FBL Financial 8K Group Reports First Quarter 2010 Results | FFG 5 May 10

Corporate Headquarters	FBL Financial Group, Inc.
	5400 University Avenue
	West Des Moines, Iowa 50266-5997
	(515) 225-5400
Financial Inquiries	For more information contact:
	Jim Brannen
	Chief Financial Officer
	Jim.Brannen@FBLFinancial.com
	(515) 225-5631

	Don Seibel
	Vice President - Finance
	Don.Seibel@FBLFinancial.com
	(515) 226-6399

	Kathleen Till Stange
	Investor Relations Vice President
	Kathleen.TillStange@FBLFinancial.com
	(515) 226-6780
Internet Information	FBL Financial Group, Inc.
	www.fblfinancial.com
Stock Symbol	NYSE: FFG
Transfer Agent	The Bank of New York Mellon
	c/o BNY Mellon Shareowner Services
	Shareholder Relations Department
	P.O. Box 358015
	Jersey City, NJ 07310-1900
	www.bnymellon.com/shareowner

FBL Financial Group, Inc.
Financial Supplement (Unaudited)
March 31, 2010
Table of Contents/Notes

Consolidated Financial Statements:
Consolidated Balance Sheets		2
Consolidated Statements of Operations		4
Consolidated Statements of Operating Income (Loss), last five quarters		5
Financial Information by Segment:
Segment Information		6
Consolidating Statements of Pre-tax Operating Income (Loss)		7
Statements of Pretax Operating Income (Loss), last five quarters:
Traditional Annuity - Exclusive Distribution Segment		9
Traditional Annuity - Independent Distribution Segment		10
Traditional and Universal Life Insurance Segment		12
Variable Segment		14
Corporate and Other Segment		15
Deferred Policy Acquisition Costs/Deferred Sales Inducements by Segment		16
Collected Premiums, last five quarters		18
Parent Company Liquidity		19
Other Information		20

NOTE 1: In addition to net income (loss), FBL Financial Group has consistently utilized operating income (loss), a non-GAAP financial measure commonly used in the life insurance industry, as a primary economic measure to evaluate its financial performance. Operating income (loss) for the periods presented equals net income (loss) adjusted to eliminate the impact of realized and unrealized gains and losses on investments and changes in net unrealized gains and losses on derivatives.

We use operating income (loss), in addition to net income (loss), to measure our performance since realized and unrealized gains and losses on investments and the change in net unrealized gains and losses on derivatives can fluctuate greatly from quarter to quarter. 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 index business are one or two-year assets while the embedded derivative in the index contracts represents the rights of the contract holder to receive index credits over the entire period the index annuities are expected to be in force. For our other embedded derivatives and interest rate swaps, the instruments are marked to market, but the associated liabilities are not marked to market. A view of our operating performance without th e impact of these mismatches and non-recurring items enhances the analysis of our results. We use operating income for goal setting, determining company-wide short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community.

NOTE 2: Results for the fourth quarter of 2009 were impacted by a reinsurance transaction where EMC National Life Company recaptured a block of annuities and life insurance policies with reserves totaling $246.8 million. The pre-tax gain from this transaction totaling $11.1 million is reported as other income in the Traditional and Universal Life Insurance and Traditional Annuity – Independent Distribution segments. We also made refinements to reserve estimates, including related adjustments to deferred policy acquisition costs and other offsets in the fourth quarter of 2009, which increased pre-tax operating income $11.4 million for the Traditional and Universal Life Insurance segment, primarily due to a $10.3 million reduction in interest credited. These refinements also increased operating income for the Variable segment $1.2 million and decreased operating income for the Traditional Annuity – Exclusive Distribution segment $1.8 million.

NOTE 3: Certain financial information presented herein may not add due to rounding.

FBL Financial Group, Inc.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)

	March 31, 2010		December 31, 2009
Assets
Investments:
Fixed maturities - available for sale, at market (amortized cost: 2010 - $10,525,224; 2009 - $10,338,670)	$	10,306,026	$	9,864,601
Equity securities - available for sale, at market (cost: 2010 - $70,125; 2009 - $62,271)	70,110		60,154
Mortgage loans on real estate	1,286,214		1,293,936
Derivative instruments	60,880		44,023
Real estate	14,748		16,563
Policy loans	168,035		168,736
Other long-term investments	1,875		1,882
Short-term investments	218,243		203,142
Total investments	12,126,131		11,653,037

Cash and cash equivalents	44,686		11,690
Securities and indebtedness of related parties	50,059		46,518
Accrued investment income	143,780		131,655
Amounts receivable from affiliates	2,231		8,311
Reinsurance recoverable	128,317		126,918
Deferred policy acquisition costs	1,006,617		1,101,233
Deferred sales inducements	324,520		359,771
Value of insurance in force acquired	34,410		38,781
Property and equipment, less allowances for depreciation of $61,651 in 2010 and $62,895 in 2009	16,587		17,335
Current income taxes recoverable	6,103		16,955
Goodwill	11,170		11,170
Other assets	56,550		33,894
Assets held in separate accounts	726,825		702,073










Total assets	$	14,677,986	$	14,259,341

FBL Financial Group, Inc.

Consolidated Balance Sheets (Continued)

(Dollars in thousands)

	March 31, 2010			December 31, 2009
Liabilities and stockholders' equity
Liabilities:
Policy liabilities and accruals:
Future policy benefits:
Interest sensitive and index products	$	10,367,858		$	10,149,505
Traditional life insurance and accident and health products	1,330,364			1,318,834
Unearned revenue reserve	26,298			27,500
Other policy claims and benefits	21,456			22,185
	11,745,976			11,518,024
Other policyholders' funds:
Supplementary contracts without life contingencies	504,205			502,553
Advance premiums and other deposits	172,188			169,108
Accrued dividends	9,854			9,656
	686,247			681,317

Amounts payable to affiliates	252			759
Long-term debt payable to affiliates	100,000			100,000
Long-term debt	271,105			271,084
Deferred income taxes	73,884			27,506
Other liabilities	101,182			87,301
Liabilities related to separate accounts	726,825			702,073
Total liabilities	13,705,471			13,388,064

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 29,575,213 shares in 2010 and 29,282,989 shares in 2009	111,790			109,877
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 1,192,990 shares	7,522			7,522
Accumulated other comprehensive loss	(35,512		)	(118,730		)
Retained earnings	885,586			869,487
Total FBL Financial Group, Inc. stockholders' equity	972,386			871,156
Noncontrolling interest	129			121
Total stockholders' equity	972,515			871,277

Total liabilities and stockholders' equity	$	14,677,986		$	14,259,341

FBL Financial Group, Inc.

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except per share data)

	Three months ended March 31,
	2010			2009
Revenues:
Interest sensitive and index product charges	$	30,003		$	41,140
Traditional life insurance premiums	39,245			37,954
Net investment income	178,089			184,069
Derivative income (loss)	22,336			(24,601		)
Net realized capital gains on sales of investments	4,729			1,951

Total other-than-temporary impairment losses	(27,154		)	(31,127		)
Non-credit portion in other comprehensive loss	19,132			9,506
Net impairment loss recognized in earnings	(8,022		)	(21,621		)

Other income	3,019			4,586
Total revenues	269,399			223,478

Benefits and expenses:
Interest sensitive and index product benefits	122,184			114,436
Change in value of index product embedded derivatives	26,056			(8,669		)
Traditional life insurance benefits	27,568			22,104
Increase in traditional life future policy benefits	9,741			9,718
Distributions to participating policyholders	4,673			4,921
Underwriting, acquisition and insurance expenses	43,938			71,963
Interest expense	6,118			6,932
Other expenses	4,254			4,930
Total benefits and expenses	244,532			226,335
	24,867			(2,857		)
Income taxes	(7,955		)	1,256
Equity income, net of related income taxes	1,095			73
Net income (loss)	18,007			(1,528		)
Net loss attributable to noncontrolling interest	14			38
Net income (loss) attributable to FBL Financial Group, Inc.	$	18,021		$	(1,490	)

Earnings (loss) per common share	$	0.59		$	(0.05	)
Earnings (loss) per common share - assuming dilution	$	0.59		$	(0.05	)

Cash dividends per common share	$	0.0625		$	0.1250

FBL Financial Group, Inc.
Consolidated Statements of Operating Income
(Dollars in thousands, except per share data)

	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010
Operating revenues:
Interest sensitive and index product charges	$	41,150		$	53,131		$	34,910		$	29,748		$	30,001
Traditional life insurance premiums	37,954			40,954			37,576			39,191			39,245
Net investment income	184,069			182,772			180,168			177,644			178,089
Derivative income (loss)	(32,091		)	(31,005		)	(27,752		)	1,535			8,144
Other income	4,586			4,661			4,588			14,900			3,019
Total operating revenues	235,668			250,513			229,490			263,018			258,498

Benefits and expenses:
Interest sensitive and index product benefits	110,405			108,750			100,516			114,468			127,182
Traditional life insurance benefits	22,104			24,453			23,407			23,820			27,566
Increase in traditional life future policy benefits	9,718			10,110			9,991			5,947			9,741
Distributions to participating policyholders	4,921			5,057			4,760			4,678			4,673
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	3,573			3,620			3,708			3,179			3,767
Amortization of deferred policy acquisition costs	40,590			29,695			20,679			31,041			27,456
Amortization of value of insurance in force acquired	746			652			808			417			552
Other underwriting expenses	20,209			18,118			20,946			20,074			18,819
Total underwriting, acquisition and insurance expenses	65,118			52,085			46,141			54,711			50,594
Interest expense	6,932			6,116			6,116			6,116			6,118
Other expenses	4,930			5,550			4,103			4,321			4,254
Total benefits and expenses	224,128			212,121			195,034			214,061			230,128
	11,540			38,392			34,456			48,957			28,370
Income taxes	(3,783		)	(12,729		)	(11,621		)	(16,001		)	(9,181		)
Net loss attributable to noncontrolling interest	38			54			33			18			14
Equity income, net of related income taxes	73			88			140			449			1,095
Operating income	7,868			25,805			23,008			33,423			20,298
Realized gains/losses on investments, net of offsets	(11,040		)	(62		)	(1,853		)	(5,105		)	(1,319		)
Change in net unrealized gains/losses on derivatives, net of offsets	1,682			(1,325		)	(5,240		)	2,674			(958		)
Net income (loss)	$	(1,490	)	$	24,418		$	15,915		$	30,992		$	18,021

Operating income per common share - assuming dilution	$	0.26		$	0.86		$	0.76		$	1.10		$	0.66
Earnings (loss) per common share - assuming dilution	$	(0.05	)	$	0.81		$	0.53		$	1.02		$	0.59

Weighted average common shares outstanding, operating income (loss) basis (in thousands):
Basic	29,958			30,007			30,090			30,179			30,279
Effect of dilutive securities	126			18			120			231			253
Diluted	30,084			30,025			30,210			30,410			30,532

Weighted average common shares outstanding, net income (loss) basis (in thousands):
Basic	29,958			30,007			30,090			30,179			30,279
Effect of dilutive securities	—			18			120			231			253
Diluted	29,958			30,025			30,210			30,410			30,532

Operating return on equity, excluding AOCL - last twelve months	4.6		%	5.1		%	5.5		%	9.6		%	10.7		%
Operating return on equity, including AOCL - last twelve months	8.1		%	9.8		%	10.2		%	15.9		%	14.5		%

FBL Financial Group, Inc.

Segment Information

We analyze operations by reviewing financial information regarding products that are aggregated into four product segments. The product segments are (1) Traditional Annuity - Exclusive Distribution ("Exclusive Annuity"), (2) Traditional Annuity - Independent Distribution ("Independent Annuity"), (3) Traditional and Universal Life Insurance and (4) Variable. We also have various support operations and corporate capital that are aggregated into the Corporate and Other segment.

The Exclusive Annuity segment primarily consists of fixed rate annuities and supplementary contracts (some of which involve life contingencies) sold through our exclusive agency distribution. Fixed rate 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.

The Independent Annuity segment consists of fixed rate and index annuities and supplementary contracts (some of which involve life contingencies) sold through our independent distribution or assumed through coinsurance agreements. With index 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 Traditional and Universal 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 Variable segment consists of variable universal life insurance and variable annuity contracts. These products are similar to universal life insurance and traditional annuity contracts, except the contract holder has the option to direct the cash value of the contract to a wide range of investment sub-accounts, thereby passing the investment risk to the contract holder.

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;
	accident and health insurance products, primarily a closed block of group policies;
	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 operating income (loss). Accordingly, income taxes are not allocated to the segments. In addition, operating results are generally reported net of any transactions between the segments.

FBL Financial Group, Inc.

Consolidating Statements of Pre-tax Operating Income (Loss)

Quarter Ended March 31, 2010	Traditional Annuity - Exclusive			Traditional Annuity - Independent		Traditional & Universal Life Insurance		Variable		Corporate & Other			Consolidated
	(Dollars in thousands)
Operating revenues:
Interest sensitive and index product charges	$	125		$	6,267	$	11,413	$	12,196	$	—		$	30,001
Traditional life insurance premiums	—			—		39,245		—		—			39,245
Net investment income	41,151			96,831		32,863		4,026		3,218			178,089
Derivative income (loss)	(502		)	9,165		—		—		(519		)	8,144
Other income	—			—		26		693		2,300			3,019
Total operating revenues	40,774			112,263		83,547		16,915		4,999			258,498

Benefits and expenses:
Interest sensitive and index product benefits	24,229			84,086		13,381		5,486		—			127,182
Traditional life insurance benefits	—			—		27,566		—		—			27,566
Increase in traditional life future policy benefits	—			—		9,741		—		—			9,741
Distributions to participating policyholders	—			—		4,673		—		—			4,673
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	—			—		2,970		797		—			3,767
Amortization of deferred policy acquisition costs	2,513			16,652		5,949		2,342		—			27,456
Amortization of value of insurance in force acquired	21			—		531		—		—			552
Other underwriting expenses	2,121			3,882		7,625		4,546		645			18,819
Total underwriting, acquisition and insurance expenses	4,655			20,534		17,075		7,685		645			50,594
Interest expense	—			—		—		—		6,118			6,118
Other expenses	—			—		—		204		4,050			4,254
Total benefits and expenses	28,884			104,620		72,436		13,375		10,813			230,128
	11,890			7,643		11,111		3,540		(5,814		)	28,370
Net loss attributable to noncontrolling interest	—			—		—		—		14			14
Equity income, before tax	—			—		—		—		1,684			1,684
Pre-tax operating income (loss)	$	11,890		$	7,643	$	11,111	$	3,540	$	(4,116	)	$	30,068

FBL Financial Group, Inc.

Consolidating Statements of Pre-tax Operating Income (Loss) (Continued)

Quarter Ended March 31, 2009	Traditional Annuity - Exclusive			Traditional Annuity - Independent			Traditional & Universal Life Insurance		Variable			Corporate & Other			Consolidated
	(Dollars in thousands)
Operating revenues:
Interest sensitive and index product charges	$	204		$	16,892		$	12,126	$	11,928		$	—		$	41,150
Traditional life insurance premiums	—			—			37,954		—			—			37,954
Net investment income	37,669			104,705			35,991		3,891			1,813			184,069
Derivative loss	(1,257		)	(30,464		)	—		—			(370		)	(32,091		)
Other income	44			—			61		326			4,155			4,586
Total operating revenues	33,660			91,133			86,132		16,145			5,598			235,668

Benefits and expenses:
Interest sensitive and index product benefits	23,038			61,118			18,498		7,751			—			110,405
Traditional life insurance benefits	—			—			22,104		—			—			22,104
Increase in traditional life future policy benefits	—			—			9,718		—			—			9,718
Distributions to participating policyholders	—			—			4,921		—			—			4,921
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	—			—			2,782		791			—			3,573
Amortization of deferred policy acquisition costs	4,067			25,781			5,290		5,452			—			40,590
Amortization of value of insurance in force acquired	299			—			447		—			—			746
Other underwriting expenses	2,430			4,361			6,929		5,819			670			20,209
Total underwriting, acquisition and insurance expenses	6,796			30,142			15,448		12,062			670			65,118
Interest expense	—			—			—		—			6,932			6,932
Other expenses	—			—			—		157			4,773			4,930
Total benefits and expenses	29,834			91,260			70,689		19,970			12,375			224,128
	6,826			(127		)	15,443		(3,825		)	(6,777		)	11,540
Net loss attributable to noncontrolling interest	—			—			—		—			38			38
Equity income, before tax	—			—			—		—			111			111
Pre-tax operating income (loss)	$	6,826		$	(127	)	$	15,443	$	(3,825	)	$	(6,628	)	$	11,689

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Traditional Annuity - Exclusive Distribution Segment

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
Pre-tax Operating Income				(Dollars in thousands)

Operating revenues:
Interest sensitive and index product charges	$	204			$	210		$	210		$	188		$	125
Net investment income	37,669				38,543			39,610			39,355			41,151
Derivative loss:
Proceeds from option settlements	—				—			—			148			249
Cost of money for call options	(77		)		(77		)	(79		)	(76		)	(71		)
Cost of interest rate swaps	(1,180		)		(1,192		)	(1,223		)	(1,235		)	(680		)
Total derivative loss	(1,257		)		(1,269		)	(1,302		)	(1,163		)	(502		)
Other income	44				36			—			—			—
Total operating revenues	36,660				37,520			38,518			38,380			40,774

Benefits and expenses:
Interest sensitive and index product benefits	23,038				23,726			24,159			23,910			24,229
Underwriting, acquisition and insurance expenses:
Amortization of deferred policy acquisition costs	4,067				3,449			(759		)	4,181			2,513
Amortization of value of insurance in force acquired	299				282			398			(359		)	21
Other underwriting expenses	2,430				1,889			2,106			2,277			2,121
Total underwriting, acquisition and insurance expenses	6,796				5,620			1,745			6,099			4,655
Total benefits and expenses	29,834				29,346			25,904			30,009			28,884
Pre-tax operating income	$	6,826			$	8,174		$	12,614		$	8,371		$	11,890

Selected balance sheet data, securities at cost:
Assets:
Investments	$	2,489,600			$	2,537,576		$	2,564,785		$	2,598,540		$	2,833,004
Deferred policy acquisition costs	88,007				87,990			92,253			90,762			92,333
Value of insurance in force acquired	11,588				11,304			10,919			11,246			11,201

Liabilities and equity:
Liabilities:
Interest sensitive and index product reserves	$	2,030,117			$	2,075,464		$	2,124,100		$	2,160,705		$	2,394,968
Other insurance reserves	378,680				377,827			372,266			367,712			368,713
Allocated equity, excluding AOCL	247,148				226,583			241,199			228,767			257,627

Other data:
Number of direct contracts	52,333				52,910			53,090			53,116			53,169

Statutory portfolio yield net of assumed defaults	5.61		%		5.52		%	5.60		%	5.65		%	5.77		%
Credited rate	4.04				3.92			3.90			3.77			3.74
Spread on direct fixed annuities at end of quarter (1)	1.57		%		1.60		%	1.70		%	1.88		%	2.03		%

Interest sensitive and index product reserve activity:
Individual deferred annuity reserve:
Balance, beginning of period	$	1,586,141			$	1,653,077		$	1,704,497		$	1,759,026		$	1,800,646
Deposits	91,509				70,889			67,131			60,222			74,380
Withdrawals, surrenders and death benefits	(28,109		)		(23,908		)	(21,512		)	(26,551		)	(27,065		)
Net flows	63,400				46,981			45,619			33,671			47,315

Policyholder interest/index credits	15,721				16,322			16,425			16,367			16,701
Annuitizations and other	(12,185		)		(11,883		)	(7,515		)	(8,418		)	(16,662		)
Balance, end of period	1,653,077				1,704,497			1,759,026			1,800,646			1,848,000
Other interest sensitive reserves	377,040				370,967			365,074			360,059			546,968
Total interest sensitive and index product reserves	$	2,030,117			$	2,075,464		$	2,124,100		$	2,160,705		$	2,394,968

(1) 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.

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Loss)
Traditional Annuity - Independent Distribution Segment

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
Pre-tax Operating Income (Loss)				(Dollars in thousands)

Operating revenues:
Interest sensitive and index product charges	$	16,892			$	28,965		$	10,444		$	7,476		$	6,267
Net investment income	104,705				102,447			99,600			97,904			96,831
Derivative income (loss):
Proceeds from option settlements	201				260			349			26,899			31,112
Cost of money for call options	(30,665		)		(29,505		)	(26,385		)	(23,677		)	(21,947		)
Total derivative income (loss)	(30,464		)		(29,245		)	(26,036		)	3,222			9,165
Other income	—				—			—			2,777			—
Total operating revenues	91,133				102,167			84,008			111,379			112,263

Benefits and expenses:
Interest sensitive and index product benefits:
Fixed rate annuities:
Interest credited and other	34,113				35,817			36,250			35,788			34,734
Amortization of deferred sales inducements	1,481				945			924			1,147			1,191
Total fixed annuity product benefits	35,594				36,762			37,174			36,935			35,925
Index annuities:
Interest credited	10,354				11,012			11,385			9,729			7,834
Amortization of deferred sales inducements	13,825				13,594			7,665			8,973			8,032
Index credits	1,345				1,867			1,578			24,858			32,295
Total index product benefits	25,524				26,473			20,628			43,560			48,161
Total interest sensitive and index product benefits	61,118				63,235			57,802			80,495			84,086
Underwriting, acquisition and insurance expenses:
Amortization of deferred policy acquisition costs	25,781				22,649			15,235			19,898			16,652
Other underwriting expenses	4,361				4,169			6,363			4,338			3,882
Total underwriting, acquisition and insurance expenses	30,142				26,818			21,598			24,236			20,534
Total benefits and expenses	91,260				90,053			79,400			104,731			104,620
Pre-tax operating income (loss)	$	(127	)		$	12,114		$	4,608		$	6,648		$	7,643

Selected balance sheet data, securities at cost:
Assets:
Investments	$	6,999,727			$	6,811,958		$	6,853,156		$	6,798,158		$	6,807,787
Deferred policy acquisition costs	468,436				455,323			445,130			421,508			415,341
Deferred sales inducements	271,054				266,059			265,894			254,603			252,865

Liabilities and equity:
Liabilities:
Interest sensitive and index product reserves - direct	$	5,953,606			$	5,776,892		$	5,757,358		$	5,746,517		$	5,729,828
Interest sensitive and index product reserves - assumed	1,536,390				1,523,893			1,496,131			1,382,082			1,376,369
Other insurance reserves	148,880				156,295			154,737			152,169			153,931
Allocated equity, excluding AOCL	370,961				381,532			423,603			345,014			364,301

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Loss)
Traditional Annuity - Independent Distribution Segment (Continued)

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
				(Dollars in thousands)

Other data:
Number of direct contracts	93,507				90,820			89,472			88,486			87,877

Fixed rate annuitites:
Statutory portfolio yield net of assumed defaults (2)	5.89		%		5.74		%	5.73		%	5.80		%	5.61		%
Credited rate	4.94				4.95			4.94			4.94			4.94
Spread on direct fixed rate annuities at end of quarter (1)	0.95		%		0.79		%	0.79		%	0.86		%	0.67		%

Index annutities:
Statutory portfolio yield net of assumed defaults (3)	5.83		%		5.84		%	5.84		%	5.84		%	5.66		%
Credited rate/option cost	3.53				3.55			3.51			3.41			3.33
Spread on direct index annuities at end of quarter (1)	2.30		%		2.29		%	2.33		%	2.43		%	2.33		%

Interest sensitive and index product reserve activity:
Individual deferred annuity reserve:
Balance, beginning of period	$	7,561,689			$	7,488,024		$	7,273,729		$	7,225,663		$	7,100,455
Deposits	314,278				188,946			43,216			34,989			39,493
Withdrawals, surrenders and death benefits	(436,142		)		(511,580		)	(237,865		)	(188,304		)	(163,575		)
Net flows	(121,864		)		(322,634		)	(194,649		)	(153,315		)	(124,082		)

Policyholder interest/index credits	56,540				56,891			50,265			70,234			75,066
Derivative value change and other	(8,341		)		51,448			96,318			(42,127		)	26,384
Balance, end of period	7,488,024				7,273,729			7,225,663			7,100,455			7,077,823
Other interest sensitive reserves	1,972				27,056			27,826			28,144			28,374
Total interest sensitive and index product reserves	$	7,489,996			$	7,300,785		$	7,253,489		$	7,128,599		$	7,106,197

(1) 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.
(2) Q1 2010 includes a 17 basis point increase in the default charge assumption.
(3) Q1 2010 includes a 14 basis point increase in the default charge assumption.

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Traditional and Universal Life Insurance Segment

	Q1 2009			Q2 2009			Q3 2009		Q4 2009			Q1 2010
Pre-tax Operating Income			(Dollars in thousands, except face amounts in millions)

Operating revenues:
Interest sensitive product charges	$	12,126		$	12,484		$	12,943	$	10,367		$	11,413
Traditional life insurance premiums	37,954			40,954			37,576		39,191			39,245
Net investment income	35,991			35,629			35,542		32,562			32,863
Other income	61			(13		)	273		8,431			26
Total operating revenues	86,132			89,054			86,334		90,551			83,547

Benefits and expenses:
Interest sensitive product benefits:
Interest credited	9,102			9,069			9,136		(3,499		)	7,300
Death benefits	9,396			7,196			5,434		7,312			6,081
Total interest sensitive product benefits	18,498			16,265			14,570		3,813			13,381
Traditional life insurance benefits:
Death benefits	12,679			13,981			14,492		13,804			17,756
Surrender and other benefits	9,425			10,472			8,915		10,016			9,810
Total traditional life insurance benefits	22,104			24,453			23,407		23,820			27,566
Increase in traditional life future policy benefits	9,718			10,110			9,991		5,947			9,741
Distributions to participating policyholders	4,921			5,057			4,760		4,678			4,673
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	2,782			2,855			2,945		2,484			2,970
Amortization of deferred policy acquisition costs	5,290			4,585			6,639		6,228			5,949
Amortization of value of insurance in force acquired	447			368			410		776			531
Other underwriting expenses	6,929			6,476			6,934		7,872			7,625
Total underwriting, acquisition and insurance expenses	15,448			14,284			16,928		17,360			17,075
Total benefits and expenses	70,689			70,169			69,656		55,618			72,436
Pre-tax operating income	$	15,443		$	18,885		$	16,678	$	34,933		$	11,111

Selected balance sheet data, securities at cost:
Assets:
Investments	$	2,252,649		$	2,244,685		$	2,268,086	$	2,085,371		$	2,089,704
Deferred policy acquisition costs	247,571			251,199			251,482		237,665			240,640
Deferred sales inducements	5,987			6,187			6,110		6,626			6,979
Value of insurance in force acquired	25,427			25,060			24,660		23,877			23,346

Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	769,229		$	769,618		$	770,952	$	628,363		$	628,935
Other insurance reserves	1,468,638			1,478,950			1,487,392		1,436,162			1,447,693
Allocated equity, excluding AOCL	336,708			339,459			344,665		294,875			309,955

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Traditional and Universal Life Insurance Segment (Continued)

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
				(Dollars in thousands, except face amounts in millions)
Other data:
Number of direct policies - traditional life	336,230				337,903			339,190			342,791			344,253
Number of direct policies - universal life	55,255				55,408			55,297			55,729			56,037
Direct face amounts - traditional life	$	31,514			$	32,221		$	32,781		$	33,685		$	34,284
Direct face amounts - universal life	$	4,864			$	4,917		$	4,923		$	4,980		$	5,028

Statutory portfolio yield net of assumed defaults	6.28		%		6.20		%	6.27		%	6.25		%	6.22		%
Credited rate	4.37				4.37			4.37			4.34			4.29
Spread on direct universal life at end of quarter (1)	1.91		%		1.83		%	1.90		%	1.91		%	1.93		%

Interest sensitive reserve activity:
Balance, beginning of period	$	771,823			$	769,044		$	769,618		$	770,952		$	628,363
Deposits	14,375				14,861			13,899			12,858			13,171
Withdrawals and surrenders	(8,522		)		(8,282		)	(6,896		)	(6,662		)	(6,658		)
Net flows	5,853				6,579			7,003			6,196			6,513

Policyholder interest credited	8,269				8,211			8,239			(4,234		)	6,538
Policy charges	(12,047		)		(12,381		)	(12,305		)	(10,794		)	(11,477		)
Benefits and other	(4,854		)		(1,835		)	(1,603		)	(133,757		)	(1,002		)
Balance, end of period	$	769,044			$	769,618		$	770,952		$	628,363		$	628,935

(1) 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.

FBL Financial Group, Inc.
Statements of Pre-tax Operating Income (Loss)
Variable Segment

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
Pre-tax Operating Income (Loss)				(Dollars in thousands)

Operating revenues:
Interest sensitive product charges	$	11,928			$	11,472		$	11,313		$	11,717		$	12,196
Net investment income	3,891				4,085			3,924			3,941			4,026
Other income	326				789			466			388			693
Total operating revenues	16,145				16,346			15,703			16,046			16,915

Benefits and expenses:
Interest sensitive product benefits:
Interest credited	2,229				2,196			2,218			863			2,229
Death benefits	5,522				3,328			1,767			5,387			3,257
Total interest sensitive product benefits	7,751				5,524			3,985			6,250			5,486
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	791				765			763			695			797
Amortization of deferred policy acquisition costs	5,452				(986		)	(436		)	734			2,342
Other underwriting expenses	5,819				5,148			5,062			5,033			4,546
Total underwriting, acquisition and insurance expenses	12,062				4,927			5,389			6,462			7,685
Other expenses	157				137			156			195			204
Total benefits and expenses	19,970				10,588			9,530			12,907			13,375
Pre-tax operating income (loss)	$	(3,825	)		$	5,758		$	6,173		$	3,139		$	3,540

Selected balance sheet data, securities at cost:
Assets:
Investments	$	260,633			$	233,804		$	246,173		$	254,507		$	256,788
Deferred policy acquisition costs	149,866				152,826			154,985			155,221			154,886
Deferred sales inducements	2,610				2,609			2,564			2,601			2,570
Separate account assets	522,591				595,047			677,142			702,073			726,825

Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	231,035			$	227,594		$	226,842		$	231,838		$	237,758
Other insurance reserves	31,723				32,546			32,796			30,595			30,872
Separate account liabilities	522,591				595,047			677,142			702,073			726,825
Allocated equity, excluding AOCL	103,624				101,433			113,930			97,379			104,160

Rollforward of separate account balances:
Beginning separate account balance	$	577,420			$	522,591		$	595,047		$	677,142		$	702,073
Net premiums	10,945				18,260			18,146			14,169			14,606
Net investment income (loss)	(45,184		)		73,553			83,227			31,156			35,000
Charges, benefits and surrenders	(20,590		)		(19,357		)	(19,278		)	(20,394		)	(24,854		)
Ending separate account balance	$	522,591			$	595,047		$	677,142		$	702,073		$	726,825

Separate account balance:
Balance per financial statements	$	522,591			$	595,047		$	677,142		$	702,073		$	726,825
Less: alliance partners' share	(13,750		)		(14,453		)	(16,200		)	(16,825		)	(17,337		)
Add: alliance partner separate account assets on business assumed	51,852				54,814			64,288			67,808			72,662
	$	560,693			$	635,408		$	725,230		$	753,056		$	782,150
Other data:
Number of direct contracts - variable annuity	20,384				20,242			20,034			19,827			19,614
Number of direct policies - variable universal life	60,631				59,812			59,090			58,429			57,750
Direct face amounts - variable universal life	$	7,614			$	7,515		$	7,427		$	7,360		$	7,270

FBL Financial Group, Inc.
Statements of Pre-tax Operating Loss
Corporate and Other Segment

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
Pre-tax Operating Loss				(Dollars in thousands)

Operating revenues:
Net investment income	$	1,813			$	2,068		$	1,492		$	3,882		$	3,218
Derivative loss	(370		)		(491		)	(414		)	(524		)	(519		)
Other income	4,155				3,849			3,849			3,304			2,300
Total operating revenues	5,598				5,426			4,927			6,662			4,999

Benefits and expenses:
Other underwriting and insurance expenses	670				436			481			554			645
Interest expense	6,932				6,116			6,116			6,116			6,118
Other expenses	4,773				5,413			3,947			4,126			4,050
Total benefits and expenses	12,375				11,965			10,544			10,796			10,813
	(6,777		)		(6,539		)	(5,617		)	(4,134		)	(5,814		)
Net loss attributable to noncontrolling interest	38				54			33			18			14
Equity income, before tax	111				136			216			691			1,684
Pre-tax operating loss	$	(6,628	)		$	(6,349	)	$	(5,368	)	$	(3,425	)	$	(4,116	)


Selected balance sheet data, securities at cost:
Assets:
Investments	$	460,604			$	666,760		$	391,225		$	392,648		$	358,061
Securities and indebtedness of related parties	18,968				19,024			19,145			46,520			50,062

Liabilities and equity:
Liabilities:
Insurance reserves	$	63,471			$	63,617		$	62,905		$	61,706		$	62,780
Debt	371,025				371,044			371,064			371,084			371,105
Equity, excluding AOCL	(138,508		)		(105,671		)	(164,191		)	23,850			(28,146		)

FBL Financial Group, Inc.
Deferred Policy Acquisition Costs/Deferred Sales Inducements by Segment

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
				(Dollars in thousands)
Traditional Annuity - Exclusive Distribution
Balance - beginning of period	$	89,714			$	88,007		$	87,990		$	92,253		$	90,762
Impact of reclassification of realized losses to AOCL	(1,461		)		—			—			—			—
Capitalization:
Commissions	3,121				3,198			2,696			3,035			3,836
Expenses	918				717			761			523			749
Total capitalization	4,039				3,915			3,457			3,558			4,585
Amortization - operating basis, before impact of unlocking	(4,067		)		(3,449		)	(2,703		)	(4,181		)	(2,513		)
Amortization - unlocking, operating basis	—				—			3,462			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(218		)		(483		)	47			(868		)	(501		)
Balance - end of period	$	88,007			$	87,990		$	92,253		$	90,762		$	92,333

Traditional Annuity - Independent Distribution
Balance - beginning of period	$	757,124			$	739,490		$	721,382		$	711,024		$	676,111
Impact of reclassification of realized losses to AOCL	(1,709		)		—			—			—			—
Capitalization:
Commissions	21,533				12,343			2,202			1,541			2,128
Expenses	1,232				1,045			481			979			1,112
Deferral of sales inducements	13,156				10,207			3,267			2,430			2,486
Total capitalization	35,921				23,595			5,950			4,950			5,726
Amortization - operating basis, before impact of unlocking	(41,087		)		(34,488		)	(23,824		)	(24,087		)	(25,875		)
Amortization - unlocking, operating basis	—				(2,700		)	—			(5,931		)	—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(10,759		)		(4,515		)	7,516			(8,150		)	12,244
Reinsurance recapture	—				—			—			(1,695		)	—
Balance - end of period	$	739,490			$	721,382		$	711,024		$	676,111		$	668,206

Traditional & Universal Life Insurance
Balance - beginning of period	$	250,602			$	253,558		$	257,386		$	257,592		$	244,291
Impact of reclassification of realized losses to AOCL	(254		)		—			—			—			—
Capitalization:
Commissions	4,368				4,532			3,012			5,655			4,582
Expenses	3,684				3,857			3,939			4,600			4,437
Deferral of sales inducements	436				275			40			578			445
Total capitalization	8,488				8,664			6,991			10,833			9,464
Amortization - operating basis, before impact of unlocking	(5,316		)		(5,435		)	(6,076		)	(6,293		)	(6,037		)
Amortization - unlocking, operating basis	—				775			(681		)	—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	38				(176		)	(28		)	(13		)	(99		)
Reinsurance recapture	—				—			—			(17,828		)	—
Balance - end of period	$	253,558			$	257,386		$	257,592		$	244,291		$	247,619

FBL Financial Group, Inc.
Deferred Policy Acquisition Costs/Deferred Sales Inducements by Segment (Continued)

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
				(Dollars in thousands)
Variable
Balance - beginning of period	$	155,968			$	152,476		$	155,435		$	157,549		$	157,821
Impact of reclassification of realized losses to AOCL	(37		)		—			—			—			—
Capitalization:
Commissions	1,439				1,217			1,326			1,462			1,567
Expenses	462				362			547			357			408
Deferral of sales inducements	62				17			3			41			47
Total capitalization	1,963				1,596			1,876			1,860			2,022
Amortization - operating basis, before impact of unlocking	(5,476		)		268			793			(731		)	(2,419		)
Amortization - unlocking, operating basis	—				690			(404		)	—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	58				405			(151		)	(857		)	32
Balance - end of period	$	152,476			$	155,435		$	157,549		$	157,821		$	157,456

Total
Balance - beginning of period	$	1,253,408			$	1,233,531		$	1,222,193		$	1,218,418		$	1,168,985
Impact of reclassification of realized losses to AOCL	(3,461		)		—			—			—			—
Capitalization:
Commissions	30,461				21,290			9,236			11,693			12,113
Expenses	6,296				5,981			5,728			6,459			6,706
Deferral of sales inducements	13,654				10,499			3,310			3,049			2,978
Total capitalization	50,411				37,770			18,274			21,201			21,797
Amortization - operating basis, before impact of unlocking	(55,946		)		(43,104		)	(31,810		)	(35,292		)	(36,844		)
Amortization - unlocking, operating basis	—				(1,235		)	2,377			(5,931		)	—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(10,881		)		(4,769		)	7,384			(9,888		)	11,676
Reinsurance recapture	—				—			—			(19,523		)	—
Balance - end of period	1,233,531				1,222,193			1,218,418			1,168,985			1,165,614
Impact of realized/unrealized gains/losses in AOCL	573,695				539,674			257,896			292,019			165,523
Deferred acquisition costs/deferred sales inducements	$	1,807,226			$	1,761,867		$	1,476,314		$	1,461,004		$	1,331,137

FBL Financial Group, Inc.
Collected Premiums

	Q1 2009				Q2 2009			Q3 2009			Q4 2009			Q1 2010
				(Dollars in thousands)
Traditional Annuity - Exclusive Distribution
First year - individual	$	75,148			$	49,565		$	49,308		$	34,407		$	38,625
Renewal - individual	18,989				22,841			19,495			25,538			37,076
Group	2,231				995			4,235			2,928			2,983
Total Traditional Annuity - Exclusive Distribution	96,368				73,401			73,038			62,873			78,684

Traditional Annuity - Independent Distribution
Fixed rate annuities	213,332				99,782			16,021			15,637			18,648
Index annuities	111,367				99,499			31,396			24,078			28,688
Total direct	324,699				199,281			47,417			39,715			47,336
Reinsurance assumed	358				513			284			209			320
Total Traditional Annuity - Independent Distribution, net of reinsurance	325,057				199,794			47,701			39,924			47,656

Traditional and Universal Life Insurance
Universal life:
First year	2,040				2,311			2,032			2,140			2,170
Renewal	10,307				10,407			9,558			10,203			10,795
Total	12,347				12,718			11,590			12,343			12,965
Participating whole life:
First year	2,681				2,752			2,959			2,825			2,691
Renewal	23,704				25,182			22,415			23,440			23,747
Total	26,385				27,934			25,374			26,265			26,438
Term life and other:
First year	2,767				3,058			2,870			3,335			3,385
Renewal	13,430				13,323			13,635			13,972			14,662
Total	16,197				16,381			16,505			17,307			18,047
Total Traditional and Universal Life Insurance	54,929				57,033			53,469			55,915			57,450
Reinsurance assumed	2,507				2,565			2,633			—			—
Reinsurance ceded	(5,069		)		(5,449		)	(4,360		)	(5,108		)	(5,399		)
Total Traditional and Universal Life Insurance, net of reinsurance	52,367				54,149			51,742			50,807			52,051

Variable
Variable annuities:
Exclusive distribution:
First year	5,064				3,743			7,875			7,176			7,472
Renewal	5,521				5,152			4,012			5,012			5,995
Total	10,585				8,895			11,887			12,188			13,467
Alliance channel:
First year (1)	1,443				1,131			2,310			2,409			3,463
Renewal (1)	941				1,030			603			637			1,358
Total	2,384				2,161			2,913			3,046			4,821
Total variable annuities	12,969				11,056			14,800			15,234			18,288
Variable universal life:
Exclusive distribution:
First year	644				588			449			340			393
Renewal	12,103				11,822			11,347			10,826			11,436
Total	12,747				12,410			11,796			11,166			11,829
Alliance channel:
First year (1)	52				40			61			40			57
Renewal (1)	584				490			433			423			473
Total	636				530			494			463			530
Total variable universal life	13,383				12,940			12,290			11,629			12,359
Total Variable	26,352				23,996			27,090			26,863			30,647
Reinsurance ceded	(172		)		(207		)	(281		)	(228		)	(197		)
Total Variable, net of reinsurance	26,180				23,789			26,809			26,635			30,450

Corporate and Other
Accident and health premiums collected, net of reinsurance	71				38			30			254			70
Total collected premiums, net of reinsurance	$	500,043			$	351,171		$	199,320		$	180,493		$	208,911

(1) Amounts are net of portion ceded to and include amounts assumed from alliance partners.

FBL Financial Group, Inc.
Parent Company Liquidity

	January - March			April - December
	Actual			Projected			Total
	2010			2010 (3)			2010
	(Dollars in thousands)
Total cash and invested assets, beginning of period	$	17,040		$	20,821		$	17,040

Sources:
Dividends from insurance subsidiaries	5,000			15,000			20,000
Dividends from noninsurance subsidiaries	—			3,500			3,500
Investment income	222			970			1,192
Management fees from subsidiaries and affiliates	1,395			5,373			6,768
Total sources	6,617			24,843			31,460

Uses:
Interest expense	(6,463		)	(17,741		)	(24,204		)
Stockholders' dividends (1)	(1,922		)	(5,784		)	(7,706		)
General expenses	(1,977		)	(5,444		)	(7,421		)
Total uses	(10,362		)	(28,969		)	(39,331		)

Other, net (2)	7,526			4,300			11,826
Total cash and invested assets, end of period	$	20,821		$	20,995		$	20,995

(1)	The projected dividends are based on quarterly rates of $0.0075 per Series B redeemable preferred share and $0.0625 per common share. The common stock dividend rate for 2010 is pending quarterly board of directors approval.

(2)	Primarily due to settling amounts due to/from affiliates and external parties, which may fluctuate from period to period due to timing.

(3)	Based on best estimates at March 31, 2010, actual results may differ materially.

FBL Financial Group, Inc.
Other Information

	March 31,				June 30,			September 30,			December 31,			March 31,
	2009				2009			2009			2009			2010
				(Dollars in thousands, except per share data)

Capitalization:
Senior notes with affilitates, due Nov 2011	$	100,000			$	100,000		$	100,000		$	100,000		$	100,000
Senior notes, due 2014	75,292				75,279			75,267			75,253			75,240
Senior notes, due 2017	98,733				98,765			98,797			98,831			98,865
Trust preferred securities, due 2047	97,000				97,000			97,000			97,000			97,000
Total debt	371,025				371,044			371,064			371,084			371,105

Preferred stock	3,000				3,000			3,000			3,000			3,000
Common stockholders' equity, excluding AOCL	916,972				940,338			956,206			986,886			1,004,898
Total capitalization, excluding AOCL	1,290,997				1,314,382			1,330,270			1,360,970			1,379,003

Accumulated other comprehensive loss	(648,469		)		(349,526		)	(116,996		)	(118,730		)	(35,512		)
Total capitalization, including AOCL	$	642,528			$	964,856		$	1,213,274		$	1,242,240		$	1,343,491

Common shares outstanding	30,365,265				30,466,381			30,452,023			30,475,979			30,768,203

Book Value per Share:
Excluding AOCL	$	30.20			$	30.86		$	31.40		$	32.38		$	32.66
Including AOCL	8.84				19.39			27.56			28.49			31.51

Debt-to-Capital Ratio:
Excluding AOCL	28.7		%		28.2		%	27.9		%	27.3		%	26.9		%
Including AOCL	57.7				38.5			30.6			29.9			27.6		%

Debt-to-Capital Ratio with 100% Credit for Trust Preferred Securities:
Excluding AOCL	21.2		%		20.8		%	20.6		%	20.1		%	19.9		%
Including AOCL	42.6				28.4			22.6			22.1			20.4		%

Class A Common Ownership:
Iowa Farm Bureau Federation	52.7		%		52.6		%	52.6		%	52.5		%	52.0		%
Other Farm Bureau entities	8.7				8.6			8.7			8.6			8.4
Public	38.6				38.8			38.7			38.9			39.6
	100.0		%		100.0		%	100.0		%	100.0		%	100.0		%

FBL Financial Group, Inc.
Other Information (Continued)

	March 31,		June 30,		September 30,		December 31,		March 31,
	2009		2009		2009		2009		2010

Quality of Fixed Income Securities:
(AAA, AA, A)	58.8	%	56.0	%	56.8	%	60.0	%	60.3	%
(BBB)	36.1		37.5		36.4		34.4		34.0
(BB)	3.4		4.8		4.3		4.1		4.3
(<BB)	1.7		1.7		2.5		1.5		1.4

Investment by Type:
Fixed maturities	58.1	%	58.5	%	60.3	%	61.3	%	61.2	%
Residential mortgage-backed	16.5		16.2		16.1		16.1		15.3
Commercial mortgage-backed	6.0		5.4		6.1		6.2		6.1
Other asset-backed	1.1		1.0		1.1		1.1		2.4
Mortgage loans	12.6		11.7		11.0		11.1		10.6
Equity securities	0.4		0.5		0.5		0.5		0.6
Other	5.3		6.7		4.9		3.7		3.8

Agent Strength Totals:
Farm Bureau Life channel:
8-state Farm Bureau Property & Casualty channel	1,191		1,194		1,234		1,219		1,210
7 life-only states	794		800		805		801		795
Total Farm Bureau Life channel	1,985		1,994		2,039		2,020		2,005

Percentage registered representatives	82.9	%	81.2	%	78.5	%	77.3	%	76.8	%

EquiTrust Life channel:
Independent agents	20,158		20,023		20,129		20,195		20,175

FBL Financial (FFG) 8-KFBL Financial Group Reports First Quarter 2010 Results