FBL Financial (FFG) 8-K Regulation FD Disclosure

FBL Financial Group, Inc.
Consolidated Statements of Operating Income (Unaudited)
(Dollars in thousands, except per share data)
	Q1 2010			Q2 2010			Q3 2010			Q4 2010			YTD 2010
Operating revenues:
Interest sensitive product charges	$	23,734		$	24,045		$	22,715		$	23,338		$	93,832
Traditional life insurance premiums	39,245			42,791			38,721			41,299			162,056
Net investment income	78,337			80,053			80,208			81,976			320,574
Other income	3,017			3,935			3,559			3,778			14,289
Total operating revenues	144,333			150,824			145,203			150,391			590,751
Benefits and expenses:
Interest sensitive product benefits	43,114			45,429			42,352			46,102			176,997
Traditional life insurance benefits	37,307			31,211			35,242			33,409			137,169
Policyholder dividends	4,673			4,387			4,193			4,318			17,571
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	3,767			3,283			3,405			3,498			13,953
Amortization of deferred acquisition costs	10,805			18,801			5,445			8,041			43,092
Amortization of value of insurance in force acquired	552			593			406			32			1,583
Other underwriting expenses	15,851			15,342			15,464			14,770			61,427
Total underwriting, acquisition and insurance expenses	30,975			38,019			24,720			26,341			120,055
Interest expense	2,396			2,395			2,377			2,398			9,566
Other expenses	4,494			5,275			4,455			5,558			19,782
Total benefits and expenses	122,959			126,716			113,339			118,126			481,140
	21,374			24,108			31,864			32,265			109,611
Income taxes	(7,240		)	(7,757		)	(10,675		)	(11,267		)	(36,939		)
Net loss (income) attributable to noncontrolling interest	14			39			26			(1		)	78
Equity income, net of related income taxes	545			708			1,521			685			3,459
Operating income	14,693			17,098			22,736			21,682			76,209
Realized gains/losses on investments, net of offsets	(467		)	(644		)	(506		)	7,516			5,899
Change in net unrealized gains/losses on derivatives, net of offsets	333			697			1,110			153			2,293
Net impact of discontinued operations	3,462			5,172			5,337			22,281			36,252
Net income attributable to FBL Financial Group, Inc.	$	18,021		$	22,323		$	28,677		$	51,632		$	120,653
Operating income per common share - assuming dilution	$	0.48		$	0.56		$	0.74		$	0.70		$	2.48
Earnings per common share - assuming dilution	$	0.59		$	0.73		$	0.93		$	1.67		$	3.92

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Unaudited)
Annuity Segment
	Q1 2010		Q2 2010		Q3 2010			Q4 2010			2010 YTD
Pre-tax Operating Income	(Dollars in thousands, except per share data)
Operating revenues:
Interest sensitive product charges	$	125	$	151	$	158		$	123		$	557
Net investment income	40,307		41,880		42,212			42,533			166,932
Other income	—		6		1			3			10
Total operating revenues	40,432		42,037		42,371			42,659			167,499
Benefits and expenses:
Interest sensitive product benefits	24,247		25,288		24,927			24,418			98,880
Underwriting, acquisition and insurance expenses:
Amortization of deferred acquisition costs	2,513		2,959		172			2,969			8,613
Amortization of value of insurance in force acquired	21		80		(92		)	(1,027		)	(1,018		)
Other underwriting expenses	2,121		2,272		2,215			2,130			8,738
Total underwriting, acquisition and insurance expenses	4,655		5,311		2,295			4,072			16,333
Total benefits and expenses	28,902		30,599		27,222			28,490			115,213
Pre-tax operating income	$	11,530	$	11,438	$	15,149		$	14,169		$	52,286

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Unaudited)
Life Insurance Segment
	Q1 2010		Q2 2010		Q3 2010		Q4 2010		2010 YTD
Pre-tax Operating Income	(Dollars in thousands, except per share data)
Operating revenues:
Interest sensitive product charges	$	11,413	$	11,364	$	11,008	$	11,554	$	45,339
Traditional life insurance premiums	39,245		42,791		38,721		41,299		162,056
Net investment income	32,618		33,102		33,229		33,465		132,414
Other income	26		210		35		45		316
Total operating revenues	83,302		87,467		82,993		86,363		340,125
Benefits and expenses:
Interest sensitive product benefits:
Interest credited	7,300		7,325		7,322		7,497		29,444
Death benefits	6,081		6,759		6,151		7,352		26,343
Total interest sensitive product benefits	13,381		14,084		13,473		14,849		55,787
Traditional life insurance benefits:
Death benefits	17,756		12,496		14,929		13,599		58,780
Surrender and other benefits	9,810		9,690		9,522		8,145		37,167
Increase in traditional life future policy benefits	9,741		9,025		10,791		11,666		41,223
Total traditional life insurance benefits	37,307		31,211		35,242		33,410		137,170
Policyholder dividends	4,673		4,387		4,193		4,318		17,571
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	2,970		2,617		2,634		2,850		11,071
Amortization of deferred acquisition costs	5,950		6,697		6,305		4,882		23,834
Amortization of value of insurance in force acquired	531		513		498		1,059		2,601
Other underwriting expenses	7,595		8,619		8,715		8,487		33,416
Total underwriting, acquisition and insurance expenses	17,046		18,446		18,152		17,278		70,922
Total benefits and expenses	72,407		68,128		71,060		69,855		281,450
Pre-tax operating income	$	10,895	$	19,339	$	11,933	$	16,508	$	58,675

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Loss) (Unaudited)
Corporate and Other
	Q1 2010			Q2 2010			Q3 2010			Q4 2010			2010 YTD
Pre-tax Operating Income (Loss)	(Dollars in thousands, except per share data)
Operating revenues:
Interest sensitive product charges	$	12,196		$	12,530		$	11,549		$	11,661		$	47,936
Net investment income	5,412			5,071			4,767			5,978			21,228
Other income	2,991			3,719			3,523			3,730			13,963
Total operating revenues	20,599			21,320			19,839			21,369			83,127
Benefits and expenses:
Interest sensitive product benefits	5,486			6,057			3,952			6,835			22,330
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	797			666			771			648			2,882
Amortization of deferred acquisition costs	2,342			9,145			(1,032		)	190			10,645
Other underwriting expenses	6,135			4,451			4,534			4,152			19,272
Total underwriting, acquisition and insurance expenses	9,274			14,262			4,273			4,990			32,799
Interest expense	2,396			2,395			2,377			2,398			9,566
Other expenses	4,494			5,275			4,455			5,558			19,782
Total benefits and expenses	21,650			27,989			15,057			19,781			84,477
	(1,051		)	(6,669		)	4,782			1,588			(1,350		)
Net loss (income) attributable to noncontrolling interest	14			39			26			(1		)	78
Equity income (loss), before tax	839			1,089			2,340			1,053			5,321
Pre-tax operating income (loss)	$	(198	)	$	(5,541	)	$	7,148		$	2,640		$	4,049