Exhibit 99.1

FBL Financial Group Holds Annual Meeting and Declares Quarterly Dividend


    WEST DES MOINES, Iowa--(BUSINESS WIRE)--May 17, 2007--FBL
Financial Group, Inc. (NYSE:FFG) held its annual meeting yesterday and
declared a regular quarterly dividend.

    Annual Meeting Held. During the annual meeting, FBL Financial
Group shareholders elected eight Class A Directors and five Class B
Directors to one year terms ending at the annual meeting in 2008. All
elected directors served as FBL directors during the prior year, with
the exception of Keith R. Olsen, who was elected as a Class B
Director. Olsen is the President of the Nebraska Farm Bureau
Federation and previously served as an FBL Class B Director from 2002
to 2004. Olsen replaces retiring director Frank S. Priestley, and will
serve as a member of FBL's Finance Committee and FBL's Class B
Nominating Committee.

    In addition, shareholders approved an amendment to increase shares
available through the Director Compensation Plan and ratified the
appointment of Ernst & Young LLP as independent auditors for 2007. At
the meeting Chief Executive Officer Jim Noyce and Chief Financial
Officer Jim Brannen reported on the state of business. Copies of their
comments and accompanying slides are available on FBL's website,
www.fblfinancial.com.

    Quarterly Dividend Declared. Following the annual meeting at the
regularly scheduled board meeting, the Board of Directors declared a
quarterly cash dividend of $0.12 per share to owners of Class A and
Class B common stock. The dividend will be payable on June 30, 2007 to
shareholders of record as of June 15, 2007. There are 28,718,227
shares of Class A common stock and 1,192,990 shares of Class B common
stock, for a total of 29,911,217 shares outstanding.

    FBL Financial Group 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.
For more information, please visit www.fblfinancial.com.

    FFG-1

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