Exhibit 99.1

FBL Financial Group Announces Retirement of CEO Bill Oddy; Jim Noyce, CFO, Named
                                  as Successor

    WEST DES MOINES, Iowa--(BUSINESS WIRE)--Nov. 20, 2006--FBL
Financial Group, Inc. (NYSE:FFG) today announces the retirement of
Chief Executive Officer William J. Oddy effective March 1, 2007. He
will be succeeded by Chief Financial Officer James W. Noyce. James P.
Brannen, who currently serves as Vice President - Finance, will be
appointed Chief Financial Officer.

    Craig Lang, Chairman of the Board, commented, "On behalf of FBL
Financial Group and our Board of Directors, I would like to thank Bill
for his 38 years of service to FBL and his contributions to our
success. During Bill's nearly seven-year tenure as CEO, FBL has grown
to be a more diversified and balanced organization, while at the same
time achieving exceptional financial returns, with premiums collected
that have increased over six-fold, record earnings, assets that have
grown three-fold and an all-time high stock price."

    Lang added, "These changes are pursuant to an orderly succession
plan that we have had in place at FBL Financial Group. We expect the
transition to go very smoothly and are fortunate to have Jim Noyce,
who will bring proven leadership to the role of CEO. Our board and
management team are confident that Jim will lead FBL Financial Group
with the integrity and enthusiasm that he has displayed as Chief
Financial Officer. Likewise, Jim Brannen will easily move into the
Chief Financial Officer role as he has served FBL in an executive
finance capacity for several years and has been an integral part of
the FBL management team."

    Oddy Background. William J. (Bill) Oddy, age 62, is a graduate of
Drake University and a Fellow of the Society of Actuaries. Bill has
been employed by FBL since 1968 and has served as Chief Executive
Officer since 2000. Prior to becoming CEO, Bill served as Chief
Operating Officer from 1993 to 1997 and Executive Vice President and
General Manager of the Company's life insurance subsidiaries from 1997
to 2000. As CEO, Bill serves on the FBL Board of Directors. He is also
a director of Berthel Fisher & Company and American Equity Investment
Life Insurance Company.

    Noyce Background. James W. (Jim) Noyce, age 51, is a graduate of
Drake University with a major in Actuarial Science and Accounting. He
joined FBL in 1985 and held various positions in the company before
being promoted to Chief Financial Officer in 1995. In addition to his
duties as Chief Financial Officer, Jim served as Executive Vice
President and General Manager of FBL's property-casualty companies
from 2000 to mid-2002 and as Chief Administrative Officer from
mid-2002 to present. Jim is a Fellow of the Casualty Actuarial
Society, a Member of the American Academy of Actuaries, an Associate
of the Society of Actuaries, a Certified Public Accountant and a
Fellow of the Life Management Institute. Jim serves on the Advisory
Committee of Farm Bureau Bank and is on the Board of Directors of
Berthel Fisher & Company.

    Brannen Background. James P. (Jim) Brannen, age 44, is a graduate
of the University of Iowa with a major in accounting. He joined FBL in
1991 and held various positions in the tax and accounting areas prior
to being named to Vice President - Finance in 2000. Prior to joining
FBL, Jim worked primarily on corporate tax matters for insurance
companies for Ernst & Young. Jim is a Certified Public Accountant and
is a member of the American Institute of Certified Public Accountants
and the Iowa Society of Certified Public Accountants.

    FBL Financial Group (www.fblfinancial.com) is a holding company
whose primary operating subsidiaries are Farm Bureau Life Insurance
Company and EquiTrust Life Insurance Company. FBL underwrites, markets
and distributes life insurance, annuities and mutual funds to
individuals and small businesses. In addition, FBL manages all aspects
of three Farm Bureau affiliated property-casualty insurance companies
for a management fee. FBL's three-pronged growth strategy includes (1)
growth through its traditional Farm Bureau Life distribution channel,
(2) growth in EquiTrust Life through independent and other
distribution channels and (3) acquisitions or consolidations.

    FFG-1

    CONTACT: FBL Financial Group, Inc., West Des Moines
             Kathleen Till Stange, 515-226-6780
             Investor Relations Vice President
             Kathleen.TillStange@FBLFinancial.com