Overcoming Adversity

2009 Annual Report

Financial Highlights

©
Results as of December 31, 2009 FBL Financial Group, Inc. www.fblfinancial.com
 Net Income (Loss) per common share

$3.01 $2.84
$2.47
$2.31

-$0.61

2005 2006 2007 2008 2009

Operating Income per common share

$3.15
$2.98
$2.78
$2.49

$1.64

2005 2006 2007 2008 2009

NOTE: Operating income excludes the impact of unrealized/realized gains and losses on investments, the impact of the change in net
unrealized gains and losses on derivatives, the cumulative effect of changes in accounting principles, and a lawsuit settlement in 2006.

©
Results as of December 31, 2009 FBL Financial Group, Inc. www.fblfinancial.com 1
 Capitalization
As of Dec. 31, 2008 As of Dec. 31, 2009
(thousands) (thousands)
Long-Term Debt
Revolving line of credit $ 59,446 $
Senior notes, due 2014 75,305 75,235
Senior notes, due 2017 98,700 98,831
Notes payable to affiliates 100,000 100,000
Trust preferred securities, 5%, due 2047 97,000 97,000

Total Debt 430,451 371,084

Preferred stock 3,000 3,000
Common stockholder’s equity, excluding AOCL 905,123 986,886
Total capitalization, excluding AOCL 1,338,574 1,360,970
Accumulated other comprehensive loss (649,758) (118,730)

Total Capitalization, Including AOCL $ 688,816 $ 1,242,240

Debt/Total Capitalization
Excluding AOCL including equity credit for trust preferreds 24.9% 20.1%

Statutory Capital

Farm Bureau Life EquiTrust Life

Risk Based Capital* Risk Based Capital*
500% 500%

450% 441% 450%

407% 416%
400% 400% 376%
350% 350% 344%

300%
300% 300%

250% 250%

200% 200%
2007 2008 2009 2007 2008 2009
*Company Action Level

©
Results as of December 31, 2009 FBL Financial Group, Inc. www.fblfinancial.com 2
 Book Value per common share

$35
$32.38
$31.19
$29.59 $29.98 $30.00
$30 $28.88 $28.64 $28.49
$26.05
$25

$20

$15

$10 $8.46

$5

$0
2005 2006 2007 2008 2009

Book Value excluding AOCI(L) Book Value

AOCI(L) = Accumulated other comprehensive income (loss)

Total Assets
(In billions)

$16.0
$14.0 $14.1 $14.3
$14.0
$12.2
$12.0
$10.2
$10.0

$8.0

$6.0

$4.0

$2.0

$0
2005 2006 2007 2008 2009

©
Results as of December 31, 2009 FBL Financial Group, Inc. www.fblfinancial.com 3
 Investments By Type

1.5% 2.8%

11.1%

43.8%

17.4%

23.4%

Corporate Securities Mortgage & Asset-backed Securities Government

Mortgage Loans Policy Loans Other

Investments By Quality

5.6%

60.0%

34.4%

A or higher BBB Below investment grade

©
Results as of December 31, 2009 FBL Financial Group, Inc. www.fblfinancial.com 4