EXHIBIT 10.3      MANAGEMENT PERFORMANCE PLAN 2005

2005 PAYABLE IN 2006

I.       SPONSOR

         FBL Financial Group, Inc. is the sponsor of the Management Performance
         Plan.

II.      PARTICIPANTS

         Participants in the plan include the senior executive group and
         executive group of FBL's Tier I participants. Tier II participants
         include FBL's department heads (salary grade 45). Tier III participants
         include FBL's managers (salary grade 44).

III.     FEATURES

         A.       Each year the board of directors of the sponsoring companies
                  approve five to eight corporate goals. These performance goals
                  would include significant areas of achievement such as
                  property/casualty accounts, property/casualty and life
                  insurance new business production, expense management and
                  earnings.

         B.       Each goal will be given equal weight but may be split between
                  life and property/casualty performance.

         C.       Each goal will be measured separately in the determination of
                  the attainment level. Generally goals for insurance management
                  will be based on the performance over the entire marketing
                  area. Participants whose responsibilities are limited to a
                  single state or sales region will be measured according to the
                  performance of that particular territory.

         D.       Percentage of incentives to be paid will be calculated
                  separately for each performance goal and no incentive will be
                  paid on a goal until at least 75% of goal level is attained.

         E.       The applicable performance incentive percentage for each goal
                  will increase proportionately for achievement above 75% of
                  goal level to a maximum of 150% of goal.

         F.       For Tier I, Groups 1, 2 and 3, achievement of 75% of goal will
                  result in 50% of the performance incentive percentage, and
                  achievement of 150% of goal will result in 200% of the
                  performance incentive percentage. For Tier I, Group 4, and
                  Tiers II and III, achievement of 75% of goal will result in
                  75% of the performance incentive percentage, and achievement
                  of 150% of goal will result in 150% of the performance
                  incentive percentage.




         G.       The performance incentive percentage will be applied to the
                  participant's base salary paid during the plan year.

         H.       The performance incentive percentage payable varies by tier
                  and in some cases by employee group within a tier as follows:


                  Tier I
                  Group I Target - 50% of base pay
                  Chief Executive Officer

                  Tier I
                  Group II Target - 40% of base pay
                  Chief Financial Officer
                  E.V.P. Farm Bureau Life
                  E.V.P. P/C Companies
                  E.V.P. EquiTrust Life

                  Tier I
                  Group III Target -  25% of base pay
                  Balance of FBL management team

                  Tier I
                  Group IV Target - 20% of base pay
                  Executive Group - Grade 50 employees

                  Tier II Target - All participants - 10% of base pay
                  Grade 45

                  Tier III Target - All participants - 8% of base pay
                  Grade 44

         I.       Payments of the performance incentive will be made annually to
                  each participant in a single, separate, lump sum payment on or
                  before February 14 for the prior plan year.