Retirement and Compensation Plans Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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)
	2019	$15,000
	2018	$30,000
	2017	$45,000

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess 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,
	2019			2018			2019			2018
	(Dollars in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of the year	$	319,931		$	375,999		$	25,363		$	26,914
Service cost	4,549			5,973			467			539
Interest cost	13,273			13,642			992			958
Actuarial loss (gain)	51,338			(20,594		)	2,930			(1,170		)
Benefits paid	(7,971		)	(4,001		)	(1,829		)	(1,878		)
Settlements	—			(56,256		)	—			—
Special termination benefit	—			5,168			—			—
Projected benefit obligation	381,120			319,931			27,923			25,363
Change in plan assets:
Fair value of plan assets at beginning of the year	316,008			345,396			—			—
Actual return on plan assets	39,827			869			—			—
Employer contributions	15,000			30,000			1,829			1,878
Benefits paid	(7,971		)	(4,001		)	(1,829		)	(1,878		)
Settlements	—			(56,256		)	—			—
Fair value of plan assets at end of the year	362,864			316,008			—			—
Underfunded status at end of the year	$	(18,256	)	$	(3,923	)	$	(27,923	)	$	(25,363	)
Accumulated benefit obligation	$	343,029		$	287,052		$	25,471		$	22,753

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,
	2019			2018			2017			2019		2018		2017
	(Dollars in thousands)
Service cost	$	4,549		$	5,973		$	5,552		$	467	$	539	$	436
Interest cost	13,273			13,642			14,124			992		958		1,003
Expected return on plan assets	(18,827		)	(22,247		)	(19,184		)	—		—		—
Amortization of prior service cost	—			46			131			—		—		—
Amortization of actuarial loss	8,913			12,507			10,121			1,066		1,353		1,172
Effect of settlement	—			17,406			—			—		—		—
Effect of special termination benefit	—			5,168			—			—		—		—
Net periodic pension cost	$	7,908		$	32,495		$	10,744		$	2,525	$	2,850	$	2,611
FBL Financial Group, Inc. share of net periodic pension cost	$	2,533		$	9,956		$	3,404		$	1,449	$	1,671	$	1,551

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,
	2019		2018			2019			2018
	(Dollars in thousands)
Amount recognized in FBL’s consolidated balance sheets
Prepaid benefit cost	$	38,365	$	36,105		$	749		$	726
Accrued benefit cost	—		(12		)	(21,922		)	(19,480		)
Net amount recognized	$	38,365	$	36,093		$	(21,173	)	$	(18,754	)
Amount recognized in FBL’s accumulated other comprehensive income, before taxes (1)
Net actuarial loss						$	12,990		$	11,126
Net amount recognized						$	12,990		$	11,126

(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 $18.3 million at December 31, 2019 and $3.9 million at December 31, 2018.

Defined Benefit Plan, Assumptions [Table Text Block]

Weighted Average Assumptions Used to Determine Benefit Obligation
	December 31,
	2019		2018
Discount rate	3.37	%	4.24	%
Annual salary increases	3.27	%	3.21	%

The discount rate is estimated 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,
	2019		2018		2017
Discount rate	4.24	%	3.72	%	4.29	%
Expected long-term return on plan assets	6.00	%	6.50	%	6.60	%
Annual salary increases	3.21	%	3.27	%	3.31	%

Schedule of Allocation of Plan Assets [Table Text Block]

Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels
	December 31, 2019
	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	$	26,294	$	—	$	—	$	26,294
International funds	44,730		—		—		44,730
Pooled separate accounts: (1)
Short-term fixed income funds	—		1,502		—		1,502
Fixed income funds	—		13,538		—		13,538
U.S. equity funds	—		17,941		—		17,941
Real estate fund	—		14,380		—		14,380
Annuities: (2)
Group annuity contract	—		—		157,248		157,248
Funded annuity contracts	—		—		10,378		10,378
Fixed maturities: (3)
Corporate	—		28,509		—		28,509
United States government and agencies	30,648		—		—		30,648
Alternative investments: (4)
Limited partnerships	—		—		16,147		16,147
Cash and cash equivalents (5)	21		—		—		21
Total	$	101,693	$	75,870	$	183,773	$	361,336

	December 31, 2018
	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	$	20,138	$	—	$	—	$	20,138
International funds	35,854		—		—		35,854
Pooled separate accounts: (1)
Short-term fixed income funds	—		510		—		510
Fixed income funds	—		12,117		—		12,117
U.S. equity funds	—		13,788		—		13,788
Real estate fund	—		12,455		—		12,455
Annuities: (2)
Group annuity contract	—		—		148,106		148,106
Funded annuity contracts	—		—		10,500		10,500
Fixed maturities: (3)
Corporate	—		24,002		—		24,002
United States government and agencies	25,039		—		—		25,039
Alternative investments: (4)
Limited partnerships	—		—		12,410		12,410
Cash and cash equivalents (5)	538		—		—		538
Total	$	81,569	$	62,872	$	171,016	$	315,457

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

(2) Represents annuity contracts with Farm Bureau Life.

(3) Represents bonds to support the long duration fixed income investments.

(4) Represents interests in several limited partnerships. A limited partnership with a fair value estimate of $1.5 million as of December 31, 2019 and$0.6 million as of December 31, 2018, using net asset value per share as a practical expedient, has not been classified in the fair value hierarchy above in accordance with fair value reporting guidance.

(5)

Represents approximate fair value of cash held.

Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block]

Level 3 Multiemployer Plan Asset Changes in Fair Value
	December 31, 2019
						Return on assets
	December 31, 2018		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3		December 31, 2019
	(Dollars in thousands)
Group annuity contract	$	148,106	$	(1,066	)	$	5,382	$	—	$	4,826	$	157,248
Funded annuity contracts	10,500		(730		)	608		—		—		10,378
Limited partnerships	12,410		2,587			1,150		—		—		16,147
Total	$	171,016	$	791		$	7,140	$	—	$	4,826	$	183,773

	December 31, 2018
						Return on assets
	December 31, 2017		Purchases (disposals), net			Held at year end		Sold during year		Transfers into (out) of level 3			December 31, 2018
	(Dollars in thousands)
Group annuity contract	$	181,403	$	(21,353	)	$	7,056	$	—	$	(19,000	)	$	148,106
Funded annuity contracts	10,776		(896		)	620		—		—			10,500
Limited partnerships	9,571		1,789			1,050		—		—			12,410
Total	$	201,750	$	(20,460	)	$	8,726	$	—	$	(19,000	)	$	171,016