards, as state taxes have historically been insignificant.

We invest in LIHTC, 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 the approval of tax credits. These tax credits, which are reported in equity income, totaled $14.2 million in 2017, $14.1 million in 2016 and $13.5 million in 2015.

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, 2017 and 2016, 97,000 shares of 5% Preferred Securities were outstanding, all of which we unconditionally guarantee.

Short-term debt as of December 31, 2015 consisted of two short-term advances, collateralized by fixed maturity securities, payable to FHLB totaling $15.0 million. The advances included a $10.0 million advance on December 21, 2015, repaid January 11, 2016, at an interest rate of 0.55% and a $5.0 million advance on December 30, 2015, repaid January 6, 2016, at an interest rate of 0.46%.

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.

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Reconciliation of Outstanding Common Stock
	Class A					Class B (1)			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2015	24,703,903		$	144,625		11,413	$	72	24,715,316		$	144,697
Issuance of common stock under compensation plans	159,764		5,022			—	—		159,764		5,022
Purchase of common stock	(66,904	)	(399		)	—	—		(66,904	)	(399		)
Outstanding at December 31, 2015	24,796,763		149,248			11,413	72		24,808,176		149,320
Issuance of common stock under compensation plans	96,101		3,718			—	—		96,101		3,718
Purchase of common stock	(10,322	)	(63		)	—	—		(10,322	)	(63		)
Outstanding at December 31, 2016	24,882,542		152,903			11,413	72		24,893,955		152,975
Issuance of common stock under compensation plans	40,082		708			—	—		40,082		708
Purchase of common stock	(3,511	)	(22		)	—	—		(3,511	)	(22		)
Outstanding at December 31, 2017	24,919,113		$	153,589		11,413	$	72	24,930,526		$	153,661

(1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis.

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, 2017, 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

We periodically repurchase our Class A common stock under programs approved by our Board of Directors. These repurchase programs 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. Under these programs, we repurchased 3,511 shares of stock for $0.2 million in 2017, 10,322 shares of stock for $0.6 million in 2016 and 66,904 shares of stock for $3.7 million in 2015. 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. There was $49.2 million remaining available for repurchases at December 31, 2017 under the active repurchase program.

Dividend Restrictions

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, 2017. See Note 6 for additional information regarding this agreement.

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. See Note 12 for discussion on our statutory dividend restrictions.

Special Dividends

Periodically, we declare a special cash dividend payable to our Class A and Class B common shareholders. We have paid the following special dividends during the last three years: $1.50 per share in 2017 totaling $37.4 million, $2.00 per share in 2016 totaling $49.7 million and $2.00 per share in 2015 totaling $49.5 million.

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Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Gains (Losses)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Balance at January 1, 2015	$	266,211		$	1,131		$	(8,932	)	$	258,410
Other comprehensive income before reclassifications	(143,731		)	(1,155		)	—			(144,886		)
Reclassification adjustments	(1,693		)	(90		)	2,791			1,008
Balance at December 31, 2015	120,787			(114		)	(6,141		)	114,532
Other comprehensive income before reclassifications	37,895			1,901			—			39,796
Reclassification adjustments	(1,719		)	(1,476		)	(1,578		)	(4,773		)
Balance at December 31, 2016	156,963			311			(7,719		)	149,555
Other comprehensive income before reclassifications	88,534			136			—			88,670
Reclassification related to the Tax Act (3)	49,657			90			(1,521		)	48,226
Reclassification adjustments	15			—			(1,483		)	(1,468		)
Balance at December 31, 2017	$	295,169		$	537		$	(10,723	)	$	284,983

(1) Unrealized net investment gains (losses) relate to available-for-sale securities and include 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.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Pension Plans.

(3) Reclassification of the initial impact of the remeasurement of deferred tax assets and liabilities upon enactment of the Tax Act. See discussion of this accounting change as discussed in Note 1.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2017
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(255	)	$	—	$	—		$	(255	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	274			—		—			274
Other than temporary impairment losses	—			—		—			—
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—		—			—
Net actuarial loss	—			—		(1,702		)	(1,702		)
Reclassifications before income taxes	19			—		(1,702		)	(1,683		)
Income taxes	(4		)	—		219			215
Reclassification adjustments	$	15		$	—	$	(1,483	)	$	(1,468	)

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Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2016
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(1,799	)	$	—		$	—		$	(1,799	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	(845		)	180			—			(665		)
Other than temporary impairment losses	—			(2,451		)	—			(2,451		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(1		)	(1		)
Net actuarial loss	—			—			(2,425		)	(2,425		)
Reclassifications before income taxes	(2,644		)	(2,271		)	(2,426		)	(7,341		)
Income taxes	925			795			848			2,568
Reclassification adjustments	$	(1,719	)	$	(1,476	)	$	(1,578	)	$	(4,773	)

	Year ended December 31, 2015
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(2,829	)	$	—		$	—		$	(2,829	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	224			7			—			231
Other than temporary impairment losses	—			(146		)	—			(146		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(12		)	(12		)
Net actuarial gain	—			—			4,306			4,306
Reclassifications before income taxes	(2,605		)	(139		)	4,294			1,550
Income taxes	912			49			(1,503		)	(542		)
Reclassification adjustments	$	(1,693	)	$	(90	)	$	2,791		$	1,008

(1) See Note 2 for further information.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans.

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 had attained age 21, had one year of service and were employed prior to January 1, 2013. We also have a plan that provides supplemental pension benefits to certain highly compensated employees who have salaries and/or pension benefits in excess of the qualified limits imposed by federal law and were employed prior to January 1, 2013. Benefits under 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 affiliated and unaffiliated employers 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 underfunded 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, 2017.

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

Multiemployer Plan name		FBL Financial Group Retirement Plan
Employer identification number		42-1411715
Plan number		001
FBL's contributions (in thousands)
	2017	$45,000
	2016	$30,000
	2015	$30,000

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. The Multiemployer Plan is 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 2017, 2016 or 2015. We are the primary employer in the Multiemployer Plan, providing more than 5 percent of the total contributions during 2017, 2016 and 2015.

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 affiliated employers. These non-qualified benefit plans are not funded, whereby contributions are made as current benefit obligations become due. 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,
	2017			2016			2017			2016
	(Dollars in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of the year	$	336,454		$	319,420		$	24,585		$	22,275
Service cost	5,552			5,795			436			335
Interest cost	14,124			14,447			1,003			966
Actuarial loss	41,855			15,767			2,728			3,317
Benefits paid	(21,986		)	(18,975		)	(1,838		)	(2,308		)
Projected benefit obligation	375,999			336,454			26,914			24,585
Change in plan assets:
Fair value of plan assets at beginning of the year	291,071			262,276			—			—
Actual return on plan assets	31,311			17,770			—			—
Employer contributions	45,000			30,000			1,838			2,308
Benefits paid	(21,986		)	(18,975		)	(1,838		)	(2,308		)
Fair value of plan assets at end of the year	345,396			291,071			—			—
Underfunded status at end of the year	$	(30,603	)	$	(45,383	)	$	(26,914	)	$	(24,585	)
Accumulated benefit obligation	$	334,462		$	297,753		$	23,504		$	21,407

The fair value of plan assets of the Multiemployer Plan exceeded the accumulated benefit obligation at December 31, 2017, but was less than the accumulated benefit obligation at December 31, 2016.

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,
	2017			2016			2015			2017		2016			2015
	(Dollars in thousands)
Service cost	$	5,552		$	5,795		$	5,892		$	436	$	335		$	435
Interest cost	14,124			14,447			13,472			1,003		966			1,000
Expected return on assets	(19,184		)	(17,865		)	(17,563		)	—		—			—
Amortization of prior service cost	131			144			144			—		(1		)	(11		)
Amortization of actuarial loss	10,121			9,432			10,464			1,172		918			1,528
Effect of settlement	—			—			7,998			—		—			—
Net periodic pension cost	$	10,744		$	11,953		$	20,407		$	2,611	$	2,218		$	2,952
FBL Financial Group, Inc. share of net periodic pension cost	$	3,404		$	3,807		$	6,614		$	1,551	$	1,260		$	1,671

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

The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period or life expectancy of the employees, depending upon who is covered under each plan. 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

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amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2018 will include $12.5 million for amortization of the actuarial loss and less than $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2018, included in accumulated other comprehensive income, will include $1.4 million for amortization of the actuarial loss.

We expect contributions to be paid to the Multiemployer Plan by us and our affiliated and unaffiliated employers for 2018 to be approximately $15.0 million, of which $4.6 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2018 to be approximately $1.6 million, of which $0.7 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2018 - $18.6 million, 2019 - $17.9 million, 2020 - $21.3 million, 2021 - $21.7 million, 2022 - $22.7 million and 2023 through 2027 - $123.3 million. Expected benefits to be paid under the Other Plans are as follows: 2018 - $2.3 million, 2019 - $3.6 million, 2020 - $3.0 million, 2021 - $2.8 million, 2022 - $2.1 million and 2023 through 2027 - $14.7 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,
	2017		2016		2017			2016
	(Dollars in thousands)
Amount recognized in FBL's statement of financial position
Prepaid benefit cost	$	36,858	$	26,006	$	740		$	876
Accrued benefit cost	—		—		(21,245		)	(19,159		)
Net amount recognized	$	36,858	$	26,006	$	(20,505	)	$	(18,283	)
Amount recognized in FBL's accumulated other comprehensive income, before taxes (1)
Net actuarial loss					$	13,649		$	12,094
Net amount recognized					$	13,649		$	12,094

(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 $30.6 million at December 31, 2017 and $45.4 million at December 31, 2016.

Weighted Average Assumptions Used to Determine Benefit Obligation
	December 31
	2017		2016
Discount rate	3.72	%	4.29	%
Annual salary increases	3.27	%	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,
	2017		2016		2015
Discount rate	4.29	%	4.65	%	4.52% / 4.05%
Expected long-term return on plan assets	6.60	%	6.75	%	6.75% / 7.00%
Annual salary increases	3.31	%	3.31	%	3.31% / 3.00%

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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 and determined that the long-term return assumption should be revised downward in 2017 to 6.60%. On September 30, 2015, the plan incurred a remeasurement due to settlement accounting. This resulted in a discount rate of 4.05% being used for the nine months ended September 30, 2015 and 4.52% for the three months ended December 31, 2015. 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%.

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 2017, 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, 2017, the Multiemployer Plan assets were invested approximately 59% in fixed income investments, 38% in diversified equities and 3% 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 align with market rates 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, 2017
	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	$	39,563	$	—	$	—	$	39,563
International funds	40,349		—		—		40,349
Pooled separate accounts: (1)
Short-term fixed income funds	—		793		—		793
Fixed income funds	—		14,689		—		14,689
U.S. equity funds	—		32,726		—		32,726
Real estate fund	—		15,526		—		15,526
Annuities: (2)
Group annuity contract	—		—		181,403		181,403
Funded annuity contracts	—		—		10,776		10,776
Alternative investments: (3)
Limited partnerships	—		—		9,571		9,571
Total	$	79,912	$	63,734	$	201,750	$	345,396

	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

(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, 2017
						Return on assets
	December 31, 2016		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3		December 31, 2017
	(Dollars in thousands)
Group annuity contract	$	141,782	$	33,221		$	6,400	$	—	$	—	$	181,403
Funded annuity contracts	11,382		(1,258		)	652		—		—		10,776
Limited partnerships	8,447		314			810		—		—		9,571
Total	$	161,611	$	32,277		$	7,862	$	—	$	—	$	201,750

	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

Other Retirement Plans

We participate with affiliated and unaffiliated employers in a 401(k) defined contribution plan, which covers substantially all employees. We match employee contributions up to 2% or 4% of the eligible compensation contributed by the employee and at 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 this plan totaled $2.6 million in 2017, $2.4 million in 2016 and $2.2 million in 2015.

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 that 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 participate with affiliated and unaffiliated employers in a plan that provides group term life insurance benefits to retirees. We froze our portion of the plan on December 31, 2016 such that no new participants will enter the plan. During 2016, we recognized $0.2 million in curtailment gain related to freezing the group term life benefits to retirees. We also have two single-employer plans, frozen to new participants, that provide health and medical benefits to a small group of retirees. Postretirement benefit (income)/expense for this plan is allocated in a manner consistent with pension expense discussed above and totaled ($0.1) million in 2017 and 2016and $0.1

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million in 2015. Changes in the underfunded portion of these plans, reported in other comprehensive income, aggregated ($0.1) million in 2017 and less than ($0.1) million in 2016 and 2015.

Share-based Compensation Plans

The share-based payment arrangements under our Class A Common Stock Compensation Plan are described below. Expenses have been fully recognized under this plan.

We also have a Cash-Based Restricted Stock Unit Plan. We allocate a portion of the expense for these arrangements to affiliates; expense amounts below represent our share of these expenses. Compensation expense for arrangements under this plan totaled $1.9 million for 2017, $2.3 million for 2016 and $1.7 million for 2015. The income tax benefit recognized in the statements of operations for this arrangement totaled $1.0 million in 2017, $1.2 million in 2016 and $0.9 million in 2015.

Stock Option Awards

Prior to 2012, 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 exercise price for all options is equal to the fair value of the common stock on the grant date.

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, 2017	45,395		$	27.35
Exercised	(21,527	)	33.60
Forfeited or expired	—		—
Shares under option at December 31, 2017	23,868		21.92		2.15	$	1,139
Vested at December 31, 2017	23,868		$	21.92	2.15	$	1,139
Exercisable options at December 31, 2017	23,868		$	21.92	2.15	$	1,139

(1) Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017.

The intrinsic value of options exercised during the year totaled $0.8 million for 2017, $3.2 million for 2016 and $4.5 million for 2015.

We issue new shares to satisfy stock option exercises.    Cash received from stock options exercised totaled $0.7 million for 2017, $2.5 million for 2016 and $3.7 million for 2015. The actual tax benefit realized from stock options exercised totaled $0.2 million for 2017, $1.0 million for 2016 and $1.4 million for 2015.

Cash-Based Restricted Stock Units

We annually grant performance and non-performance cash-based restricted stock units to certain executives. The restricted stock units will vest and be paid out in cash over 5 years, contingent on continued employment with us. The performance units have the same vesting requirements, but are also contingent upon meeting a financial goal.

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.

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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, 2017	121,517		$	46.10
Granted	23,526		69.10
Vested	(42,465	)	42.55
Forfeited or canceled	—		—
Restricted stock units at December 31, 2017	102,578		52.85

The weighted average grant-date fair value per common share of restricted stock units granted was $69.10 in 2017, $60.34 in 2016 and $52.19 in 2015. Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2017 totaled $2.9 million. This expense is expected to be recognized over a weighted-average period of 1.79 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $3.3 million in 2017 and $2.7 million in 2016 and 2015.

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 under this plan totaled 25,243 at December 31, 2017 and 24,923 at December 31, 2016. 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 53,254 at December 31, 2017 and 57,876 at December 31, 2016. At December 31, 2017, there were 108,131 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 were allowed to use their base salary and annual cash bonus to purchase deferred cash-based stock units. Cash-based stock units outstanding under this plan totaled 11,661 at December 31, 2017 and 16,323 at December 31, 2016. 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 50,208 at December 31, 2017 and 63,909 at December 31, 2016. At December 31, 2017, shares of Class A common stock available for future issuance under this plan totaled 97,533. 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 met salary guidelines and 401(k) contribution guidelines were allowed to purchase unregistered deferred cash-based stock units. There were no cash-based stock units outstanding under this plan at December 31, 2017 and 89 at December 31, 2016. 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 3,175at December 31, 2017 and 3,168 at December 31, 2016. This plan was frozen to future deferrals on December 31, 2013.

9. Management and Other Agreements

We have management agreements under which we provide general business, administrative and management services to Farm Bureau Property & Casualty Insurance Company and other affiliates. Fee income for these services totaled $2.0 million in 2017, $2.2 million in 2016 and $2.3 million in 2015. In addition, as discussed in Note 1, we provide investment advisory services and lease property and equipment under agreements with Farm Bureau Property & Casualty, other affiliates and non-affiliates.

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 consist primarily of rent, salaries and related expenses, travel and other operating costs. 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 $1.1 million in 2017 and $1.0 million in 2016 and 2015.

We also have an expense allocation agreement with Farm Bureau Property & Casualty Insurance Company for the use of property and equipment. Expense relating to this agreement totaled $0.3 million in 2017 and 2016 and $0.7 million in 2015.

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We have service agreements with the Farm Bureau-affiliated property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty Insurance Company 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 $9.1 million in 2017, $8.6 million in 2016 and $9.9 million in 2015 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 $0.6 million in 2017, 2016 and 2015. 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 2017 and in 2016 and $1.7 million in 2015. The royalty agreement with the IFBF provides IFBF an option to terminate the agreement if our 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 in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. We are not aware of any such claims threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries for which a material loss is reasonably possible.

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 are reflected in operations in the periods in which such adjustments are known.

We lease our home office properties under a 10-year operating lease, which expires in 2021, from a wholly-owned subsidiary of the IFBF. Future remaining minimum lease payments under this lease, as of December 31, 2017, are as follows: 2018 - $2.2 million, 2019 - $2.2 million, 2020 - $2.2 million and 2021 - $2.2 million. Rent expense for the lease totaled $4.1 million in 2017 and 2016 and $4.0 million in 2015. These amounts are net of $0.2 million in 2017, 2016 and 2015 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 $0.7 million at December 31, 2017 and $0.9 million at December 31, 2016.

From time to time, assessments are levied on our insurance subsidiaries by life and health 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. Expenses for guaranty fund assessments, net of related premium tax offsets, totaled less than $0.1 million in 2017, 2016 and 2015.

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11. Earnings per Share

Computation of Earnings per Common Share
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	194,327	$	107,223	$	113,527
Less: Dividends on Series B preferred stock	150		150		150
Income available to common stockholders	$	194,177	$	107,073	$	113,377
Denominator:
Weighted-average shares - basic	25,038,334		24,985,400		24,927,209
Effect of dilutive securities - stock-based compensation	19,111		43,683		89,274
Weighted-average shares - diluted	25,057,445		25,029,083		25,016,483
Earnings per common share	$	7.76	$	4.29	$	4.55
Earnings per common share - assuming dilution	$	7.75	$	4.28	$	4.53

There were no antidilutive stock options outstanding in any period presented.

12. Statutory Insurance Information

The statutory financial statements of Farm Bureau Life and Greenfields are prepared in accordance with the accounting practices prescribed or permitted by the Insurance Division of the state of Iowa and the Colorado Division of Insurance, respectively. Those insurance divisions have 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 their state. The insurance divisions may permit accounting practices that 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.

Statutory Information of our Insurance Subsidiaries
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Farm Bureau Life:
Net gain from operations (excludes impact of realized gains and losses on investments)	$	106,062		$	106,143		$	100,013
Net income	104,947			100,657			106,009
Greenfields:
Net loss from operations (excludes impact of realized gains and losses on investments)	(192		)	(443		)	(362		)
Net loss	(192		)	(443		)	(362		)

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Statutory Information of our Insurance Subsidiaries - Continued
	Farm Bureau Life						Greenfields
	December 31,						December 31,
	2017			2016			2017			2016
	(Dollars in thousands)
Total capital and surplus	$	615,973		$	617,321		$	9,006		$	9,273
Unassigned surplus (deficit)	482,490			483,838			(1,794		)	(1,527		)
Risk-Based Capital measurements:
Total adjusted capital	682,570			685,721			9,028			9,289
Company action level capital	123,628			125,994			172			173
RBC Ratio	552		%	544		%	5,249		%	5,322		%

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.

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 as of the date the dividend is paid. 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. As shown in the tables above, at December 31, 2017, Farm Bureau Life’s net gain from operations of $106.1 million, exceeded 10% of statutory surplus; accordingly, that amount is the maximum available for distribution to FBL Financial Group, Inc. without regulatory approval during 2018. Timing of such dividends during the year is limited based on the timing of dividends paid within the preceding 12 months.

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 and indexed annuities and supplementary contracts (some of which involve life contingencies). Fixed rate and indexed 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. With indexed annuities, we bear the underlying investment risk and credit interest in an amount equal to a percentage of the gain in a specified market index, subject to minimum 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 use non-GAAP operating income (a measure of earnings not recognized under GAAP), in addition to net income, to measure our performance. Non-GAAP operating income, for the periods presented, consists of net income adjusted to exclude the impact of changes in federal statutory income tax rates and tax laws, realized gains and losses on investments and the change in net unrealized gains and losses on derivatives, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). Specifically, call options relating to our indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed annuities are expected to be in force. During 2017, we revised our non-GAAP operating income definition to remove from net income the initial impact to deferred income taxes from a change in tax laws. Such changes can create an unusual one-time remeasurement of deferred taxes not reflective of normal operations. The revision did not impact 2016 or 2015 non-GAAP operating earnings but did affect 2017, with the recent enactment of the Tax Act. See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act.

Non-GAAP operating income is not a measure used in financial statements prepared in accordance with GAAP, but is a common life insurance industry measure of performance. We use non-GAAP 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.

We analyze our segment results based on pre-tax non-GAAP operating income. Accordingly, income taxes are not allocated to the segments. In addition, non-GAAP operating results are reported net of transactions between the segments. Adjustments to net income are net of amortization of unearned revenue reserves, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. While not applicable for the periods reported herein, our non-GAAP operating income policy also calls for adjustments to net income relating to the following:

• settlements or judgments arising from lawsuits, net of any recoveries from third parties,

• the cumulative effect of changes in accounting principles and

• discontinued operations.

In 2016, due to changes in product offerings since the last amendment to our policy for calculating non-GAAP operating income, we refined our calculation of non-GAAP operating income to include offsets relating to changes in interest sensitive product reserves. These offsets, net of tax, decreased non-GAAP operating income $0.5 million in 2017 and increased non-GAAP operating income $0.9 million in 2016. These offsets, net of tax, not taken into account in the computation of non-GAAP operating income for 2015 would have increased non-GAAP operating income $0.1 million.

Reconciliation Between Net Income and Non-GAAP Operating Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Net income attributable to FBL Financial Group, Inc.	$	194,327		$	107,223		$	113,527
Net income adjustments:
Initial impact of the Tax Act	(85,797		)	—			—
Realized gains/losses on investments (1)	2,381			713			(8,498		)
Change in net unrealized gains/losses on derivatives (1)	(2,549		)	(1,485		)	(141		)
Non-GAAP operating income	$	108,362		$	106,451		$	104,888

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Financial Information Concerning our Operating Segments
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Pre-tax non-GAAP operating income:
Annuity	$	68,821		$	66,025		$	69,950
Life Insurance	53,856			55,977			53,146
Corporate and Other	14,861			14,548			11,668
Total pre-tax non-GAAP operating income	137,538			136,550			134,764
Income taxes on non-GAAP operating income	(29,176		)	(30,099		)	(29,876		)
Non-GAAP operating income	$	108,362		$	106,451		$	104,888

Non-GAAP operating revenues:
Annuity	$	224,184		$	214,486		$	212,420
Life Insurance	418,593			414,446			408,966
Corporate and Other	94,340			92,703			93,632
	737,117			721,635			715,018
Net realized gains/losses on investments (1)	(3,902		)	(1,771		)	10,482
Change in net unrealized gains/losses on derivatives (1)	2,263			6,550			(2,691		)
Consolidated revenues	$	735,478		$	726,414		$	722,809
Net investment income:
Annuity	$	219,700		$	210,679		$	209,896
Life Insurance	158,318			154,427			152,730
Corporate and Other	34,918			32,514			31,214
	412,936			397,620			393,840
Change in net unrealized gains/losses on derivatives (1)	2,263			6,550			(2,691		)
Consolidated net investment income	$	415,199		$	404,170		$	391,149
Depreciation and amortization:
Annuity	$	6,489		$	8,253		$	4,548
Life Insurance	18,720			15,117			18,831
Corporate and Other	(1,120		)	5,178			8,546
	24,089			28,548			31,925
Net realized gains (losses) on investments (1)	(240		)	(673		)	225
Change in net unrealized gains/losses on derivatives (1)	(639		)	562			(332		)
Consolidated depreciation and amortization	$	23,210		$	28,437		$	31,818

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Operating Segment Assets
	December 31,
	2017		2016
	(Dollars in thousands)
Assets:
Annuity	$	4,608,735	$	4,452,878
Life Insurance	3,367,562		3,256,306
Corporate and Other	1,710,211		1,615,411
	9,686,508		9,324,595
Unrealized gains in accumulated other comprehensive income (2)	380,105		241,539
Consolidated assets	$	10,066,613	$	9,566,134

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred sales inducements, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves 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 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 $4.1 million for 2017, $4.4 million for 2016 and $4.1 million for 2015 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates.

Interest expense is attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2017 and 2016 was allocated among the segments as follows: Annuity ($3.9 million) and Life Insurance ($6.1 million).

Prior to 2017, securities and indebtedness of related parties were attributable to the Corporate and Other segment. In 2017, we began to assign a portion of our investments held in securities and indebtedness of related parties to the Life Insurance segment. The following chart provides the related equity income (loss) by segment.

Equity Income (Loss) by Operating Segment
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Pre-tax equity income (loss):
Life Insurance	$	2,741		$	—		$	—
Corporate and Other	(7,246		)	(4,057		)	(6,183		)
Total pre-tax equity loss	(4,505		)	(4,057		)	(6,183		)
Income taxes	15,804			15,497			15,706
Equity income, net of related income taxes	$	11,299		$	11,440		$	9,523

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. Premiums collected is a common life insurance industry measure of agent productivity. Net premiums collected totaled $631.0 million in 2017, $689.7 million in 2016 and $683.1 million in 2015.

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.

116

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	292,344		$	281,551		$	281,003
Premiums collected on interest sensitive products	(97,963		)	(85,622		)	(90,895		)
Traditional life insurance premiums collected	194,381			195,929			190,108
Change in due premiums and other	949			985			848
Traditional life insurance premiums as included in the Consolidated Statements of Operations.	$	195,330		$	196,914		$	190,956

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,
	2017		2016			2015
	(Dollars in thousands)
Annuity
Surrender charges and other	$	4,484	$	3,803		$	2,524
Life Insurance
Administration charges	$	15,487	$	14,170		$	14,342
Cost of insurance charges	46,096		48,111			46,911
Surrender charges	1,913		1,181			919
Amortization of policy initiation fees	1,437		(24		)	3,371
Total	$	64,933	$	63,438		$	65,543
Corporate and Other
Administration charges	$	5,332	$	5,547		$	5,809
Cost of insurance charges	29,670		29,805			29,760
Surrender charges	150		213			346
Separate account charges	8,246		7,957			8,854
Amortization of policy initiation fees	121		1,165			1,748
Total	$	43,519	$	44,687		$	46,517
Consolidated interest sensitive product charges as included in the Statements of Operations	$	112,936	$	111,928		$	114,584

Cost of insurance charges in the Life Insurance segment decreased in 2017, compared to 2016, due to a $3.2 million correction of fees charged during prior periods on a closed block of business.

Changes in amortization of policy initiation fees, compared to the prior year periods, is primarily due to the impact of unlocking assumptions used in the calculation of unearned revenue reserves.

117

Premium Concentration by State
	Year ended December 31,
	2017		2016		2015
Life and annuity collected premiums:
Iowa	25.9	%	25.1	%	26.2	%
Kansas	18.1		19.1		18.6
Oklahoma	8.2		8.0		8.9

14. Quarterly Financial Information (Unaudited)

Unaudited Quarterly Results of Operations

	2017
Quarter ended	March 31,			June 30,		September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	77,635		$	79,718	$	75,091	$	75,822
Net investment income	100,994			103,908		102,950		107,347
Realized gains (losses) on investments	(469		)	921		14		(3,853		)
Total revenues	181,920			188,997		181,556		183,005
Net income attributable to FBL Financial Group, Inc.	26,433			32,291		27,104		108,499
Earnings per common share	$	1.05		$	1.29	$	1.08	$	4.33
Earnings per common share - assuming dilution	$	1.05		$	1.29	$	1.08	$	4.33

Net income and earnings per share for the quarter ended December 31, 2017 reflect the initial impact of the Tax Act. See Note 1 and Note 5 for more details.

	2016
Quarter ended	March 31,			June 30,			September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	78,249		$	78,632		$	73,533	$	78,428
Net investment income	98,385			100,722			103,514		101,549
Realized gains (losses) on investments	(607		)	(2,294		)	621		517
Total revenues	179,666			181,285			181,284		184,179
Net income attributable to FBL Financial Group, Inc.	25,946			24,380			30,017		26,880
Earnings per common share	$	1.04		$	0.97		$	1.20	$	1.07
Earnings per common share - assuming dilution	$	1.04		$	0.97		$	1.20	$	1.07

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

None

118

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 (the Act) 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, 2017, 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, 2017 that 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 for our annual shareholders meeting to be held May 16, 2018, to be filed with the Commissionpursuant to Regulation 14A within 120 days after December 31, 2017.

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.

119

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	Fifth Restated Bylaws, as amended through March 23, 2017	8-K/A	001-11917	March 23, 2017
4.1	Form of Class A Common Stock Certificate of the Registrant	S-1/A	333-04332	June 19, 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	10-K	001-11917	December 31, 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	10-K	001-11917	December 31, 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
10.2	Form of Royalty Agreement with Farm Bureau organizations adopted 2009	10-K	001-11917	December 31, 2009
10.3 +	Restated Services Agreement between FBL Financial Group, Inc. and Farm Bureau Management Corporation, dated May 2017
10.4	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
10.5	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
10.5(a)	Amendment effective January 1, 2012 to Lease Agreement	10-K	001-11917	December 31, 2011
10.6	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
10.7*	2006 Class A Common Stock Compensation Plan as amended through February 17, 2011	10-Q	001-11917	March 31, 2011
10.7(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
10.8*	Executive Salary and Bonus Deferred Compensation Plan as amended through August 21, 2013	10-Q	001-11917	September 30, 2013
10.9*	Rules for Payment of Meeting Fees, Retainers and Expenses to the Board of Directors of FBL Financial Group, Inc.	10-K	001-11917	December 31, 2007
10.10* +	Rules for Payment of Meeting Fees, Retainers and Expenses to the Board of Directors of Farm Bureau Life Insurance Company
10.11*	Management Performance Plan, effective January 1, 2016	10-Q	001-11917	March 31, 2016

120

		Incorporated by reference
Exhibit #	Description	Form	SEC File No.	Report Date
10.12*	Director Compensation Plan as amended through December 15, 2011	10-K	001-11917	December 31, 2011
10.13*	Cash-Based Restricted Stock Unit Plan as amended through August 21, 2013	10-Q	001-11917	September 30, 2013
10.14*	Form of Restricted Stock Unit Agreement between the Company and participants (other than the Chief Executive Officer) in the Company's Cash-Based Restricted Stock Unit Plan.	10-Q	001-11917	March 31, 2014
10.15*	Form of 2016 Restricted Stock Unit Agreement between the Company and its executive officers	10-Q	001-11917	March 31, 2016
10.16*	Form of 2016 Restricted Stock Unit Agreement between the Company and participants (other than executive officers)	10-Q	001-11917	March 31, 2016
10.17*	Form of 2017 Restricted Stock Unit Agreement between the Company and its executive officers	10-Q	001-11917	March 31, 2017
10.18*	Form of 2017 Restricted Stock Unit Agreement between the Company and participants (other than executive officers)	10-Q	001-11917	March 31, 2017
10.19*	Restricted Stock Unit Agreement dated February 1, 2014 between James P. Brannen and the Company	10-Q	001-11917	March 31, 2014
10.20*	Restricted Stock Unit Agreement dated February 1, 2015 between James P. Brannen and the Company	10-Q	001-11917	March 31, 2015
10.21*	Cash-Based Restricted Surplus Unit Plan, effective November 18, 2015	10-K	001-11917	December 31, 2015
10.22*	Form of 2016 Restricted Surplus Unit Agreement between the Company and its executive officers	10-Q	001-11917	March 31, 2016
10.23*	Form of 2016 Restricted Surplus Unit Agreement between the Company and participants (other than executive officers)	10-Q	001-11917	March 31, 2016
10.24*	Form of 2017 Restricted Surplus Unit Agreement between the Company and its executive officers	10-Q	001-11917	March 31, 2017
10.25*	Form of 2017 Restricted Surplus Unit Agreement between the Company and participants (other than executive officers)	10-Q	001-11917	March 31, 2017
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, 2017 as follows: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Changes in Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Financial Statements.
*	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.

121

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.

FBL Financial Group, Inc.

By:/s/ JAMES P. BRANNEN

James P. Brannen

Chief Executive Officer

Date: March 1, 2018

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	March 1, 2018
/s/ DONALD J. SEIBEL Donald J. Seibel	Chief Financial Officer and Treasurer (Principal Financial Officer)	March 1, 2018
/s/ ANTHONY J. ALDRIDGE Anthony J. Aldridge	Chief Accounting Officer (Principal Accounting Officer)	March 1, 2018
/s/ CRAIG D. HILL Craig D. Hill	Chairman of the Board and Director	March 1, 2018
/s/ PAUL E. LARSON Paul E. Larson	Vice Chair and Director	March 1, 2018
Roger K. Brooks	Director	March 1, 2018
/s/ RICHARD W. FELTS Richard W. Felts	Director	March 1, 2018
/s/ JOE D. HEINRICH Joe D. Heinrich	Director	March 1, 2018
/s/ JAMES A. HOLTE James A. Holte	Director	March 1, 2018
/s/ PAUL A. JUFFER Paul A. Juffer	Director	March 1, 2018
/s/ KEVIN D. PAAP Kevin D. Paap	Director	March 1, 2018
/s/ SCOTT E. VANDERWAL Scott E. VanderWal	Director	March 1, 2018

122

Schedule I - Summary of Investments - Other

Than Investments in Related Parties

FBL FINANCIAL GROUP, INC.

December 31, 2017

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	$	3,374,927	$	3,688,271	$	3,688,271
Mortgage- and asset-backed	1,975,818		2,055,090		2,055,090
United States Government and agencies	23,378		24,905		24,905
States and political subdivisions	1,383,127		1,523,701		1,523,701
Total	6,757,250		$	7,291,967	7,291,967
Equity securities, available for sale:
Common stocks:
Banks, trusts and insurance companies	26,605		$	26,605	26,605
Industrial, miscellaneous and all other	3,764		4,313		4,313
Non-redeemable preferred stocks	92,951		99,832		99,832
Total	123,320		$	130,750	130,750
Mortgage loans	972,309				971,812
Investment real estate (2)	1,703				1,543
Policy loans	191,398				191,398
Short-term investments	17,007				17,007
Other investments	10,027				15,766
Total investments	$	8,073,014			$	8,620,243

(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.

123

Schedule II - Condensed Financial Information of Registrant

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Condensed Balance Sheets

(Dollars in thousands)

	December 31,
	2017		2016
Assets
Investments in subsidiaries (eliminated in consolidation)	$	1,422,662	$	1,205,356
Fixed maturities - available for sale, at fair value (amortized cost: 2017 - $24,936; 2016 - $29,210)	29,430		31,182
Equity securities - available for sale, at fair value (cost: 2017 - $3,764; 2016 - $2,942)	4,313		3,056
Short-term investments	6,460		5,988
Cash and cash equivalents	23,954		30,803
Amounts receivable from affiliates	1,142		1,758
Amounts receivable from subsidiaries (eliminated in consolidation)	3,807		10,487
Accrued investment income	16		13
Current income taxes recoverable	—		153
Deferred income tax assets	7,098		12,622
Other assets	13,381		12,585
Total assets	$	1,512,263	$	1,314,003
Liabilities and stockholders' equity
Liabilities:
Accrued expenses and other liabilities	$	26,093	$	28,758
Amounts payable from subsidiaries (eliminated in consolidation)	6		43
Current income taxes	372		—
Long-term debt payable to non-affiliates	97,000		97,000
Total liabilities	123,471		125,801
Stockholders' equity:
Preferred stock	3,000		3,000
Class A common stock	153,589		152,903
Class B common stock	72		72
Accumulated other comprehensive income	284,983		149,555
Retained earnings	947,148		882,672
Total stockholders' equity	1,388,792		1,188,202
Total liabilities and stockholders' equity	$	1,512,263	$	1,314,003

See accompanying notes to condensed financial statements.

124

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,
	2017			2016		2015
Revenues:
Net investment income	$	1,972		$	2,013	$	2,033
Realized gains (losses) on investments	—			—		(583		)
Dividends from subsidiaries (eliminated in consolidation)	71,500			85,900		50,000
Management fee income from affiliates	2,001			2,179		2,277
Management fee income from subsidiaries (eliminated in consolidation)	5,805			5,652		5,654
Other income	2			2		(8		)
Total revenues	81,280			95,746		59,373
Expenses:
Interest expense	4,850			4,850		4,850
General and administrative expenses	8,408			9,002		8,795
Total expenses	13,258			13,852		13,645
	68,022			81,894		45,728
Income tax benefit (expense)	(2,321		)	2,349		2,507
Income before equity in undistributed income of subsidiaries	65,701			84,243		48,235
Equity in undistributed income of subsidiaries (eliminated in consolidation)	128,626			22,980		65,292
Net income	$	194,327		$	107,223	$	113,527

See accompanying notes to condensed financial statements.

125

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,
	2017			2016			2015
Net cash provided by (used in) operating activities	$	417		$	(4,342	)	$	1,841
Investing activities
Sales, maturities or redemptions of fixed maturities - available for sale	5,478			5,641			18,618
Acquisitions of equity securities - available for sale	(702		)	(1,397		)	(1,188		)
Short-term investments, net change	(472		)	7,078			395
Dividends from subsidiaries (eliminated in consolidation)	71,500			85,900			50,000
Net cash provided by investing activities	75,804			97,222			67,825
Financing activities
Excess tax deductions on stock-based compensation	—			846			1,362
Issuance (repurchase) of common stock, net	330			1,840			(584		)
Capital contribution to subsidiary	(2,000		)	—			(300		)
Dividends paid	(81,400		)	(91,602		)	(89,347		)
Net cash used in financing activities	(83,070		)	(88,916		)	(88,869		)
Increase (decrease) in cash and cash equivalents	(6,849		)	3,964			(19,203		)
Cash and cash equivalents at beginning of year	30,803			26,839			46,042
Cash and cash equivalents at end of year	$	23,954		$	30,803		$	26,839
Supplemental disclosure of cash flow information
Cash received (paid) during the year for:
Income taxes	$	2,849		$	5,486		$	9,344
Interest	(4,850		)	(4,850		)	(4,850		)

See accompanying notes to condensed financial statements.

126

Schedule II - Condensed Financial Information of Registrant (Continued)

FBL FINANCIAL GROUP, INC. (PARENT COMPANY)

Notes to Condensed Financial Statements

December 31, 2017

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. Dividends from Subsidiaries

The parent company received dividends in the form of cash totaling $71.5 million in 2017, $85.9 million in 2016 and $50.0 million in 2015.

3. 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.

4. Income Taxes

The Tax Act makes broad changes to the U.S. tax code that potentially impact the company, including 1) reducing the federal statutory tax rate from 35% to 21%, 2) eliminating the corporate alternative minimum tax, 3) further limiting interest expense deductions, 4) changing the rules regarding use of net operating losses, and 5) allowing immediate expensing of capital assets acquired after September 27, 2017. Due to the reduced statutory tax rate, we were required to remeasure our deferred tax assets and liabilities using the lower rate at December 22, 2017, the date of enactment. This remeasurement resulted in a reduction of net deferred tax assets totaling $4.2 million, which decreased net income. This represents a provisional estimate of the impact of the Tax Act, as it is based on our current understanding of the legislation. As additional guidance is released, the estimate will be updated as necessary during 2018.  No other provisions of the Tax Act had a significant impact on our 2017 income tax provisions.

127

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, 2017:
Annuity	$	92,116		$	3,963,187	$	—		$	355,877
Life Insurance	287,421			2,677,519		17,043			201,693
Corporate and Other	70,247			419,411		11,986			32,083
Impact of unrealized gains/losses	(147,173		)	18,499		(12,705		)	—
Total	$	302,611		$	7,078,616	$	16,324		$	589,653
December 31, 2016:
Annuity	$	88,762		$	3,827,295	$	—		$	364,966
Life Insurance	267,545			2,573,276		13,526			199,944
Corporate and Other	69,664			417,524		11,611			30,543
Impact of unrealized gains/losses	(95,647		)	3,795		(4,215		)	—
Total	$	330,324		$	6,821,890	$	20,922		$	595,453
December 31, 2015:
Annuity	$	85,819		$	3,550,364	$	—		$	370,326
Life Insurance	248,333			2,473,357		9,719			194,751
Corporate and Other	75,366			399,203		12,257			29,128
Impact of unrealized gains/losses	(73,735		)	4,090		(3,352		)	—
Total	$	335,783		$	6,427,014	$	18,624		$	594,205

128

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, 2017:
Annuity	$	4,484		$	219,700		$	122,224		$	8,506		$	24,633
Life Insurance	260,780			158,318			264,657			14,368			78,313
Corporate and Other	43,517			34,918			39,060			488			9,425
Change in net unrealized gains/losses on derivatives	—			2,263			(1,021		)	(639		)	—
Impact of realized gains/losses	(515		)	—			(19		)	(216		)	—
Total	$	308,266		$	415,199		$	424,901		$	22,507		$	112,371
December 31, 2016:
Annuity	$	3,803		$	210,679		$	113,543		$	11,185		$	23,733
Life Insurance	260,331			154,427			261,757			11,038			75,100
Corporate and Other	44,716			32,514			37,296			6,078			8,912
Change in net unrealized gains/losses on derivatives	—			6,550			3,704			562			—
Impact of realized gains/losses	(8		)	—			(32		)	(638		)	(3		)
Total	$	308,842		$	404,170		$	416,268		$	28,225		$	107,742
December 31, 2015:
Annuity	$	2,524		$	209,896		$	110,356		$	9,658		$	22,456
Life Insurance	256,504			152,730			253,461			14,364			76,167
Corporate and Other	46,519			31,214			32,346			11,316			9,816
Change in net unrealized gains/losses on derivatives	—			(2,691		)	(2,577		)	(332		)	—
Impact of realized gains/losses	(7		)	—			2			214			9
Total	$	305,540		$	391,149		$	393,588		$	35,220		$	108,448

129

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, 2017:
Life insurance in force, at end of year	$	62,667,310	$	14,086,576	$	487,284	$	49,068,018	1.0	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	111,616	$	1,021	$	2,341	$	112,936	2.1	%
Traditional life insurance premiums	220,866		25,832		296		195,330		0.2	%
Accident and health premiums	6,486		6,069		—		417		—
	$	338,968	$	32,922	$	2,637	$	308,683	0.9	%
Year ended December 31, 2016:
Life insurance in force, at end of year	$	60,753,614	$	14,258,457	$	523,538	$	47,018,695	1.1	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	110,608	$	1,003	$	2,323	$	111,928	2.1	%
Traditional life insurance premiums	222,037		25,470		347		196,914		0.2	%
Accident and health premiums	6,956		6,585		—		371		—
	$	339,601	$	33,058	$	2,670	$	309,213	0.9	%
Year ended December 31, 2015:
Life insurance in force, at end of year	$	59,136,803	$	14,263,420	$	551,563	$	45,424,946	1.2	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	113,221	$	1,024	$	2,387	$	114,584	2.1	%
Traditional life insurance premiums	215,936		25,344		364		190,956		0.2	%
Accident and health premiums	7,561		7,094		—		467		—
	$	336,718	$	33,462	$	2,751	$	306,007	0.9	%

130

EX-10.1

TRADEMARK LICENSE

THIS AGREEMENT is by and between the AMERICAN FARM BUREAU FEDERATION, an Illinois corporation with a principal business address at 225 Touhy Avenue, Park Ridge, Illinois 60068 (hereinafter called “AMERICAN”) and FARM BUREAU LIFE INSURANCE COMPANY, an Iowa corporation with its principal business address at 5400 University Avenue, West Des Moines, Iowa 50265 (hereinafter called “LIFE”).

WHEREAS, LIFE is a wholly-owned subsidiary of the IOWA FARM BUREAU FEDERATION, an Iowa corporation (hereinafter called “IOWA”) which is affiliated with and a member of AMERICAN; and

WHEREAS, LIFE was established for the purpose of providing life and health insurance and investment type services for the benefit of members of IOWA and other state Farm Bureaus affiliated with AMERICAN; and

WHEREAS, AMERICAN is the owner of all right, title and interest in and to the designation FB Design (hereinafter called “the Mark”) and in to United States Service Mark

Registration No. 985,201 (a copy of which is attached hereto as Exhibit A), issued May 28, 1974, covering the Mark; and

WHEREAS, LIFE desires to use the Mark under license from AMERICAN;

NOW, THEREFORE, in consideration of the mutual promises set forth below, the parties hereby agree as follows:

1.AMERICAN grants to LIFE, and LIFE accepts, a non-exclusive, royalty free license to use the letters FB in the particular design format shown in Exhibit A in connection with promoting the interests of farmers, insurance underwriting and financial planning products and services, and mutual funds in Iowa, Nebraska, Minnesota, Utah, Wisconsin, South Dakota, and any other states in which LIFE, its subsidiaries and affiliates do business now and at any time in the future.

2.LIFE agrees that nothing herein shall give it any right, title or interest in or to the Mark (except the right to use as a licensee in accordance with the terms of this license, the By-Laws of AMERICAN, and the membership agreement currently in force between IOWA and AMERICAN or such other membership agreements as they may execute in the future); that the Mark and the letters FB are the sole property of AMERICAN; and that any and all use of the Mark and the letters FB inures and has always inured to the benefit of AMERICAN.

3.For the duration of this agreement, and thereafter, LIFE agrees that it will not attack the title or any rights of AMERICAN in and to the Mark or attack the validity of this license.

4.For the purpose of AMERICAN continuing to maintain uniform control over the nature and quality of the services rendered by LIFE under the Mark, LIFE agrees to maintain its services under the Mark in a manner consistent with the membership agreement currently in force between IOWA and AMERICAN or such other membership agreements as they may execute in the future, with AMERICAN’s By-Laws, and with the philosophies, policies and organizational objectives of AMERICAN. LIFE agrees further to permit AMERICAN or its authorized representatives to observe LIFE’s business activities and operations and to inspect LIFE’s premises, facilities and records during regular business hours.

5.LIFE agrees to promptly notify AMERICAN in writing of any suspected infringement of the Mark and/or of any claim made against the Mark or adverse to or conflicting with AMERICAN’s ownership thereof.

6.The termination of IOWA’s membership in AMERICAN shall automatically terminate this Agreement and LIFE’S license to use the Mark under this Agreement. AMERICAN shall be entitled to terminate this license as provided for by the membership agreement currently in force between IOWA and AMERICAN or such other

membership agreements as they may execute in the future or if LIFE commits a material breach of this license and within sixty (60) days after written notice thereof fails to cure such breach or, in the case of a breach which cannot be cured, fails to take reasonable action to prevent recurrence. AMERICAN agrees that, in the event that AMERICAN adopts a national or uniform logo, trademark or service mark of its own in the future, whether similar to or distinct from the Mark, LIFE and its subsidiaries and affiliates shall be allowed during the term of this Agreement to continue the use of the Mark in connection with the activities described in this Agreement in any and all states in which LIFE now or hereafter does business.

7.AMERICAN agrees to grant the use of the Mark, on the same terms as herein granted to LIFE, to other state Farm Bureaus and their respective subsidiaries and affiliates upon their request, if LIFE and its subsidiaries and affiliates provide insurance, financial planning, and mutual fund products and services in such other states, provided that such other state Farm Bureaus remain members of AMERICAN.

8.The protection and policing of the Mark, including the institution of proceedings in the appropriate tribunals to prevent trademark, service mark or trade name infringement, unauthorized use of the Mark, colorable imitations, unfair competition and/or the registration by others of confusingly similar marks, shall be under the sole control and at the sole discretion of AMERICAN. However, LIFE shall furnish such assistance to AMERICAN as may be requested, including becoming a party to the action. The responsibility for costs of all policing of the Mark shall be a matter of agreement between the parties, as shall each party’s share of any monetary awards, such as damages or attorney’s fees, resulting from any of the aforesaid proceedings.

9. LIFE agrees always to use the notice “®” in conjunction with the Mark.

10.This Agreement shall continue in force, without a limitation in term, unless terminated in accordance with Paragraph 6 of this Agreement.

11.Any notice given by either party hereunder shall be deemed to have been properly given if sent by registered or certified mail to the last know principal address of the other party.

AMERICAN FARM BUREAU FEDERATION

BY: /s/ Dean R. Kleckner

(SEAL)TITLE: President

DATED: May 20, 1987

Witness:

/s/ C. David Mayfield

Secretary

FARM BUREAU LIFE INSURANCE COMPANY

BY: /s/ Robert R. Joslin

(SEAL)TITLE: President

DATED: May 20, 1987

Witness:

/s/ Gerald M. Snethen

Secretary

Exhibit A

United States Patent Office

985,201

Registered May 28, 1974

PRINCIPAL REGISTER

Service Mark

Ser. No. 449,604, filed Feb. 23, 1973

[FB Mark]

Farm Bureau Life Insurance Company (Iowa corporation)

1019 High St.

Des Moines, Iowa 50309

For: INSURANCE UNDERWRITING SERVICES, in CLASS 102 (INT. CL. 36).

First use Apr. 1, 1972; in commerce on or about Apr. 1, 1972

The drawing is lined for the color red, but no claim is made to color.

EX-10.3

RESTATED SERVICES AGREEMENT

THIS AGREEMENT is entered into by and between FBL FINANCIAL GROUP, INC. an Iowa corporation, (hereinafter referred to as “FBL”), and FARM BUREAU MANAGEMENT CORPORATION, an Iowa corporation, (hereinafter referred to as “Management Corp.”).

WHEREAS, FBL is an insurance holding company and management services company, which, through its subsidiaries, underwrites, markets and distributes life insurance, annuities, property-casualty insurance and mutual funds to individuals and small businesses in 15 Midwestern and western states; and

WHEREAS, Management Corp. is a management company organized for the purpose of providing centralized management and other financial services for the Iowa Farm Bureau Federation and some of its subsidiaries and affiliates, and

WHEREAS, the Iowa Farm Bureau Federation is the majority shareholder of FBL and Management Corp. wishes to retain the services of FBL in order to assist in providing or arranging for the provision of quality, cost efficient services necessary for the operation of the Iowa Farm Bureau Federation, and some of its subsidiaries and affiliates; and

WHEREAS, it is the intent of this Agreement that FBL will provide services to Management Corp. as described below in accordance with sound business practices;

NOW, THEREFORE, in consideration of the mutual promises stated in this Agreement and intending to be legally bound, the parties agree as follows:

1.SERVICES PROVIDED BY FBL

1.1 FBL shall provide personnel competent to perform services for Management Corp. as

provided in this Agreement. FBL’s personnel shall at all times perform their duties in accordance with the Bylaws of Management Corp. and subject to the overall policy direction of Management Corp.'s Board of Directors. FBL shall be responsible for the proper performance of duties by its personnel and shall be responsible for compensating all personnel assigned to perform services for Management Corp.

1.2 FBL shall consider any request by Management Corp. consistent with the requirements of applicable law, to remove employees on FBL’s staff whose performance negatively affects Management Corp.

1.3 Personnel necessary for providing services for Management Corp. pursuant to this agreement shall be employed by and shall be employees on FBL. FBL shall recruit, hire, train, promote, assign, set the compensation for, and, except as otherwise specifically provided in this Agreement, shall be solely responsible for discharging such personnel, in order to carry out the terms of this Agreement.

1.4 FBL shall provide human resources services for Management Corp. including, but not limited to recruiting, hiring and training Management Corp. personnel.

1.5 FBL shall provide such additional personnel as may be required by Management Corp. so that Management Corp. may continue performing certain services including, but not limited to the

following: building services, food services, administrative services, child care, telephone services, stores and mailroom services, wellness and purchasing.

1.6 Legal Services by FBL.

1.6.1 FBL shall provide or arrange for the provisions of legal services as are necessary to meet the legal needs of Management Corp.

1.6.1 FBL shall have authority to initiate, at the direction of and in the name of Management Corp. such legal actions or proceedings as are ordinary, necessary and advisable in the normal course of business.

1.6.3 FBL shall arrange for the legal defense of Management Corp., the Iowa Farm Bureau Federation, its subsidiaries and affiliates, as may reasonably be required or necessary, in any and all legal proceedings, including administrative proceedings and arbitrations, brought against Management Corp., the Iowa Farm Bureau Federation, its subsidiaries and affiliates.

1.7Legal Services by Management Corp.

Management Corp. shall provide personnel to FBL to provide legal services in accord with FBL's duties under the Management Services Agreement between the enterprise's operating insurance companies and FBL, for positions which shall include, but are not limited to, the position of General Counsel for Farm Bureau Mutual Holding Company and its subsidiaries. FBL shall reimburse Management Corp. in an amount equal to the expenses and costs incurred by Management Corp. in providing personnel for the services required.

1.8Property and Equipment. Except for physical property and equipment owned by Management Corp., FBL shall negotiate, contract for and supervise the repair and maintenance of physical property and equipment used by Management Corp., as shall be reasonably necessary to keep and maintain such property in good working order and condition.

1.9Farm Bureau Relations. FBL shall promote and maintain a productive and harmonious relationship with the organizations affiliated with the Iowa Farm Bureau Federation.

1.10 Confidentiality of Records. FBL shall use all reasonable efforts to protect the confidentiality of the records of those entities for whom it provides services under this Agreement and shall comply with all applicable federal, state and local laws and regulations relating to such records.

2. FBL’S RIGHTS AND OBLIGATIONS.

2.1Control. Management Corp., acting through its Board of Directors, shall, at all times, exercise ultimate control over the assets and operation of Management Corp. FBL shall perform the services and functions described in this Agreement in accordance with policies, directives, resolutions and Bylaws adopted by Management Corp. Management Corp. retains the final authority and responsibility regarding the powers, duties and responsibilities vested in it by law and regulation. In particular, without limiting the foregoing, Management Corp. shall continue to exercise final approval authority over the following:

(a) selection of all members of Management Corp.’s Board of Directors:

(b) selections of Management Corp.’s officers and the right to require FBL to remove any FBL employees who are Management Corp. officers upon request of Management Corp.;

(c) selection of auditors of Management Corp.’s accounts;

(d) to the extent required under procedures and parameters established by Management Corp.’s Board of Directors, the terms of all Management Corp. contracts;

(e) investment activities of Management Corp..

2.2Services by Management Corp. From time to time, Management Corp. will provide various services for FBL. In the event services are provided by Management Corp. for FBL, FBL shall reimburse Management Corp. for 100% of all expenses incurred in providing those services, plus a fee equal to one-half of one percent of all such expenses. Fees and reimbursements required by this agreement shall be billed monthly.

2.3Maintenance of Sound Operations.

2.3.1 Management Corp. shall conduct its affairs in accordance with state and federal law. Management Corp. shall honor all legitimate debts and obligations of its creditors.

2.3.2 Management Corp. shall cooperate with and assist FBL, to the extent of any available resources, in meeting goals and objectives under this Agreement.

2.3.3 During the term of this Agreement, Management Corp. agrees not to enter into any arrangement with any other person or entity that will directly or indirectly infringe upon or diminish the rights, duties or responsibilities of FBL hereunder.

3. COMPENSATION

Management Corp. shall reimburse FBL for 100% of all expenses incurred by FBL in providing services for Management Corp. pursuant to this Agreement. In addition, Management Corp. shall pay FBL a fee equal to one-half of one percent of all such expenses. With respect to contributions to non-qualified deferred compensation plans on behalf of FBL employees, only those amounts actually paid to participants of those non-qualified deferred compensation plans will be considered expenses. Fees and reimbursements required by this agreement shall be billed monthly.

4. MISCELLANEOUS.

4.1Effective Date. Subject to any necessary regulatory approval, the effective date of this Agreement shall be May 1, 2017.

4.2Term. This Agreement shall be for a period of ten (10) years from the Effective Date and unless terminated as provided herein or by agreement of the parties, shall renew automatically for successive one-year terms.

4.3Termination.

4.3.1 This Agreement may be terminated by either party upon one hundred eighty (180) days prior written notice to the other party.

4.3.2 Either party may terminate this Agreement at any time upon delivery of written notice (i) if the other party applies for or consents to the appointment of a receiver, trustee or liquidator of all or substantial part of its assets, files a voluntary petition in bankruptcy, admits in writing its inability to pay its debts as they become due, makes a general assignment for the benefit of creditors, files a petition or an answer seeking reorganization or arrangement with creditors or taking advantage of any insolvency law; or (ii) if an order, judgment or decree is entered by a court of competent jurisdiction adjudicating the other party bankrupt or insolvent, approving a petition seeking reorganization, or appointing a receiver, trustee or liquidator of all or a substantial part of its assets.

4.3.3 In the event of termination by either party for any reasons, FBL shall proceed to transfer all of its responsibilities under this Agreement to Management Corp., or any management company designated by Management Corp., in an orderly fashion subject to full and complete accounting.

4.3.4 Upon termination of this Agreement at the expiration of the stated term, or upon earlier termination as provided above, Management Corp. shall pay FBL a termination fee. The termination fee will be equal to the amount necessary to fund all employee related expenses accrued as of the date of termination, assuming for the purpose of this calculation that the employment of each employee of FBL ends on the date the Agreement terminates.

4.4Assignment and Delegation.

4.4.1 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Either party may assign its rights and responsibilities under this Agreement to any entity which controls or is controlled by such party. For the purpose of this paragraph, “control” means the ability to direct or cause the direction of another.

4.4.2 Except as provided in subsection 4.4.1 above, neither party shall be any manner inconsistent with this Agreement assign, subcontract or otherwise delegate its duties under this Agreement unless the other party approves by prior written consent.

4.5 Interpretation. The validity, enforceability and interpretation of any of the clauses of this Agreement shall be determined and governed by the laws of Iowa. The invalidity or unenforceability of any term or provision of this Agreement shall not, unless otherwise specified herein, affect the validity or enforceability of any other term or provisions.

4.6Independent Contractors. Nothing in this Agreement shall affect the separate identities of Management Corp. and FBL. The parties to this Agreement do not intend to create a partnership or agency relationship other than as provided in this Agreement. Except as specifically agreed herein, neither party to this Agreement intends to be the partner or agent of the other. Neither party intends to limit the other party in any manner in the conduct of its businesses, ventures or activities not specifically provided for in this Agreement.

4.7Complete Agreement. This Agreement, including its attachments, includes all the terms and conditions agreed upon by the parties, and supersedes all other agreements, oral or written between the parties.

4.8Amendments. This Agreement may be amended at any time by mutual agreement of the parties, provided that any amendment shall be in writing and signed by both parties before it becomes effective.

4.9Notices. Any notice required to be given by this Agreement shall be in writing and shall be sent by certified mail, return receipt requested, postage prepaid, to FBL at:

5400 University Avenue

West Des Moines, Iowa 50266

Or to Management Corp. at:

5400 University Avenue

West Des Moines, Iowa 50266

4.10Headings. The headings in this Agreement are for convenience of reference only and are not intended to define, limit or describe the scope or intent of any provision of this Agreement.

4.11Waiver. The waiver by either party of any of the terms or provisions of this Agreement shall not constitute a waiver of any of its other terms or provisions. No waiver of any provision of this Agreement shall constitute a continuing waiver, unless otherwise expressly mutually agreed between the parties as provided in Section 4.8.

IN WINESS WHEREOF, the parties hereto have executed this Restated Services Agreement on the __ day of May, 2017

ATTESTFBL FINANCIAL GROUP, INC.

/s/ Denny PresnallBy: /s/ David A. McNeill

Secretary

Title: General Counsel

Date: September 12, 2017

ATTESTFARM BUREAU MANAGEMENT CORP.

/s/ Edward G. ParkerBy: /s/ Denny Presnall

Secretary

Title: Vice President

Date: September 13, 2017

EX-10.10

RULES FOR PAYMENT OF MEETING FEES, RETAINERS AND EXPENSES

TO THE BOARD OF DIRECTORS OF

FARM BUREAU LIFE INSURANCE COMPANY

1. Non-management directors receive an annual retainer of $16,000 to be paid on a quarterly basis. Directors that serve on both the FBL Financial Group and Farm Bureau Life boards will receive the higher of the two retainers paid to non-management directors, but not both. The retainer will not be offset by fees received as a director of Farm Bureau P&C and Western Ag.

The retainer is to compensate the director for:

a.Securing the necessary time, commitment and talents of the elected director.

b. Brief informational updates and follow-up meetings that do not entail the review and work attendant to a regularly scheduled board meeting.

2. Additionally, the Chairman of the Board will receive $1,500 per meeting, committee chairmen will receive $1,000 per committee meeting, non-management directors receive a fee of $1,200 for each regularly scheduled board meeting attended and $750 for each committee meeting attended. Attendance may be by telephone or video conference when circumstances require participation by such means. When joint board meetings are held simultaneously with affiliated or subsidiary companies, the director will receive only one meeting fee.

3. Directors are reimbursed for travel expenses incurred in attending board or committee meetings. Mileage will be paid at the Internal Revenue Service reimbursement rate, to and from the meeting site or to and from the airport.

4. The Internal Revenue service requires receipts on items such as lodging, air travel and other major expenses in order to classify these expenses as reimbursable to directors instead of income.

5. Retainers, meeting fees and expenses are paid quarterly, initiated by the corporate office. Expense forms need to be completed and submitted by each director for reimbursement of their expenses.

6. Non-management directors will receive grants of equity instruments of FBL Financial Group, Inc., in such form and amount and at such time, as is periodically determined by the Management Development and Compensation Committee of FBL Financial Group, Inc.

7. Directors who are not present at two or more scheduled meetings of the Board in a calendar year will not receive any grant of any equity interest in FBL Financial Group, Inc., in the following calendar year, and will forfeit payment of one quarterly retainer amount for each of the second or more Board meetings not attended in a calendar year. This penalty may be waived only by vote of the Board of Directors in appropriate circumstances.

EX-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
Noninsurance Subsidiaries:
FBL Assigned Benefit Company	Iowa
FBL Investment Management Services, Inc.	Iowa
FBL Marketing Services, L.L.C.	Iowa
FBL Wealth Management, L.L.C.
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 March 1, 2018, 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, 2017.

 /s/ Ernst & Young LLP

Des Moines, Iowa

March 1, 2018

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: March 1, 2018

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: March 1, 2018

By	/s/ Donald J. Seibel
	Donald J. Seibel
	Chief Financial Officer and Treasurer (Principal Financial 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, 2017 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: March 1, 2018

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 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.

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Document and entity information Document - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 27, 2018
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, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 609,145,446
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,879,776
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,413

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2017 - $6,757,250; 2016 - $6,661,711)	$ 7,291,967	$ 7,008,790
Equity securities - available for sale, at fair value (cost: 2017 - $123,320; 2016 - $130,479)	130,750	132,968
Mortgage loans	971,812	816,471
Real estate	1,543	1,955
Policy loans	191,398	188,254
Short-term investments	17,007	16,348
Other investments	15,766	9,874
Total investments	8,620,243	8,174,660
Cash and cash equivalents	52,696	33,583
Securities and indebtedness of related parties	130,240	137,422
Accrued investment income	76,468	78,437
Amounts receivable from affiliates	3,561	3,790
Reinsurance recoverable	108,948	105,290
Deferred acquisition costs	302,611	330,324
Value of insurance in force acquired	4,560	9,226
Current income taxes recoverable	3,269	4,309
Other assets	112,054	92,021
Assets held in separate accounts	651,963	597,072
Total assets	10,066,613	9,566,134
Future policy benefits:
Interest sensitive products	5,299,961	5,100,625
Traditional life insurance and accident and health products	1,750,504	1,698,792
Other policy claims and benefits	44,475	43,395
Supplementary contracts without life contingencies	322,630	330,232
Amounts payable to affiliates	267,023	265,221
Amounts payable to affiliates	1,164	862
Long-term debt payable to non-affiliates	97,000	97,000
Deferred income taxes	131,912	163,495
Other liabilities	111,131	81,182
Liabilities related to separate accounts	651,963	597,072
Total liabilities	8,677,763	8,377,876
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	284,983	149,555
Retained earnings	947,148	882,672
Total FBL Financial Group, Inc. stockholders' equity	1,388,792	1,188,202
Noncontrolling interest	58	56
Total stockholders' equity	1,388,850	1,188,258
Total liabilities and stockholders' equity	10,066,613	9,566,134
Common Class A
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	153,589	152,903
Common Class B
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	$ 72	$ 72

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Consolidated Balance Sheets Parenthetical disclosures - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	$ 6,757,250	$ 6,661,711
Available-for-sale Equity Securities, Amortized Cost Basis	$ 123,320	$ 130,479
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	24,930,526	24,893,955
Common Class A
Common stock, shares authorized	88,500,000	88,500,000
Common Stock, Shares, Issued	24,919,113	24,882,542
Common stock, shares outstanding	24,919,113	24,882,542
Common Class B
Common stock, shares authorized	1,500,000	1,500,000
Common Stock, Shares, Issued	11,413	11,413
Common stock, shares outstanding	11,413	11,413
Parent Company [Member]
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	$ 24,936	$ 29,210
Available-for-sale Equity Securities, Amortized Cost Basis	$ 3,764	$ 2,942

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Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Interest sensitive product charges	$ 112,936	$ 111,928	$ 114,584
Traditional life insurance premiums	195,330	196,914	190,956
Net investment income	415,199	404,170	391,149
Net realized capital gains on sales of investments	599	3,106	11,062
Total other-than-temporary impairment losses	(3,986)	(7,320)	(719)
Non-credit portion in other comprehensive income/loss	0	2,451	146
Net impairment losses recognized in earnings	(3,986)	(4,869)	(573)
Other income	15,400	15,165	15,631
Total revenues	735,478	726,414	722,809
Benefits and expenses:
Interest sensitive product benefits	251,878	238,586	217,443
Traditional life insurance benefits	173,023	177,682	176,145
Policyholder dividends	10,140	10,574	11,828
Underwriting, acquisition and insurance expenses	134,878	135,967	143,668
Interest expense	4,850	4,850	4,850
Other expenses	18,382	16,966	17,507
Total benefits and expenses	593,151	584,625	571,441
Income from continuing operations before equity income, income taxes and noncontrolling interest	142,327	141,789	151,368
Income taxes	40,729	(46,010)	(47,418)
Equity income, net of related income taxes	11,299	11,440	9,523
Net income from continuing operations	194,355	107,219	113,473
Net loss (income) attributable to noncontrolling interest	(28)	4	54
Net income attributable to FBL Financial Group, Inc.	$ 194,327	$ 107,223	$ 113,527
Earnings per common share:
Earnings per common share	$ 7.76	$ 4.29	$ 4.55
Earnings per common share - assuming dilution:
Earnings per common share - assuming dilution	7.75	4.28	4.53
Regular quarterly cash dividend [Member]
Earnings per common share - assuming dilution:
Cash dividends per common share	1.76	1.68	1.60
Special cash dividend [Member]
Earnings per common share - assuming dilution:
Cash dividends per common share	$ 1.50	$ 2.00	$ 2.00

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income		$ 194,355	$ 107,219	$ 113,473
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in net unrealized investment gains/losses		88,685	38,077	(146,579)	[1]
Non-credit impairment losses		0	(1,476)	(90)	[1]
Change in funded status of the other postretirement benefit plans		(1,483)	(1,578)	2,791	[1]
Total other comprehensive income, net of tax	[1]	87,202	35,023	(143,878)
Total comprehensive income, net of tax		281,557	142,242	(30,405)
Comprehensive income (loss) attributable to noncontrolling interest		28	(4)	(54)
Comprehensive income attributable to FBL Financial Group, Inc.		$ 281,529	$ 142,246	$ (30,351)

[1] Other comprehensive income (loss) 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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Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	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, 2014	$ 1,252,882		$ 3,000	$ 144,697	$ 258,410	$ 846,737	$ 38
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,473					113,527	(54)
Other comprehensive income	(143,878)	[1]			(143,878)	0	0
Issuance of common stock under compensation plans	5,022			5,022
Purchase of common stock	(3,742)			(399)		(3,343)
Dividends on preferred stock	(150)					(150)
Dividends on common stock	(89,197)					(89,197)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	64						64
Balance at end of period at Dec. 31, 2015	1,134,474		3,000	149,320	114,532	867,574	48
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	107,219					107,223	(4)
Other comprehensive income	35,023	[1]			35,023	0	0
Issuance of common stock under compensation plans	3,718			3,718
Purchase of common stock	(586)			(63)		(523)
Dividends on preferred stock	(150)					(150)
Dividends on common stock	(91,452)					(91,452)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	12						12
Balance at end of period at Dec. 31, 2016	1,188,258		3,000	152,975	149,555	882,672	56
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	194,355					194,327	28
Other comprehensive income	87,202	[1]			87,202	0	0
Reclassification related to the Tax Act	0				48,226	(48,226)
Issuance of common stock under compensation plans	708			708
Purchase of common stock	(246)			(22)		(224)
Dividends on preferred stock	(150)					(150)
Dividends on common stock	(81,251)					(81,251)
Receipts related to noncontrolling interest	(26)						(26)
Balance at end of period at Dec. 31, 2017	$ 1,388,850		$ 3,000	$ 153,661	$ 284,983	$ 947,148	$ 58

[1] Other comprehensive income (loss) 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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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income	$ 194,355	$ 107,219	$ 113,473
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	163,111	153,856	152,467
Charges for mortality, surrenders and administration	(112,682)	(111,792)	(108,250)
Net realized (gains) losses on investments	3,387	1,763	(10,489)
Change in fair value of derivatives	(8,007)	(828)	(1,098)
Increase in liabilities for life insurance and other future policy benefits	87,489	91,080	76,474
Deferral of acquisition costs	(44,409)	(42,553)	(43,215)
Amortization of deferred acquisition costs and value of insurance in force	25,016	30,898	38,306
Change in reinsurance recoverable	(5,097)	(1,392)	(2,651)
Provision for deferred income taxes	(75,030)	9,550	6,840
Other	13,585	1,993	3,053
Net cash provided by operating activities	241,718	239,794	224,910
Sales, maturities or repayments:
Fixed maturities - available for sale	619,627	539,657	615,811
Equity securities - available for sale	9,880	5,532	14,921
Mortgage loans	62,285	81,425	42,429
Derivative instruments	13,220	2,987	3,899
Policy loans	36,330	35,458	35,406
Securities and indebtedness of related parties	9,032	10,086	27,789
Other investments	164	171	0
Real estate	717	0	0
Acquisitions:
Fixed maturities - available for sale	(690,013)	(829,184)	(871,406)
Equity securities - available for sale	(2,692)	(11,057)	(23,833)
Mortgage loans	(217,409)	(160,005)	(155,815)
Derivative instruments	(9,311)	(6,847)	(4,122)
Policy loans	(39,474)	(37,928)	(38,688)
Securities and indebtedness of related parties	(15,672)	(17,927)	(26,213)
Short-term investments, net change	(659)	11,903	20,334
Purchases and disposals of property and equipment, net	(11,427)	(11,787)	(9,869)
Net cash used in investing activities	(235,402)	(387,516)	(369,357)
Financing activities
Contract holder account deposits	534,449	600,383	586,072
Contract holder account withdrawals	(440,581)	(344,664)	(415,262)
Proceeds from the issuance of short-term debt	0	0	15,000
Repayments of debt	0	(15,000)	0
Issuance (repurchase) of common stock, net	356	1,840	(584)
Dividends paid	(81,401)	(91,602)	(89,347)
Other financing activities	(26)	858	1,426
Net cash provided by financing activities	12,797	151,815	97,305
Increase (decrease) in cash and cash equivalents	19,113	4,093	(47,142)
Cash and cash equivalents at beginning of year	33,583	29,490	76,632
Cash and cash equivalents at end of year	52,696	33,583	29,490
Supplemental disclosures of cash flow information
Cash paid during the period for interest	(4,850)	(4,854)	(4,850)
Cash paid during the period for income taxes	$ (16,347)	$ (20,894)	$ (27,701)

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Significant Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Nature of Business

FBL Financial Group, Inc. (we or the Company), majority owned by the Iowa Farm Bureau Federation (IFBF), 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, 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.

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.

Adoption of New Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards adopted:
Share-based compensation In March 2016, the Financial Accounting Standards Board (FASB) issued guidance that impacted the accounting for share-based compensation, including the accounting for excess tax benefits and deficiencies, classification of excess tax benefits within the consolidated statement of cash flows, and the accounting for forfeitures.	January 1, 2017	The guidance was adopted prospectively. Adoption resulted in a federal income tax benefit of $0.6 million ($0.02 per basic and diluted common share) for the year ended December 31, 2017. Prior periods were not restated.
Stockholders' Equity In February 2018 the FASB issued guidance allowing a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from changes in the federal income tax rate due to enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (Tax Act). Accounting guidance requires that deferred tax assets and liabilities, including those associated with components of AOCI, be remeasured during the period new tax laws are enacted, with any changes reflected as a component of income tax expense (benefit). Under the previous guidance retained earnings would reflect the full amount of the change and AOCI would not be adjusted for the portion of the change related to its components, leaving the unadjusted change “stranded” in AOCI. The new guidance allows AOCI be adjusted to reclassify these stranded tax effects to retained earnings.	October 1, 2017	The new guidance is effective for 2018, with early adoption permitted for public companies during periods for which financial statements have not been issued. We adopted the new guidance in 2017, and have reported the reclassification in our Consolidated Statement of Stockholders’ Equity. The adjustment does not impact earnings, but rather is a reclassification of amounts between stockholders’ equity accounts.

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Financial instruments - recognition and measurement In January 2016, the FASB issued guidance that amends certain aspects of the recognition and measurement of financial instruments. The new guidance primarily affects the accounting for equity investments, the presentation and disclosure requirements for financial instruments and the methodology for assessing the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities.	January 1, 2018	Adoption of the guidance will require us to recognize gains or losses from changes in the fair value of our equity security investments through the consolidated statement of operations rather than as unrealized gains or losses reflected in other comprehensive income. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, on January 1, 2018, we will reclassify $4.8 million of net unrealized investment gains, net of offsets, on our equity investments, from accumulated other comprehensive income to retained earnings as a cumulative effect adjustment.
Revenue recognition In May 2014, the FASB issued guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which supersedes most current revenue recognition guidance, including industry-specific guidance. Although insurance contracts are specifically excluded from the scope of this guidance, almost all entities will be affected to some extent by the increase in required disclosures. The new guidance is based on the principle that an entity should recognize revenue to reflect the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract.	January 1, 2018	The new guidance could have impacted our non-insurance contract revenues, primarily net commissions on products we broker for others ,which are insignificant to our operations. We have evaluated those contracts and concluded that none will be impacted by the new guidance; accordingly, we will not be required to report a cumulative effect adjustment to opening retained earnings on January 1, 2018, under the modified retrospective method of adoption.
Leases In February 2016, the FASB issued a new lease accounting standard, which, for most lessees, will result in a gross-up of the balance sheet. Under the new standard, lessees will recognize the leased assets on the balance sheet and will recognize a corresponding liability for the present value of lease payments over the lease term. The new standard requires the application of judgment and estimates. Also, there are accounting policy elections that may be taken both at transition and for the accounting post-transition, including whether to adopt a short-term lease recognition exemption.	January 1, 2019	We are currently evaluating the impact of this guidance on our consolidated financial statements. Upon adoption we will be required to recognize and measure leases at the beginning of the earliest period presented using the modified retrospective approach.

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Financial Instruments - credit impairment In June 2016, the FASB issued guidance amending the accounting for the credit impairment of financial instruments. Under the new guidance, impairment losses are required to be estimated using an expected loss model under which a valuation allowance is established and adjusted over time. The valuation allowance will be based on the probability of loss over the life of the instrument, considering historical, current and forecasted information. The new guidance differs significantly from the incurred loss model used today, and will result in the earlier recognition of impairment losses. The new guidance may also increase the volatility of earnings to the extent actual results differ from the assumptions used in the establishment of the valuation allowance. The financial instruments for which we will be required to use the new model include but are not limited to, mortgage loans, lease receivables and reinsurance recoverables. Our available-for-sale fixed maturities will continue to apply the incurred loss model. However, rather than impairment losses resulting in a permanent reduction of carrying value as they do today, such losses will be in the form of a valuation allowance, which can be increased in the case of future credit losses or decreased should conditions improve.	January 1, 2020	We are currently evaluating the impact of this new guidance on our consolidated financial statements. We believe the most significant impact upon adoption will be the establishment of an additional valuation allowance for our mortgage loan investments. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.

Significant Accounting Policies Investments [Text Block]

Investments

Fixed Maturities and Equity Securities

Fixed maturities are comprised of bonds and redeemable preferred stock and are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. 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, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations.

Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return.

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. We evaluate each of our mortgage loans individually and establish a valuation allowance for estimated losses, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. 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 such that the collection of interest is considered likely.

Real Estate

Our real estate is held for investment and reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, 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. No properties were held for investment with impairment charges as of December 31, 2017 or as of December 31, 2016.

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, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, 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 use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include non-guaranteed low income housing tax credit entities (LIHTC). In applying the equity method, we record our share of income or loss reported by the equity investees. In accounting for these investments, we consistently use the most recent financial information available, which is generally for periods not more than three months prior to the ending date of the period for which we are reporting. 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 an other-than-temporary impairment (OTTI) 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 OTTI 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 OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as:

• historical operating trends;

• business prospects;

• status of the industry in which we operate;

• analyst ratings on the issuer and sector;

• quality of management;

• size of the 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 OTTI occurs and there is a non-credit portion of the unrealized loss that will not 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 OTTI 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 that 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. We monitor the financial condition of these reinsurers, establishing an allowance for uncollectible reinsurance recoverables as necessary. We have concluded that no such allowance was required at December 31, 2017 or 2016. 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 was determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Value of insurance in force acquired is being amortized on a fixed amortization schedule.

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.

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 three to twenty years. Property and equipment had a carrying value of $35.8 million at December 31, 2017 and $33.5 million at December 31, 2016, and accumulated depreciation and amortization of $78.7 million at December 31, 2017 and $70.1 million at December 31, 2016. Depreciation and amortization expense for property and equipment was $8.7 million in 2017 and 2016, and $8.2 million in 2015.

Other assets at December 31, 2017 and 2016, 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 a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. 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. 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 this analysis, we have determined our goodwill was not impaired as of December 31, 2017 or 2016.

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. We also have additional benefit reserves that are established for annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. 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 2017, 2016 and 2015.

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 5.47% in 2017, 5.51% in 2016 and 5.66% in 2015. 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 29% of receipts from policyholders during 2017 (2016 - 32% and 2015 - 31%) and represented 10%of life insurance in force at December 31, 2017 and 11% at December 31, 2016 and 2015.

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 tax rates expected to be in effect when the assets or liabilities are recovered or settled. 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 and product guarantees, 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,
	2017		2016		2015
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	24,356	$	22,735	$	22,260
Amortization of deferred acquisition costs	22,507		28,225		35,220
Amortization of value of insurance in force acquired	2,178		2,392		2,436
Other underwriting, acquisition and insurance expenses, net of deferrals	85,837		82,615		83,752
Total	$	134,878	$	135,967	$	143,668

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 $4.6 million in 2017, $4.8 million in 2016 and $4.9 million in 2015. Investment advisory fee income from affiliates totaled $2.7 million in 2017, $2.5 million in 2016 and $2.3 million in 2015. In addition, Farm Bureau Life has certain items, including fees earned from brokered products, reported as other income and other expense, which netted to $2.5 million in 2017, $3.4 million in 2016 and $3.2 million in 2015. We expense legal costs associated with a loss contingency as incurred.

Retirement and Compensation Plans

We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, 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. 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.

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 as well as the underfunded obligation for certain retirement and 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 (Loss), excludes net investment gains and losses included in net income that represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (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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Investment Operations

12 Months Ended

Dec. 31, 2017

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, 2017
	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)	$	3,374,927	$	329,299	$	(15,955	)	$	3,688,271	$	(504	)
Residential mortgage-backed	483,671		35,890		(3,280		)	516,281		339
Commercial mortgage-backed	674,076		34,464		(3,233		)	705,307		—
Other asset-backed	818,071		18,645		(3,214		)	833,502		845
United States Government and agencies	23,378		1,606		(79		)	24,905		—
States and political subdivisions	1,383,127		141,813		(1,239		)	1,523,701		—
Total fixed maturities	$	6,757,250	$	561,717	$	(27,000	)	$	7,291,967	$	680
Equity securities:
Non-redeemable preferred stocks	$	92,951	$	7,146	$	(265	)	$	99,832
Common stocks	30,369		549		—			30,918
Total equity securities	$	123,320	$	7,695	$	(265	)	$	130,750

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2016
	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)	$	3,529,997	$	228,601	$	(49,943	)	$	3,708,655	$	(1,082	)
Residential mortgage-backed	396,110		29,121		(2,931		)	422,300		(983		)
Commercial mortgage-backed	546,446		33,645		(4,137		)	575,954		—
Other asset-backed	771,570		8,846		(9,766		)	770,650		2,544
United States Government and agencies	30,575		1,629		(132		)	32,072		—
States and political subdivisions	1,387,013		119,298		(7,152		)	1,499,159		—
Total fixed maturities	$	6,661,711	$	421,140	$	(74,061	)	$	7,008,790	$	479
Equity securities:
Non-redeemable preferred stocks	$	100,042	$	4,050	$	(1,675	)	$	102,417
Common stocks	30,437		114		—			30,551
Total equity securities	$	130,479	$	4,164	$	(1,675	)	$	132,968

(1) Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position 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 fair value of $17.5 million at December 31, 2017 and $23.3 million at December 31, 2016. Corporate securities also include redeemable preferred stock with a fair value of $21.7 million at December 31, 2017 and $24.5 million at December 31, 2016.

Available-For-Sale Fixed Maturities by Maturity Date
	December 31, 2017
	Amortized  Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	152,509	$	155,126
Due after one year through five years	647,454		686,727
Due after five years through ten years	700,297		742,583
Due after ten years	3,281,172		3,652,441
	4,781,432		5,236,877
Mortgage-backed and other asset-backed	1,975,818		2,055,090
Total fixed maturities	$	6,757,250	$	7,291,967

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,
	2017			2016
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	534,718		$	347,079
Equity securities - available for sale	7,430			2,489
	542,148			349,568
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(147,173		)	(95,647		)
Value of insurance in force acquired	(14,870		)	(12,382		)
Unearned revenue reserve	12,705			4,215
Adjustments for assumed changes in policyholder liabilities	(18,499		)	(3,795		)
Provision for deferred income taxes (see Note 5)	(78,605		)	(84,684		)
Net unrealized investment gains	$	295,706		$	157,275

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income
	Year ended December 31,
	2017		2016			2015
	(Dollars in thousands)
Fixed maturities - available for sale	$	187,639	$	89,222		$	(331,408	)
Equity securities - available for sale	4,941		(2,842		)	118
Change in unrealized appreciation/depreciation of investments	$	192,580	$	86,380		$	(331,290	)

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 the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no OTTI losses were previously recognized.

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2017
	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	$	85,019	$	(1,261	)	$	183,820	$	(14,694	)	$	268,839	$	(15,955	)	59.1	%
Residential mortgage-backed	76,393		(1,757		)	31,779		(1,523		)	108,172		(3,280		)	12.1
Commercial mortgage-backed	151,158		(2,078		)	16,398		(1,155		)	167,556		(3,233		)	12.0
Other asset-backed	159,111		(2,006		)	71,064		(1,208		)	230,175		(3,214		)	11.9
United States Government and agencies	5,698		(47		)	1,864		(32		)	7,562		(79		)	0.3
States and political subdivisions	5,904		(96		)	20,505		(1,143		)	26,409		(1,239		)	4.6
Total fixed maturities	$	483,283	$	(7,245	)	$	325,430	$	(19,755	)	$	808,713	$	(27,000	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)
Total equity securities	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2016
	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	$	742,626	$	(23,142	)	$	220,939	$	(26,801	)	$	963,565	$	(49,943	)	67.3	%
Residential mortgage-backed	51,873		(1,014		)	22,744		(1,917		)	74,617		(2,931		)	4.0
Commercial mortgage-backed	95,690		(3,590		)	6,610		(547		)	102,300		(4,137		)	5.6
Other asset-backed	371,829		(5,810		)	95,740		(3,956		)	467,569		(9,766		)	13.2
United States Government and agencies	6,438		(132		)	—		—			6,438		(132		)	0.2
States and political subdivisions	150,052		(7,152		)	—		—			150,052		(7,152		)	9.7
Total fixed maturities	$	1,418,508	$	(40,840	)	$	346,033	$	(33,221	)	$	1,764,541	$	(74,061	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	12,774	$	(150	)	$	13,438	$	(1,525	)	$	26,212	$	(1,675	)
Total equity securities	$	12,774	$	(150	)	$	13,438	$	(1,525	)	$	26,212	$	(1,675	)

Fixed maturities in the above tables include 247securities from 154 issuers at December 31, 2017 and 516 securities from 404 issuers at December 31, 2016.

Unrealized losses decreased during 2017 primarily due to a decrease in treasury rates as well as a general decrease in credit spreads. We do not consider securities to be OTTI when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality when recovery of all amounts due under the contractual terms of the security is anticipated. Based on our intent not to sell or our belief that we will not be required to sell these securities before recovery of their amortized cost basis, we do not consider these investments to be OTTI at December 31, 2017. We will continue to monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified.

Our largest unrealized loss was from a retailer and totaled $2.6 million at December 31, 2017.

Mortgage Loans

Our mortgage loan portfolio consists 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 collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses, management maintains and regularly 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 estimated loss, if needed, for each impaired loan identified. An estimated loss 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. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as non-accrual 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 such that the collection of interest is considered likely. At December 31, 2017 and December 31, 2016, there were no non-performing loans over 90 days past due on contractual payments. At December 31, 2017, we had committed to provide additional funding for mortgage loans totaling $14.6 million. These commitments arose in the normal course of business at terms that are comparable to similar investments.

Mortgage Loans by Collateral Type
	December 31, 2017				December 31, 2016
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	410,090	42.2	%	$	361,088	44.2	%
Retail	292,257		30.1		240,602		29.5
Industrial	207,180		21.3		154,005		18.9
Other	62,285		6.4		60,776		7.4
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Geographic Location within the United States
	December 31, 2017				December 31, 2016
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	296,947	30.5	%	$	266,019	32.6	%
Pacific	146,320		15.0		104,337		12.8
West North Central	127,096		13.1		105,753		12.9
Mountain	105,627		10.9		79,707		9.8
East North Central	91,971		9.5		91,550		11.2
West South Central	85,566		8.8		74,258		9.1
East South Central	67,228		6.9		54,676		6.7
New England	35,005		3.6		35,246		4.3
Middle Atlantic	16,052		1.7		4,925		0.6
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Loan-to-Value Ratio
	December 31, 2017				December 31, 2016
Loan-to-Value Ratio	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	334,037	34.4	%	$	274,953	33.7	%
50% - 60%	258,359		26.6		210,555		25.8
60% - 70%	297,404		30.6		233,216		28.5
70% - 80%	63,116		6.5		67,607		8.3
80% - 90%	18,896		1.9		30,140		3.7
Total	$	971,812	100.0	%	$	816,471	100.0	%

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

Mortgage Loans by Year of Origination
	December 31, 2017				December 31, 2016
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2017	$	214,365	22.1	%	$	—	—	%
2016	154,359		15.9		158,817		19.4
2015	144,890		14.9		149,302		18.3
2014	77,866		8.0		80,771		9.9
2013	67,142		6.9		69,887		8.6
2012 and prior	313,190		32.2		357,694		43.8
Total	$	971,812	100.0	%	$	816,471	100.0	%

Impaired Mortgage Loans
	December 31,
	2017			2016
	(Dollars in thousands)
Unpaid principal balance	$	19,027		$	21,459
Less:
Related allowance	(497		)	(713		)
Carrying value of impaired mortgage loans	$	18,530		$	20,746

Allowance on Mortgage Loans
	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at beginning of period	$	713		$	851
Recoveries	(216		)	(138		)
Balance at end of period	$	497		$	713

Mortgage Loan Modifications

Our commercial mortgage loan portfolio can include loans that have been modified. We assess loan modifications on a loan-by-loan basis to evaluate whether a troubled-debt restructuring has occurred. Generally, the types of concessions include: reduction of the contractual interest rate to a below-market rate, extension of the maturity date and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining if an impairment loss is needed for the restructuring. There were no loan modifications during 2017 or 2016.

Components of Net Investment Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Fixed maturities - available for sale	$	344,302		$	342,657		$	338,952
Equity securities - available for sale	6,502			6,558			6,091
Mortgage loans	42,185			38,098			35,923
Real estate	—			—			169
Policy loans	9,014			8,956			8,871
Short-term investments, cash and cash equivalents	506			365			141
Derivative income (loss)	7,687			3,935			(2,266		)
Prepayment fee income and other	12,470			10,992			11,555
	422,666			411,561			399,436
Less investment expenses	(7,467		)	(7,391		)	(8,287		)
Net investment income	$	415,199		$	404,170		$	391,149

Realized Gains (Losses) - Recorded in Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	1,426		$	9,793		$	4,781
Gross losses	(1,081		)	(8,523		)	(1,952		)
Equity securities	(90		)	529			—
Mortgage loans	—			817			—
Real estate	304			—			—
Other	40			490			8,233
	599			3,106			11,062
Impairment losses recognized in earnings:
Credit-related portion of fixed maturity losses (1)	—			(4,767		)	(363		)
Other credit-related (2)	(3,986		)	(102		)	(210		)
Realized gains (losses) on investments recorded in income	$	(3,387	)	$	(1,763	)	$	10,489

(1) Amount represents the credit-related losses recognized for fixed maturities that were impaired through income but 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 other investments, real estate and fixed maturities written down to fair value through income. Also included are impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

Proceeds from sales of fixed maturities were $58.7 million in 2017, $109.5 million in 2016 and $108.5 million in 2015.

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 and were sold during the current reporting period.

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 the non-credit portion of the OTTI was recognized in other comprehensive income (loss) and corresponding changes in such amounts. Credit loss impairments with no portion of the loss recognized in other comprehensive income, such as securities for which OTTI were measured at fair value, are excluded from the table.

	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at beginning of period	$	(14,500	)	$	(11,498	)
Increases for newly impaired investments	—			(2,595		)
Increases to previously impaired investments	—			(2,172		)
Reductions due to investments sold	1,521			1,765
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	587			—
Balance at end of period	$	(12,392	)	$	(14,500	)

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 would therefore be required to consolidate it for financial reporting purposes. After determining that VIE status exists, we review our involvement in the VIE to determine whether we have both the power to direct activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the rights to receive benefits that could be potentially significant to the VIE. This analysis includes a review of the purpose and design of the VIE, as well as the role that we played in the formation of the entity and how that role could impact our ability to control the VIE. We also review the activities and decisions considered significant to the economic performance of the VIE and assess what power we have in directing those activities and decisions. Finally, we review the agreements in place to determine if there are any guarantees that would affect our maximum exposure to loss.

We have reviewed the circumstances surrounding our investments in VIEs, which are classified as securities and indebtedness of related parties, and consist of LIHTC, limited partnerships or limited liability companies accounted for under the equity method. In addition, we have reviewed the ownership interests in our VIEs and determined that we do not hold direct majority ownership or have other contractual rights (such as kick out rights) that give us effective control over these entities resulting in us having both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The maximum loss exposure relative to our VIEs is limited to the carrying value and any unfunded commitments that exist for each particular VIE. We also have not provided additional support or other guarantees that were not previously contractually required (financial or otherwise) to any of the VIEs as of December 31, 2017 or December 31, 2016. Based on this analysis, none of our VIEs were required to be consolidated at December 31, 2017 or December 31, 2016.

VIE Investments by Category
	December 31, 2017				December 31, 2016
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
LIHTC	$	82,417	$	84,103	$	91,255	$	95,058
Investment companies	25,335		62,372		23,379		45,569
Real estate limited partnerships	8,589		20,590		10,790		14,558
Other	1,182		1,488		429		2,034
Total	$	117,523	$	168,553	$	125,853	$	157,219

In addition, we make passive investments in the normal course of business in structured securities issued by VIEs for which we are not the investment manager. These structured securities include all of the residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities included in our fixed maturities. Our maximum exposure to loss on these securities is limited to our carrying value in the investment. We have determined that we are not the primary beneficiary of these structured securities because we do not have the power to direct the activities that most significantly impact the entities' economic performance.

Derivative Instruments

Our primary derivative exposure relates to purchased call options, which provide an economic hedge to the embedded derivatives in our indexed annuity and universal life insurance products. We also have embedded derivatives within our modified coinsurance agreements as well as an interest-only fixed maturity investment. We do not apply hedge accounting to any of our derivative positions, and they are held at fair value.

Derivatives Instruments by Type
	December 31, 2017		December 31, 2016
	(Dollars in thousands)
Assets
Freestanding derivatives:
Call options (reported in other investments)	$	14,824	$	9,360
Embedded derivatives:
Modified coinsurance (reported in reinsurance recoverable)	2,125		3,411
Interest-only security (reported in fixed maturities)	2,096		3,374
Total assets	$	19,045	$	16,145
Liabilities
Embedded derivatives:
Indexed annuity and universal life products (reported in liability for future policy benefits)	$	27,774	$	15,778
Modified coinsurance agreements (reported in other liabilities)	268		114
Total liabilities	$	28,042	$	15,892

Derivative Income (Loss)
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Change in fair value of free standing derivatives:
Call options	$	9,373		$	2,990		$	(1,480	)
Change in fair value of embedded derivatives:
Modified coinsurance agreements	(1,440		)	716			(809		)
Interest-only security	(246		)	229			23
Indexed annuity and universal life products	320			(2,390		)	2,577
Total income from derivatives	$	8,007		$	1,545		$	311

Derivative income (loss) is reported in net investment income except for the change in fair value of the embedded derivatives on our indexed annuity and universal life products, which is reported in interest sensitive product benefits.

We are exposed to credit losses in the event of nonperformance of the counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings (currently rated A or better by nationally recognized statistical rating organizations). We have also entered into credit support agreements with the counterparties requiring them to post collateral when net exposures exceed pre-determined thresholds that vary by counterparty. The net amount of such exposure is essentially the market value less collateral held for such agreements with each counterparty. The call options are supported by securities collateral received of $7.9 million at December 31, 2017, which is held in a separate custodial account. Subject to certain constraints, we are permitted to sell or re-pledge this collateral, but do not have legal rights to the collateral; accordingly, it has not been recorded on our balance sheet. At December 31, 2017, none of the collateral had been sold or re-pledged. As of December 31, 2017 our net exposure to credit losses on derivatives was $6.9 million.

Low Income Housing Tax Credit Investments

We invest in non-guaranteed federal LIHTC, which are included in securities and indebtedness of related parties in the balance sheet. The carrying value of these investments totaled $82.4 million at December 31, 2017 and $91.3 million at December 31, 2016. There were impairment losses of $2.4 million recorded on these investments during 2017 with no impairments in 2016 or 2015. We use the equity method of accounting for these investments and recorded the following in our consolidated statement of operations.

LIHTC Equity Income (Loss), Net of Related Income Taxes
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Equity losses from LIHTC	$	(8,489	)	$	(7,547	)	$	(7,022	)
Income tax benefits:
Tax benefits from equity losses	2,971			2,641			2,458
Investment tax credits	14,227			14,077			13,542
Equity income from LIHTC, net of related income benefits	$	8,709		$	9,171		$	8,978

At December 31, 2017, we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $51.0 million, including $1.7 million for commitments to LIHTC, which are summarized by year in the following table.

Commitments to LIHTC by Year
	December 31, 2017
	(Dollars in thousands)
2018	$	829
2019	46
2020-2025	811
Total	$	1,686

Other

At December 31, 2017, affidavits of deposits covering investments with a carrying value totaling $8,066.4 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $443.9 million were on deposit with the Federal Home Loan Bank of Des Moines (FHLB) as collateral for funding agreements.

The carrying value of investments which have been non-income producing for the twelve months preceding December 31, 2017 includes real estate totaling $1.5 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, 2017.

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Fair Value

12 Months Ended

Dec. 31, 2017

Fair Value [Abstract]

Fair Value Disclosures [Text Block]

Fair Values

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

Fair Values and Carrying Values
	December 31,
	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	7,291,967	$	7,291,967	$	7,008,790	$	7,008,790
Equity securities - available for sale	130,750		130,750		132,968		132,968
Mortgage loans	971,812		989,503		816,471		840,337
Policy loans	191,398		236,223		188,254		230,656
Other investments	15,713		16,838		9,809		11,272
Cash, cash equivalents and short-term investments	69,703		69,703		49,931		49,931
Reinsurance recoverable	2,125		2,125		3,411		3,411
Assets held in separate accounts	651,963		651,963		597,072		597,072

Liabilities
Future policy benefits	$	4,192,367	$	4,147,654	$	4,044,148	$	3,903,177
Supplementary contracts without life contingencies	322,630		327,151		330,232		330,633
Advance premiums and other deposits	259,099		259,099		257,171		257,171
Long-term debt	97,000		78,628		97,000		67,599
Other liabilities	268		268		114		114
Liabilities related to separate accounts	651,963		649,610		597,072		593,760

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 or, if 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 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 asset-backed, United States Government agencies, state and political subdivisions and private placement corporate 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 private placement corporate bonds with no quoted market prices 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 corporate, mortgage- and asset-backed and private placement corporate 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 corporate investments in Level 3 are determined by reference to the public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities for which an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through the 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 corporate bonds 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 that 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 period-to-period 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 that 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 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 Federal Home Loan Bank of Des Moines (FHLB), with estimated fair value based on the current redemption value of the shares and non-redeemable preferred stock. Estimated fair value for the non-redeemable preferred stock is 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 that 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 for which 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 is A-highest quality, B-moderate quality, C-low quality, 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 measured at fair value on a recurring basis include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty, net of collateral received. Level 3 other investments, which are not measured at fair value on a recurring basis, include a promissory note that is priced internally using a discounted cash flow based on our assessment of the credit risk of the borrower.

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, supplementary 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 that 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 that 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.

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, 2017
	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
Fixed maturities:
Corporate securities	$	—	$	3,654,671	$	33,600	$	3,688,271
Residential mortgage-backed securities	—		507,157		9,124		516,281
Commercial mortgage-backed securities	—		619,606		85,701		705,307
Other asset-backed securities	—		780,022		53,480		833,502
United States Government and agencies	9,078		15,827		—		24,905
States and political subdivisions	—		1,523,701		—		1,523,701
Total fixed maturities	9,078		7,100,984		181,905		7,291,967
Non-redeemable preferred stocks	—		92,425		7,407		99,832
Common stocks	4,313		26,605		—		30,918
Other investments	—		14,824		—		14,824
Cash, cash equivalents and short-term investments	69,703		—		—		69,703
Reinsurance recoverable	—		2,125		—		2,125
Assets held in separate accounts	651,963		—		—		651,963
Total assets	$	735,057	$	7,236,963	$	189,312	$	8,161,332
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	—	$	—	$	27,774	$	27,774
Other liabilities	—		268		—		268
Total liabilities	$	—	$	268	$	27,774	$	28,042

Valuation of our Financial Instruments Measured on a Recurring Basis by 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)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,649,536	$	59,119	$	3,708,655
Residential mortgage-backed securities	—		422,300		—		422,300
Commercial mortgage-backed securities	—		494,520		81,434		575,954
Other asset-backed securities	—		716,282		54,368		770,650
United States Government and agencies	11,943		20,129		—		32,072
States and political subdivisions	—		1,499,159		—		1,499,159
Total fixed maturities	11,943		6,801,926		194,921		7,008,790
Non-redeemable preferred stocks	—		95,006		7,411		102,417
Common stocks	3,056		27,495		—		30,551
Other investments	—		9,360		—		9,360
Cash, cash equivalents and short-term investments	49,931		—		—		49,931
Reinsurance recoverable	—		3,411		—		3,411
Assets held in separate accounts	597,072		—		—		597,072
Total assets	$	662,002	$	6,937,198	$	202,332	$	7,801,532
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	—	$	—	$	15,778	$	15,778
Other liabilities	—		114		—		114
Total liabilities	$	—	$	114	$	15,778	$	15,892

Level 3 Fixed Maturities by Valuation Source - Recurring Basis
	December 31, 2017
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	4,555		$	29,045		$	33,600
Commercial mortgage-backed securities	85,701			—			85,701
Residential mortgage-backed securities	9,124			—			9,124
Other asset-backed securities	47,080			6,400			53,480
Total	$	146,460		$	35,445		$	181,905
Percent of total	80.5		%	19.5		%	100.0		%

	December 31, 2016
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	17,684		$	41,435		$	59,119
Commercial mortgage-backed securities	81,434			—			81,434
Other asset-backed securities	39,308			15,060			54,368
Total	$	138,426		$	56,495		$	194,921
Percent of total	71.0		%	29.0		%	100.0		%

Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis
	December 31, 2017
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	27,682	Discounted cash flow	Credit spread	0.91% - 6.20% (4.17%)
Commercial mortgage-backed	72,224		Discounted cash flow	Credit spread	1.40% - 4.10% (2.50%)
Non-redeemable preferred stocks	7,407		Discounted cash flow	Credit spread	2.94% (2.94%)
Total assets	$	107,313
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	27,774	Discounted cash flow	Credit risk Risk margin	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)

	December 31, 2016
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	47,398	Discounted cash flow	Credit spread	0.58% - 4.25% (2.81%)
Commercial mortgage-backed	81,434		Discounted cash flow	Credit spread	1.10% - 4.15% (2.95%)
Other asset-backed securities	6,461		Discounted cash flow	Credit spread	1.08% - 4.87% (3.45%)
Non-redeemable preferred stocks	7,411		Discounted cash flow	Credit spread	4.05% (4.05%)
Total assets	$	142,704
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	15,778	Discounted cash flow	Credit risk Risk margin	0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%)

The tables above exclude certain securities with fair value based on non-binding broker quotes for which we could not reasonably obtain the quantitative unobservable inputs.

Level 3 Financial Instruments Changes in Fair Value - Recurring Basis
	December 31, 2017
								Realized and unrealized gains (losses), net
	Balance, December 31, 2016		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, 2017
	(Dollars in thousands)
Assets
Corporate securities	$	59,119	$	5,000	$	(12,230	)	$	84	$	(1,365	)	$	13,440	$	(30,409	)	$	(39	)	$	33,600
Residential mortgage-backed securities	—		32,455		—			—		(1		)	—		(23,331		)	1			9,124
Commercial mortgage-backed securities	81,434		25,591		(802		)	—		6,218			—		(26,658		)	(82		)	85,701
Other asset-backed securities	54,368		126,867		(8,886		)	—		499			13,353		(132,700		)	(21		)	53,480
Non-redeemable preferred stocks	7,411		—		—			—		(4		)	—		—			—			7,407
Total assets	$	202,332	$	189,913	$	(21,918	)	$	84	$	5,347		$	26,793	$	(213,098	)	$	(141	)	$	189,312
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	15,778	$	6,594	$	(2,128	)	$	7,530	$	—		$	—	$	—		$	—		$	27,774

	December 31, 2016
								Realized and unrealized gains (losses), net
	Balance, December 31, 2015		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, 2016
	(Dollars in thousands)
Assets
Corporate securities	$	49,076	$	2,000	$	(13,751	)	$	(27	)	$	(490	)	$	35,956	$	(13,572	)	$	(73	)	$	59,119
Residential mortgage-backed securities	3,729		—		(3,722		)	—			(137		)	—		—			130			—
Commercial mortgage-backed securities	88,180		18,826		(1,656		)	—			(141		)	—		(23,852		)	77			81,434
Other asset-backed securities	55,557		64,146		(11,621		)	—			212			30,098		(84,045		)	21			54,368
United States Government and agencies	8,726		—		—			—			486			—		(9,218		)	6			—
State, municipal and other governments	—		—		—			—			108			2,393		(2,501		)	—			—
Non-redeemable preferred stocks	7,471		—		—			—			(60		)	—		—			—			7,411
Total assets	$	212,739	$	84,972	$	(30,750	)	$	(27	)	$	(22	)	$	68,447	$	(133,188	)	$	161		$	202,332
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	9,374	$	5,913	$	(115	)	$	606		$	—		$	—	$	—		$	—		$	15,778

(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. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	December 31, 2017
	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	$	—	$	—	$	989,503	$	989,503
Policy loans	—		—		236,223		236,223
Other investments	—		—		2,014		2,014
Total assets	$	—	$	—	$	1,227,740	$	1,227,740
Liabilities
Future policy benefits	$	—	$	—	$	4,119,880	$	4,119,880
Supplementary contracts without life contingencies	—		—		327,151		327,151
Advance premiums and other deposits	—		—		259,099		259,099
Long-term debt	—		—		78,628		78,628
Liabilities related to separate accounts	—		—		649,610		649,610
Total liabilities	$	—	$	—	$	5,434,368	$	5,434,368

	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)
Assets
Mortgage loans	$	—	$	—	$	840,337	$	840,337
Policy loans	—		—		230,656		230,656
Other investments					1,912		1,912
Total assets	$	—	$	—	$	1,072,905	$	1,072,905
Liabilities
Future policy benefits	$	—	$	—	$	3,887,399	$	3,887,399
Supplementary contracts without life contingencies	—		—		330,633		330,633
Advance premiums and other deposits	—		—		257,171		257,171
Long-term debt	—		—		67,599		67,599
Liabilities related to separate accounts	—		—		593,760		593,760
Total liabilities	$	—	$	—	$	5,136,562	$	5,136,562

Level 3 Financial Instruments Measured at Fair Value on a Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate that have been deemed to be impaired during the reporting period. There were no mortgage loans or real estate impaired to fair value during 2017 or 2016.

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Reinsurance and Policy Provisions

12 Months Ended

Dec. 31, 2017

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 current retention limits ranging up to $1.0 million of coverage per individual life. Certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance. We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements.

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 $15.2 million. A maximum occurrence limit of $50.0 million per aircraft 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.

Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet their 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.

Ceded reinsurance reduces our revenues by the amount that we pay for premium or forego in product charges and reduces our benefits and expenses by reimbursements of claims by our reinsurers. Assumed reinsurance adds to our premiums or product charges and to benefits and expenses related to the business we assume. These impacts are shown in the table below.

Impact of Reinsurance on our Financial Statements
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Ceded (reductions to financial statement items):
Premiums and product charges	$	32,922	$	33,058	$	33,462
Insurance benefits	24,159		22,515		26,183
Allowances for expenses and commissions	4,548		4,709		4,945
Assumed (additions to financial statement items):
Premiums and product charges	2,637		2,670		2,751
Insurance benefits	6,356		2,302		1,231
Allowances for expenses and commissions	1,543		1,427		1,570

Reinsurance in Force and Percentage of Direct Life Insurance in Force
	Year ended December 31,
	2017				2016
	(Dollars in millions)
Ceded reinsurance	$	14,087	22.5	%	$	14,258	23.5	%
Assumed reinsurance	487		0.8	%	524		0.9	%

Policy Provisions

Analysis of the Value of Insurance in Force Acquired

	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Balance at beginning of year	$	21,608		$	24,000		$	26,436
Amortization per fixed schedule	(2,178		)	(2,198		)	(2,384		)
Impact of unlocking actuarial assumptions	—			(194		)	(52		)
Balance at end of year	19,430			21,608			24,000
Impact of net unrealized investment gains and losses	(14,870		)	(12,382		)	(3,087		)
Value of insurance in force acquired	$	4,560		$	9,226		$	20,913

We amortize the value of insurance in force based on a fixed amortization schedule. Net amortization, based on our fixed amortization schedules, for the next five years is expected to be as follows: 2018 - $2.2 million; 2019 - $2.1 million; 2020 - $2.2 million; 2021 - $2.0 million; and 2022 - $2.0 million.

Certain variable annuity and variable universal life contracts in our separate accounts and in variable business we have assumed through 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 (GMDB), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon the 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, 2017				December 31, 2016
	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	$	173,761	$	442	$	159,617	$	543
Return the greater of highest anniversary value or net deposits	292,112		1,068		270,539		2,920
Incremental death benefit	265,456		67,350		241,142		53,933
Guaranteed minimum income benefit	29,987		—		32,733		—
Total			$	68,860			$	57,396

The separate account assets are primarily 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 $6.9 million at December 31, 2017 and $5.8 million at December 31, 2016. The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 66 years at December 31, 2017 and 62 years at December 31, 2016. Benefits paid for GMDBs, IDBs and GMIBs totaled $0.8 million for 2017, $0.5 million for 2016 and $0.4 million for 2015.

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Income Taxes

12 Months Ended

Dec. 31, 2017

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 liabilities, projected future taxable income and tax planning strategies. Based on the available positive and negative evidence regarding future sources of taxable income, we have determined that the establishment of a valuation allowance was not necessary at December 31, 2017 and 2016.

The Tax Act makes broad changes to the U.S. tax code that potentially impact our companies, including 1) reducing the federal statutory tax rate from 35% to 21%, 2) eliminating the corporate alternative minimum tax, 3) further limiting interest expense deductions, 4) changing the rules regarding use of net operating losses, and 5) allowing immediate expensing of capital assets acquired after September 27, 2017. Due to the reduced statutory tax rate, we were required to remeasure our deferred tax assets and liabilities using the lower rate at December 22, 2017, the date of enactment. This remeasurement resulted in a reduction of net deferred tax liabilities of $85.8 million, which includes $48.2 million related to deferred taxes previously recognized in accumulated other comprehensive income. This represents a provisional estimate of the impact of the Tax Act, as it is based on our current understanding of the legislation. As additional guidance is released, the estimate will be updated as necessary during 2018. No other provisions of the Tax Act had a significant impact on our 2017 income tax provisions.

Income Tax Expenses (Credits)
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Taxes provided in consolidated statements of operations on:
Income before equity loss:
Current	$	34,301		$	36,461		$	40,578
Deferred	(75,030		)	9,549			6,840
	(40,729		)	46,010			47,418
Equity loss, including low income housing tax credits	(15,804		)	(15,498		)	(15,706		)
Taxes provided in consolidated statements of changes in stockholders' equity:
Accumulated other comprehensive income	43,448			18,882			(77,473		)
Class A and Class B common stock (1)	—			(846		)	(1,363		)
	43,448			18,036			(78,836		)
	$	(13,085	)	$	48,548		$	(47,124	)

(1) Beginning in 2017, accounting guidance requires tax benefits of equity-based compensation to be recorded through net income rather than directly to stockholders' equity. Accordingly, we do not expect to have a provision for taxes on Class A and B common stock for years after 2016. See Note 1 for further discussion of this accounting change.

Effective Tax Rate Reconciliation to Federal Income Tax Rate
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Income before income taxes and equity loss	$	142,327		$	141,789		$	151,368
Income tax at federal statutory rate (35%)	$	49,814		$	49,626		$	52,979
Tax effect (decrease) of:
Tax-exempt dividend and interest income	(3,384		)	(2,950		)	(3,233		)
Remeasurement of deferred taxes under the Tax Act	(85,797		)	—			—
Other items	(1,362		)	(666		)	(2,328		)
Income tax expense	$	(40,729	)	$	46,010		$	47,418

In 2015, the other items affecting the effective tax rate include a $1.8 million tax benefit resulting from the disposition of an equity method investment, for which the carrying value consisted solely of nondeductible goodwill. In 2017, the other items affecting the effective tax rate include $0.6 million in tax benefits from equity-based compensation deductions. Prior to 2017, these tax benefits were recorded to stockholders equity, so they did not impact the effective tax rate.

Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities
	December 31,
	2017		2016
	(Dollars in thousands)
Deferred income tax assets:
Future policy benefits	$	21,926	$	30,340
Accrued benefit and compensation costs	3,435		10,001
Loss carryforwards	3,452		5,709
Other	2,669		2,393
	31,482		48,443
Deferred income tax liabilities:
Fixed maturity and equity securities	118,716		131,655
Deferred acquisition costs	33,177		62,599
Value of insurance in force acquired	958		3,229
Property and equipment	5,883		7,777
Other	4,660		6,678
	163,394		211,938
Net deferred income tax liability	$	131,912	$	163,495

Deferred tax assets and liabilities at December 31, 2016 are recorded at a 35% tax rate, the enacted tax rate at that time.  Deferred taxes at December 31, 2017 are recorded at a 21% tax rate, as under the Tax Act this is the enacted rate that will be in effect when the temporary differences are expected to reverse.

We recognize the benefits of uncertain tax positions when the benefits are more-likely-than-not to be sustained. We had no reserve for uncertain tax positions at December 31, 2017 or 2016. We recognize interest related to uncertain tax positions in interest expense and related penalties in other expenses. We paid no such interest and penalties related to federal income taxes during 2017 or 2016. We do not expect any significant changes in the amount of our reserve for uncertain tax positions within the next twelve months. We are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2014.

At December 31, 2017, we had non-life net operating loss carryforwards for federal income tax purposes totaling $15.5 million, which expire beginning in 2032. We also had non-life net operating loss carryforwards in several state jurisdictions, with varying expiration dates. State deferred taxes are not generally provided on any temporary differences or carryforwards, as state taxes have historically been insignificant.

We invest in LIHTC, 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 the approval of tax credits. These tax credits, which are reported in equity income, totaled $14.2 million in 2017, $14.1 million in 2016 and $13.5 million in 2015.

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Credit Arrangements

12 Months Ended

Dec. 31, 2017

Debt Disclosure [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, 2017 and 2016, 97,000 shares of 5% Preferred Securities were outstanding, all of which we unconditionally guarantee.

Short-term debt as of December 31, 2015 consisted of two short-term advances, collateralized by fixed maturity securities, payable to FHLB totaling $15.0 million. The advances included a $10.0 million advance on December 21, 2015, repaid January 11, 2016, at an interest rate of 0.55% and a $5.0 million advance on December 30, 2015, repaid January 6, 2016, at an interest rate of 0.46%.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [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 (1)			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2015	24,703,903		$	144,625		11,413	$	72	24,715,316		$	144,697
Issuance of common stock under compensation plans	159,764		5,022			—	—		159,764		5,022
Purchase of common stock	(66,904	)	(399		)	—	—		(66,904	)	(399		)
Outstanding at December 31, 2015	24,796,763		149,248			11,413	72		24,808,176		149,320
Issuance of common stock under compensation plans	96,101		3,718			—	—		96,101		3,718
Purchase of common stock	(10,322	)	(63		)	—	—		(10,322	)	(63		)
Outstanding at December 31, 2016	24,882,542		152,903			11,413	72		24,893,955		152,975
Issuance of common stock under compensation plans	40,082		708			—	—		40,082		708
Purchase of common stock	(3,511	)	(22		)	—	—		(3,511	)	(22		)
Outstanding at December 31, 2017	24,919,113		$	153,589		11,413	$	72	24,930,526		$	153,661

(1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis.

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, 2017, 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

We periodically repurchase our Class A common stock under programs approved by our Board of Directors. These repurchase programs 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. Under these programs, we repurchased 3,511 shares of stock for $0.2 million in 2017, 10,322 shares of stock for $0.6 million in 2016 and 66,904 shares of stock for $3.7 million in 2015. 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. There was $49.2 million remaining available for repurchases at December 31, 2017 under the active repurchase program.

Dividend Restrictions

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, 2017. See Note 6 for additional information regarding this agreement.

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. See Note 12 for discussion on our statutory dividend restrictions.

Special Dividends

Periodically, we declare a special cash dividend payable to our Class A and Class B common shareholders. We have paid the following special dividends during the last three years: $1.50 per share in 2017 totaling $37.4 million, $2.00 per share in 2016 totaling $49.7 million and $2.00 per share in 2015 totaling $49.5 million.

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Gains (Losses)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Balance at January 1, 2015	$	266,211		$	1,131		$	(8,932	)	$	258,410
Other comprehensive income before reclassifications	(143,731		)	(1,155		)	—			(144,886		)
Reclassification adjustments	(1,693		)	(90		)	2,791			1,008
Balance at December 31, 2015	120,787			(114		)	(6,141		)	114,532
Other comprehensive income before reclassifications	37,895			1,901			—			39,796
Reclassification adjustments	(1,719		)	(1,476		)	(1,578		)	(4,773		)
Balance at December 31, 2016	156,963			311			(7,719		)	149,555
Other comprehensive income before reclassifications	88,534			136			—			88,670
Reclassification related to the Tax Act (3)	49,657			90			(1,521		)	48,226
Reclassification adjustments	15			—			(1,483		)	(1,468		)
Balance at December 31, 2017	$	295,169		$	537		$	(10,723	)	$	284,983

(1) Unrealized net investment gains (losses) relate to available-for-sale securities and include 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.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Pension Plans.

(3) Reclassification of the initial impact of the remeasurement of deferred tax assets and liabilities upon enactment of the Tax Act. See discussion of this accounting change as discussed in Note 1.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2017
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(255	)	$	—	$	—		$	(255	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	274			—		—			274
Other than temporary impairment losses	—			—		—			—
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—		—			—
Net actuarial loss	—			—		(1,702		)	(1,702		)
Reclassifications before income taxes	19			—		(1,702		)	(1,683		)
Income taxes	(4		)	—		219			215
Reclassification adjustments	$	15		$	—	$	(1,483	)	$	(1,468	)

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2016
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(1,799	)	$	—		$	—		$	(1,799	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	(845		)	180			—			(665		)
Other than temporary impairment losses	—			(2,451		)	—			(2,451		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(1		)	(1		)
Net actuarial loss	—			—			(2,425		)	(2,425		)
Reclassifications before income taxes	(2,644		)	(2,271		)	(2,426		)	(7,341		)
Income taxes	925			795			848			2,568
Reclassification adjustments	$	(1,719	)	$	(1,476	)	$	(1,578	)	$	(4,773	)

	Year ended December 31, 2015
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(2,829	)	$	—		$	—		$	(2,829	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	224			7			—			231
Other than temporary impairment losses	—			(146		)	—			(146		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(12		)	(12		)
Net actuarial gain	—			—			4,306			4,306
Reclassifications before income taxes	(2,605		)	(139		)	4,294			1,550
Income taxes	912			49			(1,503		)	(542		)
Reclassification adjustments	$	(1,693	)	$	(90	)	$	2,791		$	1,008

(1) See Note 2 for further information.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans.

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Retirement and Compensation Plans

12 Months Ended

Dec. 31, 2017

Retirement Benefits [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 had attained age 21, had one year of service and were employed prior to January 1, 2013. We also have a plan that provides supplemental pension benefits to certain highly compensated employees who have salaries and/or pension benefits in excess of the qualified limits imposed by federal law and were employed prior to January 1, 2013. Benefits under 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 affiliated and unaffiliated employers 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 underfunded 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, 2017.

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

Multiemployer Plan name		FBL Financial Group Retirement Plan
Employer identification number		42-1411715
Plan number		001
FBL's contributions (in thousands)
	2017	$45,000
	2016	$30,000
	2015	$30,000

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. The Multiemployer Plan is 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 2017, 2016 or 2015. We are the primary employer in the Multiemployer Plan, providing more than 5 percent of the total contributions during 2017, 2016 and 2015.

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 affiliated employers. These non-qualified benefit plans are not funded, whereby contributions are made as current benefit obligations become due. 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,
	2017			2016			2017			2016
	(Dollars in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of the year	$	336,454		$	319,420		$	24,585		$	22,275
Service cost	5,552			5,795			436			335
Interest cost	14,124			14,447			1,003			966
Actuarial loss	41,855			15,767			2,728			3,317
Benefits paid	(21,986		)	(18,975		)	(1,838		)	(2,308		)
Projected benefit obligation	375,999			336,454			26,914			24,585
Change in plan assets:
Fair value of plan assets at beginning of the year	291,071			262,276			—			—
Actual return on plan assets	31,311			17,770			—			—
Employer contributions	45,000			30,000			1,838			2,308
Benefits paid	(21,986		)	(18,975		)	(1,838		)	(2,308		)
Fair value of plan assets at end of the year	345,396			291,071			—			—
Underfunded status at end of the year	$	(30,603	)	$	(45,383	)	$	(26,914	)	$	(24,585	)
Accumulated benefit obligation	$	334,462		$	297,753		$	23,504		$	21,407

The fair value of plan assets of the Multiemployer Plan exceeded the accumulated benefit obligation at December 31, 2017, but was less than the accumulated benefit obligation at December 31, 2016.

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,
	2017			2016			2015			2017		2016			2015
	(Dollars in thousands)
Service cost	$	5,552		$	5,795		$	5,892		$	436	$	335		$	435
Interest cost	14,124			14,447			13,472			1,003		966			1,000
Expected return on assets	(19,184		)	(17,865		)	(17,563		)	—		—			—
Amortization of prior service cost	131			144			144			—		(1		)	(11		)
Amortization of actuarial loss	10,121			9,432			10,464			1,172		918			1,528
Effect of settlement	—			—			7,998			—		—			—
Net periodic pension cost	$	10,744		$	11,953		$	20,407		$	2,611	$	2,218		$	2,952
FBL Financial Group, Inc. share of net periodic pension cost	$	3,404		$	3,807		$	6,614		$	1,551	$	1,260		$	1,671

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

The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period or life expectancy of the employees, depending upon who is covered under each plan. 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 2018 will include $12.5 million for amortization of the actuarial loss and less than $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2018, included in accumulated other comprehensive income, will include $1.4 million for amortization of the actuarial loss.

We expect contributions to be paid to the Multiemployer Plan by us and our affiliated and unaffiliated employers for 2018 to be approximately $15.0 million, of which $4.6 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2018 to be approximately $1.6 million, of which $0.7 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2018 - $18.6 million, 2019 - $17.9 million, 2020 - $21.3 million, 2021 - $21.7 million, 2022 - $22.7 million and 2023 through 2027 - $123.3 million. Expected benefits to be paid under the Other Plans are as follows: 2018 - $2.3 million, 2019 - $3.6 million, 2020 - $3.0 million, 2021 - $2.8 million, 2022 - $2.1 million and 2023 through 2027 - $14.7 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,
	2017		2016		2017			2016
	(Dollars in thousands)
Amount recognized in FBL's statement of financial position
Prepaid benefit cost	$	36,858	$	26,006	$	740		$	876
Accrued benefit cost	—		—		(21,245		)	(19,159		)
Net amount recognized	$	36,858	$	26,006	$	(20,505	)	$	(18,283	)
Amount recognized in FBL's accumulated other comprehensive income, before taxes (1)
Net actuarial loss					$	13,649		$	12,094
Net amount recognized					$	13,649		$	12,094

(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 $30.6 million at December 31, 2017 and $45.4 million at December 31, 2016.

Weighted Average Assumptions Used to Determine Benefit Obligation
	December 31
	2017		2016
Discount rate	3.72	%	4.29	%
Annual salary increases	3.27	%	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,
	2017		2016		2015
Discount rate	4.29	%	4.65	%	4.52% / 4.05%
Expected long-term return on plan assets	6.60	%	6.75	%	6.75% / 7.00%
Annual salary increases	3.31	%	3.31	%	3.31% / 3.00%

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 and determined that the long-term return assumption should be revised downward in 2017 to 6.60%. On September 30, 2015, the plan incurred a remeasurement due to settlement accounting. This resulted in a discount rate of 4.05% being used for the nine months ended September 30, 2015 and 4.52% for the three months ended December 31, 2015. 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%.

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 2017, 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, 2017, the Multiemployer Plan assets were invested approximately 59% in fixed income investments, 38% in diversified equities and 3% 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 align with market rates 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, 2017
	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	$	39,563	$	—	$	—	$	39,563
International funds	40,349		—		—		40,349
Pooled separate accounts: (1)
Short-term fixed income funds	—		793		—		793
Fixed income funds	—		14,689		—		14,689
U.S. equity funds	—		32,726		—		32,726
Real estate fund	—		15,526		—		15,526
Annuities: (2)
Group annuity contract	—		—		181,403		181,403
Funded annuity contracts	—		—		10,776		10,776
Alternative investments: (3)
Limited partnerships	—		—		9,571		9,571
Total	$	79,912	$	63,734	$	201,750	$	345,396

	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

(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, 2017
						Return on assets
	December 31, 2016		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3		December 31, 2017
	(Dollars in thousands)
Group annuity contract	$	141,782	$	33,221		$	6,400	$	—	$	—	$	181,403
Funded annuity contracts	11,382		(1,258		)	652		—		—		10,776
Limited partnerships	8,447		314			810		—		—		9,571
Total	$	161,611	$	32,277		$	7,862	$	—	$	—	$	201,750

	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

Postemployment Benefits Disclosure [Text Block]

Other Retirement Plans

We participate with affiliated and unaffiliated employers in a 401(k) defined contribution plan, which covers substantially all employees. We match employee contributions up to 2% or 4% of the eligible compensation contributed by the employee and at 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 this plan totaled $2.6 million in 2017, $2.4 million in 2016 and $2.2 million in 2015.

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 that 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 participate with affiliated and unaffiliated employers in a plan that provides group term life insurance benefits to retirees. We froze our portion of the plan on December 31, 2016 such that no new participants will enter the plan. During 2016, we recognized $0.2 million in curtailment gain related to freezing the group term life benefits to retirees. We also have two single-employer plans, frozen to new participants, that provide health and medical benefits to a small group of retirees. Postretirement benefit (income)/expense for this plan is allocated in a manner consistent with pension expense discussed above and totaled ($0.1) million in 2017 and 2016and $0.1 million in 2015. Changes in the underfunded portion of these plans, reported in other comprehensive income, aggregated ($0.1) million in 2017 and less than ($0.1) million in 2016 and 2015.

Compensation and Employee Benefit Plans [Text Block]

Share-based Compensation Plans

The share-based payment arrangements under our Class A Common Stock Compensation Plan are described below. Expenses have been fully recognized under this plan.

We also have a Cash-Based Restricted Stock Unit Plan. We allocate a portion of the expense for these arrangements to affiliates; expense amounts below represent our share of these expenses. Compensation expense for arrangements under this plan totaled $1.9 million for 2017, $2.3 million for 2016 and $1.7 million for 2015. The income tax benefit recognized in the statements of operations for this arrangement totaled $1.0 million in 2017, $1.2 million in 2016 and $0.9 million in 2015.

Stock Option Awards

Prior to 2012, 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 exercise price for all options is equal to the fair value of the common stock on the grant date.

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, 2017	45,395		$	27.35
Exercised	(21,527	)	33.60
Forfeited or expired	—		—
Shares under option at December 31, 2017	23,868		21.92		2.15	$	1,139
Vested at December 31, 2017	23,868		$	21.92	2.15	$	1,139
Exercisable options at December 31, 2017	23,868		$	21.92	2.15	$	1,139

(1) Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017.

The intrinsic value of options exercised during the year totaled $0.8 million for 2017, $3.2 million for 2016 and $4.5 million for 2015.

We issue new shares to satisfy stock option exercises.    Cash received from stock options exercised totaled $0.7 million for 2017, $2.5 million for 2016 and $3.7 million for 2015. The actual tax benefit realized from stock options exercised totaled $0.2 million for 2017, $1.0 million for 2016 and $1.4 million for 2015.

Cash-Based Restricted Stock Units

We annually grant performance and non-performance cash-based restricted stock units to certain executives. The restricted stock units will vest and be paid out in cash over 5 years, contingent on continued employment with us. The performance units have the same vesting requirements, but are also contingent upon meeting a financial goal.

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.

Restricted Stock Unit Activity
	Number of Units		Weighted-Average Grant-Date Fair Value per Unit
Restricted stock units at January 1, 2017	121,517		$	46.10
Granted	23,526		69.10
Vested	(42,465	)	42.55
Forfeited or canceled	—		—
Restricted stock units at December 31, 2017	102,578		52.85

The weighted average grant-date fair value per common share of restricted stock units granted was $69.10 in 2017, $60.34 in 2016 and $52.19 in 2015. Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2017 totaled $2.9 million. This expense is expected to be recognized over a weighted-average period of 1.79 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $3.3 million in 2017 and $2.7 million in 2016 and 2015.

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 under this plan totaled 25,243 at December 31, 2017 and 24,923 at December 31, 2016. 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 53,254 at December 31, 2017 and 57,876 at December 31, 2016. At December 31, 2017, there were 108,131 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 were allowed to use their base salary and annual cash bonus to purchase deferred cash-based stock units. Cash-based stock units outstanding under this plan totaled 11,661 at December 31, 2017 and 16,323 at December 31, 2016. 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 50,208 at December 31, 2017 and 63,909 at December 31, 2016. At December 31, 2017, shares of Class A common stock available for future issuance under this plan totaled 97,533. 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 met salary guidelines and 401(k) contribution guidelines were allowed to purchase unregistered deferred cash-based stock units. There were no cash-based stock units outstanding under this plan at December 31, 2017 and 89 at December 31, 2016. 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 3,175at December 31, 2017 and 3,168 at December 31, 2016. This plan was frozen to future deferrals on December 31, 2013.

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Managment and Other Agreements

12 Months Ended

Dec. 31, 2017

Management and Other Agreements [Abstract]

Management and other agreements [Text Block]

Management and Other Agreements

We have management agreements under which we provide general business, administrative and management services to Farm Bureau Property & Casualty Insurance Company and other affiliates. Fee income for these services totaled $2.0 million in 2017, $2.2 million in 2016 and $2.3 million in 2015. In addition, as discussed in Note 1, we provide investment advisory services and lease property and equipment under agreements with Farm Bureau Property & Casualty, other affiliates and non-affiliates.

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 consist primarily of rent, salaries and related expenses, travel and other operating costs. 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 $1.1 million in 2017 and $1.0 million in 2016 and 2015.

We also have an expense allocation agreement with Farm Bureau Property & Casualty Insurance Company for the use of property and equipment. Expense relating to this agreement totaled $0.3 million in 2017 and 2016 and $0.7 million in 2015.

We have service agreements with the Farm Bureau-affiliated property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty Insurance Company 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 $9.1 million in 2017, $8.6 million in 2016 and $9.9 million in 2015 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 $0.6 million in 2017, 2016 and 2015. 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 2017 and in 2016 and $1.7 million in 2015. The royalty agreement with the IFBF provides IFBF an option to terminate the agreement if our quarterly common stock dividend is below $0.10 per share.

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Committments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Legal Proceedings

In the normal course of business, we may be involved in litigation in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. We are not aware of any such claims threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries for which a material loss is reasonably possible.

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 are reflected in operations in the periods in which such adjustments are known.

We lease our home office properties under a 10-year operating lease, which expires in 2021, from a wholly-owned subsidiary of the IFBF. Future remaining minimum lease payments under this lease, as of December 31, 2017, are as follows: 2018 - $2.2 million, 2019 - $2.2 million, 2020 - $2.2 million and 2021 - $2.2 million. Rent expense for the lease totaled $4.1 million in 2017 and 2016 and $4.0 million in 2015. These amounts are net of $0.2 million in 2017, 2016 and 2015 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 $0.7 million at December 31, 2017 and $0.9 million at December 31, 2016.

From time to time, assessments are levied on our insurance subsidiaries by life and health 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. Expenses for guaranty fund assessments, net of related premium tax offsets, totaled less than $0.1 million in 2017, 2016 and 2015.

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Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings per Share

Computation of Earnings per Common Share
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	194,327	$	107,223	$	113,527
Less: Dividends on Series B preferred stock	150		150		150
Income available to common stockholders	$	194,177	$	107,073	$	113,377
Denominator:
Weighted-average shares - basic	25,038,334		24,985,400		24,927,209
Effect of dilutive securities - stock-based compensation	19,111		43,683		89,274
Weighted-average shares - diluted	25,057,445		25,029,083		25,016,483
Earnings per common share	$	7.76	$	4.29	$	4.55
Earnings per common share - assuming dilution	$	7.75	$	4.28	$	4.53

There were no antidilutive stock options outstanding in any period presented.

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Statutory Insurance Information

12 Months Ended

Dec. 31, 2017

Statutory Insurance Information [Abstract]

Statutory insurance information [Text Block]

Statutory Insurance Information

The statutory financial statements of Farm Bureau Life and Greenfields are prepared in accordance with the accounting practices prescribed or permitted by the Insurance Division of the state of Iowa and the Colorado Division of Insurance, respectively. Those insurance divisions have 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 their state. The insurance divisions may permit accounting practices that 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.

Statutory Information of our Insurance Subsidiaries
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Farm Bureau Life:
Net gain from operations (excludes impact of realized gains and losses on investments)	$	106,062		$	106,143		$	100,013
Net income	104,947			100,657			106,009
Greenfields:
Net loss from operations (excludes impact of realized gains and losses on investments)	(192		)	(443		)	(362		)
Net loss	(192		)	(443		)	(362		)

Statutory Information of our Insurance Subsidiaries - Continued
	Farm Bureau Life						Greenfields
	December 31,						December 31,
	2017			2016			2017			2016
	(Dollars in thousands)
Total capital and surplus	$	615,973		$	617,321		$	9,006		$	9,273
Unassigned surplus (deficit)	482,490			483,838			(1,794		)	(1,527		)
Risk-Based Capital measurements:
Total adjusted capital	682,570			685,721			9,028			9,289
Company action level capital	123,628			125,994			172			173
RBC Ratio	552		%	544		%	5,249		%	5,322		%

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.

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 as of the date the dividend is paid. 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. As shown in the tables above, at December 31, 2017, Farm Bureau Life’s net gain from operations of $106.1 million, exceeded 10% of statutory surplus; accordingly, that amount is the maximum available for distribution to FBL Financial Group, Inc. without regulatory approval during 2018. Timing of such dividends during the year is limited based on the timing of dividends paid within the preceding 12 months.

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Segment Information

12 Months Ended

Dec. 31, 2017

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 and indexed annuities and supplementary contracts (some of which involve life contingencies). Fixed rate and indexed 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. With indexed annuities, we bear the underlying investment risk and credit interest in an amount equal to a percentage of the gain in a specified market index, subject to minimum 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 use non-GAAP operating income (a measure of earnings not recognized under GAAP), in addition to net income, to measure our performance. Non-GAAP operating income, for the periods presented, consists of net income adjusted to exclude the impact of changes in federal statutory income tax rates and tax laws, realized gains and losses on investments and the change in net unrealized gains and losses on derivatives, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). Specifically, call options relating to our indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed annuities are expected to be in force. During 2017, we revised our non-GAAP operating income definition to remove from net income the initial impact to deferred income taxes from a change in tax laws. Such changes can create an unusual one-time remeasurement of deferred taxes not reflective of normal operations. The revision did not impact 2016 or 2015 non-GAAP operating earnings but did affect 2017, with the recent enactment of the Tax Act. See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act.

Non-GAAP operating income is not a measure used in financial statements prepared in accordance with GAAP, but is a common life insurance industry measure of performance. We use non-GAAP 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.

We analyze our segment results based on pre-tax non-GAAP operating income. Accordingly, income taxes are not allocated to the segments. In addition, non-GAAP operating results are reported net of transactions between the segments. Adjustments to net income are net of amortization of unearned revenue reserves, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. While not applicable for the periods reported herein, our non-GAAP operating income policy also calls for adjustments to net income relating to the following:

• settlements or judgments arising from lawsuits, net of any recoveries from third parties,

• the cumulative effect of changes in accounting principles and

• discontinued operations.

In 2016, due to changes in product offerings since the last amendment to our policy for calculating non-GAAP operating income, we refined our calculation of non-GAAP operating income to include offsets relating to changes in interest sensitive product reserves. These offsets, net of tax, decreased non-GAAP operating income $0.5 million in 2017 and increased non-GAAP operating income $0.9 million in 2016. These offsets, net of tax, not taken into account in the computation of non-GAAP operating income for 2015 would have increased non-GAAP operating income $0.1 million.

Reconciliation Between Net Income and Non-GAAP Operating Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Net income attributable to FBL Financial Group, Inc.	$	194,327		$	107,223		$	113,527
Net income adjustments:
Initial impact of the Tax Act	(85,797		)	—			—
Realized gains/losses on investments (1)	2,381			713			(8,498		)
Change in net unrealized gains/losses on derivatives (1)	(2,549		)	(1,485		)	(141		)
Non-GAAP operating income	$	108,362		$	106,451		$	104,888

Financial Information Concerning our Operating Segments
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Pre-tax non-GAAP operating income:
Annuity	$	68,821		$	66,025		$	69,950
Life Insurance	53,856			55,977			53,146
Corporate and Other	14,861			14,548			11,668
Total pre-tax non-GAAP operating income	137,538			136,550			134,764
Income taxes on non-GAAP operating income	(29,176		)	(30,099		)	(29,876		)
Non-GAAP operating income	$	108,362		$	106,451		$	104,888

Non-GAAP operating revenues:
Annuity	$	224,184		$	214,486		$	212,420
Life Insurance	418,593			414,446			408,966
Corporate and Other	94,340			92,703			93,632
	737,117			721,635			715,018
Net realized gains/losses on investments (1)	(3,902		)	(1,771		)	10,482
Change in net unrealized gains/losses on derivatives (1)	2,263			6,550			(2,691		)
Consolidated revenues	$	735,478		$	726,414		$	722,809
Net investment income:
Annuity	$	219,700		$	210,679		$	209,896
Life Insurance	158,318			154,427			152,730
Corporate and Other	34,918			32,514			31,214
	412,936			397,620			393,840
Change in net unrealized gains/losses on derivatives (1)	2,263			6,550			(2,691		)
Consolidated net investment income	$	415,199		$	404,170		$	391,149
Depreciation and amortization:
Annuity	$	6,489		$	8,253		$	4,548
Life Insurance	18,720			15,117			18,831
Corporate and Other	(1,120		)	5,178			8,546
	24,089			28,548			31,925
Net realized gains (losses) on investments (1)	(240		)	(673		)	225
Change in net unrealized gains/losses on derivatives (1)	(639		)	562			(332		)
Consolidated depreciation and amortization	$	23,210		$	28,437		$	31,818

Operating Segment Assets
	December 31,
	2017		2016
	(Dollars in thousands)
Assets:
Annuity	$	4,608,735	$	4,452,878
Life Insurance	3,367,562		3,256,306
Corporate and Other	1,710,211		1,615,411
	9,686,508		9,324,595
Unrealized gains in accumulated other comprehensive income (2)	380,105		241,539
Consolidated assets	$	10,066,613	$	9,566,134

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred sales inducements, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves 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 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 $4.1 million for 2017, $4.4 million for 2016 and $4.1 million for 2015 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates.

Interest expense is attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2017 and 2016 was allocated among the segments as follows: Annuity ($3.9 million) and Life Insurance ($6.1 million).

Prior to 2017, securities and indebtedness of related parties were attributable to the Corporate and Other segment. In 2017, we began to assign a portion of our investments held in securities and indebtedness of related parties to the Life Insurance segment. The following chart provides the related equity income (loss) by segment.

Equity Income (Loss) by Operating Segment
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Pre-tax equity income (loss):
Life Insurance	$	2,741		$	—		$	—
Corporate and Other	(7,246		)	(4,057		)	(6,183		)
Total pre-tax equity loss	(4,505		)	(4,057		)	(6,183		)
Income taxes	15,804			15,497			15,706
Equity income, net of related income taxes	$	11,299		$	11,440		$	9,523

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. Premiums collected is a common life insurance industry measure of agent productivity. Net premiums collected totaled $631.0 million in 2017, $689.7 million in 2016 and $683.1 million in 2015.

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,
	2017			2016			2015
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	292,344		$	281,551		$	281,003
Premiums collected on interest sensitive products	(97,963		)	(85,622		)	(90,895		)
Traditional life insurance premiums collected	194,381			195,929			190,108
Change in due premiums and other	949			985			848
Traditional life insurance premiums as included in the Consolidated Statements of Operations.	$	195,330		$	196,914		$	190,956

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,
	2017		2016			2015
	(Dollars in thousands)
Annuity
Surrender charges and other	$	4,484	$	3,803		$	2,524
Life Insurance
Administration charges	$	15,487	$	14,170		$	14,342
Cost of insurance charges	46,096		48,111			46,911
Surrender charges	1,913		1,181			919
Amortization of policy initiation fees	1,437		(24		)	3,371
Total	$	64,933	$	63,438		$	65,543
Corporate and Other
Administration charges	$	5,332	$	5,547		$	5,809
Cost of insurance charges	29,670		29,805			29,760
Surrender charges	150		213			346
Separate account charges	8,246		7,957			8,854
Amortization of policy initiation fees	121		1,165			1,748
Total	$	43,519	$	44,687		$	46,517
Consolidated interest sensitive product charges as included in the Statements of Operations	$	112,936	$	111,928		$	114,584

Cost of insurance charges in the Life Insurance segment decreased in 2017, compared to 2016, due to a $3.2 million correction of fees charged during prior periods on a closed block of business.

Changes in amortization of policy initiation fees, compared to the prior year periods, is primarily due to the impact of unlocking assumptions used in the calculation of unearned revenue reserves.

Premium Concentration by State
	Year ended December 31,
	2017		2016		2015
Life and annuity collected premiums:
Iowa	25.9	%	25.1	%	26.2	%
Kansas	18.1		19.1		18.6
Oklahoma	8.2		8.0		8.9

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Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information [Abstract]

Quarterly Financial Information [Text Block]

Quarterly Financial Information (Unaudited)

Unaudited Quarterly Results of Operations

	2017
Quarter ended	March 31,			June 30,		September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	77,635		$	79,718	$	75,091	$	75,822
Net investment income	100,994			103,908		102,950		107,347
Realized gains (losses) on investments	(469		)	921		14		(3,853		)
Total revenues	181,920			188,997		181,556		183,005
Net income attributable to FBL Financial Group, Inc.	26,433			32,291		27,104		108,499
Earnings per common share	$	1.05		$	1.29	$	1.08	$	4.33
Earnings per common share - assuming dilution	$	1.05		$	1.29	$	1.08	$	4.33

Net income and earnings per share for the quarter ended December 31, 2017 reflect the initial impact of the Tax Act. See Note 1 and Note 5 for more details.

	2016
Quarter ended	March 31,			June 30,			September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	78,249		$	78,632		$	73,533	$	78,428
Net investment income	98,385			100,722			103,514		101,549
Realized gains (losses) on investments	(607		)	(2,294		)	621		517
Total revenues	179,666			181,285			181,284		184,179
Net income attributable to FBL Financial Group, Inc.	25,946			24,380			30,017		26,880
Earnings per common share	$	1.04		$	0.97		$	1.20	$	1.07
Earnings per common share - assuming dilution	$	1.04		$	0.97		$	1.20	$	1.07

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Sch I. Schedule of Investments

12 Months Ended

Dec. 31, 2017

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, 2017

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	$	3,374,927	$	3,688,271	$	3,688,271
Mortgage- and asset-backed	1,975,818		2,055,090		2,055,090
United States Government and agencies	23,378		24,905		24,905
States and political subdivisions	1,383,127		1,523,701		1,523,701
Total	6,757,250		$	7,291,967	7,291,967
Equity securities, available for sale:
Common stocks:
Banks, trusts and insurance companies	26,605		$	26,605	26,605
Industrial, miscellaneous and all other	3,764		4,313		4,313
Non-redeemable preferred stocks	92,951		99,832		99,832
Total	123,320		$	130,750	130,750
Mortgage loans	972,309				971,812
Investment real estate (2)	1,703				1,543
Policy loans	191,398				191,398
Short-term investments	17,007				17,007
Other investments	10,027				15,766
Total investments	$	8,073,014			$	8,620,243

(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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Sch II - Condensed Financial Information on Registrant

12 Months Ended

Dec. 31, 2017

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,
	2017		2016
Assets
Investments in subsidiaries (eliminated in consolidation)	$	1,422,662	$	1,205,356
Fixed maturities - available for sale, at fair value (amortized cost: 2017 - $24,936; 2016 - $29,210)	29,430		31,182
Equity securities - available for sale, at fair value (cost: 2017 - $3,764; 2016 - $2,942)	4,313		3,056
Short-term investments	6,460		5,988
Cash and cash equivalents	23,954		30,803
Amounts receivable from affiliates	1,142		1,758
Amounts receivable from subsidiaries (eliminated in consolidation)	3,807		10,487
Accrued investment income	16		13
Current income taxes recoverable	—		153
Deferred income tax assets	7,098		12,622
Other assets	13,381		12,585
Total assets	$	1,512,263	$	1,314,003
Liabilities and stockholders' equity
Liabilities:
Accrued expenses and other liabilities	$	26,093	$	28,758
Amounts payable from subsidiaries (eliminated in consolidation)	6		43
Current income taxes	372		—
Long-term debt payable to non-affiliates	97,000		97,000
Total liabilities	123,471		125,801
Stockholders' equity:
Preferred stock	3,000		3,000
Class A common stock	153,589		152,903
Class B common stock	72		72
Accumulated other comprehensive income	284,983		149,555
Retained earnings	947,148		882,672
Total stockholders' equity	1,388,792		1,188,202
Total liabilities and stockholders' equity	$	1,512,263	$	1,314,003

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,
	2017			2016		2015
Revenues:
Net investment income	$	1,972		$	2,013	$	2,033
Realized gains (losses) on investments	—			—		(583		)
Dividends from subsidiaries (eliminated in consolidation)	71,500			85,900		50,000
Management fee income from affiliates	2,001			2,179		2,277
Management fee income from subsidiaries (eliminated in consolidation)	5,805			5,652		5,654
Other income	2			2		(8		)
Total revenues	81,280			95,746		59,373
Expenses:
Interest expense	4,850			4,850		4,850
General and administrative expenses	8,408			9,002		8,795
Total expenses	13,258			13,852		13,645
	68,022			81,894		45,728
Income tax benefit (expense)	(2,321		)	2,349		2,507
Income before equity in undistributed income of subsidiaries	65,701			84,243		48,235
Equity in undistributed income of subsidiaries (eliminated in consolidation)	128,626			22,980		65,292
Net income	$	194,327		$	107,223	$	113,527

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,
	2017			2016			2015
Net cash provided by (used in) operating activities	$	417		$	(4,342	)	$	1,841
Investing activities
Sales, maturities or redemptions of fixed maturities - available for sale	5,478			5,641			18,618
Acquisitions of equity securities - available for sale	(702		)	(1,397		)	(1,188		)
Short-term investments, net change	(472		)	7,078			395
Dividends from subsidiaries (eliminated in consolidation)	71,500			85,900			50,000
Net cash provided by investing activities	75,804			97,222			67,825
Financing activities
Excess tax deductions on stock-based compensation	—			846			1,362
Issuance (repurchase) of common stock, net	330			1,840			(584		)
Capital contribution to subsidiary	(2,000		)	—			(300		)
Dividends paid	(81,400		)	(91,602		)	(89,347		)
Net cash used in financing activities	(83,070		)	(88,916		)	(88,869		)
Increase (decrease) in cash and cash equivalents	(6,849		)	3,964			(19,203		)
Cash and cash equivalents at beginning of year	30,803			26,839			46,042
Cash and cash equivalents at end of year	$	23,954		$	30,803		$	26,839
Supplemental disclosure of cash flow information
Cash received (paid) during the year for:
Income taxes	$	2,849		$	5,486		$	9,344
Interest	(4,850		)	(4,850		)	(4,850		)

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, 2017

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. Dividends from Subsidiaries

The parent company received dividends in the form of cash totaling $71.5 million in 2017, $85.9 million in 2016 and $50.0 million in 2015.

3. 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.

4. Income Taxes

The Tax Act makes broad changes to the U.S. tax code that potentially impact the company, including 1) reducing the federal statutory tax rate from 35% to 21%, 2) eliminating the corporate alternative minimum tax, 3) further limiting interest expense deductions, 4) changing the rules regarding use of net operating losses, and 5) allowing immediate expensing of capital assets acquired after September 27, 2017. Due to the reduced statutory tax rate, we were required to remeasure our deferred tax assets and liabilities using the lower rate at December 22, 2017, the date of enactment. This remeasurement resulted in a reduction of net deferred tax assets totaling $4.2 million, which decreased net income. This represents a provisional estimate of the impact of the Tax Act, as it is based on our current understanding of the legislation. As additional guidance is released, the estimate will be updated as necessary during 2018.  No other provisions of the Tax Act had a significant impact on our 2017 income tax provisions.

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Sch III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2017

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, 2017:
Annuity	$	92,116		$	3,963,187	$	—		$	355,877
Life Insurance	287,421			2,677,519		17,043			201,693
Corporate and Other	70,247			419,411		11,986			32,083
Impact of unrealized gains/losses	(147,173		)	18,499		(12,705		)	—
Total	$	302,611		$	7,078,616	$	16,324		$	589,653
December 31, 2016:
Annuity	$	88,762		$	3,827,295	$	—		$	364,966
Life Insurance	267,545			2,573,276		13,526			199,944
Corporate and Other	69,664			417,524		11,611			30,543
Impact of unrealized gains/losses	(95,647		)	3,795		(4,215		)	—
Total	$	330,324		$	6,821,890	$	20,922		$	595,453
December 31, 2015:
Annuity	$	85,819		$	3,550,364	$	—		$	370,326
Life Insurance	248,333			2,473,357		9,719			194,751
Corporate and Other	75,366			399,203		12,257			29,128
Impact of unrealized gains/losses	(73,735		)	4,090		(3,352		)	—
Total	$	335,783		$	6,427,014	$	18,624		$	594,205

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, 2017:
Annuity	$	4,484		$	219,700		$	122,224		$	8,506		$	24,633
Life Insurance	260,780			158,318			264,657			14,368			78,313
Corporate and Other	43,517			34,918			39,060			488			9,425
Change in net unrealized gains/losses on derivatives	—			2,263			(1,021		)	(639		)	—
Impact of realized gains/losses	(515		)	—			(19		)	(216		)	—
Total	$	308,266		$	415,199		$	424,901		$	22,507		$	112,371
December 31, 2016:
Annuity	$	3,803		$	210,679		$	113,543		$	11,185		$	23,733
Life Insurance	260,331			154,427			261,757			11,038			75,100
Corporate and Other	44,716			32,514			37,296			6,078			8,912
Change in net unrealized gains/losses on derivatives	—			6,550			3,704			562			—
Impact of realized gains/losses	(8		)	—			(32		)	(638		)	(3		)
Total	$	308,842		$	404,170		$	416,268		$	28,225		$	107,742
December 31, 2015:
Annuity	$	2,524		$	209,896		$	110,356		$	9,658		$	22,456
Life Insurance	256,504			152,730			253,461			14,364			76,167
Corporate and Other	46,519			31,214			32,346			11,316			9,816
Change in net unrealized gains/losses on derivatives	—			(2,691		)	(2,577		)	(332		)	—
Impact of realized gains/losses	(7		)	—			2			214			9
Total	$	305,540		$	391,149		$	393,588		$	35,220		$	108,448

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Sch IV Reinsurance

12 Months Ended

Dec. 31, 2017

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, 2017:
Life insurance in force, at end of year	$	62,667,310	$	14,086,576	$	487,284	$	49,068,018	1.0	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	111,616	$	1,021	$	2,341	$	112,936	2.1	%
Traditional life insurance premiums	220,866		25,832		296		195,330		0.2	%
Accident and health premiums	6,486		6,069		—		417		—
	$	338,968	$	32,922	$	2,637	$	308,683	0.9	%
Year ended December 31, 2016:
Life insurance in force, at end of year	$	60,753,614	$	14,258,457	$	523,538	$	47,018,695	1.1	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	110,608	$	1,003	$	2,323	$	111,928	2.1	%
Traditional life insurance premiums	222,037		25,470		347		196,914		0.2	%
Accident and health premiums	6,956		6,585		—		371		—
	$	339,601	$	33,058	$	2,670	$	309,213	0.9	%
Year ended December 31, 2015:
Life insurance in force, at end of year	$	59,136,803	$	14,263,420	$	551,563	$	45,424,946	1.2	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	113,221	$	1,024	$	2,387	$	114,584	2.1	%
Traditional life insurance premiums	215,936		25,344		364		190,956		0.2	%
Accident and health premiums	7,561		7,094		—		467		—
	$	336,718	$	33,462	$	2,751	$	306,007	0.9	%

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Significant Accounting Policies Level 2 (Policies)

12 Months Ended

Dec. 31, 2017

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.

Marketable Securities, Policy

Fixed Maturities and Equity Securities

Fixed maturities are comprised of bonds and redeemable preferred stock and are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. 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, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations.

Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return.

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. We evaluate each of our mortgage loans individually and establish a valuation allowance for estimated losses, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. 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 such that the collection of interest is considered likely.

Real Estate

Our real estate is held for investment and reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, 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. No properties were held for investment with impairment charges as of December 31, 2017 or as of December 31, 2016.

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, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, 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 use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include non-guaranteed low income housing tax credit entities (LIHTC). In applying the equity method, we record our share of income or loss reported by the equity investees. In accounting for these investments, we consistently use the most recent financial information available, which is generally for periods not more than three months prior to the ending date of the period for which we are reporting. 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 an other-than-temporary impairment (OTTI) 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 OTTI 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 OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as:

• historical operating trends;

• business prospects;

• status of the industry in which we operate;

• analyst ratings on the issuer and sector;

• quality of management;

• size of the 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 OTTI occurs and there is a non-credit portion of the unrealized loss that will not 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 OTTI 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 that 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, 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.

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. We monitor the financial condition of these reinsurers, establishing an allowance for uncollectible reinsurance recoverables as necessary. We have concluded that no such allowance was required at December 31, 2017 or 2016. 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.

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 was determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Value of insurance in force acquired is being amortized on a fixed amortization schedule.

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.

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 three to twenty years. Property and equipment had a carrying value of $35.8 million at December 31, 2017 and $33.5 million at December 31, 2016, and accumulated depreciation and amortization of $78.7 million at December 31, 2017 and $70.1 million at December 31, 2016. Depreciation and amortization expense for property and equipment was $8.7 million in 2017 and 2016, and $8.2 million in 2015.

Goodwill and Intangible Assets, Policy

Other assets at December 31, 2017 and 2016, 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 a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. 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. 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 this analysis, we have determined our goodwill was not impaired as of December 31, 2017 or 2016.

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. We also have additional benefit reserves that are established for annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. 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 2017, 2016 and 2015.

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 5.47% in 2017, 5.51% in 2016 and 5.66% in 2015. 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 29% of receipts from policyholders during 2017 (2016 - 32% and 2015 - 31%) and represented 10%of life insurance in force at December 31, 2017 and 11% at December 31, 2016 and 2015.

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 tax rates expected to be in effect when the assets or liabilities are recovered or settled. 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 and product guarantees, 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,
	2017		2016		2015
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	24,356	$	22,735	$	22,260
Amortization of deferred acquisition costs	22,507		28,225		35,220
Amortization of value of insurance in force acquired	2,178		2,392		2,436
Other underwriting, acquisition and insurance expenses, net of deferrals	85,837		82,615		83,752
Total	$	134,878	$	135,967	$	143,668

Other Income and Other Expenses, Policy

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 $4.6 million in 2017, $4.8 million in 2016 and $4.9 million in 2015. Investment advisory fee income from affiliates totaled $2.7 million in 2017, $2.5 million in 2016 and $2.3 million in 2015. In addition, Farm Bureau Life has certain items, including fees earned from brokered products, reported as other income and other expense, which netted to $2.5 million in 2017, $3.4 million in 2016 and $3.2 million in 2015. We expense legal costs associated with a loss contingency as incurred.

Pension and Other Postretirement Plans, Policy

Retirement and Compensation Plans

We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, 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. 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.

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 as well as the underfunded obligation for certain retirement and 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 (Loss), excludes net investment gains and losses included in net income that represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8.

Use of Estimates, Policy

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (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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Significant Accounting Policies Insurance costs (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Recognition of underwriting, acquisition and insurance costs

Underwriting, Acquisition and Insurance Expenses
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	$	24,356	$	22,735	$	22,260
Amortization of deferred acquisition costs	22,507		28,225		35,220
Amortization of value of insurance in force acquired	2,178		2,392		2,436
Other underwriting, acquisition and insurance expenses, net of deferrals	85,837		82,615		83,752
Total	$	134,878	$	135,967	$	143,668

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Investment Operations (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017
	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)	$	3,374,927	$	329,299	$	(15,955	)	$	3,688,271	$	(504	)
Residential mortgage-backed	483,671		35,890		(3,280		)	516,281		339
Commercial mortgage-backed	674,076		34,464		(3,233		)	705,307		—
Other asset-backed	818,071		18,645		(3,214		)	833,502		845
United States Government and agencies	23,378		1,606		(79		)	24,905		—
States and political subdivisions	1,383,127		141,813		(1,239		)	1,523,701		—
Total fixed maturities	$	6,757,250	$	561,717	$	(27,000	)	$	7,291,967	$	680
Equity securities:
Non-redeemable preferred stocks	$	92,951	$	7,146	$	(265	)	$	99,832
Common stocks	30,369		549		—			30,918
Total equity securities	$	123,320	$	7,695	$	(265	)	$	130,750

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2016
	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)	$	3,529,997	$	228,601	$	(49,943	)	$	3,708,655	$	(1,082	)
Residential mortgage-backed	396,110		29,121		(2,931		)	422,300		(983		)
Commercial mortgage-backed	546,446		33,645		(4,137		)	575,954		—
Other asset-backed	771,570		8,846		(9,766		)	770,650		2,544
United States Government and agencies	30,575		1,629		(132		)	32,072		—
States and political subdivisions	1,387,013		119,298		(7,152		)	1,499,159		—
Total fixed maturities	$	6,661,711	$	421,140	$	(74,061	)	$	7,008,790	$	479
Equity securities:
Non-redeemable preferred stocks	$	100,042	$	4,050	$	(1,675	)	$	102,417
Common stocks	30,437		114		—			30,551
Total equity securities	$	130,479	$	4,164	$	(1,675	)	$	132,968

(1) Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position 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 fair value of $17.5 million at December 31, 2017 and $23.3 million at December 31, 2016. Corporate securities also include redeemable preferred stock with a fair value of $21.7 million at December 31, 2017 and $24.5 million at December 31, 2016.

Available-For-Sale Fixed Maturities by Maturity Date

Available-For-Sale Fixed Maturities by Maturity Date
	December 31, 2017
	Amortized  Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	152,509	$	155,126
Due after one year through five years	647,454		686,727
Due after five years through ten years	700,297		742,583
Due after ten years	3,281,172		3,652,441
	4,781,432		5,236,877
Mortgage-backed and other asset-backed	1,975,818		2,055,090
Total fixed maturities	$	6,757,250	$	7,291,967

Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income

Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income
	December 31,
	2017			2016
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	534,718		$	347,079
Equity securities - available for sale	7,430			2,489
	542,148			349,568
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(147,173		)	(95,647		)
Value of insurance in force acquired	(14,870		)	(12,382		)
Unearned revenue reserve	12,705			4,215
Adjustments for assumed changes in policyholder liabilities	(18,499		)	(3,795		)
Provision for deferred income taxes (see Note 5)	(78,605		)	(84,684		)
Net unrealized investment gains	$	295,706		$	157,275

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income

Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income
	Year ended December 31,
	2017		2016			2015
	(Dollars in thousands)
Fixed maturities - available for sale	$	187,639	$	89,222		$	(331,408	)
Equity securities - available for sale	4,941		(2,842		)	118
Change in unrealized appreciation/depreciation of investments	$	192,580	$	86,380		$	(331,290	)

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, 2017
	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	$	85,019	$	(1,261	)	$	183,820	$	(14,694	)	$	268,839	$	(15,955	)	59.1	%
Residential mortgage-backed	76,393		(1,757		)	31,779		(1,523		)	108,172		(3,280		)	12.1
Commercial mortgage-backed	151,158		(2,078		)	16,398		(1,155		)	167,556		(3,233		)	12.0
Other asset-backed	159,111		(2,006		)	71,064		(1,208		)	230,175		(3,214		)	11.9
United States Government and agencies	5,698		(47		)	1,864		(32		)	7,562		(79		)	0.3
States and political subdivisions	5,904		(96		)	20,505		(1,143		)	26,409		(1,239		)	4.6
Total fixed maturities	$	483,283	$	(7,245	)	$	325,430	$	(19,755	)	$	808,713	$	(27,000	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)
Total equity securities	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2016
	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	$	742,626	$	(23,142	)	$	220,939	$	(26,801	)	$	963,565	$	(49,943	)	67.3	%
Residential mortgage-backed	51,873		(1,014		)	22,744		(1,917		)	74,617		(2,931		)	4.0
Commercial mortgage-backed	95,690		(3,590		)	6,610		(547		)	102,300		(4,137		)	5.6
Other asset-backed	371,829		(5,810		)	95,740		(3,956		)	467,569		(9,766		)	13.2
United States Government and agencies	6,438		(132		)	—		—			6,438		(132		)	0.2
States and political subdivisions	150,052		(7,152		)	—		—			150,052		(7,152		)	9.7
Total fixed maturities	$	1,418,508	$	(40,840	)	$	346,033	$	(33,221	)	$	1,764,541	$	(74,061	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	12,774	$	(150	)	$	13,438	$	(1,525	)	$	26,212	$	(1,675	)
Total equity securities	$	12,774	$	(150	)	$	13,438	$	(1,525	)	$	26,212	$	(1,675	)

Mortgage Loans by Collateral Type

Mortgage Loans by Collateral Type
	December 31, 2017				December 31, 2016
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	410,090	42.2	%	$	361,088	44.2	%
Retail	292,257		30.1		240,602		29.5
Industrial	207,180		21.3		154,005		18.9
Other	62,285		6.4		60,776		7.4
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Geographic Location within the United States

Mortgage Loans by Geographic Location within the United States
	December 31, 2017				December 31, 2016
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	296,947	30.5	%	$	266,019	32.6	%
Pacific	146,320		15.0		104,337		12.8
West North Central	127,096		13.1		105,753		12.9
Mountain	105,627		10.9		79,707		9.8
East North Central	91,971		9.5		91,550		11.2
West South Central	85,566		8.8		74,258		9.1
East South Central	67,228		6.9		54,676		6.7
New England	35,005		3.6		35,246		4.3
Middle Atlantic	16,052		1.7		4,925		0.6
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Loan-to-Value Ratio

Mortgage Loans by Loan-to-Value Ratio
	December 31, 2017				December 31, 2016
Loan-to-Value Ratio	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	334,037	34.4	%	$	274,953	33.7	%
50% - 60%	258,359		26.6		210,555		25.8
60% - 70%	297,404		30.6		233,216		28.5
70% - 80%	63,116		6.5		67,607		8.3
80% - 90%	18,896		1.9		30,140		3.7
Total	$	971,812	100.0	%	$	816,471	100.0	%

Mortgage Loans by Year of Origination

Mortgage Loans by Year of Origination
	December 31, 2017				December 31, 2016
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2017	$	214,365	22.1	%	$	—	—	%
2016	154,359		15.9		158,817		19.4
2015	144,890		14.9		149,302		18.3
2014	77,866		8.0		80,771		9.9
2013	67,142		6.9		69,887		8.6
2012 and prior	313,190		32.2		357,694		43.8
Total	$	971,812	100.0	%	$	816,471	100.0	%

Impaired Mortgage Loans

Impaired Mortgage Loans
	December 31,
	2017			2016
	(Dollars in thousands)
Unpaid principal balance	$	19,027		$	21,459
Less:
Related allowance	(497		)	(713		)
Carrying value of impaired mortgage loans	$	18,530		$	20,746

Allowance on Mortgage Loans

Allowance on Mortgage Loans
	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at beginning of period	$	713		$	851
Recoveries	(216		)	(138		)
Balance at end of period	$	497		$	713

Components of Net Investment Income

Components of Net Investment Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Fixed maturities - available for sale	$	344,302		$	342,657		$	338,952
Equity securities - available for sale	6,502			6,558			6,091
Mortgage loans	42,185			38,098			35,923
Real estate	—			—			169
Policy loans	9,014			8,956			8,871
Short-term investments, cash and cash equivalents	506			365			141
Derivative income (loss)	7,687			3,935			(2,266		)
Prepayment fee income and other	12,470			10,992			11,555
	422,666			411,561			399,436
Less investment expenses	(7,467		)	(7,391		)	(8,287		)
Net investment income	$	415,199		$	404,170		$	391,149

Realized Gains (Losses) - Recorded in Income

Realized Gains (Losses) - Recorded in Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	1,426		$	9,793		$	4,781
Gross losses	(1,081		)	(8,523		)	(1,952		)
Equity securities	(90		)	529			—
Mortgage loans	—			817			—
Real estate	304			—			—
Other	40			490			8,233
	599			3,106			11,062
Impairment losses recognized in earnings:
Credit-related portion of fixed maturity losses (1)	—			(4,767		)	(363		)
Other credit-related (2)	(3,986		)	(102		)	(210		)
Realized gains (losses) on investments recorded in income	$	(3,387	)	$	(1,763	)	$	10,489

(1) Amount represents the credit-related losses recognized for fixed maturities that were impaired through income but 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 other investments, real estate and fixed maturities written down to fair value through income. Also included are impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

Credit Loss Component of Other-than-temporary Impairments on Fixed Maturities

	Year ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at beginning of period	$	(14,500	)	$	(11,498	)
Increases for newly impaired investments	—			(2,595		)
Increases to previously impaired investments	—			(2,172		)
Reductions due to investments sold	1,521			1,765
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	587			—
Balance at end of period	$	(12,392	)	$	(14,500	)

VIE Investments by Category

VIE Investments by Category
	December 31, 2017				December 31, 2016
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
LIHTC	$	82,417	$	84,103	$	91,255	$	95,058
Investment companies	25,335		62,372		23,379		45,569
Real estate limited partnerships	8,589		20,590		10,790		14,558
Other	1,182		1,488		429		2,034
Total	$	117,523	$	168,553	$	125,853	$	157,219

Schedule of Derivative Instruments

Derivatives Instruments by Type
	December 31, 2017		December 31, 2016
	(Dollars in thousands)
Assets
Freestanding derivatives:
Call options (reported in other investments)	$	14,824	$	9,360
Embedded derivatives:
Modified coinsurance (reported in reinsurance recoverable)	2,125		3,411
Interest-only security (reported in fixed maturities)	2,096		3,374
Total assets	$	19,045	$	16,145
Liabilities
Embedded derivatives:
Indexed annuity and universal life products (reported in liability for future policy benefits)	$	27,774	$	15,778
Modified coinsurance agreements (reported in other liabilities)	268		114
Total liabilities	$	28,042	$	15,892

Derivative Income (Loss)
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Change in fair value of free standing derivatives:
Call options	$	9,373		$	2,990		$	(1,480	)
Change in fair value of embedded derivatives:
Modified coinsurance agreements	(1,440		)	716			(809		)
Interest-only security	(246		)	229			23
Indexed annuity and universal life products	320			(2,390		)	2,577
Total income from derivatives	$	8,007		$	1,545		$	311

Affordable Housing Program

LIHTC Equity Income (Loss), Net of Related Income Taxes
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Equity losses from LIHTC	$	(8,489	)	$	(7,547	)	$	(7,022	)
Income tax benefits:
Tax benefits from equity losses	2,971			2,641			2,458
Investment tax credits	14,227			14,077			13,542
Equity income from LIHTC, net of related income benefits	$	8,709		$	9,171		$	8,978

At December 31, 2017, we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $51.0 million, including $1.7 million for commitments to LIHTC, which are summarized by year in the following table.

Commitments to LIHTC by Year
	December 31, 2017
	(Dollars in thousands)
2018	$	829
2019	46
2020-2025	811
Total	$	1,686

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Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Values and Carrying Values
	December 31,
	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	7,291,967	$	7,291,967	$	7,008,790	$	7,008,790
Equity securities - available for sale	130,750		130,750		132,968		132,968
Mortgage loans	971,812		989,503		816,471		840,337
Policy loans	191,398		236,223		188,254		230,656
Other investments	15,713		16,838		9,809		11,272
Cash, cash equivalents and short-term investments	69,703		69,703		49,931		49,931
Reinsurance recoverable	2,125		2,125		3,411		3,411
Assets held in separate accounts	651,963		651,963		597,072		597,072

Liabilities
Future policy benefits	$	4,192,367	$	4,147,654	$	4,044,148	$	3,903,177
Supplementary contracts without life contingencies	322,630		327,151		330,232		330,633
Advance premiums and other deposits	259,099		259,099		257,171		257,171
Long-term debt	97,000		78,628		97,000		67,599
Other liabilities	268		268		114		114
Liabilities related to separate accounts	651,963		649,610		597,072		593,760

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, 2017
	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
Fixed maturities:
Corporate securities	$	—	$	3,654,671	$	33,600	$	3,688,271
Residential mortgage-backed securities	—		507,157		9,124		516,281
Commercial mortgage-backed securities	—		619,606		85,701		705,307
Other asset-backed securities	—		780,022		53,480		833,502
United States Government and agencies	9,078		15,827		—		24,905
States and political subdivisions	—		1,523,701		—		1,523,701
Total fixed maturities	9,078		7,100,984		181,905		7,291,967
Non-redeemable preferred stocks	—		92,425		7,407		99,832
Common stocks	4,313		26,605		—		30,918
Other investments	—		14,824		—		14,824
Cash, cash equivalents and short-term investments	69,703		—		—		69,703
Reinsurance recoverable	—		2,125		—		2,125
Assets held in separate accounts	651,963		—		—		651,963
Total assets	$	735,057	$	7,236,963	$	189,312	$	8,161,332
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	—	$	—	$	27,774	$	27,774
Other liabilities	—		268		—		268
Total liabilities	$	—	$	268	$	27,774	$	28,042

Valuation of our Financial Instruments Measured on a Recurring Basis by 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)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,649,536	$	59,119	$	3,708,655
Residential mortgage-backed securities	—		422,300		—		422,300
Commercial mortgage-backed securities	—		494,520		81,434		575,954
Other asset-backed securities	—		716,282		54,368		770,650
United States Government and agencies	11,943		20,129		—		32,072
States and political subdivisions	—		1,499,159		—		1,499,159
Total fixed maturities	11,943		6,801,926		194,921		7,008,790
Non-redeemable preferred stocks	—		95,006		7,411		102,417
Common stocks	3,056		27,495		—		30,551
Other investments	—		9,360		—		9,360
Cash, cash equivalents and short-term investments	49,931		—		—		49,931
Reinsurance recoverable	—		3,411		—		3,411
Assets held in separate accounts	597,072		—		—		597,072
Total assets	$	662,002	$	6,937,198	$	202,332	$	7,801,532
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	—	$	—	$	15,778	$	15,778
Other liabilities	—		114		—		114
Total liabilities	$	—	$	114	$	15,778	$	15,892

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Level 3 Fixed Maturities by Valuation Source - Recurring Basis
	December 31, 2017
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	4,555		$	29,045		$	33,600
Commercial mortgage-backed securities	85,701			—			85,701
Residential mortgage-backed securities	9,124			—			9,124
Other asset-backed securities	47,080			6,400			53,480
Total	$	146,460		$	35,445		$	181,905
Percent of total	80.5		%	19.5		%	100.0		%

	December 31, 2016
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	17,684		$	41,435		$	59,119
Commercial mortgage-backed securities	81,434			—			81,434
Other asset-backed securities	39,308			15,060			54,368
Total	$	138,426		$	56,495		$	194,921
Percent of total	71.0		%	29.0		%	100.0		%

Fair Value, Measurement Inputs, Disclosure [Text Block]

Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis
	December 31, 2017
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	27,682	Discounted cash flow	Credit spread	0.91% - 6.20% (4.17%)
Commercial mortgage-backed	72,224		Discounted cash flow	Credit spread	1.40% - 4.10% (2.50%)
Non-redeemable preferred stocks	7,407		Discounted cash flow	Credit spread	2.94% (2.94%)
Total assets	$	107,313
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	27,774	Discounted cash flow	Credit risk Risk margin	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)

	December 31, 2016
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	47,398	Discounted cash flow	Credit spread	0.58% - 4.25% (2.81%)
Commercial mortgage-backed	81,434		Discounted cash flow	Credit spread	1.10% - 4.15% (2.95%)
Other asset-backed securities	6,461		Discounted cash flow	Credit spread	1.08% - 4.87% (3.45%)
Non-redeemable preferred stocks	7,411		Discounted cash flow	Credit spread	4.05% (4.05%)
Total assets	$	142,704
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	15,778	Discounted cash flow	Credit risk Risk margin	0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%)

Level 3 Financial Instruments Changes in Fair Value [Table Text Block]

Level 3 Financial Instruments Changes in Fair Value - Recurring Basis
	December 31, 2017
								Realized and unrealized gains (losses), net
	Balance, December 31, 2016		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, 2017
	(Dollars in thousands)
Assets
Corporate securities	$	59,119	$	5,000	$	(12,230	)	$	84	$	(1,365	)	$	13,440	$	(30,409	)	$	(39	)	$	33,600
Residential mortgage-backed securities	—		32,455		—			—		(1		)	—		(23,331		)	1			9,124
Commercial mortgage-backed securities	81,434		25,591		(802		)	—		6,218			—		(26,658		)	(82		)	85,701
Other asset-backed securities	54,368		126,867		(8,886		)	—		499			13,353		(132,700		)	(21		)	53,480
Non-redeemable preferred stocks	7,411		—		—			—		(4		)	—		—			—			7,407
Total assets	$	202,332	$	189,913	$	(21,918	)	$	84	$	5,347		$	26,793	$	(213,098	)	$	(141	)	$	189,312
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	15,778	$	6,594	$	(2,128	)	$	7,530	$	—		$	—	$	—		$	—		$	27,774

	December 31, 2016
								Realized and unrealized gains (losses), net
	Balance, December 31, 2015		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, 2016
	(Dollars in thousands)
Assets
Corporate securities	$	49,076	$	2,000	$	(13,751	)	$	(27	)	$	(490	)	$	35,956	$	(13,572	)	$	(73	)	$	59,119
Residential mortgage-backed securities	3,729		—		(3,722		)	—			(137		)	—		—			130			—
Commercial mortgage-backed securities	88,180		18,826		(1,656		)	—			(141		)	—		(23,852		)	77			81,434
Other asset-backed securities	55,557		64,146		(11,621		)	—			212			30,098		(84,045		)	21			54,368
United States Government and agencies	8,726		—		—			—			486			—		(9,218		)	6			—
State, municipal and other governments	—		—		—			—			108			2,393		(2,501		)	—			—
Non-redeemable preferred stocks	7,471		—		—			—			(60		)	—		—			—			7,411
Total assets	$	212,739	$	84,972	$	(30,750	)	$	(27	)	$	(22	)	$	68,447	$	(133,188	)	$	161		$	202,332
Liabilities
Future policy benefits - indexed annuity embedded derivatives	$	9,374	$	5,913	$	(115	)	$	606		$	—		$	—	$	—		$	—		$	15,778

(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. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

Financial Instruments Not Reported at Value [Table Text Block]

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	December 31, 2017
	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	$	—	$	—	$	989,503	$	989,503
Policy loans	—		—		236,223		236,223
Other investments	—		—		2,014		2,014
Total assets	$	—	$	—	$	1,227,740	$	1,227,740
Liabilities
Future policy benefits	$	—	$	—	$	4,119,880	$	4,119,880
Supplementary contracts without life contingencies	—		—		327,151		327,151
Advance premiums and other deposits	—		—		259,099		259,099
Long-term debt	—		—		78,628		78,628
Liabilities related to separate accounts	—		—		649,610		649,610
Total liabilities	$	—	$	—	$	5,434,368	$	5,434,368

	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)
Assets
Mortgage loans	$	—	$	—	$	840,337	$	840,337
Policy loans	—		—		230,656		230,656
Other investments					1,912		1,912
Total assets	$	—	$	—	$	1,072,905	$	1,072,905
Liabilities
Future policy benefits	$	—	$	—	$	3,887,399	$	3,887,399
Supplementary contracts without life contingencies	—		—		330,633		330,633
Advance premiums and other deposits	—		—		257,171		257,171
Long-term debt	—		—		67,599		67,599
Liabilities related to separate accounts	—		—		593,760		593,760
Total liabilities	$	—	$	—	$	5,136,562	$	5,136,562

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Reinsurance and Policy Provisions (Tables)

12 Months Ended

Dec. 31, 2017

Reinsurance and Policy Provisions [Abstract]

Reinsurance [Text Block]

Impact of Reinsurance on our Financial Statements
	Year ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Ceded (reductions to financial statement items):
Premiums and product charges	$	32,922	$	33,058	$	33,462
Insurance benefits	24,159		22,515		26,183
Allowances for expenses and commissions	4,548		4,709		4,945
Assumed (additions to financial statement items):
Premiums and product charges	2,637		2,670		2,751
Insurance benefits	6,356		2,302		1,231
Allowances for expenses and commissions	1,543		1,427		1,570

Reinsurance in Force and Percentage of Direct Life Insurance in Force
	Year ended December 31,
	2017				2016
	(Dollars in millions)
Ceded reinsurance	$	14,087	22.5	%	$	14,258	23.5	%
Assumed reinsurance	487		0.8	%	524		0.9	%

Present Value of Future Insurance Profits [Text Block]

	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Balance at beginning of year	$	21,608		$	24,000		$	26,436
Amortization per fixed schedule	(2,178		)	(2,198		)	(2,384		)
Impact of unlocking actuarial assumptions	—			(194		)	(52		)
Balance at end of year	19,430			21,608			24,000
Impact of net unrealized investment gains and losses	(14,870		)	(12,382		)	(3,087		)
Value of insurance in force acquired	$	4,560		$	9,226		$	20,913

Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block]

GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee
	December 31, 2017				December 31, 2016
	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	$	173,761	$	442	$	159,617	$	543
Return the greater of highest anniversary value or net deposits	292,112		1,068		270,539		2,920
Incremental death benefit	265,456		67,350		241,142		53,933
Guaranteed minimum income benefit	29,987		—		32,733		—
Total			$	68,860			$	57,396

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income Tax Expenses (Credits)
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Taxes provided in consolidated statements of operations on:
Income before equity loss:
Current	$	34,301		$	36,461		$	40,578
Deferred	(75,030		)	9,549			6,840
	(40,729		)	46,010			47,418
Equity loss, including low income housing tax credits	(15,804		)	(15,498		)	(15,706		)
Taxes provided in consolidated statements of changes in stockholders' equity:
Accumulated other comprehensive income	43,448			18,882			(77,473		)
Class A and Class B common stock (1)	—			(846		)	(1,363		)
	43,448			18,036			(78,836		)
	$	(13,085	)	$	48,548		$	(47,124	)

(1) Beginning in 2017, accounting guidance requires tax benefits of equity-based compensation to be recorded through net income rather than directly to stockholders' equity. Accordingly, we do not expect to have a provision for taxes on Class A and B common stock for years after 2016. See Note 1 for further discussion of this accounting change.

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Effective Tax Rate Reconciliation to Federal Income Tax Rate
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Income before income taxes and equity loss	$	142,327		$	141,789		$	151,368
Income tax at federal statutory rate (35%)	$	49,814		$	49,626		$	52,979
Tax effect (decrease) of:
Tax-exempt dividend and interest income	(3,384		)	(2,950		)	(3,233		)
Remeasurement of deferred taxes under the Tax Act	(85,797		)	—			—
Other items	(1,362		)	(666		)	(2,328		)
Income tax expense	$	(40,729	)	$	46,010		$	47,418

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,
	2017		2016
	(Dollars in thousands)
Deferred income tax assets:
Future policy benefits	$	21,926	$	30,340
Accrued benefit and compensation costs	3,435		10,001
Loss carryforwards	3,452		5,709
Other	2,669		2,393
	31,482		48,443
Deferred income tax liabilities:
Fixed maturity and equity securities	118,716		131,655
Deferred acquisition costs	33,177		62,599
Value of insurance in force acquired	958		3,229
Property and equipment	5,883		7,777
Other	4,660		6,678
	163,394		211,938
Net deferred income tax liability	$	131,912	$	163,495

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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class [Table Text Block]

Reconciliation of Outstanding Common Stock
	Class A					Class B (1)			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2015	24,703,903		$	144,625		11,413	$	72	24,715,316		$	144,697
Issuance of common stock under compensation plans	159,764		5,022			—	—		159,764		5,022
Purchase of common stock	(66,904	)	(399		)	—	—		(66,904	)	(399		)
Outstanding at December 31, 2015	24,796,763		149,248			11,413	72		24,808,176		149,320
Issuance of common stock under compensation plans	96,101		3,718			—	—		96,101		3,718
Purchase of common stock	(10,322	)	(63		)	—	—		(10,322	)	(63		)
Outstanding at December 31, 2016	24,882,542		152,903			11,413	72		24,893,955		152,975
Issuance of common stock under compensation plans	40,082		708			—	—		40,082		708
Purchase of common stock	(3,511	)	(22		)	—	—		(3,511	)	(22		)
Outstanding at December 31, 2017	24,919,113		$	153,589		11,413	$	72	24,930,526		$	153,661

(1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis.

Comprehensive Income (Loss) [Table Text Block]

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Gains (Losses)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Balance at January 1, 2015	$	266,211		$	1,131		$	(8,932	)	$	258,410
Other comprehensive income before reclassifications	(143,731		)	(1,155		)	—			(144,886		)
Reclassification adjustments	(1,693		)	(90		)	2,791			1,008
Balance at December 31, 2015	120,787			(114		)	(6,141		)	114,532
Other comprehensive income before reclassifications	37,895			1,901			—			39,796
Reclassification adjustments	(1,719		)	(1,476		)	(1,578		)	(4,773		)
Balance at December 31, 2016	156,963			311			(7,719		)	149,555
Other comprehensive income before reclassifications	88,534			136			—			88,670
Reclassification related to the Tax Act (3)	49,657			90			(1,521		)	48,226
Reclassification adjustments	15			—			(1,483		)	(1,468		)
Balance at December 31, 2017	$	295,169		$	537		$	(10,723	)	$	284,983

(1) Unrealized net investment gains (losses) relate to available-for-sale securities and include 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.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Pension Plans.

(3) Reclassification of the initial impact of the remeasurement of deferred tax assets and liabilities upon enactment of the Tax Act. See discussion of this accounting change as discussed in Note 1.

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2017
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(255	)	$	—	$	—		$	(255	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	274			—		—			274
Other than temporary impairment losses	—			—		—			—
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—		—			—
Net actuarial loss	—			—		(1,702		)	(1,702		)
Reclassifications before income taxes	19			—		(1,702		)	(1,683		)
Income taxes	(4		)	—		219			215
Reclassification adjustments	$	15		$	—	$	(1,483	)	$	(1,468	)

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2016
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(1,799	)	$	—		$	—		$	(1,799	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	(845		)	180			—			(665		)
Other than temporary impairment losses	—			(2,451		)	—			(2,451		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(1		)	(1		)
Net actuarial loss	—			—			(2,425		)	(2,425		)
Reclassifications before income taxes	(2,644		)	(2,271		)	(2,426		)	(7,341		)
Income taxes	925			795			848			2,568
Reclassification adjustments	$	(1,719	)	$	(1,476	)	$	(1,578	)	$	(4,773	)

	Year ended December 31, 2015
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(2,829	)	$	—		$	—		$	(2,829	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	224			7			—			231
Other than temporary impairment losses	—			(146		)	—			(146		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(12		)	(12		)
Net actuarial gain	—			—			4,306			4,306
Reclassifications before income taxes	(2,605		)	(139		)	4,294			1,550
Income taxes	912			49			(1,503		)	(542		)
Reclassification adjustments	$	(1,693	)	$	(90	)	$	2,791		$	1,008

(1) See Note 2 for further information.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans.

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Retirement and Compensation Plans Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of Multiemployer Plans [Table Text Block]

Multiemployer Plan name		FBL Financial Group Retirement Plan
Employer identification number		42-1411715
Plan number		001
FBL's contributions (in thousands)
	2017	$45,000
	2016	$30,000
	2015	$30,000

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,
	2017			2016			2017			2016
	(Dollars in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of the year	$	336,454		$	319,420		$	24,585		$	22,275
Service cost	5,552			5,795			436			335
Interest cost	14,124			14,447			1,003			966
Actuarial loss	41,855			15,767			2,728			3,317
Benefits paid	(21,986		)	(18,975		)	(1,838		)	(2,308		)
Projected benefit obligation	375,999			336,454			26,914			24,585
Change in plan assets:
Fair value of plan assets at beginning of the year	291,071			262,276			—			—
Actual return on plan assets	31,311			17,770			—			—
Employer contributions	45,000			30,000			1,838			2,308
Benefits paid	(21,986		)	(18,975		)	(1,838		)	(2,308		)
Fair value of plan assets at end of the year	345,396			291,071			—			—
Underfunded status at end of the year	$	(30,603	)	$	(45,383	)	$	(26,914	)	$	(24,585	)
Accumulated benefit obligation	$	334,462		$	297,753		$	23,504		$	21,407

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,
	2017			2016			2015			2017		2016			2015
	(Dollars in thousands)
Service cost	$	5,552		$	5,795		$	5,892		$	436	$	335		$	435
Interest cost	14,124			14,447			13,472			1,003		966			1,000
Expected return on assets	(19,184		)	(17,865		)	(17,563		)	—		—			—
Amortization of prior service cost	131			144			144			—		(1		)	(11		)
Amortization of actuarial loss	10,121			9,432			10,464			1,172		918			1,528
Effect of settlement	—			—			7,998			—		—			—
Net periodic pension cost	$	10,744		$	11,953		$	20,407		$	2,611	$	2,218		$	2,952
FBL Financial Group, Inc. share of net periodic pension cost	$	3,404		$	3,807		$	6,614		$	1,551	$	1,260		$	1,671

Schedule of Defined Benefit Plans Disclosures [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,
	2017		2016		2017			2016
	(Dollars in thousands)
Amount recognized in FBL's statement of financial position
Prepaid benefit cost	$	36,858	$	26,006	$	740		$	876
Accrued benefit cost	—		—		(21,245		)	(19,159		)
Net amount recognized	$	36,858	$	26,006	$	(20,505	)	$	(18,283	)
Amount recognized in FBL's accumulated other comprehensive income, before taxes (1)
Net actuarial loss					$	13,649		$	12,094
Net amount recognized					$	13,649		$	12,094

(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 $30.6 million at December 31, 2017 and $45.4 million at December 31, 2016.

Schedule of Assumptions Used [Table Text Block]

Weighted Average Assumptions Used to Determine Benefit Obligation
	December 31
	2017		2016
Discount rate	3.72	%	4.29	%
Annual salary increases	3.27	%	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,
	2017		2016		2015
Discount rate	4.29	%	4.65	%	4.52% / 4.05%
Expected long-term return on plan assets	6.60	%	6.75	%	6.75% / 7.00%
Annual salary increases	3.31	%	3.31	%	3.31% / 3.00%

Schedule of Allocation of Plan Assets [Table Text Block]

Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels
	December 31, 2017
	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	$	39,563	$	—	$	—	$	39,563
International funds	40,349		—		—		40,349
Pooled separate accounts: (1)
Short-term fixed income funds	—		793		—		793
Fixed income funds	—		14,689		—		14,689
U.S. equity funds	—		32,726		—		32,726
Real estate fund	—		15,526		—		15,526
Annuities: (2)
Group annuity contract	—		—		181,403		181,403
Funded annuity contracts	—		—		10,776		10,776
Alternative investments: (3)
Limited partnerships	—		—		9,571		9,571
Total	$	79,912	$	63,734	$	201,750	$	345,396

	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

(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.

Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block]

Level 3 Multiemployer Plan Asset Changes in Fair Value
	December 31, 2017
						Return on assets
	December 31, 2016		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3		December 31, 2017
	(Dollars in thousands)
Group annuity contract	$	141,782	$	33,221		$	6,400	$	—	$	—	$	181,403
Funded annuity contracts	11,382		(1,258		)	652		—		—		10,776
Limited partnerships	8,447		314			810		—		—		9,571
Total	$	161,611	$	32,277		$	7,862	$	—	$	—	$	201,750

	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

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Retirement and Compensation Plans Stock based compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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, 2017	45,395		$	27.35
Exercised	(21,527	)	33.60
Forfeited or expired	—		—
Shares under option at December 31, 2017	23,868		21.92		2.15	$	1,139
Vested at December 31, 2017	23,868		$	21.92	2.15	$	1,139
Exercisable options at December 31, 2017	23,868		$	21.92	2.15	$	1,139

(1) Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017.

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, 2017	121,517		$	46.10
Granted	23,526		69.10
Vested	(42,465	)	42.55
Forfeited or canceled	—		—
Restricted stock units at December 31, 2017	102,578		52.85

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Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017		2016		2015
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	194,327	$	107,223	$	113,527
Less: Dividends on Series B preferred stock	150		150		150
Income available to common stockholders	$	194,177	$	107,073	$	113,377
Denominator:
Weighted-average shares - basic	25,038,334		24,985,400		24,927,209
Effect of dilutive securities - stock-based compensation	19,111		43,683		89,274
Weighted-average shares - diluted	25,057,445		25,029,083		25,016,483
Earnings per common share	$	7.76	$	4.29	$	4.55
Earnings per common share - assuming dilution	$	7.75	$	4.28	$	4.53

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Statutory Insurance Information (Tables)

12 Months Ended

Dec. 31, 2017

Statutory Insurance Information [Abstract]

Statutory Accounting Practices Disclosure [Table Text Block]

Statutory Information of our Insurance Subsidiaries
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Farm Bureau Life:
Net gain from operations (excludes impact of realized gains and losses on investments)	$	106,062		$	106,143		$	100,013
Net income	104,947			100,657			106,009
Greenfields:
Net loss from operations (excludes impact of realized gains and losses on investments)	(192		)	(443		)	(362		)
Net loss	(192		)	(443		)	(362		)

Statutory Information of our Insurance Subsidiaries - Continued
	Farm Bureau Life						Greenfields
	December 31,						December 31,
	2017			2016			2017			2016
	(Dollars in thousands)
Total capital and surplus	$	615,973		$	617,321		$	9,006		$	9,273
Unassigned surplus (deficit)	482,490			483,838			(1,794		)	(1,527		)
Risk-Based Capital measurements:
Total adjusted capital	682,570			685,721			9,028			9,289
Company action level capital	123,628			125,994			172			173
RBC Ratio	552		%	544		%	5,249		%	5,322		%

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Reconciliation Between Net Income and Non-GAAP Operating Income
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Net income attributable to FBL Financial Group, Inc.	$	194,327		$	107,223		$	113,527
Net income adjustments:
Initial impact of the Tax Act	(85,797		)	—			—
Realized gains/losses on investments (1)	2,381			713			(8,498		)
Change in net unrealized gains/losses on derivatives (1)	(2,549		)	(1,485		)	(141		)
Non-GAAP operating income	$	108,362		$	106,451		$	104,888

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Financial Information Concerning our Operating Segments
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Pre-tax non-GAAP operating income:
Annuity	$	68,821		$	66,025		$	69,950
Life Insurance	53,856			55,977			53,146
Corporate and Other	14,861			14,548			11,668
Total pre-tax non-GAAP operating income	137,538			136,550			134,764
Income taxes on non-GAAP operating income	(29,176		)	(30,099		)	(29,876		)
Non-GAAP operating income	$	108,362		$	106,451		$	104,888

Non-GAAP operating revenues:
Annuity	$	224,184		$	214,486		$	212,420
Life Insurance	418,593			414,446			408,966
Corporate and Other	94,340			92,703			93,632
	737,117			721,635			715,018
Net realized gains/losses on investments (1)	(3,902		)	(1,771		)	10,482
Change in net unrealized gains/losses on derivatives (1)	2,263			6,550			(2,691		)
Consolidated revenues	$	735,478		$	726,414		$	722,809
Net investment income:
Annuity	$	219,700		$	210,679		$	209,896
Life Insurance	158,318			154,427			152,730
Corporate and Other	34,918			32,514			31,214
	412,936			397,620			393,840
Change in net unrealized gains/losses on derivatives (1)	2,263			6,550			(2,691		)
Consolidated net investment income	$	415,199		$	404,170		$	391,149
Depreciation and amortization:
Annuity	$	6,489		$	8,253		$	4,548
Life Insurance	18,720			15,117			18,831
Corporate and Other	(1,120		)	5,178			8,546
	24,089			28,548			31,925
Net realized gains (losses) on investments (1)	(240		)	(673		)	225
Change in net unrealized gains/losses on derivatives (1)	(639		)	562			(332		)
Consolidated depreciation and amortization	$	23,210		$	28,437		$	31,818

Operating Segment Assets
	December 31,
	2017		2016
	(Dollars in thousands)
Assets:
Annuity	$	4,608,735	$	4,452,878
Life Insurance	3,367,562		3,256,306
Corporate and Other	1,710,211		1,615,411
	9,686,508		9,324,595
Unrealized gains in accumulated other comprehensive income (2)	380,105		241,539
Consolidated assets	$	10,066,613	$	9,566,134

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred sales inducements, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves 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 attributable to these items.

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Equity Income (Loss) by Operating Segment
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Pre-tax equity income (loss):
Life Insurance	$	2,741		$	—		$	—
Corporate and Other	(7,246		)	(4,057		)	(6,183		)
Total pre-tax equity loss	(4,505		)	(4,057		)	(6,183		)
Income taxes	15,804			15,497			15,706
Equity income, net of related income taxes	$	11,299		$	11,440		$	9,523

Reconciliation of non-GAAP measures [table text block] [Table Text Block]

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Year ended December 31,
	2017			2016			2015
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	292,344		$	281,551		$	281,003
Premiums collected on interest sensitive products	(97,963		)	(85,622		)	(90,895		)
Traditional life insurance premiums collected	194,381			195,929			190,108
Change in due premiums and other	949			985			848
Traditional life insurance premiums as included in the Consolidated Statements of Operations.	$	195,330		$	196,914		$	190,956

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,
	2017		2016			2015
	(Dollars in thousands)
Annuity
Surrender charges and other	$	4,484	$	3,803		$	2,524
Life Insurance
Administration charges	$	15,487	$	14,170		$	14,342
Cost of insurance charges	46,096		48,111			46,911
Surrender charges	1,913		1,181			919
Amortization of policy initiation fees	1,437		(24		)	3,371
Total	$	64,933	$	63,438		$	65,543
Corporate and Other
Administration charges	$	5,332	$	5,547		$	5,809
Cost of insurance charges	29,670		29,805			29,760
Surrender charges	150		213			346
Separate account charges	8,246		7,957			8,854
Amortization of policy initiation fees	121		1,165			1,748
Total	$	43,519	$	44,687		$	46,517
Consolidated interest sensitive product charges as included in the Statements of Operations	$	112,936	$	111,928		$	114,584

Concentration Risk Disclosure [Text Block]

Premium Concentration by State
	Year ended December 31,
	2017		2016		2015
Life and annuity collected premiums:
Iowa	25.9	%	25.1	%	26.2	%
Kansas	18.1		19.1		18.6
Oklahoma	8.2		8.0		8.9

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Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Unaudited Quarterly Results of Operations

	2017
Quarter ended	March 31,			June 30,		September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	77,635		$	79,718	$	75,091	$	75,822
Net investment income	100,994			103,908		102,950		107,347
Realized gains (losses) on investments	(469		)	921		14		(3,853		)
Total revenues	181,920			188,997		181,556		183,005
Net income attributable to FBL Financial Group, Inc.	26,433			32,291		27,104		108,499
Earnings per common share	$	1.05		$	1.29	$	1.08	$	4.33
Earnings per common share - assuming dilution	$	1.05		$	1.29	$	1.08	$	4.33

Net income and earnings per share for the quarter ended December 31, 2017 reflect the initial impact of the Tax Act. See Note 1 and Note 5 for more details.

	2016
Quarter ended	March 31,			June 30,			September 30,		December 31,
	(Dollars in thousands, except per share data)
Premiums and product charges	$	78,249		$	78,632		$	73,533	$	78,428
Net investment income	98,385			100,722			103,514		101,549
Realized gains (losses) on investments	(607		)	(2,294		)	621		517
Total revenues	179,666			181,285			181,284		184,179
Net income attributable to FBL Financial Group, Inc.	25,946			24,380			30,017		26,880
Earnings per common share	$	1.04		$	0.97		$	1.20	$	1.07
Earnings per common share - assuming dilution	$	1.04		$	0.97		$	1.20	$	1.07

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Significant Accounting Policies Accounting principles (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification related to financial instruments recognition and measurement guidance	$ 4.8
Employee Stock Option [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	0.6
Cash-based restricted stock unit plan [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 1.0	$ 1.2	$ 0.9
Earnings Per Share, Basic, Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0.02
Earnings Per Share, Diluted, Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0.02

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Significant Accounting Policies Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and Equipment, Net	$ 35,800	$ 33,500
Accumulated Depreciation	78,700	70,100
Depreciation expense	8,700	8,700	$ 8,200
Goodwill	$ 9,900	$ 9,900

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Significant Accounting Policies Recognition of costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Recognition of underwriting, acquisition and insurance costs [Line Items]
Commission expense, net of deferrals	$ 24,356	$ 22,735	$ 22,260
Amortization of deferred acquisition costs	22,507	28,225	35,220
Amortization of value of insurance in force acquired	2,178	2,392	2,436
Other underwriting, acquisition and insurance expenses, net of deferrals	85,837	82,615	83,752
Total	$ 134,878	$ 135,967	$ 143,668

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Significant Accounting Policies Other income other expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Future policy benefits:
Future policy benefits, assumptions, average rate in investment yields in gross margin estimation	5.47%	5.51%	5.66%
Other Policyholder Claims and Benefits
Premiums from policies subject to participation in dividends	29.00%	32.00%	31.00%
Contracts in force subject to participation in dividends	10.00%	11.00%	11.00%
Other Income and Expenses [Abstract]
Real Estate Owned, Valuation Allowance	$ 0.0	$ 0.0
Farm Bureau Property & Casualty insurance company [Member]
Other Income and Expenses [Abstract]
Lease income	4.6	4.8	$ 4.9
Investment Advisory Fees	2.7	2.5	2.3
Subsidiaries [Member]
Other Income and Expenses [Abstract]
Nonoperating Income (Expense)	$ 2.5	$ 3.4	$ 3.2
Minimum [Member] | Interest Sensitive Life [Member]
Future policy benefits:
Future Policy Benefits, Interest Rate Assumptions	1.00%	1.00%	1.00%
Minimum [Member] | Participating Life Insurance Policy [Member]
Future policy benefits:
Future Policy Benefits, Interest Rate Assumptions	2.00%
Maximum [Member] | Interest Sensitive Life [Member]
Future policy benefits:
Future Policy Benefits, Interest Rate Assumptions	5.50%	5.50%	5.50%
Maximum [Member] | Participating Life Insurance Policy [Member]
Future policy benefits:
Future Policy Benefits, Interest Rate Assumptions	6.00%

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Investment Operations Available for Sale Securities (Details) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Non-credit losses on other-than-temporary impairments (1)			[1]
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		6,757,250		6,661,711
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		561,717		421,140
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		27,000		74,061
Fair Value		7,291,967		7,008,790
Non-credit losses on other-than-temporary impairments (1)	[1]	680		479
Corporate
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		3,374,927		3,529,997
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		329,299		228,601
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		15,955		49,943
Fair Value		3,688,271		3,708,655
Non-credit losses on other-than-temporary impairments (1)		(504)		(1,082)
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value		17,500		23,300
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value		21,700		24,500
Residential mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		483,671		396,110
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		35,890		29,121
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		3,280		2,931
Fair Value		516,281		422,300
Non-credit losses on other-than-temporary impairments (1)		339		(983)
Commercial mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		674,076		546,446
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		34,464		33,645
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		3,233		4,137
Fair Value		705,307		575,954
Non-credit losses on other-than-temporary impairments (1)		0		0
Other asset-backed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		818,071		771,570
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		18,645		8,846
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		3,214		9,766
Fair Value		833,502		770,650
Non-credit losses on other-than-temporary impairments (1)		845		2,544
United States Government and agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		23,378		30,575
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		1,606		1,629
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		79		132
Fair Value		24,905		32,072
Non-credit losses on other-than-temporary impairments (1)		0		0
States and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,383,127		1,387,013
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		141,813		119,298
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		1,239		7,152
Fair Value		1,523,701		1,499,159
Non-credit losses on other-than-temporary impairments (1)		0		0
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		123,320		130,479
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax		7,695		4,164
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax		265		1,675
Fair Value		130,750		132,968
Non-redeemable preferred stocks
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		92,951		100,042
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax		7,146		4,050
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax		265		1,675
Fair Value		99,832		102,417
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		30,369		30,437
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax		549		114
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax		0		0
Fair Value		$ 30,918		$ 30,551

[1] Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

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Investment Operations Available-for-sale Fixed Maturities by Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis	$ 152,509
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	647,454
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis	700,297
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	3,281,172
Available For Sale Securities Debt Maturities with Maturity Date, Amortized Cost	4,781,432
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	1,975,818
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	6,757,250	$ 6,661,711
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	155,126
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value	686,727
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	742,583
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	3,652,441
Available For Sale Securities Debt Maturities with Maturity Date, Fair Value	5,236,877
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	2,055,090
Available-for-sale Securities, Debt Securities	$ 7,291,967	$ 7,008,790

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Investment Operations Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Unrealized Gains Losses [Line Items]
Assumed changes in amortization of DAC	$ 147,173	$ 95,647
Impact of net unrealized investment gains and losses	14,870	12,382	$ 3,087
Assumed changes in amortization patter of URR	12,705	4,215
Assumed changes in policyholder liability	(18,499)	(3,795)
Provision for deferred income taxes	78,605	84,684
Debt Securities [Member]
Net Unrealized Gains Losses [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	534,718	347,079
Equity Securities [Member]
Net Unrealized Gains Losses [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	7,430	2,489
Accumulated net unrealized investment gain (loss) [Member]
Net Unrealized Gains Losses [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	542,148	349,568
Net Unrealized gains losses on investments in Accumulated other comprehensive Income	$ 295,706	$ 157,275

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Investment Operations Change in unrealized appreciation/depreciation of investments in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation/depreciation of investments	$ 192,580	$ 86,380	$ (331,290)
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation/depreciation of investments	187,639	89,222	(331,408)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation/depreciation of investments	$ 4,941	$ (2,842)	$ 118

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Investment Operations Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time (Details) $ in Thousands	Dec. 31, 2017 USD ($) issuers securities	Dec. 31, 2016 USD ($) issuers securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities	247	516
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Issuers | issuers	154	404
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	$ 483,283	$ 1,418,508
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(7,245)	(40,840)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	325,430	346,033
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(19,755)	(33,221)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	808,713	1,764,541
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (27,000)	$ (74,061)
Percent of Total	100.00%	100.00%
Corporate (2)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 85,019	$ 742,626
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,261)	(23,142)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	183,820	220,939
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(14,694)	(26,801)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	268,839	963,565
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (15,955)	$ (49,943)
Percent of Total	59.10%	67.30%
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	$ 76,393	$ 51,873
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,757)	(1,014)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	31,779	22,744
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,523)	(1,917)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	108,172	74,617
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (3,280)	$ (2,931)
Percent of Total	12.10%	4.00%
Mortgage-backed Securities, Issued by Private Enterprises
Schedule of Available-for-sale Securities [Line Items]
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer	$ 2,600
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	151,158	$ 95,690
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2,078)	(3,590)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	16,398	6,610
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,155)	(547)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	167,556	102,300
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (3,233)	$ (4,137)
Percent of Total	12.00%	5.60%
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	$ 159,111	$ 371,829
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2,006)	(5,810)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	71,064	95,740
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,208)	(3,956)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	230,175	467,569
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (3,214)	$ (9,766)
Percent of Total	11.90%	13.20%
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	$ 5,698	$ 6,438
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(47)	(132)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	1,864	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(32)	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	7,562	6,438
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (79)	$ (132)
Percent of Total	0.30%	0.20%
States and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 5,904	$ 150,052
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(96)	(7,152)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	20,505	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,143)	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	26,409	150,052
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (1,239)	$ (7,152)
Percent of Total	4.60%	9.70%
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	$ 2,819	$ 12,774
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(71)	(150)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	4,807	13,438
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(194)	(1,525)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	7,626	26,212
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(265)	(1,675)
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	2,819	12,774
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(71)	(150)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	4,807	13,438
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(194)	(1,525)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	7,626	26,212
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (265)	$ (1,675)

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Investment Operations Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Other Commitment	$ 14,600
Carrying Value	$ 971,812	$ 816,471
Percent of Total	100.00%	100.00%
Year of origination 2017 [Member]
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 214,365	$ 0
Percent of Total	22.10%	0.00%
Year of origination 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 154,359	$ 158,817
Percent of Total	15.90%	19.40%
Year of origination 2015 [Member]
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 144,890	$ 149,302
Percent of Total	14.90%	18.30%
Year of origination 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 77,866	$ 80,771
Percent of Total	8.00%	9.90%
Year of origination 2013 [Member]
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 67,142	$ 69,887
Percent of Total	6.90%	8.60%
Year of origination prior [Member]
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 313,190	$ 357,694
Percent of Total	32.20%	43.80%
0% - 50%
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 334,037	$ 274,953
Percent of Total	34.40%	33.70%
50% - 60%
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 258,359	$ 210,555
Percent of Total	26.60%	25.80%
60% - 70%
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 297,404	$ 233,216
Percent of Total	30.60%	28.50%
70% - 80%
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 63,116	$ 67,607
Percent of Total	6.50%	8.30%
80% - 90%
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 18,896	$ 30,140
Percent of Total	1.90%	3.70%
South Atlantic
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 296,947	$ 266,019
Percent of Total	30.50%	32.60%
Pacific
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 146,320	$ 104,337
Percent of Total	15.00%	12.80%
West North Central
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 127,096	$ 105,753
Percent of Total	13.10%	12.90%
Mountain
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 105,627	$ 79,707
Percent of Total	10.90%	9.80%
East North Central
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 91,971	$ 91,550
Percent of Total	9.50%	11.20%
West South Central
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 85,566	$ 74,258
Percent of Total	8.80%	9.10%
East South Central
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 67,228	$ 54,676
Percent of Total	6.90%	6.70%
New England
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 35,005	$ 35,246
Percent of Total	3.60%	4.30%
Middle Atlantic
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 16,052	$ 4,925
Percent of Total	1.70%	0.60%
Office
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 410,090	$ 361,088
Percent of Total	42.20%	44.20%
Retail
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 292,257	$ 240,602
Percent of Total	30.10%	29.50%
Industrial
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 207,180	$ 154,005
Percent of Total	21.30%	18.90%
Other
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 62,285	$ 60,776
Percent of Total	6.40%	7.40%

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Investment Operations Impaired Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Impaired mortgage loans, Unpaid Principal Balance	$ 19,027	$ 21,459
Financing Receivable, Allowance for Credit Losses	497	713	$ 851
Impaired mortgage loans, Related Allowance	$ 18,530	$ 20,746

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Investment Operations Allowance on Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance on mortgage loans	$ 713	$ 851
Charge offs	216	138
Allowance on mortgage loans	$ 497	$ 713

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Investment Operations Components of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									$ 422,666	$ 411,561	$ 399,436
Derivative income (loss)									7,687	3,935	(2,266)
Prepayment fee income and other									12,470	10,992	11,555
Less investment expenses									(7,467)	(7,391)	(8,287)
Net investment income	$ 107,347	$ 102,950	$ 103,908	$ 100,994	$ 101,549	$ 103,514	$ 100,722	$ 98,385	415,199	404,170	391,149
Fixed maturities - available for sale
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									344,302	342,657	338,952
Equity securities - available for sale
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									6,502	6,558	6,091
Mortgage loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									42,185	38,098	35,923
Real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									0	0	169
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									9,014	8,956	8,871
Short-term investments, cash and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross Investment Income, Operating									$ 506	$ 365	$ 141

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Investment Operations Realized gains losses on investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gain (Loss) on Investments [Line Items]
Gain (Loss) on Investments, Excluding Other than Temporary Impairments	$ 599	$ 3,106	$ 11,062
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(3,986)	(4,869)	(573)
Realized gains (losses) on investments recorded in income	(3,387)	(1,763)	10,489
Proceeds from Sale of Available-for-sale Securities, Debt	58,700	109,500	108,500
Categories of Investments, Cost-method Investments [Member]
Gain (Loss) on Investments [Line Items]
Mortgage loans	0	817	0
Real estate	304	0	0
Other	40	490	8,233
Debt Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	1,426	9,793	4,781
Gross losses	(1,081)	(8,523)	(1,952)
Equity Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Gain (Loss) on Investments [Line Items]
Equity securities	(90)	529	0
Credit-related portion of fixed maturity losses (1)
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	(4,767)	(363)
Other credit-related (2)
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ (3,986)	$ (102)	$ (210)

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Investment Operations Credit loss component of other-than-temporary impairments on fixed maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at beginning of period	$ (14,500)	$ (11,498)
Increases for newly impaired investments	0	2,595
Increases to previously impaired investments	0	2,172
Reductions due to investments sold	1,521	1,765
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	587	0
Balance at end of period	$ (12,392)	$ (14,500)

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Investment Operations Variable interest entities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 117,523	$ 125,853
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	168,553	157,219
LIHTC
Investment Holdings [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	82,417	91,255
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	84,103	95,058
Investment companies
Investment Holdings [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	25,335	23,379
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	62,372	45,569
Real estate limited partnerships
Investment Holdings [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	8,589	10,790
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	20,590	14,558
Other
Investment Holdings [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	1,182	429
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 1,488	$ 2,034

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Investment Operations Derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative Assets	$ 19,045	$ 16,145
Derivative Liability	(28,042)	(15,892)
Derivative, Gain (Loss) on Derivative, Net	8,007	1,545	$ 311
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset	7,900
Net exposure to credit losses on derivatives	6,900
Call options (reported in other investments) | Equity Option [Member]
Derivative [Line Items]
Derivative Assets	14,824	9,360
Modified coinsurance (reported in reinsurance recoverable) | Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative Assets	2,125	3,411
Interest-only security (reported in fixed maturities) | Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative Assets	2,096	3,374
Indexed annuity and universal life products (reported in liability for future policy benefits) | Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative Liability	(27,774)	(15,778)
Modified coinsurance agreements (reported in other liabilities) | Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative Liability	(268)	(114)
Investment Income [Member] | Equity Option [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	9,373	2,990	(1,480)
Investment Income [Member] | Embedded Derivative Financial Instruments - MODCO [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,440)	716	(809)
Investment Income [Member] | Embedded Derivative Financial Instruments - Interest only Security [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(246)	229	23
Interest sensitive product charges | Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 320	$ (2,390)	$ 2,577

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Investment Operations LIHTC Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 130,240	$ 137,422
Tax impact of Income from Equity Method Investments	(15,804)	(15,498)	$ (15,706)
Investment Tax Credit	14,227	14,077	13,542
Income (Loss) from Equity Method Investments	11,299	11,440	9,523
Qualified Affordable Housing Project Investments, Commitment	1,686
Other Commitment	14,600
Affordable Housing Tax Credit Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	82,400	91,300
Impairment losses on equity method investments	2,400	0	0
Income (Loss) from Affordable Housing Projects, Equity Method Investments	(8,489)	(7,547)	(7,022)
Tax impact of Income from Equity Method Investments	2,971	2,641	2,458
Income (Loss) from Equity Method Investments	8,709	$ 9,171	$ 8,978
Other Commitment, Due in Next Twelve Months	829
Other Commitment, Due in Second Year	46
Other Commitment, Due in Third Year	811
Limited Partnerships and Limited Liability Companies [Member]
Schedule of Equity Method Investments [Line Items]
Other Commitment	$ 51,000

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Investment Operations Other (Details) $ in Millions	Dec. 31, 2017 USD ($)
Summary of Investment Holdings [Line Items]
Deposit Assets	$ 8,066.4
Available-for-sale Securities Pledged as Collateral	443.9
Investment, Non-Income Producing Flag	$ 1.5

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Fair Value Fair Values and Carrying Values (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities - available for sale	$ 7,291,967	$ 7,008,790
Equity securities - available for sale	130,750	132,968
Mortgage loans	971,812	816,471
Policy loans	191,398	188,254
Other investments	19,045	16,145
Assets held in separate accounts	651,963	597,072
Liabilities related to separate accounts	651,963	597,072
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans	971,812	816,471
Policy loans	191,398	188,254
Other investments	15,713	9,809
Cash, cash equivalents and short-term investments	69,703	49,931
Reinsurance recoverable	2,125	3,411
Assets held in separate accounts	651,963	597,072
Future policy benefits	4,192,367	4,044,148
Supplementary contracts without life contingencies	322,630	330,232
Advance premiums and other deposits	259,099	257,171
Long-term debt	97,000	97,000
Other liabilities	268	114
Liabilities related to separate accounts	651,963	597,072
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities - available for sale	7,291,967	7,008,790
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities - available for sale	130,750	132,968
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans	989,503	840,337
Policy loans	236,223	230,656
Other investments	16,838	11,272
Cash, cash equivalents and short-term investments	69,703	49,931
Reinsurance recoverable	2,125	3,411
Assets held in separate accounts	651,963	597,072
Future policy benefits	4,147,654	3,903,177
Supplementary contracts without life contingencies	327,151	330,633
Advance premiums and other deposits	259,099	257,171
Long-term debt	78,628	67,599
Other liabilities	268	114
Liabilities related to separate accounts	649,610	593,760
Estimate of Fair Value Measurement [Member] | Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities - available for sale	7,291,967	7,008,790
Estimate of Fair Value Measurement [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities - available for sale	$ 130,750	$ 132,968

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Fair Value Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 19,045	$ 16,145
Assets held in separate accounts	651,963	597,072
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	16,838	11,272
Cash, cash equivalents and short-term investments	69,703	49,931
Reinsurance recoverable	2,125	3,411
Assets held in separate accounts	651,963	597,072
Future policy benefits - indexed annuity embedded derivatives	4,147,654	3,903,177
Other liabilities	268	114
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	7,291,967	7,008,790
Other investments	14,824	9,360
Cash, cash equivalents and short-term investments	69,703	49,931
Reinsurance recoverable	2,125	3,411
Assets held in separate accounts	651,963	597,072
Assets, Fair Value Disclosure	8,161,332	7,801,532
Future policy benefits - indexed annuity embedded derivatives	27,774	15,778
Other liabilities	268	114
Liabilities, Fair Value Disclosure	28,042	15,892
Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	9,078	11,943
Other investments	0	0
Cash, cash equivalents and short-term investments	69,703	49,931
Reinsurance recoverable	0	0
Assets held in separate accounts	651,963	597,072
Assets, Fair Value Disclosure	735,057	662,002
Future policy benefits - indexed annuity embedded derivatives	0	0
Other liabilities	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	7,100,984	6,801,926
Other investments	14,824	9,360
Cash, cash equivalents and short-term investments	0	0
Reinsurance recoverable	2,125	3,411
Assets held in separate accounts	0	0
Assets, Fair Value Disclosure	7,236,963	6,937,198
Future policy benefits - indexed annuity embedded derivatives	0	0
Other liabilities	268	114
Liabilities, Fair Value Disclosure	268	114
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	181,905	194,921
Other investments	0	0
Cash, cash equivalents and short-term investments	0	0
Reinsurance recoverable	0	0
Assets held in separate accounts	0	0
Assets, Fair Value Disclosure	189,312	202,332
Future policy benefits - indexed annuity embedded derivatives		15,778
Other liabilities	0	0
Liabilities, Fair Value Disclosure	27,774	15,778
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	181,905	194,921
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,688,271	3,708,655
Corporate | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,688,271	3,708,655
Corporate | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (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] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,654,671	3,649,536
Corporate | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	33,600	59,119
Corporate | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	33,600	59,119
Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	516,281	422,300
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	516,281	422,300
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (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] | Significant other observable 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	507,157	422,300
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable 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	9,124	0
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	9,124
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	705,307	575,954
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	705,307	575,954
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (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] | Significant other observable 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	619,606	494,520
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable 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	85,701	81,434
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	85,701	81,434
Other asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	833,502	770,650
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	833,502	770,650
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (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
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Significant other observable 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	780,022	716,282
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable 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	53,480	54,368
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	53,480	54,368
United States Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	24,905	32,072
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	24,905	32,072
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	9,078	11,943
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	15,827	20,129
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
States and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,523,701	1,499,159
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,523,701	1,499,159
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,523,701	1,499,159
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	99,832	102,417
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	99,832	102,417
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (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] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	92,425	95,006
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	7,407	7,411
Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	30,918	30,551
Common stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	30,918	30,551
Common stocks | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	4,313	3,056
Common stocks | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	26,605	27,495
Common stocks | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 0	$ 0

XML

Fair Value Level 3 Fixed Maturity Securities on a recurring basis by valuation source (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 3,688,271	$ 3,708,655
Percent of Total	59.10%	67.30%
Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 705,307	$ 575,954
Percent of Total	12.00%	5.60%
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 516,281	$ 422,300
Percent of Total	12.10%	4.00%
Other asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 833,502	$ 770,650
Percent of Total	11.90%	13.20%
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 181,905	$ 194,921
Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	33,600	59,119
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	7,291,967	7,008,790
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 181,905	$ 194,921
Percent of Total	100.00%	100.00%
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 3,688,271	$ 3,708,655
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	33,600	59,119
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	85,701	81,434
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	9,124
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	53,480	54,368
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 146,460	$ 138,426
Percent of Total	80.50%	71.00%
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 4,555	$ 17,684
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	85,701	81,434
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	9,124
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	47,080	39,308
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 35,445	$ 56,495
Percent of Total	19.50%	29.00%
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 29,045	$ 41,435
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	0	0
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	0
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Significant unobservable inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available-for-sale Securities	$ 6,400	$ 15,060

XML

Fair Value Quantitative Information about Level 3 Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - Significant unobservable inputs (Level 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 189,312	$ 202,332
Future policy benefits - indexed annuity embedded derivatives		15,778
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 27,682	$ 47,398
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% - 6.20% (4.17%)	0.58% - 4.25% (2.81%)
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 72,224	$ 81,434
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	1.40% - 4.10% (2.50%)	1.10% - 4.15% (2.95%)
Other asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		$ 6,461
Fair Value Measurements, Valuation Techniques		Discounted cash flow
Fair Value Measurements, Significant Assumptions		Credit spread
Input range and weighted average		1.08% - 4.87% (3.45%)
Non-redeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 7,407	$ 7,411
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	2.94% (2.94%)	4.05% (4.05%)
Asset fair value by technique [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 107,313	$ 142,704
Index Annuity Embedded Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future policy benefits - indexed annuity embedded derivatives	$ 27,774	$ 15,778
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	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)	0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%)

XML

Fair Value Level 3 Financial Instruments changes in Fair Value recurring basis (Details) - Fair Value, Measurements, Recurring [Member] - Significant unobservable inputs (Level 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	$ 202,332	$ 212,739
Asset Purchases	189,913	84,972
Asset Sales	(21,918)	(30,750)
Asset, Gain (Loss) Included in Earnings	84	(27)
Gain/Loss in Other Comprehensive Income (Loss)	5,347	(22)
Asset Transfers Into Level 3	26,793	68,447
Asset, Transfers out of Level 3	(213,098)	(133,188)
Asset, Amortization	(141)	161
Asset Balance at end of period	189,312	202,332
Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	59,119	49,076
Asset Purchases	5,000	2,000
Asset Sales	(12,230)	(13,751)
Asset, Gain (Loss) Included in Earnings	84	27
Gain/Loss in Other Comprehensive Income (Loss)	(1,365)	490
Asset Transfers Into Level 3	13,440	35,956
Asset, Transfers out of Level 3	(30,409)	(13,572)
Asset, Amortization	(39)	(73)
Asset Balance at end of period	33,600	59,119
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	0	3,729
Asset Purchases	32,455	0
Asset Sales	0	(3,722)
Asset, Gain (Loss) Included in Earnings	0	0
Gain/Loss in Other Comprehensive Income (Loss)	(1)	(137)
Asset Transfers Into Level 3	0	0
Asset, Transfers out of Level 3	(23,331)	0
Asset, Amortization	1	130
Asset Balance at end of period	9,124	0
Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	81,434	88,180
Asset Purchases	25,591	18,826
Asset Sales	(802)	(1,656)
Asset, Gain (Loss) Included in Earnings	0	0
Gain/Loss in Other Comprehensive Income (Loss)	6,218	141
Asset Transfers Into Level 3	0	0
Asset, Transfers out of Level 3	(26,658)	(23,852)
Asset, Amortization	(82)	77
Asset Balance at end of period	85,701	81,434
Other asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	54,368	55,557
Asset Purchases	126,867	64,146
Asset Sales	(8,886)	(11,621)
Asset, Gain (Loss) Included in Earnings	0	0
Gain/Loss in Other Comprehensive Income (Loss)	499	(212)
Asset Transfers Into Level 3	13,353	30,098
Asset, Transfers out of Level 3	(132,700)	(84,045)
Asset, Amortization	(21)	21
Asset Balance at end of period	53,480	54,368
United States Government and agencies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	0	8,726
Asset Purchases		0
Asset Sales		0
Asset, Gain (Loss) Included in Earnings		0
Gain/Loss in Other Comprehensive Income (Loss)		(486)
Asset Transfers Into Level 3		0
Asset, Transfers out of Level 3		(9,218)
Asset, Amortization		6
Asset Balance at end of period		0
State, municipal and other governments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	0	0
Asset Purchases		0
Asset Sales		0
Asset, Gain (Loss) Included in Earnings		0
Gain/Loss in Other Comprehensive Income (Loss)		(108)
Asset Transfers Into Level 3		2,393
Asset, Transfers out of Level 3		(2,501)
Asset, Amortization		0
Asset Balance at end of period		0
Non-redeemable preferred stocks
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance at beginning of period	7,411	7,471
Asset Purchases	0	0
Asset Sales	0	0
Asset, Gain (Loss) Included in Earnings	0	0
Gain/Loss in Other Comprehensive Income (Loss)	(4)	(60)
Asset Transfers Into Level 3	0	0
Asset, Transfers out of Level 3	0	0
Asset, Amortization	0	0
Asset Balance at end of period	7,407	7,411
Index Annuity Embedded Derivatives [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability Value beginning of period	15,778	9,374
Liability, Purchases	6,594	5,913
Liability, Settlements	(2,128)	(115)
Liability, Gain (Loss) Included in Earnings	7,530	(606)
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Liability, Transfers Into Level 3	0	0
Liability, Transfers out of Level 3	0	0
Liability Value end of period	$ 27,774	$ 15,778

XML

Fair Value Valuation of Financial Instruments Not Reported at Fair Value by Hierarchy Level (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	$ 971,812	$ 816,471
Policy loans	191,398	188,254
Other investments	19,045	16,145
Liabilities related to separate accounts	651,963	597,072
Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Assets, Fair Value Disclosure	735,057	662,002
Future policy benefits	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	14,824	9,360
Assets, Fair Value Disclosure	7,236,963	6,937,198
Future policy benefits	0	0
Liabilities, Fair Value Disclosure	268	114
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Assets, Fair Value Disclosure	189,312	202,332
Future policy benefits		15,778
Liabilities, Fair Value Disclosure	27,774	15,778
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	989,503	840,337
Policy loans	236,223	230,656
Other investments	2,014	1,912
Assets, Fair Value Disclosure	1,227,740	1,072,905
Future policy benefits	4,119,880	3,887,399
Supplementary contracts without life contingencies	327,151	330,633
Advance premiums and other deposits	259,099	257,171
Long-term debt	78,628	67,599
Liabilities related to separate accounts	649,610	593,760
Liabilities, Fair Value Disclosure	5,434,368	5,136,562
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Policy loans	0	0
Assets, Fair Value Disclosure	0	0
Future policy benefits	0	0
Supplementary contracts without life contingencies	0	0
Advance premiums and other deposits	0	0
Long-term debt	0	0
Liabilities related to separate accounts	0	0
Liabilities, Fair Value Disclosure	0	0
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Significant other observable 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, Fair Value Disclosure	0	0
Future policy benefits	0	0
Supplementary contracts without life contingencies	0	0
Advance premiums and other deposits	0	0
Long-term debt	0	0
Liabilities related to separate accounts	0	0
Liabilities, Fair Value Disclosure	0	0
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	989,503	840,337
Policy loans	236,223	230,656
Other investments	2,014	1,912
Assets, Fair Value Disclosure	1,227,740	1,072,905
Future policy benefits	4,119,880	3,887,399
Supplementary contracts without life contingencies	327,151	330,633
Advance premiums and other deposits	259,099	257,171
Long-term debt	78,628	67,599
Liabilities related to separate accounts	649,610	593,760
Liabilities, Fair Value Disclosure	$ 5,434,368	$ 5,136,562

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Reinsurance and Policy Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Reinsurance retention limit	$ 1,000
Ceded Premiums Earned	32,922	$ 33,058	$ 33,462
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded	24,159	22,515	26,183
Ceded reinsurance allowances for expenses and commissions	4,548	4,709	4,945
Assumed Premiums Earned	2,637	2,670	2,751
Policyholder Benefits and Claims Incurred, Assumed	6,356	2,302	1,231
Assumed reinsurance allowances for expenses and commissions	1,543	1,427	1,570
Ceded Premiums, Life Insurance in Force	14,087,000	14,258,000	14,263,420
Assumed Premiums, Life Insurance in Force	$ 487,000	$ 524,000	$ 551,563
Reinsurance effect on in force ceded, percentage	22.50%	23.50%
Contracts in Force Subject to Participation Through Reinsurance, Percentage	0.80%	0.90%
100% Quota Share Accidental Death [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Reinsurance retention limit	$ 15,200
Maximum [Member] | Company sponsored agent trip [Member] | 100% Quota Share Accidental Death [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Loss Contingency, Estimate of Possible Loss	50,000
Maximum [Member] | Home office [Member] | 100% Quota Share Accidental Death [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 200,000

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Reinsurance and Policy Provisions Value of insurance in force acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Roll Forward] (Deprecated 2017-01-31)
Present Value of Future Insurance Profits, Pre FAS 115	$ 21,608	$ 24,000	$ 26,436
Amortization per fixed schedule	(2,178)	(2,198)	(2,384)
Present Value of Future Insurance Profits, Amortization Expense	0	194	52
Present Value of Future Insurance Profits, Pre FAS 115	19,430	21,608	24,000
Impact of net unrealized investment gains and losses	(14,870)	(12,382)	(3,087)
Value of insurance in force acquired	4,560	$ 9,226	$ 20,913
Present Value of Future Insurance Profits, Amortization Expense, Year One	2,200
Present Value of Future Insurance Profits, Amortization Expense, Year Two	2,100
Present Value of Future Insurance Profits, Amortization Expense, Year Three	2,200
Present Value of Future Insurance Profits, Amortization Expense, Year Four	2,000
Present Value of Future Insurance Profits, Amortization Expense, Year Five	$ 2,000

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Reinsurance and Policy Provisions GMDB, IDB, GMIB (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	$ 68,860	$ 57,396
Net Amount at Risk by Product and Guarantee, General Account Value	6,900	5,800
Net amount at risk by product and guarantee, benefits paid	$ 800	$ 500	$ 400
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age	66 years	62 years
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	$ 173,761	$ 159,617
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	442	543
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	292,112	270,539
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	1,068	2,920
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	265,456	241,142
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	67,350	53,933
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	29,987	32,733
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	$ 0	$ 0

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Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	$ 34,301	$ 36,461	$ 40,578
Deferred Federal Income Tax Expense (Benefit)	(75,030)	9,549	6,840
Income Tax Expense (Benefit)	(40,729)	46,010	47,418
Tax impact of Income from Equity Method Investments	(15,804)	(15,498)	(15,706)
Income Tax Effects Allocated Directly to Equity [Abstract]
Change in net unrealized investment gains/losses - deferred, Tax	43,448	18,882	(77,473)
Issuance of shares under stock option plan, current	0	(846)	(1,363)
Income Tax Effects Allocated Directly to Equity	43,448	18,036	(78,836)
Total tax from all sources provided in our financial statements	$ (13,085)	$ 48,548	$ (47,124)

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Income Taxes Effective tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Initial impact on deferred tax liabilities from the Tax Act	$ (85,797)	$ 0	$ 0
Reclassification related to the Tax Act	0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	142,327	141,789	151,368
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate	49,814	49,626	52,979
Effective Income Tax Rate Reconciliation, Tax Exempt Income	(3,384)	(2,950)	(3,233)
Effective Income Tax Rate Reconciliation, Other Adjustments	(1,362)	(666)	(2,328)
Income Tax Expense (Benefit)	(40,729)	$ 46,010	$ 47,418
AOCI Attributable to Parent [Member]
Income Tax Contingency [Line Items]
Reclassification related to the Tax Act	$ 48,226

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Income Taxes Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets, Gross [Abstract]
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities	$ 21,926	$ 30,340
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	3,435	10,001
Deferred Tax Assets, Operating Loss Carryforwards	3,452	5,709
Deferred Tax Assets, Other	2,669	2,393
Deferred Tax Assets, Gross	31,482	48,443
Deferred Tax Liabilities, Gross [Abstract]
Deferred Tax Liabilities, Other Comprehensive Income	118,716	131,655
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost	33,177	62,599
Deferred Tax Liabilities, Value of Insurance in Force Acquired	958	3,229
Deferred Tax Liabilities, Property, Plant and Equipment	5,883	7,777
Deferred Tax Liabilities, Other	4,660	6,678
Deferred Tax Liabilities, Gross	163,394	211,938
Deferred income taxes	131,912	$ 163,495
Operating Loss Carryforwards	$ 15,500

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Income Taxes Other tax disclosures (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Income Taxes [Abstract]
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount	$ 1.8
Tax benefits from equity-based compensation deductions	$ 0.6

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Credit Arrangements (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt payable to non-affiliates	$ 97,000	$ 97,000
Trust Preferred Securities Subject to Mandatory Redemption [Member]
Debt Instrument [Line Items]
Preferred Stock, Liquidation Preference Per Share	$ 1,000.00
Preferred stock, shares outstanding	97,000
Senior Notes, unaffiliated [Member]
Debt Instrument [Line Items]
Long-term debt payable to non-affiliates	$ 97,000
5% Subordinated Deferrable Interest Notes, due June 30, 2047 [Member]
Debt Instrument [Line Items]
Long-term debt payable to non-affiliates	100,000
Trust Preferred Securities Subject to Mandatory Redemption [Member]
Debt Instrument [Line Items]
Long-term debt payable to non-affiliates	97,000
Capital trust equity [Member]
Debt Instrument [Line Items]
Long-term debt payable to non-affiliates	$ 3,000

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Credit Arrangements Short Term Debt (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) Rate
Short-term Debt [Line Items]
Short-term debt payable to non-affiliates	$ 15.0
Short-Term Debt December 21st [Member]
Short-term Debt [Line Items]
Short-term debt payable to non-affiliates	$ 10.0
Line of Credit Facility, Interest Rate During Period | Rate	0.55%
Short-Term Debt December 30th [Member]
Short-term Debt [Line Items]
Short-term debt payable to non-affiliates	$ 5.0
Line of Credit Facility, Interest Rate During Period | Rate	0.46%

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Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share	$ 0.60
Preferred Stock, Dividend Rate, Percentage	0.03
Preferred Stock, Redemption Price Per Share	$ 0.60
Common stock, shares outstanding	24,930,526	24,893,955	24,808,176	24,715,316
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	40,082	96,101	159,764
Issuance of common stock under compensation plans	$ 708	$ 3,718	$ 5,022
Shares of common stock repurchased	(3,511)	(10,322)	(66,904)
Purchase of common stock	$ (246)	$ (586)	$ (3,742)
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 49,200
Parent Company [Member]
Class of Stock [Line Items]
Sale of Stock, Percentage of Ownership after Transaction	71.00%
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding	24,919,113	24,882,542	24,796,763	24,703,903
Common stock, without par value	$ 153,589	$ 152,903
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	40,082	96,101	159,764
Shares of common stock repurchased	(3,511)	(10,322)	(66,904)
Board of directors members	four to ten
Purchase of shares of common stock	$ 200	$ 600	$ 3,700
Common Class B
Class of Stock [Line Items]
Common stock, shares outstanding	11,413	11,413	11,413	11,413
Common stock, without par value	$ 72	$ 72
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Shares of common stock repurchased	0	0	0
Board of directors members	five to seven
Common stocks
Class of Stock [Line Items]
Common stock, without par value	$ 153,661	$ 152,975	$ 149,320	$ 144,697
Issuance of common stock under compensation plans	708	3,718	5,022
Purchase of common stock	(22)	(63)	(399)
Common stocks | Common Class A
Class of Stock [Line Items]
Common stock, without par value	153,589	152,903	149,248	144,625
Issuance of common stock under compensation plans	708	3,718	5,022
Purchase of common stock	(22)	(63)	(399)
Common stocks | Common Class B
Class of Stock [Line Items]
Common stock, without par value	72	72	72	$ 72
Issuance of common stock under compensation plans	0	0	0
Purchase of common stock	$ 0	$ 0	$ 0

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Stockholders' Equity Dividend disclosures (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common Stock Special Dividends Per Share Cash Paid	$ 1.50	$ 2.00	$ 2.00
Payment Of Special Cash Dividend	$ 37.4	$ 49.7	$ 49.5

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Stockholders' Equity AOCI table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015		Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 284,983	$ 149,555
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	88,670	39,796	$ (144,886)
Reclassification related to the Tax Act	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(1,468)	(4,773)	1,008
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	1,483	1,578	(2,791)	[1]
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	295,169	156,963	120,787		$ 266,211
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	88,534	37,895	(143,731)
Reclassification related to the Tax Act	49,657
Accumulated Other-than-Temporary Impairment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	537	311	(114)		1,131
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	136	1,901	(1,155)
Reclassification related to the Tax Act	90
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	(10,723)	(7,719)	(6,141)		(8,932)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	0	0	0
Reclassification related to the Tax Act	(1,521)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	284,983	149,555	114,532		$ 258,410
Reclassification related to the Tax Act	48,226
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	15	(1,719)	(1,693)
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	0	(1,476)	90
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, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ (1,483)	$ (1,578)	$ 2,791

[1] Other comprehensive income (loss) 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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Stockholders' Equity AOCI Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net realized capital gains on sales of investments	$ 599	$ 3,106	$ 11,062
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	(3,986)	(4,869)	(573)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(1,468)	(4,773)	1,008
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	1,483	1,578	(2,791)	[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	(255)	(1,799)	(2,829)
Change in offsets to unrealized on investments	(274)	665	231
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	(2,451)	(146)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	1	(12)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	1,702	2,425	4,306
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax	(1,683)	(7,341)	1,550
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax	215	2,568	(542)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	1,468	4,773	1,008
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	(255)	(1,799)	(2,829)
Change in offsets to unrealized on investments	(274)	845	224
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	0	0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	0	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	(19)	2,644	(2,605)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	(4)	925	912
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	15	(1,719)	(1,693)
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	0	(180)	7
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	(2,451)	(146)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	0	0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	0	0	0
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax	0	(2,271)	(139)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax	0	795	49
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	0	1,476	(90)
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, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	1	(12)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	1,702	2,425	4,306
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	1,702	2,426	4,294
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	219	848	(1,503)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ (1,483)	$ (1,578)	$ 2,791

[1] Other comprehensive income (loss) 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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Retirement and Compensation Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Multiemployer Plans [Line Items]
Entity Tax Identification Number	421411715
Multiemployer Plan Number	001
Multiemployer Plan, Contributions by Employer	$ 45,000	$ 30,000	$ 30,000
Cash-based restricted stock unit plan [Member]
Multiemployer Plans [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 9 months 14 days
Tax Benefit from Compensation Expense	$ 1,000	1,200	900
share based compensation restricted stock units cash paid expense	$ 3,300	$ 2,700	$ 2,700

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Retirement and Compensation Plans Funding Status and Net Periodic Pension Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	$ 291,071,000
Fair Value of Plan Assets, End of period	345,396,000	$ 291,071,000
Other Pension Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	24,585,000	22,275,000
Defined Benefit Plan, Service Cost	436,000	335,000	$ 435,000
Defined Benefit Plan, Interest Cost	1,003,000	966,000	1,000,000
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(2,728,000)	(3,317,000)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	1,838,000	2,308,000
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	26,914,000	24,585,000	22,275,000
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, Plan Assets, Increase (Decrease) for Actual Return (Loss)	0	0
Defined Benefit Plan, Plan Assets, Contributions by Employer	1,838,000	2,308,000
Defined Benefit Plan, Plan Assets, Benefits Paid	1,838,000	2,308,000
Fair Value of Plan Assets, End of period	0	0	0
Defined Benefit Plan, Funded (Unfunded) Status of Plan	(26,914,000)	(24,585,000)
Defined Benefit Plan, Accumulated Benefit Obligation	23,504,000	21,407,000
Pension Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	336,454,000	319,420,000
Defined Benefit Plan, Service Cost	5,552,000	5,795,000	5,892,000
Defined Benefit Plan, Interest Cost	14,124,000	14,447,000	13,472,000
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(41,855,000)	(15,767,000)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	21,986,000	18,975,000
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	375,999,000	336,454,000	319,420,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	291,071,000	262,276,000
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)	31,311,000	17,770,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	45,000,000	30,000,000
Defined Benefit Plan, Plan Assets, Benefits Paid	21,986,000	18,975,000
Fair Value of Plan Assets, End of period	345,396,000	291,071,000	$ 262,276,000
Defined Benefit Plan, Funded (Unfunded) Status of Plan	(30,603,000)	(45,383,000)
Defined Benefit Plan, Accumulated Benefit Obligation	$ 334,462,000	$ 297,753,000

XML

Retirement and Compensation Plans Net periodic pension costs incurred by the plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 436	$ 335	$ 435
Defined Benefit Plan, Interest Cost	1,003	966	1,000
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	(1)	(11)
Defined Benefit Plan, Amortization of Gain (Loss)	1,172	918	1,528
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	2,611	2,218	2,952
Net periodic pension cost individual entity share	1,551	1,260	1,671
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	$ 1,400
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description	1.6
Multiemployer Plans, Minimum Contribution	$ 700
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	2,300
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	3,600
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	3,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	2,800
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	2,100
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	14,700
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	5,552	5,795	5,892
Defined Benefit Plan, Interest Cost	14,124	14,447	13,472
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(19,184)	(17,865)	(17,563)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	131	144	144
Defined Benefit Plan, Amortization of Gain (Loss)	10,121	9,432	10,464
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	0	0	(7,998)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	10,744	11,953	20,407
Net periodic pension cost individual entity share	3,404	$ 3,807	$ 6,614
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit)	100
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	12,500
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	15,000
Multiemployer Plans, Minimum Contribution	4,600
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	18,600
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	17,900
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	21,300
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	21,700
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	22,700
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	$ 123,300

XML

Retirement and Compensation Plans FBL's share of prepaid or accrued pension costs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Multiemployer unrecognized liability for underfunded status	$ 30,600	$ 45,400
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	36,858	26,006
Liability, Defined Benefit Plan	0	0
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	36,858	26,006
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	740	876
Liability, Defined Benefit Plan	(21,245)	(19,159)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(20,505)	(18,283)
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	13,649	12,094
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax	$ 13,649	$ 12,094

XML

Retirement and Compensation Plans Weighted average assumptions (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate			3.72%	4.29%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase			3.27%	3.31%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.52%	4.05%	4.29%	4.65%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	6.75%	7.00%	6.60%	6.75%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase	3.31%	3.00%	3.31%	3.31%
Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage			0.55
Defined Benefit Plan, Actual Plan Asset Allocations			59.00%
U.S. equity funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage			0.40
Defined Benefit Plan, Actual Plan Asset Allocations			38.00%
Alternative investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage			0.05
Defined Benefit Plan, Actual Plan Asset Allocations			3.00%

XML

Retirement and Compensation Plans Fair Values of plan assets by category and hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 345,396	$ 291,071
Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	79,912	71,597
Significant other observable inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	63,734	57,863
Significant unobservable inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	201,750	161,611	$ 153,007
U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	39,563	35,888
U.S. equity funds | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	39,563	35,888
U.S. equity funds | Significant other observable 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
U.S. equity funds | Significant unobservable 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
International funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	40,349	35,709
International funds | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	40,349	35,709
International funds | Significant other observable 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
International funds | Significant unobservable 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
Short-term fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	793	606
Short-term fixed income funds | Quoted prices in active markets for identical assets (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
Short-term fixed income funds | Significant other observable inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	793	606
Short-term fixed income funds | Significant unobservable 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
Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	14,689	14,271
Fixed income funds | Quoted prices in active markets for identical assets (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
Fixed income funds | Significant other observable inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	14,689	14,271
Fixed income funds | Significant unobservable 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
U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	32,726	28,640
U.S. equity funds | Quoted prices in active markets for identical assets (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
U.S. equity funds | Significant other observable inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	32,726	28,640
U.S. equity funds | Significant unobservable 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
Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	15,526	14,346
Real estate fund | Quoted prices in active markets for identical assets (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
Real estate fund | Significant other observable inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	15,526	14,346
Real estate fund | Significant unobservable 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
Group annuity contract
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	181,403	141,782
Group annuity contract | Quoted prices in active markets for identical assets (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
Group annuity contract | Significant other observable 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
Group annuity contract | Significant unobservable inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	181,403	141,782	134,749
Funded annuity contracts
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	10,776	11,382
Funded annuity contracts | Quoted prices in active markets for identical assets (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
Funded annuity contracts | Significant other observable 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
Funded annuity contracts | Significant unobservable inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	10,776	11,382	11,996
Limited partnerships
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	9,571	8,447
Limited partnerships | Quoted prices in active markets for identical assets (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
Limited partnerships | Significant other observable 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
Limited partnerships | Significant unobservable inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 9,571	$ 8,447	$ 6,262

XML

Retirement and Compensation Plans Level 3 plan assets changes in fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	$ 291,071
Fair Value of Plan Assets, End of period	345,396	$ 291,071
Significant unobservable inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	161,611	153,007
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements	32,277	1,583
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	7,862	7,021
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold	0	0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	0
Fair Value of Plan Assets, End of period	201,750	161,611
Group annuity contract
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	141,782
Fair Value of Plan Assets, End of period	181,403	141,782
Group annuity contract | Significant unobservable inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	141,782	134,749
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements	33,221	1,334
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	6,400	5,699
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold	0	0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	0
Fair Value of Plan Assets, End of period	181,403	141,782
Funded annuity contracts
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	11,382
Fair Value of Plan Assets, End of period	10,776	11,382
Funded annuity contracts | Significant unobservable inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	11,382	11,996
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements	(1,258)	(1,287)
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	652	673
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold	0	0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	0
Fair Value of Plan Assets, End of period	10,776	11,382
Limited partnerships
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	8,447
Fair Value of Plan Assets, End of period	9,571	8,447
Limited partnerships | Significant unobservable inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets beginning of period	8,447	6,262
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements	314	1,536
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	810	649
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold	0	0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	0
Fair Value of Plan Assets, End of period	$ 9,571	$ 8,447

XML

Retirement and Compensation Plans Other retirement plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Cost	$ 2,600	$ 2,400	$ 2,200
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 1,483	1,578	(2,791)	[1]
Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer discretionary percentage	2.75%
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer discretionary percentage	5.75%
Defined Contribution Plan Grandfathered Choice Participant [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent	2.00%
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent	2.00%
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 10,744	11,953	20,407
Pension Plan [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent	4.00%
Health and medical post retirement plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Effect of Curtailments on Accumulated Benefit Obligation		200
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (100)	(100)	100
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ (100)	$ (100)	$ (100)

[1] Other comprehensive income (loss) 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

Retirement and Compensation Plans Share based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Options, Outstanding [Roll Forward]
Options, Outstanding, Number		45,395
Options, Exercises in Period		(21,527)
Options, Forfeitures in Period		0
Options, Outstanding, Number		23,868	45,395
Options, Vested and Expected to Vest, Outstanding, Number		23,868
Options, Exercisable, Number		23,868
Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options, Outstanding, Weighted Average Exercise Price		$ 27.35
Options, Exercises in Period, Weighted Average Exercise Price		33.60
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price		0.00
Options, Outstanding, Weighted Average Exercise Price		21.92	$ 27.35
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		21.92
Options, Exercisable, Weighted Average Exercise Price		$ 21.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		2 years 1 month 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term		2 years 1 month 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		2 years 1 month 24 days
Options, Outstanding, Intrinsic Value	[1]	$ 1,139
Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	[1]	1,139
Options, Exercisable, Intrinsic Value	[1]	1,139
Options, Exercises in Period, Total Intrinsic Value		800	$ 3,200	$ 4,500
Cash Received from Exercise of Stock Options		700	2,500	3,700
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options		200	1,000	1,400
Cash-based restricted stock unit plan [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense		1,900	2,300	1,700
Tax Benefit from Compensation Expense		$ 1,000	$ 1,200	$ 900
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning		121,517
Stock units, Grants in Period		23,526
Stock units, Vested in Period		(42,465)
Stock units, Forfeited in Period		0
Number of shares or units end of period		102,578	121,517
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Weighted Average Grant Date Fair Value		$ 52.85	$ 46.10
Stock units, Grants in Period, Weighted Average Grant Date Fair Value		69.10	$ 60.34	$ 52.19
Stock units, Vested in Period, Weighted Average Grant Date Fair Value		42.55
Stock units, Forfeitures, Weighted Average Grant Date Fair Value		$ 0.00
Nonvested Awards, Total Compensation Cost Not yet Recognized		$ 2,900
share based compensation restricted stock units cash paid expense		$ 3,300	$ 2,700	$ 2,700
Directors stock grants-cash based units [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning		24,923
Number of shares or units end of period		25,243	24,923
Directors nonrestricted Class A stock grants [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning		57,876
Number of shares or units end of period		53,254	57,876
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Number of Shares Available for Grant		108,131
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 beginning		16,323
Number of shares or units end of period		11,661	16,323
Executive Salary and Bonus Deferred Compensation Plan [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning		63,909
Number of shares or units end of period		50,208	63,909
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Number of Shares Available for Grant		97,533
Executive excess 401(k) plan-cash based units [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning		89
Number of shares or units end of period		0	89
Executive excess 401(k) plan [Member]
Nonvested & restricted Stock Units, Number of Shares [Roll Forward]
Number of shares or units beginning		3,168
Number of shares or units end of period		3,175	3,168

[1] Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017.

XML

Managment and Other Agreements (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Reclassification related to financial instruments recognition and measurement guidance	$ 4.8
Farm Bureau Property & Casualty insurance company [Member]
Related Party Transaction [Line Items]
Management Fees Revenue	2.0	$ 2.2	$ 2.3
Professional and Contract Services Expense	9.1	8.6	9.9
Equipment Expense	0.3	0.3	0.7
Subsidiary of Common Parent [Member]
Related Party Transaction [Line Items]
Professional and Contract Services Expense	1.1	1.0	1.0
Majority Shareholder [Member]
Related Party Transaction [Line Items]
Royalty Expense	$ 0.6	0.6	0.6
Royalty agreement restriction	$ 0.10
Other Farm Bureau organizations [Member]
Related Party Transaction [Line Items]
Royalty Expense	$ 1.8	$ 1.8	$ 1.7

XML

Committments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unrecorded Unconditional Purchase Obligation [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 2.2
Operating Leases, Future Minimum Payments, Due in Two Years	2.2
Operating Leases, Future Minimum Payments, Due in Three Years	2.2
Operating Leases, Future Minimum Payments, Due in Four Years	2.2
Operating Leases, Future Minimum Payments, Due in Five Years	0.0
Operating Leases, Future Minimum Payments, Due Thereafter	0.0
Operating Leases, Rent Expense	4.1	$ 4.1	$ 4.0
Deferred Revenue, Revenue Recognized	(0.2)	(0.2)	(0.2)
Deferred Revenue, Noncurrent	0.7	0.9
Change in state insurance guaranty fund	$ (0.1)	$ (0.1)	$ (0.1)

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to FBL Financial Group, Inc.	$ 108,499	$ 27,104	$ 32,291	$ 26,433	$ 26,880	$ 30,017	$ 24,380	$ 25,946	$ 194,327	$ 107,223	$ 113,527
Dividends on preferred stock									150	150	150
Income available to common stockholders									$ 194,177	$ 107,073	$ 113,377
Weighted Average Number of Shares Outstanding, Basic									25,038,334	24,985,400	24,927,209
Weighted Average Number Diluted Shares Outstanding Adjustment									19,111	43,683	89,274
Weighted Average Number of Shares Outstanding, Diluted									25,057,445	25,029,083	25,016,483
Earnings per common share	$ 4.33	$ 1.08	$ 1.29	$ 1.05	$ 1.07	$ 1.20	$ 0.97	$ 1.04	$ 7.76	$ 4.29	$ 4.55
Earnings per common share - assuming dilution	$ 4.33	$ 1.08	$ 1.29	$ 1.05	$ 1.07	$ 1.20	$ 0.97	$ 1.04	$ 7.75	$ 4.28	$ 4.53

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Statutory Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments	$ 106,100
Parent Company [Member]
Statutory Accounting Practices [Line Items]
Statutory accounting practices, net gain from operations	106,062	$ 106,143	$ 100,013
Statutory Accounting Practices, Statutory Net Income Amount	104,947	100,657	106,009
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	615,973	617,321
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus	482,490	483,838
Statutory RBC Total adjusted capital	682,570	685,721
Statutory Accounting Practices, Statutory Capital and Surplus Required	$ 123,628	$ 125,994
Statutory RBC Ratio	552.00%	544.00%
Subsidiaries [Member]
Statutory Accounting Practices [Line Items]
Statutory accounting practices, net gain from operations	$ (192)	$ (443)	(362)
Statutory Accounting Practices, Statutory Net Income Amount	(192)	(443)	$ (362)
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	9,006	9,273
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus	(1,794)	(1,527)
Statutory RBC Total adjusted capital	9,028	9,289
Statutory Accounting Practices, Statutory Capital and Surplus Required	$ 172	$ 173
Statutory RBC Ratio	5249.00%	5322.00%

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Segment Information Reconciliation Between Net Income and Non-GAAP Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating Income offsets due to Interest Sensitive Product Reserves									$ 500	$ 900	$ 100
Net income attributable to FBL Financial Group, Inc.	$ 108,499	$ 27,104	$ 32,291	$ 26,433	$ 26,880	$ 30,017	$ 24,380	$ 25,946	194,327	107,223	113,527
Initial impact on deferred tax liabilities from the Tax Act									(85,797)	0	0
Realized gains losses on investments net of offsets									2,381	713	(8,498)
Derivatives unrealized gain net of offsets									(2,549)	(1,485)	(141)
Operating Income (Loss)									$ 108,362	$ 106,451	$ 104,888

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Segment Information Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Pre-Tax Operating Income (Loss)									$ 137,538	$ 136,550	$ 134,764
Income tax on operating income									29,176	30,099	29,876
Operating Income (Loss)									108,362	106,451	104,888
Operating revenues									737,117	721,635	715,018
Realized gains on investments related to revenue									(3,902)	(1,771)	10,482
Derivative unrealized related to revenues									2,263	6,550	(2,691)
Revenues	$ 183,005	$ 181,556	$ 188,997	$ 181,920	$ 184,179	$ 181,284	$ 181,285	$ 179,666	735,478	726,414	722,809
Investment Income, Net									412,936	397,620	393,840
Change in net unrealized gains/losses on derivatives									2,263	6,550	(2,691)
Net investment income	107,347	$ 102,950	$ 103,908	$ 100,994	101,549	$ 103,514	$ 100,722	$ 98,385	415,199	404,170	391,149
Other Depreciation and Amortization									24,089	28,548	31,925
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses)									(240)	(673)	225
Deferred Policy Acquisition Cost, Unrealized Investment Gain (Loss)									(639)	562	(332)
Depreciation, Depletion and Amortization									23,210	28,437	31,818
Segment assets	9,686,508				9,324,595				9,686,508	9,324,595
Unrealized Gains on assets in AOCI	380,105				241,539				380,105	241,539
Assets	10,066,613				9,566,134				10,066,613	9,566,134
Annuity
Segment Reporting, Revenue Reconciling Item [Line Items]
Pre-Tax Operating Income (Loss)									68,821	66,025	69,950
Operating revenues									224,184	214,486	212,420
Investment Income, Net									219,700	210,679	209,896
Other Depreciation and Amortization									6,489	8,253	4,548
Segment assets	4,608,735				4,452,878				4,608,735	4,452,878
Life Insurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Pre-Tax Operating Income (Loss)									53,856	55,977	53,146
Operating revenues									418,593	414,446	408,966
Investment Income, Net									158,318	154,427	152,730
Other Depreciation and Amortization									18,720	15,117	18,831
Segment assets	3,367,562				3,256,306				3,367,562	3,256,306
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Pre-Tax Operating Income (Loss)									14,861	14,548	11,668
Operating revenues									94,340	92,703	93,632
Investment Income, Net									34,918	32,514	31,214
Other Depreciation and Amortization									(1,120)	5,178	$ 8,546
Segment assets	$ 1,710,211				$ 1,615,411				$ 1,710,211	$ 1,615,411

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Segment Information Segment assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Segment assets	$ 9,686,508	$ 9,324,595
Unrealized Gains on assets in AOCI	380,105	241,539
Assets	10,066,613	9,566,134
Goodwill	9,900	9,900
Annuity
Segment Reporting Information [Line Items]
Segment assets	4,608,735	4,452,878
Goodwill	3,900	3,900
Life Insurance
Segment Reporting Information [Line Items]
Segment assets	3,367,562	3,256,306
Goodwill	6,100	6,100
Corporate and Other
Segment Reporting Information [Line Items]
Segment assets	1,710,211	1,615,411
Farm Bureau Property & Casualty insurance company [Member]
Segment Reporting Information [Line Items]
Operating Leases, Income Statement, Lease Revenue Depreciation and Amortization	$ 4,100	$ 4,400	$ 4,100

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Segment Information Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Pre-Tax on Equity Income (Loss)	$ (4,505)	$ (4,057)	$ (6,183)
Income Tax on Equity Income	15,804	15,497	15,706
Equity income, net of related income taxes	11,299	11,440	9,523
Life Insurance
Segment Reporting Information [Line Items]
Pre-Tax on Equity Income (Loss)	2,741	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Pre-Tax on Equity Income (Loss)	$ (7,246)	$ (4,057)	$ (6,183)

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Segment Information Reconciliation of non-GAAP measures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Proceeds from Insurance Premiums Collected	$ 631,000	$ 689,700	$ 683,100
Increase (Decrease) in Premiums Receivable	949	985	848
Traditional life insurance premiums	195,330	196,914	190,956
Interest sensitive product charges	112,936	111,928	114,584
Annuity
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	4,484	3,803	2,524
Traditional life insurance premiums
Segment Reporting, Other Significant Reconciling Item [Line Items]
Proceeds from Insurance Premiums Collected	194,381	195,929	190,108
Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Proceeds from Insurance Premiums Collected	292,344	281,551	281,003
Interest sensitive product charges	64,933	63,438	65,543
Life insurance - interest sensitive [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Proceeds from Insurance Premiums Collected	97,963	85,622	90,895
Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	43,519	44,687	46,517
Admin charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	15,487	14,170	14,342
Admin charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	5,332	5,547	5,809
Cost of insurance charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	46,096	48,111	46,911
Cost of insurance charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	29,670	29,805	29,760
Surrender charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	1,913	1,181	919
Surrender charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	150	213	346
Separate account charges [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	8,246	7,957	8,854
Amortization of policy initiation fees [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	1,437	(24)	3,371
Amortization of policy initiation fees [Member] | Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	121	$ 1,165	$ 1,748
Correction of fees charged [Member] | Cost of insurance charges [Member] | Life Insurance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	$ 3,200

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Segment Information Premium concentration (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
IOWA
Concentration Risk [Line Items]
Concentration Risk, Percentage	25.90%	25.10%	26.20%
KANSAS
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.10%	19.10%	18.60%
OKLAHOMA
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.20%	8.00%	8.90%

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Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Premiums and product charges	$ 75,822	$ 75,091	$ 79,718	$ 77,635	$ 78,428	$ 73,533	$ 78,632	$ 78,249
Net investment income	107,347	102,950	103,908	100,994	101,549	103,514	100,722	98,385	$ 415,199	$ 404,170	$ 391,149
Realized gains (losses) on investments	(3,853)	14	921	(469)	517	621	(2,294)	(607)	(3,387)	(1,763)	10,489
Revenues	183,005	181,556	188,997	181,920	184,179	181,284	181,285	179,666	735,478	726,414	722,809
Net income attributable to FBL Financial Group, Inc.	$ 108,499	$ 27,104	$ 32,291	$ 26,433	$ 26,880	$ 30,017	$ 24,380	$ 25,946	$ 194,327	$ 107,223	$ 113,527
Earnings per common share	$ 4.33	$ 1.08	$ 1.29	$ 1.05	$ 1.07	$ 1.20	$ 0.97	$ 1.04	$ 7.76	$ 4.29	$ 4.55
Earnings per common share - assuming dilution	$ 4.33	$ 1.08	$ 1.29	$ 1.05	$ 1.07	$ 1.20	$ 0.97	$ 1.04	$ 7.75	$ 4.28	$ 4.53

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Sch I. Schedule of Investments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	$ 8,073,014	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	8,620,243
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	6,757,250	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	7,291,967
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	7,291,967
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	3,374,927	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	3,688,271
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	3,688,271
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	1,975,818	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	2,055,090
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	2,055,090
United States Government and agencies
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	23,378	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	24,905
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	24,905
States and political subdivisions
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	1,383,127	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	1,523,701
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	1,523,701
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	123,320	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	130,750
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	130,750
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	26,605	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	26,605
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	26,605
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	3,764	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	4,313
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	4,313
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	92,951	[1]
Summary of Investments, Other than Investments in Related Parties, Fair Value	99,832
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	99,832
Mortgage loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	972,309	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	971,812
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	1,703	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	1,543	[2]
Policy loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Summary of Investments, Other than Investments in Related Parties, Cost	191,398	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	191,398
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	17,007	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	17,007
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	10,027	[1]
Summary of Investments, Other than Investments in Related Parties, Carrying Amount	$ 15,766

[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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Sch II - Condensed Financial Information on Registrant (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets [Abstract]
Fixed maturities - available for sale	$ 7,291,967				$ 7,008,790				$ 7,291,967	$ 7,008,790
Equity securities - available for sale	130,750				132,968				130,750	132,968
Short-term investments	17,007				16,348				17,007	16,348
Cash and cash equivalents	52,696				33,583				52,696	33,583	$ 29,490	$ 76,632
Amounts receivable from affiliates	3,561				3,790				3,561	3,790
Accrued investment income	76,468				78,437				76,468	78,437
Current income taxes recoverable	3,269				4,309				3,269	4,309
Other assets	112,054				92,021				112,054	92,021
Assets	10,066,613				9,566,134				10,066,613	9,566,134
Liabilities and stockholders' equity
Amounts payable to affiliates	1,164				862				1,164	862
Long-term debt payable to non-affiliates	97,000				97,000				97,000	97,000
Liabilities	8,677,763				8,377,876				8,677,763	8,377,876
Preferred stock	3,000				3,000				3,000	3,000
Accumulated other comprehensive income	284,983				149,555				284,983	149,555
Retained earnings	947,148				882,672				947,148	882,672
Total FBL Financial Group, Inc. stockholders' equity	1,388,792				1,188,202				1,388,792	1,188,202
Liabilities and Equity	10,066,613				9,566,134				10,066,613	9,566,134
Revenues:
Net investment income	107,347	$ 102,950	$ 103,908	$ 100,994	101,549	$ 103,514	$ 100,722	$ 98,385	415,199	404,170	391,149
Realized gains (losses) on investments	(3,853)	14	921	(469)	517	621	(2,294)	(607)	(3,387)	(1,763)	10,489
Other income									15,400	15,165	15,631
Revenues	183,005	181,556	188,997	181,920	184,179	181,284	181,285	179,666	735,478	726,414	722,809
Costs and Expenses [Abstract]
Interest expense									4,850	4,850	4,850
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									142,327	141,789	151,368
Income Tax Expense (Benefit)									40,729	(46,010)	(47,418)
Net income attributable to FBL Financial Group, Inc.	108,499	$ 27,104	$ 32,291	$ 26,433	26,880	$ 30,017	$ 24,380	$ 25,946	194,327	107,223	113,527
Parent Company [Member]
Assets [Abstract]
Investments in subsidiaries (eliminated in consolidation)	1,422,662				1,205,356				1,422,662	1,205,356
Fixed maturities - available for sale	29,430				31,182				29,430	31,182
Equity securities - available for sale	4,313				3,056				4,313	3,056
Short-term investments	6,460				5,988				6,460	5,988
Cash and cash equivalents	23,954				30,803				23,954	30,803	26,839	$ 46,042
Accrued investment income	16				13				16	13
Current income taxes recoverable	0				153				0	153
Deferred income tax assets	7,098				12,622				7,098	12,622
Other assets	13,381				12,585				13,381	12,585
Assets	1,512,263				1,314,003				1,512,263	1,314,003
Liabilities and stockholders' equity
Accrued expenses and other liabilities	26,093				28,758				26,093	28,758
Current income taxes	372				0				372	0
Long-term debt payable to non-affiliates	97,000				97,000				97,000	97,000
Liabilities	123,471				125,801				123,471	125,801
Preferred stock	3,000				3,000				3,000	3,000
Accumulated other comprehensive income	284,983				149,555				284,983	149,555
Retained earnings	947,148				882,672				947,148	882,672
Total FBL Financial Group, Inc. stockholders' equity	1,388,792				1,188,202				1,388,792	1,188,202
Liabilities and Equity	1,512,263				1,314,003				1,512,263	1,314,003
Revenues:
Net investment income									1,972	2,013	2,033
Realized gains (losses) on investments									0	0	(583)
Dividends from subsidiaries (eliminated in consolidation)									71,500	85,900	50,000
Other income									2	2	(8)
Revenues									81,280	95,746	59,373
Costs and Expenses [Abstract]
Interest expense									4,850	4,850	4,850
General and administrative expenses									8,408	9,002	8,795
Total expenses									13,258	13,852	13,645
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									68,022	81,894	45,728
Income Tax Expense (Benefit)									(2,321)	2,349	2,507
Income (Loss) from Continuing Operations Attributable to Parent									65,701	84,243	48,235
Equity in undistributed income of subsidiary									128,626	22,980	65,292
Net income attributable to FBL Financial Group, Inc.									194,327	107,223	113,527
Common Class A
Liabilities and stockholders' equity
Common stock, without par value	153,589				152,903				153,589	152,903
Common Class A | Parent Company [Member]
Liabilities and stockholders' equity
Common stock, without par value	153,589				152,903				153,589	152,903
Common Class B
Liabilities and stockholders' equity
Common stock, without par value	72				72				72	72
Common Class B | Parent Company [Member]
Liabilities and stockholders' equity
Common stock, without par value	72				72				72	72
Affiliated Entity [Member] | Parent Company [Member]
Assets [Abstract]
Amounts receivable from affiliates	1,142				1,758				1,142	1,758
Revenues:
Management Fees Revenue									2,001	2,179	2,277
Subsidiaries [Member]
Assets [Abstract]
Amounts receivable from affiliates	3,807				10,487				3,807	10,487
Liabilities and stockholders' equity
Amounts payable to affiliates	$ 6				$ 43				6	43
Subsidiaries [Member] | Parent Company [Member]
Revenues:
Management Fees Revenue									5,805	5,652	5,654
Dividends in form of cash [Member] | Parent Company [Member]
Revenues:
Dividends from subsidiaries (eliminated in consolidation)									$ 71,500	$ 85,900	$ 50,000

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Sch II - Condensed Financial Information on Registrant Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 241,718	$ 239,794	$ 224,910
Equity securities - available for sale	(2,692)	(11,057)	(23,833)
Short-term investments, net change	(659)	11,903	20,334
Net Cash Provided by (Used in) Investing Activities	(235,402)	(387,516)	(369,357)
Repurchase of common stock, net	356	1,840	(584)
Dividends paid	(81,401)	(91,602)	(89,347)
Net Cash Provided by (Used in) Financing Activities	12,797	151,815	97,305
Increase in cash and cash equivalents	19,113	4,093	(47,142)
Cash and cash equivalents at end of year	52,696	33,583	29,490
Cash and cash equivalents at beginning of year	33,583	29,490	76,632
Income Taxes Received, Net	16,347	20,894	27,701
Cash paid during the period for interest	4,850	4,854	4,850
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	417	(4,342)	1,841
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities	5,478	5,641	18,618
Equity securities - available for sale	(702)	(1,397)	(1,188)
Short-term investments, net change	(472)	7,078	395
Dividends from subsidiaries (eliminated in consolidation)	71,500	85,900	50,000
Net Cash Provided by (Used in) Investing Activities	75,804	97,222	67,825
Excess tax deductions on stock-based compensation	0	846	1,362
Repurchase of common stock, net	330	1,840	(584)
Capital contribution by parent to subsidiary	(2,000)	0	(300)
Dividends paid	(81,400)	(91,602)	(89,347)
Net Cash Provided by (Used in) Financing Activities	(83,070)	(88,916)	(88,869)
Increase in cash and cash equivalents	(6,849)	3,964	(19,203)
Cash and cash equivalents at end of year	23,954	30,803	26,839
Cash and cash equivalents at beginning of year	30,803	26,839	46,042
Income Taxes Received, Net	(2,849)	(5,486)	9,344
Cash paid during the period for interest	4,850	4,850	4,850
Dividends in form of cash [Member] | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)	$ 71,500	$ 85,900	$ 50,000

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Sch II - Condensed Financial Information on Registrant Notes - Dividends, debt and income taxes (Details) - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)	$ 71,500	$ 85,900	$ 50,000
Initial impact on net deferred tax assets from the Tax Act	4,200
Dividends in form of cash [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiaries (eliminated in consolidation)	$ 71,500	$ 85,900	$ 50,000

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Sch III Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	$ 302,611	$ 330,324	$ 335,783
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	7,078,616	6,821,890	6,427,014
Supplementary Insurance Information, Unearned Premiums	16,324	20,922	18,624
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	589,653	595,453	594,205
Supplementary Insurance Information, Premium Revenue	308,266	308,842	305,540
Supplementary Insurance Information, Net Investment Income	415,199	404,170	391,149
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	424,901	416,268	393,588
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	22,507	28,225	35,220
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses)	639	(562)	332
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses)	(240)	(673)	225
Supplementary Insurance Information, Other Operating Expense	112,371	107,742	108,448
Annuity
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	92,116	88,762	85,819
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	3,963,187	3,827,295	3,550,364
Supplementary Insurance Information, Unearned Premiums	0	0	0
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	355,877	364,966	370,326
Supplementary Insurance Information, Premium Revenue	4,484	3,803	2,524
Supplementary Insurance Information, Net Investment Income	219,700	210,679	209,896
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	122,224	113,543	110,356
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	8,506	11,185	9,658
Supplementary Insurance Information, Other Operating Expense	24,633	23,733	22,456
Life Insurance
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	287,421	267,545	248,333
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	2,677,519	2,573,276	2,473,357
Supplementary Insurance Information, Unearned Premiums	17,043	13,526	9,719
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	201,693	199,944	194,751
Supplementary Insurance Information, Premium Revenue	260,780	260,331	256,504
Supplementary Insurance Information, Net Investment Income	158,318	154,427	152,730
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	264,657	261,757	253,461
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	14,368	11,038	14,364
Supplementary Insurance Information, Other Operating Expense	78,313	75,100	76,167
Corporate and Other
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	70,247	69,664	75,366
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	419,411	417,524	399,203
Supplementary Insurance Information, Unearned Premiums	11,986	11,611	12,257
Supplementary Insurance Information, Other Policy Claims and Benefits Payable	32,083	30,543	29,128
Supplementary Insurance Information, Premium Revenue	43,517	44,716	46,519
Supplementary Insurance Information, Net Investment Income	34,918	32,514	31,214
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense	39,060	37,296	32,346
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs	488	6,078	11,316
Supplementary Insurance Information, Other Operating Expense	9,425	8,912	9,816
Scenario, Adjustment [Member]
Supplementary Insurance Information, by Segment [Line Items]
Supplementary Insurance Information, Deferred Policy Acquisition Costs	(147,173)	(95,647)	(73,735)
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves	18,499	3,795	4,090
Supplementary Insurance Information, Unearned Premiums	(12,705)	(4,215)	(3,352)
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	(515)	(8)	(7)
Supplementary Insurance Information, Net Investment Income	0	0	0
Investment Income, Nonoperating	2,263	6,550	(2,691)
Deferred sales inducements, amortization due to unrealized gains losses	(1,021)	3,704	(2,577)
Deferred sales inducements, amortization due to realized gains losses	(19)	(32)	2
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses)	639	(562)	332
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses)	(216)	(638)	214
Supplementary Insurance Information, Other Operating Expense	0	0	0
Present Value of Future Profits, amortization due to realized gains losses	$ 0	$ (3)	$ 9

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Sch IV Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums, Life Insurance in Force	$ 62,667,310	$ 60,753,614	$ 59,136,803
Ceded Premiums, Life Insurance in Force	14,087,000	14,258,000	14,263,420
Assumed Premiums, Life Insurance in Force	487,000	524,000	551,563
Premiums, Net, Life Insurance in Force	$ 49,068,018	$ 47,018,695	$ 45,424,946
Life Insurance in Force Premiums, Percentage Assumed to Net	1.00%	1.10%	1.20%
Direct Premiums Earned	$ 338,968	$ 339,601	$ 336,718
Ceded Premiums Earned	32,922	33,058	33,462
Assumed Premiums Earned	2,637	2,670	2,751
Premiums Earned, Net	$ 308,683	$ 309,213	$ 306,007
Premiums, Percentage Assumed to Net	0.90%	0.90%	0.90%
Interest sensitive product charges
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums Earned	$ 111,616	$ 110,608	$ 113,221
Ceded Premiums Earned	1,021	1,003	1,024
Assumed Premiums Earned	2,341	2,323	2,387
Premiums Earned, Net	$ 112,936	$ 111,928	$ 114,584
Premiums, Percentage Assumed to Net	2.10%	2.10%	2.10%
Traditional life insurance premiums
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums Earned	$ 220,866	$ 222,037	$ 215,936
Ceded Premiums Earned	25,832	25,470	25,344
Assumed Premiums Earned	296	347	364
Premiums Earned, Net	$ 195,330	$ 196,914	$ 190,956
Premiums, Percentage Assumed to Net	0.20%	0.20%	0.20%
Accident and health premiums
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct Premiums Earned	$ 6,486	$ 6,956	$ 7,561
Ceded Premiums Earned	6,069	6,585	7,094
Assumed Premiums Earned	0	0	0
Premiums Earned, Net	$ 417	$ 371	$ 467
Premiums, Percentage Assumed to Net	0.00%	0.00%	0.00%