FBL FINANCIAL GROUP, INC.

INVESTOR SUPPLEMENT

2019 First Quarter

Corporate Headquarters	FBL Financial Group, Inc.
	5400 University Avenue
	West Des Moines, Iowa 50266-5997
	(515) 225-5400
Financial Inquiries	For more information contact:
	Kathleen Till Stange
	Vice President Corporate & Investor Relations
	Kathleen.TillStange@FBLFinancial.com
	(515) 226-6780
Internet Information	FBL Financial Group, Inc.
	www.fblfinancial.com
Stock Symbol	NYSE: FFG
Transfer Agent	American Stock Transfer & Trust Company, LLC
	6201 15th Avenue
	Brooklyn, NY 11219
	http://www.astfinancial.com

FBL Financial Group, Inc.
Financial Supplement (Unaudited)
March 31, 2019
Table of Contents/Notes
Consolidated Financial Statements:
Consolidated Balance Sheets	2
Consolidated Statements of Comprehensive Income	4
Consolidated Statements of Comprehensive Income, last five quarters	5
Net Income to Adjusted Operating Income Reconciliation and Pre-tax Adjusted Operating Income by Segment, last five quarters	6
Financial Information by Segment:
Segment Information	7
Statements of Pre-tax Adjusted Operating Income, last five quarters:
Annuity Segment	8
Life Insurance Segment	9
Corporate and Other Segment	11
Deferred Acquisition Costs by Segment	12
Impact of Unlocking on Pre-tax Adjusted Operating Income	14
Collected Premiums, last five quarters	15
Other Information	16

NOTE 1: In addition to net income as determined using U.S. Generally Accepted Accounting Principles (GAAP), we have consistently used adjusted operating income (a measure of earnings not recognized under GAAP), a financial measure common in the life insurance industry, as a primary economic measure to evaluate our financial performance. Adjusted operating income for the periods presented consists of net income adjusted to exclude the initial 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 and equity securities.

We use adjusted operating income, in addition to net income, to measure our performance since realized gains and losses on investments and the change in net unrealized gains and losses on derivatives and equities can fluctuate greatly from quarter to quarter. These fluctuations make it difficult to analyze core operating trends. A view of our adjusted operating performance without the impact of these items enhances the analysis of our results. We use adjusted 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 adjusted operating income, which excludes the impact of certain items that are included in pre-tax net income. Pre-tax adjusted operating income is a basis allowed for segment reporting under U.S. generally accounting principles (GAAP). See Note 9 to our consolidated financial statements in Form 10-Q for further information regarding how we define our segments and pre-tax adjusted operating income.

NOTE 2: Certain financial information presented herein may not add due to rounding.

1

FBL Financial Group, Inc.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)

	March 31, 2019		December 31, 2018
Assets
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2019 - $6,873,217; 2018 - $6,856,277)	$	7,231,584	$	7,033,045
Equity securities - at fair value (cost: 2019 - $104,814; 2018 - $93,564)	108,525		92,857
Mortgage loans	1,023,655		1,039,829
Real estate	1,543		1,543
Policy loans	199,230		197,366
Short-term investments	11,515		15,713
Other investments	44,663		33,765
Total investments	8,620,715		8,414,118
Cash and cash equivalents	6,057		19,035
Securities and indebtedness of related parties	64,377		60,962
Accrued investment income	80,102		74,524
Amounts receivable from affiliates	5,735		3,812
Reinsurance recoverable	103,825		102,386
Deferred acquisition costs	373,711		418,802
Value of insurance in force acquired	6,259		10,385
Current income taxes recoverable	3,510		4,807
Other assets	169,756		163,518
Assets held in separate accounts	614,121		561,281
Total assets	$	10,048,168	$	9,833,630

2

FBL Financial Group, Inc.

Consolidated Balance Sheets (Continued)

(Dollars in thousands)

	March 31, 2019		December 31, 2018
Liabilities and stockholders' equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	5,426,491	$	5,403,125
Traditional life insurance and accident and health products	1,815,340		1,802,346
Other policy claims and benefits	44,418		51,298
Supplementary contracts without life contingencies	303,771		303,627
Advance premiums and other deposits	264,544		260,252
Amounts payable to affiliates	953		1,461
Short-term debt payable to non-affiliates	4,000		—
Long-term debt payable to non-affiliates	97,000		97,000
Deferred income taxes	103,300		75,449
Other liabilities	110,709		93,532
Liabilities related to separate accounts	614,121		561,281
Total liabilities	8,784,647		8,649,371
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 24,640,927 in 2019 and 24,707,402 shares in 2018	152,444		152,652
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2019 and 2018	72		72
Accumulated other comprehensive income	189,166		91,318
Retained earnings	918,718		937,097
Total FBL Financial Group, Inc. stockholders' equity	1,263,400		1,184,139
Noncontrolling interest	121		120
Total stockholders' equity	1,263,521		1,184,259
Total liabilities and stockholders' equity	$	10,048,168	$	9,833,630

3

FBL Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands, except per share data)

	Three months ended March 31,
	2019			2018
Revenues:
Interest sensitive product charges	$	31,266		$	30,098
Traditional life insurance premiums	49,392			49,497
Net investment income	109,640			101,022
Net realized capital gains (losses)	10,157			(1,747		)
Net impairment losses recognized in earnings	(869		)	(1,040		)
Other income	3,970			4,600
Total revenues	203,556			182,430
Benefits and expenses:
Interest sensitive product benefits	70,596			61,345
Traditional life insurance benefits	46,675			45,456
Policyholder dividends	2,534			2,551
Underwriting, acquisition and insurance expenses	36,189			39,577
Interest expense	1,212			1,213
Other expenses	6,250			5,593
Total benefits and expenses	163,456			155,735
	40,100			26,695
Income tax expense	(6,276		)	(3,813		)
Equity income, net of related income taxes	220			660
Net income	34,044			23,542
Net loss (income) attributable to noncontrolling interest	(1		)	23
Net income attributable to FBL Financial Group, Inc.	$	34,043		$	23,565
Comprehensive income (loss) attributable to FBL Financial Group, Inc.	$	131,891		$	(69,327	)
Earnings per common share	$	1.37		$	0.94
Earnings per common share - assuming dilution	$	1.37		$	0.94
Cash dividends per common share	$	0.48		$	0.46
Special cash dividend per common share	$	1.50		$	1.50

4

FBL Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Unaudited) - Quarterly

(Dollars in thousands, except per share data)

	Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Revenues:
Interest sensitive product charges	$	30,098		$	30,906		$	31,161		$	30,624		$	31,266
Traditional life insurance premiums	49,497			51,091			48,124			49,600			49,392
Net investment income	101,022			103,974			105,757			83,865			109,640
Net realized capital gains (losses)	(1,747		)	841			(709		)	(5,661		)	10,157
Total other-than-temporary impairment losses	(1,040		)	—			(50		)	(3,982		)	(869		)
Non-credit portion in other comprehensive income	—			—			—			74			—
Net impairment losses recognized in earnings	(1,040		)	—			(50		)	(3,908		)	(869		)
Other income	4,600			3,637			3,828			4,116			3,970
Total revenues	182,430			190,449			188,111			158,636			203,556
Benefits and expenses:
Interest sensitive product benefits	61,345			62,637			70,145			59,626			70,596
Traditional life insurance benefits	45,456			43,725			44,168			41,860			46,675
Policyholder dividends	2,551			2,560			2,480			2,539			2,534
Underwriting, acquisition and insurance expenses	39,577			37,210			30,834			44,434			36,189
Interest expense	1,213			1,213			1,212			1,213			1,212
Other expenses	5,593			5,627			5,061			6,314			6,250
Total benefits and expenses	155,735			152,972			153,900			155,986			163,456
	26,695			37,477			34,211			2,650			40,100
Income tax benefit (expense)	(3,813		)	(5,831		)	(4,818		)	2,812			(6,276		)
Equity income, net of related income taxes	660			1,139			1,642			998			220
Net income	23,542			32,785			31,035			6,460			34,044
Net loss (income) attributable to noncontrolling interest	23			18			(25		)	(45		)	(1		)
Net income attributable to FBL Financial Group, Inc.	$	23,565		$	32,803		$	31,010		$	6,415		$	34,043
Comprehensive income (loss) attributable to FBL Financial Group, Inc.	$	(69,327	)	$	(22,727	)	$	(11,110	)	$	8,772		$	131,891
Earnings per common share	$	0.94		$	1.31		$	1.24		$	0.26		$	1.37
Earnings per common share - assuming dilution	$	0.94		$	1.31		$	1.24		$	0.26		$	1.37
Cash dividends per common share	$	0.46		$	0.46		$	0.46		$	0.46		$	0.48
Special cash dividend per common share	$	1.50		$	—		$	—		$	—		$	1.50
Weighted average common shares outstanding (in thousands):
Basic	25,004			24,917			24,919			24,888			24,765
Effect of dilutive securities	16			13			11			10			11
Diluted	25,020			24,930			24,930			24,898			24,776

5

FBL Financial Group, Inc.
Net Income to Adjusted Operating Income Reconciliation and Pre-tax Adjusted Operating Income by Segment
(Dollars in thousands, except per share data)
	Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Net income attributable to FBL Financial Group, Inc.	$	23,565		$	32,803		$	31,010		$	6,415		$	34,043
Net income adjustments:
Impact of change in federal tax rate (1)	—			—			(617		)	—			—
Realized gains/losses on investments (2)	2,223			(694		)	603			7,414			(7,230		)
Change in net unrealized gains/losses on derivatives (2)	509			(194		)	876			4,997			(911		)
Adjusted operating income (3)	$	26,297		$	31,915		$	31,872		$	18,826		$	25,902
Adjusted operating income per common share - assuming dilution (3)	$1.05			$1.28			$1.28			$0.75			$1.04
Adjusted operating return on equity, excluding AOCI - last twelve months	10.0%			9.7%			10.5%			10.0%			10.0%
Adjusted operating return on equity, including AOCI - last twelve months	8.3%			8.1%			9.0%			8.8%			8.9%
	Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Impact of Adjustments on FBL Net Income
Initial impact of the Tax Act (1)	$	—		$	—		$	617		$	—		$	—
Realized gains (losses) on investments and change in net unrealized gains/losses on equity securities and derivatives	(3,995		)	1,357			(2,658		)	(19,216		)	10,846
Offsets: (4)
Change in amortization	338			(226		)	725			945			(256		)
Reserve change on interest sensitive products	199			(7		)	60			2,561			(285		)
Income tax	726			(236		)	394			3,299			(2,164		)
Net impact of net income adjustments	$	(2,732	)	$	888		$	(862	)	$	(12,411	)	$	8,141
	Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Pre-tax adjusted operating income by segment:
Annuity segment	$	16,582		$	15,998		$	18,179		$	12,087		$	15,662
Life Insurance segment	10,897			16,381			11,958			8,444			10,092
Corporate and Other segment	3,533			5,434			7,999			(953		)	4,319
Total pre-tax adjusted operating income	31,012			37,813			38,136			19,578			30,073
Income taxes on adjusted operating income	(4,715		)	(5,898		)	(6,264		)	(752		)	(4,171		)
Adjusted operating income (3)	$	26,297		$	31,915		$	31,872		$	18,826		$	25,902

(1) During the third quarter of 2018, we adjusted the provisional estimate of the impact of the Tax Act on our deferred tax assets and liabilities as of December 31, 2017. See Note 5 to our consolidated financial statements in Form 10-Q for the quarter ended September 30, 2018 for additional information.

(2) Amounts are net of offsets related to changes in amortization of unearned revenue reserves, deferred sales inducements and deferred acquisition costs, as well as changes in interest sensitive product reserves and income taxes attributable to these items.

(3) Adjusted operating income is a non-GAAP measure of earnings, see Note 1 on page 1 for additional information.

(4) The items excluded from adjusted operating income impact the amortization of deferred acquisition costs, value of business acquired and unearned revenue reserve. Certain interest sensitive reserves as well as income taxes are also impacted.

6

FBL Financial Group, Inc.

Segment Information

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

The Annuity segment primarily consists of fixed rate 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 consist primarily of flexible premium deferred annuities, but also include single premium deferred and immediate contracts. With fixed rate annuities, we bear the underlying investment risk and credit interest to the contracts at rates we determine, subject to interest rate guarantees. With indexed annuity products, 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, including indexed universal life. These policies provide benefits upon the death of the insured and may also allow the customer to build cash value on a tax-deferred basis.

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

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

• interest expense;

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

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

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

• leasing services, primarily with affiliates.

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

7

FBL Financial Group, Inc.
Statements of Pre-tax Adjusted Operating Income
Annuity Segment
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
Pre-tax Adjusted Operating Income				(Dollars in thousands)
Adjusted operating revenues:
Interest sensitive product charges	$	1,202			$	1,217		$	1,280		$	1,474		$	1,567
Net investment income (1)	56,233				55,198			54,144			53,248			51,115
Total adjusted operating revenues	57,435				56,415			55,424			54,722			52,682
Adjusted operating benefits and expenses:
Interest sensitive product benefits	31,286				31,393			29,037			32,299			28,070
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	504				518			374			631			514
Amortization of deferred acquisition costs	3,065				3,070			2,319			2,789			2,679
Amortization of value of insurance in force acquired	172				172			165			165			163
Other underwriting expenses (1)	5,826				5,264			5,350			6,751			5,594
Total underwriting, acquisition and insurance expenses	9,567				9,024			8,208			10,336			8,950
Total adjusted operating benefits and expenses	40,853				40,417			37,245			42,635			37,020
Pre-tax adjusted operating income	$	16,582			$	15,998		$	18,179		$	12,087		$	15,662
Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	4,586,256			$	4,576,410		$	4,596,422		$	4,489,765		$	4,497,715
Deferred acquisition costs	92,400				92,377			92,442			93,819			94,164
Value of insurance in force acquired	3,354				3,182			3,017			2,852			2,689
Liabilities and equity:
Liabilities:
Interest sensitive product reserves	$	4,110,232			$	4,075,995		$	4,096,314		$	4,036,152		$	4,038,052
Other insurance reserves	352,747				346,270			344,963			338,646			341,506
Allocated equity, excluding AOCI	272,242				269,758			270,918			266,863			249,635
Other data:
Number of direct contracts	52,991				53,184			52,925			52,911			52,519
Portfolio yield net of assumed defaults	4.47		%		4.44		%	4.43		%	4.48		%	4.46		%
Credited rate	2.56				2.56			2.57			2.58			2.60
Spread on individual annuities at end of quarter (2)	1.91		%		1.88		%	1.86		%	1.90		%	1.86		%
Interest sensitive reserve activity:
Individual annuity reserve:
Balance, beginning of period	$	3,109,789			$	3,134,862		$	3,171,359		$	3,176,881		$	3,194,307
Deposits	76,067				76,725			53,584			67,075			63,784
Withdrawals, surrenders and death benefits	(60,623		)		(53,788		)	(62,234		)	(59,661		)	(63,379		)
Net flows	15,444				22,937			(8,650		)	7,414			405
Policyholder interest	20,363				20,787			20,524			20,824			18,543
Annuitizations and other	(10,734		)		(7,227		)	(6,352		)	(10,812		)	(5,970		)
Balance, end of period	3,134,862				3,171,359			3,176,881			3,194,307			3,207,285
Other interest sensitive reserves	975,370				904,636			919,433			841,845			830,767
Total interest sensitive product reserves	$	4,110,232			$	4,075,995		$	4,096,314		$	4,036,152		$	4,038,052

(1) During the fourth quarter of 2018 we offered a voluntary early retirement program resulting in a decrease in net investment income from increased investment expenses ($0.6 million) and an increase in other underwriting expenses ($1.9 million).

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

8

FBL Financial Group, Inc.
Statements of Pre-tax Adjusted Operating Income
Life Insurance Segment
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
Pre-tax Adjusted Operating Income				(Dollars in thousands)
Adjusted operating revenues:
Interest sensitive product charges	$	18,059			$	19,079		$	18,876		$	18,471		$	18,988
Traditional life insurance premiums	49,497				51,091			48,124			49,600			49,392
Net investment income (1)	40,250				39,764			39,654			38,335			38,991
Other income	(79		)		(353		)	(108		)	(66		)	(113		)
Total adjusted operating revenues	107,727				109,581			106,546			106,340			107,258
Adjusted operating benefits and expenses:
Interest sensitive product benefits:
Interest and index credits (2)	8,393				9,093			8,697			10,103			8,051
Death benefits and other (2)	15,241				14,709			18,475			16,661			14,466
Total interest sensitive product benefits	23,634				23,802			27,172			26,764			22,517
Traditional life insurance benefits:
Death benefits	23,735				19,297			21,888			20,001			24,416
Surrender and other benefits	10,144				10,392			8,110			9,196			9,723
Increase in traditional life future policy benefits (2)	11,578				14,022			14,170			12,666			12,534
Total traditional life insurance benefits	45,457				43,711			44,168			41,863			46,673
Policyholder dividends	2,551				2,560			2,480			2,539			2,534
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	4,923				4,715			4,200			5,275			4,639
Amortization of deferred acquisition costs	4,436				4,498			2,148			4,182			4,799
Amortization of value of insurance in force acquired	373				373			373			373			372
Other underwriting expenses (1)	16,151				14,833			14,907			17,893			16,002
Total underwriting, acquisition and insurance expenses	25,883				24,419			21,628			27,723			25,812
Total adjusted operating benefits and expenses	97,525				94,492			95,448			98,889			97,536
	$	10,202			$	15,089		$	11,098		$	7,451		$	9,722
Equity income, before tax	695				1,292			860			993			370
Pre-tax adjusted operating income	$	10,897			$	16,381		$	11,958		$	8,444		$	10,092
Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	2,967,238			$	3,006,593		$	3,031,624		$	3,060,235		$	3,073,086
Deferred acquisition costs	291,212				294,365			298,368			308,937			312,664
Value of insurance in force acquired	15,531				15,157			14,784			14,411			14,039
Liabilities and equity:
Liabilities: (3)
Interest sensitive reserves	$	953,635			$	966,032		$	979,858		$	989,513		$	1,001,865
Other insurance reserves	1,964,649				1,976,014			1,995,675			2,001,449			2,013,886
Allocated equity, excluding AOCI	439,031				442,808			450,927			452,274			468,983

9

FBL Financial Group, Inc.
Statements of Pre-tax Adjusted Operating Income
Life Insurance Segment (Continued)
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
				(Dollars in thousands)
Other data:
Number of direct policies - traditional life	364,757				364,339			364,412			365,909			365,650
Number of direct policies - universal life	66,939				67,466			67,951			69,832			70,494
Direct face amounts - traditional life	$	51,159,302			$	51,524,879		$	51,833,952		$	52,191,204		$	52,352,065
Direct face amounts - universal life	$	7,383,996			$	7,483,427		$	7,539,216		$	7,777,370		$	7,888,196
Portfolio yield net of assumed defaults	5.04		%		4.99		%	4.98		%	5.02		%	5.00		%
Credited rate	3.70				3.73			3.76			3.78			3.77
Spread on universal life at end of quarter (4)	1.34		%		1.26		%	1.22		%	1.24		%	1.23		%
Interest sensitive reserve activity: (3)
Balance, beginning of period	$	944,690			$	953,635		$	966,032		$	979,858		$	989,513
Deposits	27,847				29,415			26,617			29,660			29,632
Withdrawals and surrenders	(8,110		)		(7,708		)	(7,577		)	(7,778		)	(5,703		)
Net flows	19,737				21,707			19,040			21,882			23,929
Policyholder interest	7,752				8,386			7,827			7,297			7,423
Policy charges	(18,807		)		(19,248		)	(19,129		)	(19,736		)	(20,017		)
Benefits and other	263				1,552			6,088			212			1,017
Balance, end of period	$	953,635			$	966,032		$	979,858		$	989,513		$	1,001,865

(1) During the fourth quarter of 2018 we offered a voluntary early retirement program resulting in a decrease in net investment income from increased investment expenses ($0.4 million) and an increase in other underwriting expenses ($3.6 million).

(2) During the fourth quarter of 2018 we incurred additional charges due to updating the estimate of the impact of an immaterial error related to policy benefits on a closed block of interest sensitive whole life business. The correction, along with accrued interest, resulted in increases to interest credited ($2.0 million), interest sensitive death benefits ($3.3 million) and traditional life future policy benefits ($0.2 million).

(3) Reserves on riders in interest sensitive life insurance products are included in Other insurance reserves.

(4) Point-in-time spread at the balance sheet date used by management for decision making with universal life (excluding products with a secondary guarantee) differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

10

FBL Financial Group, Inc.
Statements of Pre-tax Adjusted Operating Income
Corporate and Other
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
Pre-tax Adjusted Operating Income (Loss)				(Dollars in thousands)
Adjusted operating revenues:
Interest sensitive product charges	$	11,021			$	11,102		$	10,494		$	11,005		$	10,405
Net investment income (1)	8,411				8,777			8,349			7,735			8,640
Other income	4,679				3,990			3,936			4,182			4,083
Total adjusted operating revenues	24,111				23,869			22,779			22,922			23,128
Adjusted operating benefits and expenses:
Interest sensitive product benefits	9,342				7,714			8,465			8,944			10,365
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	680				667			684			631			704
Amortization of deferred acquisition costs	2,512				1,876			(1,148		)	5,629			(967		)
Other underwriting expenses	1,402				1,506			1,698			1,369			1,153
Total underwriting, acquisition and insurance expenses	4,594				4,049			1,234			7,629			890
Interest expense	1,213				1,213			1,212			1,213			1,212
Other expenses (1)	5,593				5,627			5,061			6,314			6,250
Total adjusted operating benefits and expenses	20,742				18,603			15,972			24,100			18,717
	3,369				5,266			6,807			(1,178		)	4,411
Net loss (income) attributable to noncontrolling interest	23				18			(25		)	(45		)	(1		)
Equity income (loss), before tax	141				150			1,217			270			(91		)
Pre-tax non-GAAP operating income (loss)	$	3,533			$	5,434		$	7,999		$	(953	)	$	4,319
Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	680,285			$	678,014		$	684,541		$	688,057		$	687,836
Deferred acquisition costs	68,202				66,315			69,887			62,778			63,593
Separate account assets	638,751				638,061			651,797			561,281			614,121
Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	369,022			$	367,937		$	371,502		$	372,056		$	370,668
Other insurance reserves	91,305				89,427			89,389			86,324			87,644
Separate account liabilities	638,751				638,061			651,797			561,281			614,121
Allocated equity, excluding AOCI	351,866				369,593			379,918			370,684			352,616
Rollforward of separate account balances:
Beginning separate account balance	$	651,963			$	638,751		$	638,061		$	651,797		$	561,281
Net premiums and transfers	6,667				6,264			836			3,518			5,277
Net investment income (loss)	(3,424		)		11,995			28,717			(77,872		)	63,914
Charges, benefits and surrenders	(16,455		)		(18,949		)	(15,817		)	(16,162		)	(16,351		)
Ending separate account balance	$	638,751			$	638,061		$	651,797		$	561,281		$	614,121
Other data:
Number of direct contracts - variable annuity	9,671				9,491			9,343			9,217			9,071
Number of direct policies - variable universal life	36,548				36,056			35,613			35,160			34,675
Direct face amounts - variable universal life	$	4,501,972			$	4,440,315		$	4,388,771		$	4,321,462		$	4,267,891

(1) During the fourth quarter of 2018 we offered a voluntary early retirement program resulting in a decrease in net investment income from increased investment expenses ($0.1 million) and an increase in other expenses ($1.0 million).

11

FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
				(Dollars in thousands)
Annuity
Balance - beginning of period	$	92,116			$	92,400		$	92,377		$	92,442		$	93,819
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				(103		)	—			—			—
Capitalization:
Commissions	2,972				2,892			2,119			2,994			2,872
Expenses	283				313			291			433			263
Deferral of sales inducements	129				—			—			—			—
Total capitalization	3,384				3,205			2,410			3,427			3,135
Amortization - adjusted operating basis, before impact of unlocking	(3,157		)		(3,137		)	(2,616		)	(2,857		)	(2,723		)
Amortization - unlocking, adjusted operating basis	—				—			249			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	57				12			22			807			(67		)
Balance - end of period	$	92,400			$	92,377		$	92,442		$	93,819		$	94,164
Life Insurance
Balance - beginning of period	$	287,421			$	291,212		$	294,365		$	298,368		$	308,937
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				(357		)	—			—			—
Capitalization:
Commissions	5,505				5,068			4,279			9,724			6,141
Expenses	2,391				2,559			2,257			3,230			2,349
Deferral of sales inducements	355				257			163			1,746			384
Total capitalization	8,251				7,884			6,699			14,700			8,874
Amortization - adjusted operating basis, before impact of unlocking	(4,566		)		(4,679		)	(4,416		)	(4,360		)	(4,917		)
Amortization - unlocking, adjusted operating basis	—				—			2,009			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	106				305			(289		)	229			(230		)
Balance - end of period	$	291,212			$	294,365		$	298,368		$	308,937		$	312,664
Corporate and Other
Balance - beginning of period	$	70,247			$	68,202		$	66,315		$	68,101		$	62,778
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				(30		)	—			—			—
Capitalization:
Commissions	142				120			86			114			113
Deferral of sales inducements	4				2			2			15			1
Total capitalization	146				122			88			129			114
Amortization - adjusted operating basis, before impact of unlocking	(2,568		)		(1,910		)	(1,240		)	(5,687		)	966
Amortization - unlocking, adjusted operating basis	—				—			2,458			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	377				(69		)	480			235			(265		)
Balance - end of period	$	68,202			$	66,315		$	68,101		$	62,778		$	63,593

12

FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment (Continued)
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
				(Dollars in thousands)
Total
Balance - beginning of period	$	449,784			$	451,814		$	453,057		$	458,911		$	465,534
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				(490		)	—			—			—
Capitalization:
Commissions	8,619				8,080			6,484			12,832			9,126
Expenses	2,674				2,872			2,548			3,663			2,612
Deferral of sales inducements	488				259			165			1,761			385
Total capitalization	11,781				11,211			9,197			18,256			12,123
Amortization - adjusted operating basis, before impact of unlocking	(10,291		)		(9,726		)	(8,272		)	(12,904		)	(6,674		)
Amortization - unlocking, adjusted operating basis	—				—			4,716			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	540				248			213			1,271			(562		)
Balance - end of period	451,814				453,057			458,911			465,534			470,421
Impact of unrealized gains in AOCI	(93,953		)		(65,530		)	(46,865		)	(46,732		)	(96,710		)
Deferred acquisition costs	$	357,861			$	387,527		$	412,046		$	418,802		$	373,711

13

FBL Financial Group, Inc.
Impact of Unlocking on Pre-tax Adjusted Operating Income
	Q1 2018			Q2 2018		Q3 2018			Q4 2018		Q1 2019
			(Dollars in thousands)
Annuity Segment
Amortization of deferred sales inducements reported in interest sensitive product benefits	$	—		$	—	$	13		$	—	$	—
Amortization of deferred acquisition costs	—			—		236			—		—
Changes in reserves reported in interest sensitive product benefits	—			—		—			—		—
Increase to pre-tax adjusted operating income	$	—		$	—	$	249		$	—	$	—
Life Segment
Amortization of unearned revenue reserve reported in interest sensitive product charges and other income	$	—		$	—	$	420		$	—	$	—
Amortization of deferred sales inducements reported in interest sensitive product benefits	—			—		(209		)	—		—
Amortization of deferred sales inducements reported in traditional life insurance benefits	—			—		65			—		—
Amortization of deferred acquisition costs	—			—		2,152			—		—
Changes in reserves reported in interest sensitive product benefits	—			—		(4,755		)	—		—
Decrease to pre-tax adjusted operating income	$	—		$	—	$	(2,327	)	$	—	$	—
Corporate and Other Segment
Amortization of unearned revenue reserve reported in interest sensitive product charges	$	—		$	—	$	(667	)	$	—	$	—
Amortization of deferred sales inducements reported in interest sensitive product benefits	—			—		76			—		—
Amortization of deferred acquisition costs	—			—		2,382			—		—
Changes in reserves reported in interest sensitive product benefits	—			—		—			—		—
Increase to pre-tax adjusted operating income	$	—		$	—	$	1,791		$	—	$	—
Total impact of unlocking on pre-tax adjusted operating income	$	—		$	—	$	(287	)	$	—	$	—

14

FBL Financial Group, Inc.
Collected Premiums (1)
	Q1 2018				Q2 2018			Q3 2018			Q4 2018			Q1 2019
				(Dollars in thousands)
Annuity
Individual:
Fixed rate:
First year	$	17,554			$	22,514		$	14,593		$	21,256		$	22,785
Renewal	20,875				16,446			11,371			14,361			16,631
Total fixed rate	38,429				38,960			25,964			35,617			39,416
Index annuity	37,665				37,442			29,183			33,337			28,301
Total individual	76,094				76,402			55,147			68,954			67,717
Group	2,716				3,436			1,186			1,503			1,789
Total Annuity	78,810				79,838			56,333			70,457			69,506
Life Insurance
Direct:
Universal life:
First year	7,157				7,962			7,140			6,625			5,786
Renewal	19,848				20,602			18,887			20,764			23,051
Total universal life	27,005				28,564			26,027			27,389			28,837
Participating whole life:
First year	2,695				3,537			3,249			2,658			2,622
Renewal	24,281				24,244			22,269			23,761			23,725
Total participating whole life	26,976				27,781			25,518			26,419			26,347
Term life and other:
First year	2,718				2,751			2,513			2,861			2,636
Renewal	26,620				26,538			25,995			26,656			27,430
Total term life and other	29,338				29,289			28,508			29,517			30,066
Total direct life insurance	83,319				85,634			80,053			83,325			85,250
Reinsurance	(7,056		)		(7,734		)	(6,186		)	(7,126		)	(7,249		)
Total Life Insurance	76,263				77,900			73,867			76,199			78,001
Corporate and Other
Variable, net of reinsurance	14,529				13,575			11,424			10,447			13,167
Accident and health, net of reinsurance	55				42			43			271			75
Total Corporate and Other	14,584				13,617			11,467			10,718			13,242
Total collected premiums	$	169,657			$	171,355		$	141,667		$	157,374		$	160,749

(1) Collected premiums is a measure of sales production not recognized under GAAP.

15

FBL Financial Group, Inc.
Other Information
	March 31,				June 30,			September 30,			December 31,			March 31,
	2018				2018			2018			2018			2019
				(Dollars in thousands, except per share data)
Capitalization:
Short-term debt	$	—			$	27,000		$	—		$	—		$	4,000
Trust preferred securities, due 2047	97,000				97,000			97,000			97,000			97,000
Total debt	97,000				124,000			97,000			97,000			101,000
Preferred stock	3,000				3,000			3,000			3,000			3,000
Common stockholders' equity, excluding AOCI	1,063,139				1,082,159			1,101,762			1,089,821			1,071,234
Total capitalization, excluding AOCI	1,163,139				1,209,159			1,201,762			1,189,821			1,175,234
Accumulated other comprehensive income	186,222				131,081			88,961			91,318			189,166
Total capitalization, including AOCI	$	1,349,361			$	1,340,240		$	1,290,723		$	1,281,139		$	1,364,400
Common shares outstanding	24,837,976				24,818,209			24,818,209			24,718,815			24,652,340
Book Value per Share:
Excluding AOCI	$	42.80			$	43.60		$	44.39		$	44.09		$	43.45
Including AOCI	50.30				48.89			47.98			47.78			51.13
Debt-to-Capital Ratio:
Excluding AOCI	8.3		%		10.2		%	8.1		%	8.2		%	8.6		%
Including AOCI	7.1				9.2			7.5			7.6			7.4
Debt-to-Capital Ratio with 50% Credit for Trust Preferred Securities:
Excluding AOCI	4.1		%		5.1		%	4.0		%	4.1		%	4.5		%
Including AOCI	3.6				4.6			3.8			3.8			3.8
Class A Common Ownership:
Iowa Farm Bureau Federation	59.5		%		59.5		%	59.5		%	59.7		%	59.9		%
Public	40.5				40.5			40.5			40.3			40.1
	100.0		%		100.0		%	100.0		%	100.0		%	100.0		%

16

FBL Financial Group, Inc.
Other Information (Continued)
	March 31,		June 30,		September 30,		December 31,		March 31,
	2018		2018		2018		2018		2019
Investment by Type:
Fixed maturity securities	59.3	%	58.0	%	57.2	%	57.5	%	57.9	%
Residential mortgage-backed	6.4		7.0		7.2		7.2		7.2
Commercial mortgage-backed	9.2		10.1		10.2		10.4		10.6
Other asset-backed	9.5		9.2		9.0		8.4		8.1
Mortgage loans	11.3		11.5		12.0		12.4		11.9
Equity securities	1.2		1.2		1.2		1.1		1.3
Other	3.1		3.0		3.2		3.0		3.0
Quality of Fixed Maturity Securities:
AAA, AA, A	66.1	%	67.6	%	68.0	%	68.3	%	68.3	%
BBB	30.4		29.5		29.2		29.3		29.0
BB	2.5		2.0		1.8		1.5		1.7
<BB	1.0		0.9		1.0		0.9		1.0
Agent Strength Totals:
Full time agents and agency managers:
8-state Farm Bureau Property & Casualty channel	1,168		1,132		1,145		1,190		1,180
6 life partner states and Colorado	657		655		665		649		650
	1,825		1,787		1,810		1,839		1,830

FBL Financial Group, Inc.
Income Taxes
(Dollars in thousands)
	Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Income tax benefit (expense)	$	(3,813	)	$	(5,831	)	$	(4,818	)	$	2,812		$	(6,276	)
Tax on equity income	(176		)	(303		)	(435		)	(265		)	(59		)
Net income adjustments:
Impact of change in federal tax rate	—			—			(617		)	—			—
Income tax offset on net income adjustments	(726		)	236			(394		)	(3,299		)	2,164
Income taxes on adjusted operating income	$	(4,715	)	$	(5,898	)	$	(6,264	)	$	(752	)	$	(4,171	)
Income taxes on adjusted operating income before benefits of LIHTC investments	$	(5,642	)	$	(6,824	)	$	(7,148	)	$	(1,841	)	$	(5,076	)
Amounts related to LIHTC investments	927			926			884			1,089			905
Income taxes on adjusted operating income	$	(4,715	)	$	(5,898	)	$	(6,264	)	$	(752	)	$	(4,171	)

17