2018 Annual Report

“I am pleased to report that FBL Financial Group reported

strong earnings for 2018, maintained an excellent capital
position, and continued to grow a profitable book of
business, all while serving our Farm Bureau niche market.”
Jim Brannen, Chief Executive Officer

Letter To Shareholders
Welcome to FBL Financial Group’s annual report for 2018.

I am pleased to report that FBL Financial Group reported strong earnings for 2018, maintained an
excellent capital position, and continued to grow a profitable book of business, all while serving our
Farm Bureau niche market.

FBL’s net income for the year was $94 million, or $3.75 per share, and non-GAAP operating income
was $109 million or $4.36 per share, a record result. In the first quarter we raised the quarterly dividend
to $0.46 per share and declared a special dividend of $1.50 per share. We have a strong financial
foundation and returned nearly $99 million to shareholders.

Our business is well balanced between life insurance and annuities. Both segments experienced growth
this past year. Life premiums collected grew 4% to $304 million, while annuity premiums collected
increased to $285 million. As important, the number of life insurance and annuity applications issued
increased. I’m pleased that we are reaching more clients with the products they need, and fulfilling our
purpose to protect livelihoods and futures.

As of year-end 2018, we had 1,839 agents and agency managers. Our multiline exclusive agency force
is a significant competitive advantage. We experienced higher agent attrition than we wanted in the first
half of the year, so we made modifications to our recruiting and compensation plans, introducing a new
agent development program mid-year. We are now better positioned and continue to focus on increasing
total agent count as it plays an important part in our success. At the heart of what our agents do is
working with our customers to assess and fulfill their insurance and financial needs. This is performed
through our branded SuperCheck annual review program. The focus on knowing our customers,
connecting with them regularly and meeting their needs has led to our industry-leading cross-sell rate.

During 2018 we built out and invested in our wealth management business. We introduced a new mutual
fund platform to our agents and expanded our financial planning capabilities. We are now adding the role
of Farm Bureau wealth management advisor to our distribution system. It’s an exciting time for us as we
are actively in the market recruiting experienced advisors in our territories. This allows our agents to add
more value, positioning them as the go-to person for all of their clients’ insurance and financial needs.
Ultimately, we expect this business to add a diversified earnings stream to FBL Financial Group given its
fee-based nature.

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FBL Financial Group had many notable achievements in 2018, and has several activities in place
for continued success in 2019. We launched an all-new advertising campaign, increasing the brand
awareness of Farm Bureau Financial Services. We continued our pilot of accelerated underwriting to
incorporate new and expanded data-driven underwriting decisions. We introduced a new life insurance
underwriting rating for smokeless tobacco users, making the purchase of life insurance more appealing
to certain customer segments. We implemented additional automation in our life underwriting area
to provide more data to improve future risk selection. We are also increasing our net promoter score
through a multiyear customer experience initiative, and investing in more innovation and digital initiatives.

To close this 2018 review, I am very proud of our many accomplishments, most importantly protecting
the livelihoods and futures of our clients and improving the communities we serve. We look ahead with
optimism and confidence. With our financial strength, exclusive Farm Bureau Financial Services agency
force and dedicated employees, we are well positioned for the future. Thank you for your interest in
FBL Financial Group.

James P. Brannen
Chief Executive Officer

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 2018 Annual Report

“2018 was a strong year for FBL Financial Group. We were

able to increase sales, grow our business and maintain our
strong financial foundation.”
Don Seibel, Chief Financial Officer

Financial Review
2018 was a strong year for FBL Financial Group. We were able to increase sales, grow our business and
maintain our strong financial foundation. We achieved record full year 2018 non-GAAP operating income.
And we returned nearly $99 million to shareholders.

We have an excellent capital position, with an estimated $180 million of excess capital at year end. In
the first quarter of 2019 we further increased our regular quarterly dividend to $0.48 per share and paid a
$1.50 per share special dividend.

In this challenging interest rate environment we move forward in 2019 with financial discipline to
continue to profitably grow our business.

Some of our more significant financial metrics are highlighted in the charts here. In addition, our Form
10-K contains more detailed information.

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 2018 Annual Report

Net Income per common share

Income of $3.75 per share ($94 million) was

achieved in 2018.

Non-GAAP Operating Income per common share

Record non-GAAP operating income of $109 million,

or $4.36 per share, was achieved in 2018 reflecting a
disciplined approach to growing our business, active
management of spreads and expenses, and the benefit
of lower taxes.

Capitalization

FBL’s total capitalization is $1.3 billion. Farm Bureau Life consistently generates excess capital, and FBL’s total excess
capital is estimated to be $180 million at year end 2018.

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 2018 Annual Report

Statutory Capital

Farm Bureau Life’s capital position is very strong.

The company action level risk based capital, or
RBC, ended 2018 at 552%.

Book Value per common share

FBL’s book value at December 31, 2018 was $47.78.

Excluding accumulated other comprehensive income,
book value per share grew to $44.09.

Investments By Type

At December 31, 2018, FBL’s investments totaled

$8.4 billion and are well diversified by individual
issue, industry and asset class.

Investments By Quality

FBL’s investment portfolio quality is high with 97.6% of

the fixed maturity securities being investment grade.

(1) Prior period amounts have been adjusted for the accounting change for low income housing tax credit investments. See Note 1 to our consolidated financial statements
in our Form 10-K for the year ended December 31, 2018.
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(2) 2017 net income includes a one-time benefit from the Tax Cuts and Jobs Act of 2017 of $3.24 per share.
 2018 Annual Report

GAAP to Non-GAAP Reconciliation

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 2018 Annual Report

Management & Directors

Senior Management

James P. Brannen
Chief Executive Officer
James P. (Jim) Brannen was named Chief Executive Officer of FBL Financial Group, Inc. in
August 2012. Prior to his appointment as Chief Executive Officer, Brannen served as Chief
Financial Officer, Chief Administrative Officer and Treasurer since 2007. He joined FBL in
1991 and held various positions in finance and executive management. Prior to joining FBL,
Brannen worked in public accounting. A graduate of the University of Iowa, Brannen is a
member of the American Institute of Certified Public Accountants and the Iowa Society of
Certified Public Accountants. He was named “Outstanding CPA in Business & Industry” in
2015 by the ISCPA.

Brannen is active in industry and community organizations and currently serves on the board
of directors of the Greater Des Moines Partnership, Great Western Bank and as a member of
the Iowa Business Council and Greater Des Moines Committee. He also serves the insurance
industry on the CIC Advisory Committee, and on the Board of Governors and Executive
Committee of APCIA, the American Property Casualty Insurance Association.

Donald J. Seibel
Chief Financial Officer and Treasurer
Donald J. (Don) Seibel was named Chief Financial Officer and Treasurer in August, 2012.
Prior to his appointment as Chief Financial Officer and Treasurer, Seibel served on the
executive management team as Vice President – Finance since 2007. Seibel joined FBL in
1996 and became GAAP accounting vice president in 1998 and vice president-accounting
in 2002. Prior to joining FBL, he worked in public accounting.

Seibel holds a bachelor’s degree in accounting from Iowa State University, is a certified
public accountant and chartered global management accountant, a member of the
American Institute of Certified Public Accountants and the Iowa Society of Certified Public
Accountants, and holds the Fellow Life Office Management Institute (FLMI) certification. He
is also active in civic and industry organizations and serves on the Iowa State University
Alumni Audit Committee and on the boards of directors of Variety-The Children’s Charity
and Greater Des Moines Habitat for Humanity.

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 2018 Annual Report

Casey C. Decker
Chief Information Officer
Casey Decker was named Chief Information Officer for FBL Financial Group, Inc. in June
2016. Decker joined FBL in 2004 and progressed through various information technology
roles, leading to Business Technology Vice President. Since 2014, Decker served as
Agency Support Vice President, leading the team that provides strategies and solutions
to support agents in growing successful and sustainable businesses. Prior to joining FBL
Financial Group, Decker was the Director of Technology for a not-for-profit organization in
Chicago with responsibilities for creating and leading programs that improved information
systems capabilities for various social service agencies and public schools.

Decker holds a bachelor’s degree from Drake University and a master’s degree in
Management of Information Systems from DePaul University. He serves on the
boards of directors of the Food Bank of Iowa, Junior Achievement, and the Global
Insurance Accelerator.

Lori K. Geadelmann
General Counsel
Lori Geadelmann, General Counsel of FBL Financial Group, joined the company in 1993.
She has held progressive leadership positions with the company over the last 25 years, most
recently serving as Vice President - Assistant General Counsel and Corporate Compliance
Officer. She is responsible for all legal and compliance matters for FBL Financial Group, Inc.

Geadelmann holds a bachelor’s degree in journalism from Iowa State University and a Juris
Doctorate from Drake University Law School. She also holds the Chartered Life Underwriter
(CLU) designation. Geadelmann serves on the life and health guaranty association boards
in Iowa, Colorado, Kansas, Montana, and Wyoming, chairing the Iowa and Colorado boards
of directors. She also serves as chair of the Life and Financial Services Committee for the
Federation of Iowa Insurers and on the board of the ADM Scholarship Foundation.

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 2018 Annual Report

Nicholas C. Gerhart
Chief Administrative Officer
Nicholas C. (Nick) Gerhart, J.D., M.H.A., joined FBL Financial Group as Chief Administrative
Officer in January 2017. In this role, Gerhart has responsibility for enterprise strategic
planning, government relations, human resources and health services, among other
administrative functions.

Gerhart served as the Insurance Commissioner for the State of Iowa from February 2013
until December 2016. During his time as Commissioner he was very involved at the NAIC and
appointed to the Federal Advisory Committee on Insurance.

Prior to serving as Commissioner, Gerhart worked at Sammons Financial Group and American
Equity Investment Life Insurance Company. He earned his law degree and health law
certificate from St. Louis University School of Law and a Masters of Health Administration
from St. Louis University School of Public Health. He also earned a B.A. from the University
of Northern Iowa. Gerhart is an active community leader and currently is a deputy of the Iowa
Business Council, a member of U.S. Bank Advisory Board, United Way of Central Iowa’s
Workplace Cabinet, and the West Des Moines Chamber Impact Council. He also serves
on the boards of ABI, Balance Autism, ChildServe, Carpe Data and the National Insurance
Producer Registry (NIPR).

Charles T. Happel
Chief Investment Officer
Charles T. (Charlie) Happel is Chief Investment Officer of FBL Financial Group. He joined
the company in 1984 as a Farm Bureau Financial Services agent, moving to the corporate
office in 1986. Over the next 15 years, he held various positions in investments, including
securities analyst and portfolio manager. Happel became securities vice president in 2001,
vice president - investments in August 2008, and was named chief investment officer in
September 2009.

Happel is a graduate of the University of Northern Iowa and earned an MBA from Drake
University. He is a Chartered Financial Analyst (CFA) Charterholder and holds a number of
industry designations, including CFP, FLMI, ChFC, CLU, and CPCU. He is also a member of
the CFA Institute and the CFA Society of Iowa.

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 2018 Annual Report

Daniel D. Pitcher
Chief Operating Officer – Property Casualty Companies
Daniel D. (Dan) Pitcher is Chief Operating Officer – Property Casualty Companies of
FBL Financial Group. Prior to his current position, he served as vice president, property/
casualty companies from 2007 to 2011. Pitcher joined FBL in 1998 and held various
information system roles including as information systems vice president in 2002.
Prior to joining FBL, Pitcher spent 15 years with Nationwide/Allied Insurance in various
life and property casualty information systems roles. Pitcher holds a bachelor’s degree
in business administration from Drake University, and holds the Fellow Life Office
Management Institute (FLMI) certification. He is a member of the United Way of Central
Iowa Board of Directors.

D. Scott Stice
Chief Marketing Officer
Scott Stice was named Chief Marketing Officer of FBL Financial Group, Inc. in June 2013.
Stice has overall responsibility for sales, marketing and distribution for the company’s brand,
Farm Bureau Financial Services, and its multiline exclusive agency force.

Prior to joining FBL, Stice was senior vice president and head of field strategy and execution
at Farmers Insurance. He holds a BS in Business Management and Administration from the
University of Redlands, and he earned an MBA from Pepperdine University. Stice serves on
the Board of Directors and the Executive Leadership Team for the American Heart Association
of Central Iowa, on the Accenture Insurance Innovation Executive Board, GAMA Executive
Leadership Council and the LIMRA Distribution Leaders Roundtable.

Raymond W. Wasilewski
Chief Operating Officer – Life Companies
Raymond W. (Ray) Wasilewski was named Chief Operating Officer – Life Companies of
FBL Financial Group in July 2014. Wasilewski most recently served as Chief Administrative
Officer, responsible for Information Technology, Human Resources and Agency Services.
Since joining the companies in 1997, Wasilewski held various roles in information technology
throughout the enterprise. Wasilewski holds a bachelor’s degree in vocational education from
Southern Illinois University and a master’s degree in Computer Information Systems from
Nova Southeastern University. Before joining FBL Financial Group, he was a consultant, a
commercial software designer, a computer science and electronics instructor at Alaska Junior
College, and he served in the U.S. Navy for 17 years in the cryptography field.

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 2018 Annual Report

Management & Directors

Board of Directors

Craig D. Hill
Chairman
Craig D. Hill, Chairman of the Board and chair of the Executive Committee, has been a Class
B Director since 2007 and previously from 2002 to 2004. He was elected President of the
Iowa Farm Bureau Federation and its subsidiary, Farm Bureau Management Corporation,
in December 2011 and has served on its board of directors since 1989. He was its Vice
President from 2001 to 2011. He served on the board of Farm Bureau Life from 1989 to
2007, and again from December 2011 when he also became its President. He has been on
the board of Farm Bureau Property & Casualty since 1989, and also serves on the board of
Western Ag. Hill is also a director of the American Farm Bureau Federation and FB BanCorp.
Hill farms 1,000 acres of row crops and has a swine operation in Warren County, Iowa.

Paul E. Larson
Vice Chairman
Paul E. Larson is FBL’s lead independent director. He has been a Class A Director since
2004 and retired in 1999 as President of Equitable Life of Iowa and its subsidiary, USG
Annuity and Life, after 22 years with the companies. Larson holds both a law degree and a
certified public accountant designation. He was named Outstanding CPA in Business and
Industry by the Iowa Society of CPAs in 1999, and inducted into the American Institute of
CPA’s Business and Industry Hall of Fame in 2000. Since 2017, he has served on the board
of directors of Greenfields Life Insurance Company, a subsidiary of Farm Bureau Life. He is
also a member of the board of directors of non-public companies Wellmark, Inc., Wellmark
of South Dakota, Inc., GuideOne Mutual Insurance Company and GuideOne Specialty
Mutual Insurance Company.

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 2018 Annual Report

James P. Brannen
James P. (Jim) Brannen was named Chief Executive Officer of FBL Financial Group, Inc. in
August 2012. Prior to his appointment as Chief Executive Officer, Brannen served as Chief
Financial Officer, Chief Administrative Officer and Treasurer since 2007. He joined FBL in
1991 and held various positions in finance and executive management. Prior to joining FBL,
Brannen worked in public accounting. A graduate of the University of Iowa, Brannen is a
member of the American Institute of Certified Public Accountants and the Iowa Society of
Certified Public Accountants. He was named “Outstanding CPA in Business & Industry” in
2015 by the ISCPA.

Brannen is active in industry and community organizations and currently serves on the board
of directors of the Greater Des Moines Partnership, Great Western Bank and as a member of
the Iowa Business Council and Greater Des Moines Committee. He also serves the insurance
industry on the CIC Advisory Committee, and on the Board of Governors and Executive
Committee of APCIA, the American Property Casualty Insurance Association.

Roger K. Brooks
Roger K. Brooks, Class A Director since 2009, is the retired Chief Executive Officer and
Chairman of AmerUs Group. He retired from AmerUs in 2005, after nearly 50 years of service.
Brooks has served on numerous community boards and is a member of the Iowa Insurance
Hall of Fame and Iowa Business Hall of Fame. He was previously a Fellow of the Society of
Actuaries. Brooks graduated magna cum laude with a bachelor’s degree in mathematics from
the University of Iowa. He also participated in Stanford University’s Executive Program.

Richard W. Felts
Richard W. Felts, Class B director since 2015, is President of the Kansas Farm Bureau. He
is also a director of Farm Bureau Life, the chairman of Farm Bureau Property & Casualty
and the chairman of Western Ag. He farms near Liberty, Kansas and is a partner in Felts
Farms, a diversified grain and livestock operation. Felts earned a bachelor’s degree in
agriculture and animal science from Kansas State University.

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 2018 Annual Report

Joe D. Heinrich
Joe Heinrich, Class B Director since 2013, was elected Vice President of the Iowa Farm
Bureau Federation in 2011 and to its board of directors in 2004. He is a director of Farm
Bureau Property & Casualty and Western Ag, and a member of the Class A Nominating and
Corporate Governance Committee. Heinrich and his family farm with his nephew. Together,
they have a diversified operation including corn, soybeans, oats and hay, plus a beef cow-
calf herd and a dairy operation.

James A. Holte
James Holte, Class B Director since 2016, was elected president of the Wisconsin Farm
Bureau Federation in 2012 and to its board of directors in 1995. He is also a director of Farm
Bureau Life and the American Farm Bureau Federation and is President and a director of
Rural Mutual Insurance Company. Holte farms near Elk Mound, Wisconsin, raising beef cattle
and growing corn, soybeans and alfalfa.

Paul A. Juffer
Paul A. Juffer was elected as a Class A Director to the board of FBL Financial Group in
May 2017. Juffer is the Managing Partner of LWBJ Financial, LLC (“LWBJ”), where he
has practiced as a certified public accountant since 1997. Through LWBJ, Mr. Juffer has
served as Chief Financial Officer for several emerging technology companies, including
most recently for Harrisvaccines, Inc. from 2013 to 2015. Prior to his time at LWBJ, he
was Chief Financial Officer for a technology company and worked as an auditor at KPMG.
Juffer is a member of the American Institute of Certified Public Accountants and the Iowa
Society of Certified Public Accountants. He has a bachelor’s degree in accounting from
the University of Iowa.

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 2018 Annual Report

Kevin D. Paap
Kevin Paap was elected as a Class B Director to the board of FBL Financial Group in
November 2017 and is a member of the Class A Nominating and Corporate Governance
Committee and the Class B Nominating Committee. Paap was elected president of the
Minnesota Farm Bureau Federation in 2005 and to its board of directors in 1997. He is a
director of Farm Bureau Life, Farm Bureau Property & Casualty and Western Ag. He also
serves on the board of trustees of the Minnesota FFA Foundation and on the board of
directors for the Center for Rural Policy and Development. Mr. Paap owns and operates a
farm in Blue Earth County, Minnesota, growing corn and soybeans.

Scott E. VanderWal
Scott E. VanderWal was elected a Class B director in May 2011. VanderWal has been
president of the South Dakota Farm Bureau Federation since 2004, and a member of its
board of directors since 1997. He has also served as the Vice President of the American
Farm Bureau Federation since 2016, and as a member of its board of directors since
2006. He is also a member of the boards of directors of Farm Bureau Property & Casualty
(since 2004), Farm Bureau Life (since 2004), Western Ag (since 2006), FB BanCorp (since
2004). He also serves as chair of the Farm Bureau Property & Casualty audit and budget
committee.

VanderWal received a bachelor’s degree in General Agriculture, with a Plant Science

minor, from South Dakota State University in 1985. His family farm operation near Volga,
South Dakota includes corn, soybeans, custom cattle feeding and custom harvesting. Mr.
VanderWal does the overall financial management, accounting, crop management and
planning for the farm operation.

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 2018 Annual Report

Company Profile
FBL Financial Group is a holding company whose purpose is to protect livelihoods and futures. Its primary
operating subsidiary, Farm Bureau Life Insurance Company, underwrites and markets a broad range of life
insurance and annuities to individuals and businesses, which are distributed by multiline exclusive Farm Bureau
agents. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty
insurance companies for a management fee. FBL Financial Group, headquartered in West Des Moines, Iowa, is
traded on the New York Stock Exchange under the symbol FFG.

Farm Bureau Life Insurance Company

As of December 31, 2018 Farm Bureau Life

Insurance Company had 1,827 exclusive
agents and managers in 14 Midwestern
and Western states. Farm Bureau Life,
which originated in 1945, serves the niche
marketplace of Farm Bureau members with
a comprehensive line of life insurance and
annuity products.

Greenfields Life Insurance Company

Greenfields Life Insurance Company is a

subsidiary of Farm Bureau Life Insurance
Company and was created in 2013 to offer
life insurance and annuity products in the
state of Colorado.

Farm Bureau Property & Casualty Insurance Company

Western Agricultural Insurance Company

FBL Financial Group manages all aspects of

two Farm Bureau affiliated property-casualty
insurance companies: Farm Bureau Property
& Casualty Insurance Company and Western
Agricultural Insurance Company, which operate
predominantly in eight states. FBL Financial
Group receives a management fee from these
companies and underwriting results do not
impact FBL Financial Group’s results.
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Shareholder Information
Corporate Headquarters Independent Auditors

FBL Financial Group, Inc. Ernst & Young LLP

5400 University Avenue Suite 3000
West Des Moines, Iowa 50266 801 Grand Avenue
(515) 225-5400 Des Moines, Iowa 50309
www.fblfinancial.com

Stock Transfer Agent Form 10-K and Proxy Statement

American Stock Transfer & Trust Company, LLC View FBL Financial Group’s Form 10-K
6201 15th Avenue and Proxy Statement by visiting
Brooklyn, NY 11219 www.fblfinancial.com and selecting
866-892-5627 Investor Relations, SEC Filings.
www.astfinancial.com

Financial and Investor Inquiries

Anyone interested in learning more about FBL Financial Group can ask questions and/or request news releases, annual reports,
financial supplements, and Forms 10-K and 10-Q at no charge by completing our Information Request Form. Direct mail inquires
should be forwarded to:

Kathleen Till Stange

Vice President Corporate & Investor Relations
FBL Financial Group, Inc.
5400 University Avenue
West Des Moines, Iowa 50266
(515) 226-6780
email: [email protected]

Stock Purchase

You can purchase FBL Financial Group Class A common stock through our stock transfer agent, American Stock Transfer. To
find out more, purchase stock or manage your existing account, call 866-892-5627 or visit www.astfinancial.com.

Forward-Looking Statements

Statements concerning FBL Financial Group’s prospects for the future are forward-looking statements intended to qualify for
the “safe harbor” from liability established by the Private Securities Litigation Reform Act. This includes statements on this
website, statements contained in documents filed with the Securities and Exchange Commission and statements made by
officers of the Company in oral discussions. These statements generally can be identified by their context, including terms such
as “believes,” “anticipates,” “expects,” or similar words.

These statements involve certain risks and uncertainties that could cause actual results to differ materially from those
expressed or implied in the forward-looking statement. These risks and uncertainties are detailed in FBL Financial Group’s
reports filed with the Securities and Exchange Commission and include, but are not limited to, difficult conditions in financial
markets and the economy, lack of liquidity and access to capital, investment valuations, interest rate changes, changes in
laws and regulations, competitive factors, relationships with Farm Bureau organizations, differences between actual claims
experience and underwriting assumptions, the ability to attract and retain sales agents, adverse results from litigation and a
decrease in ratings. These forward-looking statements are based on assumptions which FBL Financial Group believes to be
reasonable; however, no assurance can be given that the assumptions will prove to be correct. These important risks and
uncertainties should be considered in evaluating any statement contained herein.

Investors should not place undue reliance upon any forward-looking statements. FBL disclaims any obligation to update
forward-looking statements. Further, FBL Financial Group assumes no responsibility for any inaccuracies or misstatements
that occur as a result of the review of dated material. For FBL Financial Group’s most current information, please reference FBL
Financial Group’s current SEC filings, which may be found on FBL Financial Group’s website under Investor Relations, SEC
Filings.

5400 University Avenue • West Des Moines, Iowa 50266 • 515-225-5400

www.fblfinancial.com