REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON SCHEDULES

The Board of Directors and Stockholder

Farm Bureau Life Insurance Company

We have audited the consolidated balance sheets of Farm Bureau Life Insurance Company as of December 31, 2006 and 2005, and the related consolidated statements of income, changes in stockholder’s equity and cash flows for each of the three years in the period ended December 31, 2006, and have issued our report thereon dated April 6, 2007 (included elsewhere in this Registration Statement). Our audits also included the financial statement schedules listed in Item 3 of this Registration Statement. These schedules are the responsibility of the Company's management. Our responsibility is to express an opinion based on our audits.

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

/s/ Ernst & Young LLP

Des Moines, Iowa

April 6, 2007

Schedule I - Summary of Investments - Other

Than Investments in Related Parties

FARM BUREAU LIFE INSURANCE COMPANY

December 31, 2006

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 maturity securities, available for sale:
Bonds:
Corporate securities	$	1,782,118	$	1,826,907	$	1,826,907
Mortgage and asset-backed securities		1,171,404		1,165,723		1,165,723
United States Government and agencies		364,410		362,806		362,806
State, municipal and other governments		266,688		267,389		267,389
Public utilities		183,676		185,123		185,123
Redeemable preferred stock		71,691		77,077		77,077
Total		3,839,987	$	3,885,025		3,885,025
Equity securities, available for sale:
Common stocks:
Banks, trusts and insurance companies		33,158	$	47,633		47,633
Industrial, miscellaneous and all other		1,208		1,049		1,049
Total		34,366	$	48,682		48,682
Mortgage loans on real estate		528,897				528,917
Derivative instruments		283	$	5,526		5,526
Investment real estate		8,711				8,711
Policy loans		159,370				159,370
Other long-term investments		1,300				1,300
Short-term investments		14,810				14,810
Total investments	$	4,587,724			$	4,652,341

(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, derivative instruments and other long-term investments; unpaid principal balance for mortgage loans on real estate and policy loans, and original cost less accumulated depreciation for investment real estate.

Schedule III - Supplementary Insurance Information

FARM BUREAU LIFE INSURANCE COMPANY

	Column B			Column C		Column D			Column E
Column A	Deferred policy acquisition costs			Future policy benefits, losses, claims and loss expenses		Unearned revenues			Other policyholder funds
	(Dollars in thousands)
December 31, 2006:
Traditional Annuity-Exclusive Distribution	$	79,085		$	1,830,038	$	—		$	399,079
Traditional and Universal Life Insurance		199,761			1,762,377		10,400			143,328
Variable		131,363			197,022		16,784			8,976
Corporate and Other		—			71,782		—			—
Impact of unrealized gains/losses		(13,309	)		—		(739	)		—
Total	$	396,900		$	3,861,219	$	26,445		$	551,383
December 31, 2005:
Traditional Annuity-Exclusive Distribution	$	72,005		$	1,821,410	$	—		$	391,030
Traditional and Universal Life Insurance		185,164			1,717,875		10,950			149,205
Variable		125,755			202,232		16,918			9,314
Corporate and Other		—			69,365		—			—
Impact of unrealized gains/losses		(10,238	)		—		(374	)		—
Total	$	372,686		$	3,810,882	$	27,494		$	549,549
December 31, 2004:
Traditional Annuity-Exclusive Distribution	$	66,638		$	1,750,821	$	—		$	368,817
Traditional and Universal Life Insurance		170,630			1,671,208		10,963			169,180
Variable		117,533			197,194		17,249			—
Corporate and Other		—			66,424		—			—
Impact of unrealized gains/losses		(17,918	)		—		(660	)		—
Total	$	336,883		$	3,685,647	$	27,552		$	537,997

Schedule III - Supplementary Insurance Information (Continued)

FARM BUREAU LIFE INSURANCE COMPANY

	Column F			Column G		Column H			Column I			Column J
Column A	Premium revenue			Net investment income (1)		Benefits, claims, losses and settlement expenses			Amortization of deferred policy acquisition costs			Other operating expenses (2)
	(Dollars in thousands)
December 31, 2006:
Traditional Annuity-Exclusive Distribution	$	1,082		$	145,256	$	94,369		$	7,046		$	10,360
Traditional and Universal Life Insurance		169,569			126,841		172,800			11,495			40,895
Variable		40,212			13,595		21,708			6,355			20,309
Corporate and Other		415			5,950		253			—			7,106
Change in net unrealized gains/losses on derivatives		—			—		260			(10	)		—
Impact of realized gains/losses		(1	)		—		(1	)		(165	)		(54	)
Total	$	211,277		$	291,642	$	289,389		$	24,721		$	78,616
December 31, 2005:
Traditional Annuity-Exclusive Distribution	$	824		$	145,672	$	93,428		$	9,122		$	10,841
Traditional and Universal Life Insurance		164,326			125,699		166,335			10,244			42,947
Variable		37,590			13,896		20,264			4,316			23,130
Corporate and Other		385			7,588		236			—			2,698
Change in net unrealized gains/losses on derivatives		—			—		(12	)		—			—
Impact of realized gains/losses		(7	)		—		—			214			(6	)
Total	$	203,118		$	292,855	$	280,251		$	23,896		$	79,610
December 31, 2004:
Traditional Annuity-Exclusive Distribution	$	754		$	134,014	$	92,023		$	4,998		$	11,950
Traditional and Universal Life Insurance		161,039			122,014		158,272			12,925			43,899
Variable		35,325			12,848		17,859			7,116			22,114
Corporate and Other		480			1,324		405			—			5,989
Change in net unrealized gains/losses on derivatives		—			—		—			9			—
Impact of realized gains/losses		(45	)		—		—			307			177
Total	$	197,553		$	270,200	$	268,559		$	25,355		$	84,129

(1) Net investment income is allocated to the segments based upon the investments held by the respective segment. Beginning in 2005, we changed the allocation of capital among our segments to be consistent with a change in how we manage capital at the segment level. Accordingly, operating revenues and pre-tax operating income (loss) by segment for 2005 are impacted by the income on the investments transferred. See Note 12 to the consolidated financial statements for more information.

(2) Beginning in 2005, we changed the method in which indirect expenses (those expenses for which we do not have a reliable basis such as time studies for allocating the costs) are allocated among the segments from a pro rata method based on allocated capital to a pro rata method based on direct expenses. See Note 12 to the consolidated financial statements for more information.

Schedule IV - Reinsurance

FARM BUREAU LIFE INSURANCE COMPANY

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, 2006:
Life insurance in force, at end of year	$	37,807,961	$	7,798,007	$	142,035	$	30,151,989	0.5	%
Insurance premiums and other considerations:
Interest sensitive and index product charges	$	77,068	$	580	$	144	$	76,632	0.2	%
Traditional life insurance premiums		151,402		17,172		—		134,230	—
Accident and health premiums		12,356		11,941		—		415	—
	$	240,826	$	29,693	$	144	$	211,277	0.1	%
Year ended December 31, 2005:
Life insurance in force, at end of year	$	35,350,826	$	6,858,604	$	129,319	$	28,621,541	0.5	%
Insurance premiums and other considerations:
Interest sensitive and index product charges	$	73,051	$	544	$	125	$	72,632	0.2	%
Traditional life insurance premiums		146,065		15,964		—		130,101	—
Accident and health premiums		13,245		12,860		—		385	—
	$	232,361	$	29,368	$	125	$	203,118	0.1	%
Year ended December 31, 2004:
Life insurance in force, at end of year	$	33,362,694	$	6,224,766	$	118,978	$	27,256,906	0.4	%
Insurance premiums and other considerations:
Interest sensitive product charges	$	70,229	$	488	$	208	$	69,949	0.3	%
Traditional life insurance premiums		141,794		14,670		—		127,124	—
Accident and health premiums		14,078		13,598		—		480	—
	$	226,101	$	28,756	$	208	$	197,553	0.1	%